Document:

EX-10.7

 Exhibit 10.7 

MASTERBRAND, INC. 
 DEFERRED
COMPENSATION PLAN 
 (Effective December 14, 2022) 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I Establishment and Purpose
	  	 	3	 
	 ARTICLE II Definitions
	  	 	3	 
	 ARTICLE III Eligibility and Participation
	  	 	12	 
	 ARTICLE IV Deferrals
	  	 	12	 
	 ARTICLE V Company Contributions
	  	 	16	 
	 ARTICLE VI Benefits
	  	 	16	 
	 ARTICLE VII Modifications to Payment Schedules
	  	 	19	 
	 ARTICLE VIII Valuation of Account Balances; Investments
	  	 	20	 
	 ARTICLE IX Administration
	  	 	21	 
	 ARTICLE X Amendment and Termination
	  	 	22	 
	 ARTICLE XI Informal Funding
	  	 	23	 
	 ARTICLE XII Claims
	  	 	23	 
	 ARTICLE XIII General Provisions
	  	 	26	 

 ARTICLE I 

Establishment and Purpose 

MasterBrand, Inc. (the “Company”) established the MasterBrand, Inc. Deferred Compensation Plan (the “Plan”). The purpose
of the Plan is to attract and retain key personnel by providing opportunities to defer receipt of salary, bonus, or other specified compensation. The Plan is not intended to meet the qualification requirements of Code Section 401(a), but is
intended to meet the requirements of Code Section 409A, and shall be operated and interpreted consistent with that intent. 
 The Plan
constitutes an unsecured promise by a Participating Employer to pay benefits in the future. Participants in the Plan shall have the status of general unsecured creditors of the Company or the Adopting Employer, as applicable. Each Participating
Employer shall be solely responsible for payment of the benefits of its employees and their beneficiaries. The Plan is unfunded for Federal tax purposes and is intended to be an unfunded arrangement for eligible employees who are part of a select
group of management or highly compensated employees of the Employer within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. Any amounts set aside to defray the liabilities assumed by the Company or an Adopting Employer will remain
the general assets of the Company or the Adopting Employer and shall remain subject to the claims of the Company’s or the Adopting Employer’s creditors until such amounts are distributed to the Participants. 

This Plan shall be effective as of the date on which shares of common stock of the Company are distributed to the stockholders of Fortune
Brands Home & Security, Inc. (“Fortune Brands,” and such date, the “Effective Date”) pursuant to the Separation Agreement between the Company and Fortune Brands, entered into in connection with such distribution (the
“Separation Agreement”). 
 ARTICLE II 

Definitions 
 2.1.
Account. Account means a bookkeeping account maintained by the Plan Administrator to record the payment obligation of a Participating Employer to a Participant as determined under the terms of the Plan. The Plan Administrator may maintain an
Account to record the total obligation to a Participant and component Accounts to reflect amounts payable at different times and in different forms and/or deferred at different times. Reference to an Account means any such Account established by the
Plan Administrator, as the context requires. Accounts are intended to constitute unfunded obligations within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 

 2.2. Account Balance. Account Balance means, with respect to any Account, the total
payment obligation owed to a Participant from such Account as of the most recent Valuation Date. 
 2.3. Adopting Employer. Adopting
Employer means an Affiliate who, with the consent of the Company, has adopted the Plan for the benefit of its eligible employees. 
 2.4.
Affiliate. Affiliate means a corporation, trade or business that, together with the Company, is treated as a single employer under Code Section 414(b) or (c). 

2.5. Beneficiary. Beneficiary means a natural person, estate, or trust designated by a Participant to receive payments to which a
Beneficiary is entitled in accordance with provisions of the Plan. The Participant’s spouse, if living, otherwise the Participant’s estate, shall be the Beneficiary if: (i) the Participant has failed to properly designate a
Beneficiary, or (ii) all designated Beneficiaries have predeceased the Participant. 
 A former spouse shall have no interest under the
Plan, as Beneficiary or otherwise, unless the Participant designates such person as a Beneficiary after dissolution of the marriage, except to the extent provided under the terms of a domestic relations order as described in Code
Section 414(p)(l)(B). 
 2.6. Business Day. Business Day means each day on which the New York Stock Exchange is open for
business. 
 2.7. Change in Control. Change in Control means, with respect to the Company, any of the following events as defined
below: (a) a change in the ownership of the Company, (b) a change in the effective control of the Company, or (c) a change in the ownership of a substantial portion of the assets of the Company. 

(a) For purposes of this Section, a change in the ownership of the Company occurs on the date on which any person (as that term
is used in Sections 13(d) and 14(d) of the Exchange Act), or more than one person acting as a group becomes the beneficial owner (as that term is used in Sections 13(d) and 14(d) of the Exchange Act) of more than 50% of the total fair market value
or total voting power of the stock of the Company (“Voting Securities”) excluding the following: (i) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the
security being so converted was itself acquired directly from the Company; (ii) any acquisition by the Company; (C) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any entity
controlled by the Company; (D) the acquisition of additional stock or voting power by a person considered to own more than 50% of the total fair market value or Voting Securities or (E) any acquisition pursuant to a transaction that
complies with clauses (A), (B) and (C) of paragraph (c) below. 

  
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 (b) For purposes of this Section, a change in the effective control of the
Company occurs on the date on which either: (i) a person (as that term is used in Sections 13(d) and 14(d) of the Exchange Act), or more than one person acting as a group, acquires ownership of stock of the Company possessing 30% or more of
Voting Securities, taking into account all such stock acquired during the 12-month period ending on the date of the most recent acquisition excluding the following: (A) any acquisition directly from the
Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company; (B) any acquisition by the Company; (C) any acquisition by an
employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company; (D) the acquisition of additional stock or voting power by a person considered to own more than 30% of the Voting
Securities or (E) any acquisition pursuant to a transaction that complies with clauses (A), (B) and (C) of paragraph (c) below, or (ii) more than 50% of the members of the Company’s Board of Directors during any 12-month period cease to be Continuing Directors (which term, as used in this Plan, means the directors of the Company: (A) who were members of the Company’s Board of Directors on the Effective Date; or
(B) who subsequently became directors of the Company and who were elected or designated to be candidates for election as nominees of the Company’s Board of Directors, or whose election or nomination for election by the Company’s
stockholders was otherwise approved, by a vote of a majority of the Continuing Directors then on the Company’s Board of Directors but shall not include, in any event, any individual whose initial assumption of office occurs as a result of
either an actual or threatened election contest (as such terms are used in Rule 14(a)-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents
by or on behalf of a person other than the Company’s Board of Directors). 
 (c) For purposes of this Section, a change
in the ownership of a substantial portion of assets occurs if there is consummated a merger or consolidation of the Company with, or, any transaction or series of transactions in which, substantially all of the business or assets of the Company
shall be sold or otherwise acquired by, another corporation or entity unless, as a result of the transaction(s): (A) the stockholders of the Company immediately prior to the transaction(s) shall beneficially own, directly or indirectly, at least 60%
of the combined Voting Securities of the surviving, resulting or transferee corporation or entity (including, without limitation, a corporation that as a result of such transaction owns the Company or all or substantially all of the assets of the
Company, either directly or through one or more subsidiaries) (“Newco”) immediately after in substantially the same proportions as their ownership immediately prior to such corporate transaction; (B) no person beneficially owns (as
such terms are used in Sections 13(d) and 14(d) of the Exchange Act, and the rules and applicable regulations), directly or indirectly, 30% or more of the combined Voting Securities of Newco immediately after such corporate transaction except to the
extent that such ownership of the Company existed prior to such corporate transaction, and (C) more than 50% of the members of the board of directors of Newco shall be Continuing Directors. 

An event constitutes a Change in Control with respect to a Participant only if the Participant performs services for the Company, or the
Participant’s relationship to the Company otherwise satisfies the requirements of Treasury Regulation Section 1.409A-3(i)(5)(ii). 

  
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 With respect to any event(s) relating to an Adopting Employer, the Committee shall make any
determination as to the occurrence of a Change in Control with respect to such Adopting Employer by referring to the definition of “Change in Control” in this Section 2.7, but replacing references to “the Company” in this
Section 2.7 with references to the applicable Adopting Employer. 
 Any determination under this Section 2.7 as to the occurrence
of a Change in Control (either with respect to the Company or an Adopting Employer) shall be based on objective facts and in accordance with the requirements of Code Section 409A (and for the avoidance of doubt, an event shall only constitute a
“Change in Control” hereunder if it would also constitute a “change in ownership of a corporation,” a “change in effective control of a corporation” or a “change in the ownership of a substantial portion of the a
corporation’s assets” as set forth in Treasury Regulation Section 1.409A-3(i)(5)(v), (vi) and (vii)), respectively. 

2.8. Claimant. Claimant means a Participant or Beneficiary filing a claim under Article XII of this Plan. 

2.9. Code. Code means the Internal Revenue Code of 1986, as amended from time to time. 

2.10. Code Section 409A. Code Section 409A means Section 409A of the Code, and regulations and other
guidance issued by the Treasury Department and Internal Revenue Service thereunder. 
 2.11. Committee. Committee means the
Compensation Committee of the Board of Directors of the Company. 
 2.12. Company. Company means MasterBrand, Inc., a Delaware
corporation, or any successor. 
 2.13. Company Contribution. Company Contribution means a credit by the Committee to a
Participant’s Account(s) in accordance with the provisions of Article V of the Plan. Company Contributions are credited at the sole discretion of the Committee and the fact that a Company Contribution is credited in one year shall not
obligate the Committee to continue to make such Company Contribution in subsequent years. Unless the context clearly indicates otherwise, a reference to Company Contribution shall include Earnings attributable to such contribution. 

2.14. Company Stock. Company Stock means the common stock, par value $0.01, of the Company, and all appurtenant rights. 

2.15. Compensation. Compensation means a Participant’s base salary, bonus, commission, Director cash fees, Restricted Stock Units
(“RSUs”), Company Stock and such other cash or equity-based compensation (if any) (which, with respect to Directors only, may include equity awards issued under any of the Company’s long-term equity incentive plans) approved by the
Plan Administrator as Compensation that may be deferred under this Plan. Compensation shall not include any compensation that has been previously deferred under this Plan or any other arrangement subject to Code Section 409A. 

  
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 2.16. Compensation Deferral Agreement. Compensation Deferral Agreement means an
agreement between a Participant and a Participating Employer that specifies: (i) the amount of each component of Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV, and
(ii) the Payment Schedule applicable to one or more Accounts. The Plan Administrator may permit different deferral amounts for each component of Compensation and may establish a minimum or maximum deferral amount for each such component. Unless
otherwise specified by the Plan Administrator in the Compensation Deferral Agreement, Participants may defer up to 80% of deferrable Compensation for a Plan Year. A Compensation Deferral Agreement may also specify the investment allocation described
in Section 8.4. 
 2.17. Death Benefit. Death Benefit means the benefit payable under the Plan to a Participant’s
Beneficiary(ies) upon the Participant’s death as provided in Section 6.1 of the Plan. 
 2.18. Deferral. Deferral means a
credit to a Participant’s Account(s) that records (i) that portion of the Participant’s Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV and (ii) any amounts
credited from the Fortune Brands Plan in connection with the Spin-Off and pursuant to the Employee Matters Agreement. Unless the context of the Plan clearly indicates otherwise, a reference to Deferrals
includes Earnings attributable to such Deferrals. 
 Deferrals shall be calculated with respect to the gross cash Compensation payable to the
Participant prior to any deductions or withholdings, but shall be reduced by the Plan Administrator as necessary so that it does not exceed 100% of the cash Compensation of the Participant remaining after deduction of all required income and
employment taxes, 401(k) and other employee benefit deductions, and other deductions required by law. Changes to payroll withholdings that affect the amount of Compensation being deferred to the Plan shall be allowed only to the extent permissible
under Code Section 409A. 
 2.19. Director. Director means a non-employee member of the
Board of Directors of the Company. 
 2.20. Earnings. Earnings means an adjustment to the value of an Account in accordance with
Article VIII. 
 2.21. Eligible Employee. Eligible Employee means a member of a “select group of management or highly
compensated employees” of a Participating Employer within the meaning of Sections 201(2), 301(a)(3) and 401(a)(l) of ERISA, as determined by the Plan Administrator from time to time in its sole discretion. In connection with the Spin-Off and pursuant to the terms of the Employee Matters Agreement, each employee of the Company or its Subsidiaries who was participating in the Fortune Brands Plan as of the Effective Date shall automatically
become an Eligible Employee as of the Effective Date. 

  
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 2.22. “Employee Matters Agreement” means the Employee Matters Agreement
between the Company and Fortune Brands, entered into in connection with the Spin-Off. 
 2.23.
Employee. Employee means a common-law employee of an Employer. 
 2.24.
Employer. Employer means, with respect to Employees it employs, the Company and each Affiliate. 
 2.25. ERISA. ERISA
means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 2.26. Exchange Act. Exchange Act means
the Securities Exchange Act of 1934, as amended. 
 2.27. Fortune Brands Plan. Fortune Brands Plan means the Fortune Brands
Home & Security, Inc. Deferred Compensation Plan. 
 2.28. Participant. Participant means an Eligible Employee or a Director
who has received notification of his or her eligibility to defer Compensation under the Plan under Section 3.1 and any other person with an Account Balance greater than zero, regardless of whether such individual continues to be an Eligible
Employee or a Director. A Participant’s continued participation in the Plan shall be governed by Section 3.2 of the Plan. 
 2.29.
Participating Employer. Participating Employer means the Company and each Adopting Employer. 
 2.30. Payment Schedule.
Payment Schedule means the date as of which payment of an Account under the Plan will commence and the form in which payment of such Account will be made. 

2.31. Performance-Based Compensation. Performance-Based Compensation means Compensation where the amount of, or entitlement to, the
Compensation is contingent on the satisfaction of pre -established organizational or individual performance criteria relating to a performance period of at least 12 consecutive months. Organizational or individual performance criteria are
considered pre-established if established in writing by not later than 90 days after the commencement of the period of service to which the criteria relate, provided that the outcome is substantially uncertain
at the time the criteria are established. The determination of whether Compensation qualifies as “Performance-Based Compensation” will be made in accordance with Treas. Reg. Section 1.409A-1(e)
and subsequent guidance. 
 2.32. Plan. Generally, the term Plan means the “MasterBrand, Inc. Deferred Compensation Plan”
as documented herein and as may be amended from time to time hereafter. However, to the extent permitted or required under Code Section 409A, the term Plan may in the appropriate context also mean a portion of the Plan that is treated as a
single plan under Treas. Reg. Section 1.409A-1(c), or the Plan or portion of the Plan and any other nonqualified deferred compensation plan or portion thereof that is treated as a single plan under such
section. 

  
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 2.33. Plan Administrator. Plan Administrator means such committee or person(s) as may
be appointed by the Committee as its delegate to serve as the Plan Administrator with one or more of the authorities, duties, responsibilities, or obligations described herein. In the absence of any such appointment, the Plan Administrator shall be
the Committee. 
 2.34. Plan Year. Plan Year means January 1 through December 31. 

2.35. Record Keeper. Record Keeper means the person(s) or entity/entities with such obligations, authorities, or responsibilities with
respect to the Plan as may be delegated by the Plan Administrator and agreed to by the Record Keeper from time to time. 
 2.36.
Restricted Stock Units or RSUs. Restricted Stock Units or RSUs mean restricted stock units awarded to a Participant under any of the Company’s long-term equity incentive plans or under any other similar plan or arrangement, which the
Plan Administrator has designated as Compensation that may be deferred to the Plan. 
 2.37. Retirement. Retirement means a
Participant’s Separation from Service after attainment of age 55 and completion of five Years of Service, taking into account service with Fortune Brands and its subsidiaries prior to the Spin-Off. 

2.38. Retirement Benefit. Retirement Benefit means the benefit payable to a Participant under the Plan following the Retirement of the
Participant. 
 2.39. Retirement/Termination Account. Retirement/Termination Account means an Account established by the Plan
Administrator to record the amounts payable to a Participant upon Separation from Service. Unless the Participant has established a Specified Date Account, all Deferrals and Company Contributions shall be allocated to a Retirement/Termination
Account on behalf of the Participant. 
 2.40. Separation from Service. Separation from Service means an Employee’s termination
of employment with the Employer. A Director incurs a Separation from Service upon his or her separation from the Board, including due to the expiration of the Director’s term in the event he or she does not stand for re-election at the end of his or her term. Whether a Separation from Service has occurred shall be determined by the Plan Administrator in accordance with Code Section 409A (and for the avoidance of doubt, a
termination of employment shall only constitute a “Separation from Service” hereunder if it would also constitute a “separation from service” as defined in Treasury Regulation
Section 1.409A-1(h)). 
 Except in the case of an Employee on a bona fide leave of absence as
provided below, an Employee is deemed to have incurred a Separation from Service if the Employer and the Employee reasonably anticipated that the level of services to be performed by the Employee after a date certain would be reduced to 20% or less
of the average services rendered by the Employee during the immediately preceding 36- month period (or the total period of employment, if less than 36 months), disregarding periods during which the Employee
was on a bona fide leave of absence. 

  
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 An Employee who is absent from work due to military leave, sick leave, or other bona fide
leave of absence shall incur a Separation from Service on the first date immediately following the later of: (i) the six month anniversary of the commencement of the leave, or (ii) the expiration of the Employee’s right, if any, to
reemployment under statute or contract. 
 For purposes of determining whether a Separation from Service has occurred, the Employer means the
Employer as defined in Section 2.24 of the Plan, except that in applying Code Sections 1563(a)(l), (2) and (3) for purposes of determining whether another organization is an Affiliate of the Company under Code Section 414(b), and in
applying Treasury Regulation Section 1.414(c)-2 for purposes of determining whether another organization is an Affiliate of the Company under Code Section 414(c), “at least 50 percent”
shall be used instead of “at least 80 percent” each place it appears in those sections. 
 The Plan Administrator specifically
reserves the right to determine whether a sale or other disposition of substantial assets to an unrelated party constitutes a Separation from Service with respect to a Participant providing services to the seller immediately prior to the transaction
and providing services to the buyer after the transaction. Such determination shall be made in accordance with the requirements of Code Section 409A. 

2.41. Specified Date Account. Specified Date Account means an Account established by the Plan Administrator to record the amounts
payable at a future date as specified in the Participant’s Compensation Deferral Agreement. Unless otherwise determined by the Plan Administrator, a Participant may maintain no more than five Specified Date Accounts. A Specified Date Account
may be identified in enrollment materials as an “In -Service Account” or such other name as established by the Plan Administrator without affecting the meaning thereof. 

2.42. Specified Date Benefit. Specified Date Benefit means the benefit payable to a Participant under the Plan in accordance with
Section 6.1(c). 
 2.43. Specified Employee. Specified Employee means an Employee who, as of the date of his or her Separation
from Service, is a “key employee” of the Company or any Affiliate. An Employee is a key employee if he or she meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) (applied in accordance with applicable regulations
thereunder and without regard to Code Section 416(i)(5)) at any time during the 12-month period ending on the Specified Employee Identification Date. Such Employee shall be treated as a key employee for
the entire 12-month period beginning on the Specified Employee Effective Date. 
 For purposes of
determining whether an Employee is a Specified Employee, the compensation of the Employee shall be determined in accordance with the definition of compensation provided under Treas. Reg.
Section 1.415(c)-2(d)(2) (wages, salaries, fees for professional services, and other amounts received for personal services actually rendered in the course of employment with the employer maintaining the
plan, to the extent such amounts are includible in gross income or would be includible but for an election under Code Section 125(a), 132(t)(4), 402(e)(3), 402(h)(l)(B), 402(k) or 457(b), including the earned income of a self-employed
individual); provided, however, that, 

  
 10 

 
with respect to a nonresident alien who is not a Participant in the Plan, compensation shall not include compensation that is not includible in the gross income of the Employee under Code
Sections 872, 893, 894, 911, 931 and 933, provided such compensation is not effectively connected with the conduct of a trade or business within the United States. 

Notwithstanding anything in this paragraph to the contrary: (i) if a different definition of compensation has been designated by the
Company with respect to another nonqualified deferred compensation plan in which a key employee participates, the definition of compensation shall be the definition provided in Treas. Reg.
Section 1.409A-1(i)(2), and (ii) the Company may through action that is legally binding with respect to all nonqualified deferred compensation plans maintained by the Company, elect to use a
different definition of compensation. 
 In the event of corporate transactions described in Treas. Reg.
Section 1.409A-1(i)(6), the identification of Specified Employees shall be determined in accordance with the default rules described therein, unless the Employer elects to utilize the available
alternative methodology through designations made within the timeframes specified therein. 
 2.44. Specified Employee Effective
Date. Specified Employee Effective Date means the first day of the fourth month following the Specified Employee Identification Date, or such earlier date as is selected by the Plan Administrator through action that is legally binding with
respect to all nonqualified deferred compensation plans maintained by the Employer. 
 2.45. Specified Employee Identification Date.
Specified Employee Identification Date means December 31, unless the Employer has elected a different date through action that is legally binding with respect to all nonqualified deferred compensation plans maintained by the Employer. 

2.46. Spin-Off. Spin-Off means the distribution of
shares of common stock of the Company to the stockholders of Fortune Brands pursuant to the Separation Agreement. 
 2.47. Substantial
Risk of Forfeiture. Substantial Risk of Forfeiture means the description specified in Treas. Reg. Section 1.409A-1(d). 

2.48. Termination Benefit. Termination Benefit means the benefit payable to a Participant under the Plan following the
Participant’s Separation from Service prior to Retirement. 
 2.49. Unforeseeable Emergency. Unforeseeable Emergency means a
severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s dependent (as defined in Code Section 152, without regard to Code Sections 152(b)(l),
(b)(2), and (d)(l)(B)), or a Beneficiary; loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, as a result of a natural disaster);
or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The types of events which may qualify as an Unforeseeable Emergency may be limited by the Plan Administrator. 

  
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 2.50. Valuation Date. Valuation Date means each Business Day. 

2.51. Year of Service. Year of Service means each 12-month period of continuous service with
the Employer. 
 ARTICLE III 

Eligibility and Participation 

3.1. Eligibility and Participation. An Eligible Employee or a Director becomes a Participant upon the earlier to occur of: (i) a
credit of Company Contributions under Article V, or (ii) receipt of notification of eligibility to participate. Notwithstanding the foregoing, all Cabinets Employees, as defined in the Employee Matters Agreement, who were participants in
the Fortune Brands Plan immediately prior to the Effective Date shall automatically be Participants in this Plan as of the Effective Date, and all elections made by such Cabinets Employees under the Fortune Brands Plan shall automatically apply to
this Plan unless and until such elections are modified after the Effective Date. 
 3.2. Duration. A Participant shall be eligible to
defer Compensation and receive allocations of Company Contributions (if any), subject to the terms of the Plan, for as long as such Participant remains an Eligible Employee or a Director. A Participant who is no longer an Eligible Employee but has
not Separated from Service, or who is no longer a Director, may not defer Compensation under the Plan beyond the Plan Year in which he or she became ineligible but may otherwise exercise all of the rights of a Participant under the Plan with respect
to his or her Account(s). On and after a Separation from Service, a Participant shall remain a Participant as long as his or her Account Balance is greater than zero (0), and during such time may continue to make allocation elections as provided in
Section 8.4. An individual shall cease being a Participant in the Plan when all benefits under the Plan to which he or she is entitled have been paid. 

ARTICLE IV 
 Deferrals

 4.1. Deferral Elections, Generally. 

(a) A Participant may elect to defer Compensation by submitting a Compensation Deferral Agreement during the enrollment periods
established by the Plan Administrator and in the manner specified by the Plan Administrator, but in any event, in accordance with Section 4.2. A Compensation Deferral Agreement that is not timely filed with respect to a service period or
component of Compensation shall be considered void and shall have no effect with respect to such service period or Compensation. The Plan Administrator may modify any Compensation Deferral Agreement prior to the date the election becomes irrevocable
under the rules of Section 4.2, as may be needed, to comply with the terms of the Plan (as it may be amended from time to time) and/or as may be required by law. 

  
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 (b) The Participant shall specify on his or her Compensation Deferral
Agreement the amount of Deferrals and whether to allocate Deferrals to a Retirement/Termination Account or to a Specified Date Account. If no designation is made, Deferrals shall be allocated to the Retirement/Termination Account. A Participant may
also specify in his or her Compensation Deferral Agreement the Payment Schedule applicable to his or her Plan Accounts. If the Payment Schedule is not specified in a Compensation Deferral Agreement, the Payment Schedule shall be the Payment Schedule
specified in Section 6.2. 
 4.2. Timing Requirements for Compensation Deferral Agreements. 

(a) First Year of Eligibility. In the case of the first year in which an Eligible Employee or a Director becomes
eligible to participate in the Plan following the annual enrollment period, he or she has up to 30 days following his or her initial eligibility to submit a Compensation Deferral Agreement with respect to Compensation to be earned during such year.
The Compensation Deferral Agreement described in this paragraph becomes irrevocable upon the end of such 30-day period. The determination of whether an Eligible Employee or a Director may file a Compensation
Deferral Agreement under this paragraph shall be determined in accordance with the rules of Code Section 409A, including the provisions of Treas. Reg. Section 1.409A-2(a)(7). 

A Compensation Deferral Agreement filed under this paragraph applies to Compensation earned on and after the date the Compensation Deferral
Agreement becomes irrevocable. 
 (b) Prior Year Election. Except as otherwise provided in this Section 4.2,
Participants may defer Compensation by filing a Compensation Deferral Agreement no later than December 31 of the year prior to the year in which the Compensation to be deferred is earned. A Compensation Deferral Agreement described in this
paragraph shall become irrevocable with respect to such Compensation as of January 1 of the year in which such Compensation is earned. 

(c) Performance-Based Compensation. Participants may file a Compensation Deferral Agreement with respect to
Performance-Based Compensation no later than the date that is six months before the end of the performance period, provided that: 

(i) the Participant performs services continuously from the later of the beginning of the performance period or the date the
criteria are established through the date the Compensation Deferral Agreement is submitted; and 
 (ii) the Compensation is
not readily ascertainable as of the date the Compensation Deferral Agreement is filed. 
 A Compensation Deferral Agreement becomes
irrevocable with respect to Performance-Based Compensation as of the day immediately following the latest date for filing such election. Any election to defer Performance-Based Compensation that is made in accordance with this paragraph and that
becomes payable as a result of the Participant’s death or disability (as defined in Treas. Reg. Section 1.409A-1(e)) or upon a Change in Control (as defined in Treas. Reg. Section 1.409A-3(i)(5)) prior to the satisfaction of the performance criteria, will be void. 

  
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 (d) Short-Term Deferrals. Compensation that meets the definition of a
“short-term deferral” described in Treas. Reg. Section 1.409A-1(b)(4) may be deferred in accordance with the rules of Article VII, applied as if the date the Substantial Risk of Forfeiture
lapses is the date payments were originally scheduled to commence, provided, however, that the provisions of Section 7.3 shall not apply to payments attributable to a Change in Control (as defined in Treas. Reg.
Section 1.409A-3(i)(5)). 
 (e) Certain Forfeitable Rights. With respect
to a legally binding right to a payment in a subsequent year that is subject to a forfeiture condition requiring the Participant’s continued services for a period of at least 12 months from the date the Participant obtains the legally binding
right, an election to defer such Compensation may be made on or before the 30th day after the Participant obtains the legally binding right to the Compensation, provided that the election is made at least 12 months in advance of the earliest date at
which the forfeiture condition could lapse. The Compensation Deferral Agreement described in this paragraph becomes irrevocable after such 30th day. If the forfeiture condition applicable to the payment lapses before the end of the required service
period as a result of the Participant’s death or disability (as defined in Treas. Reg. Section 1.409A-3(i)(4)) or upon a Change in Control (as defined in Treas. Reg.
Section 1.409A-3(i)(5)), the Compensation Deferral Agreement will be void unless it would be considered timely under another rule described in this Section. 

(f) Company Awards. The Committee may unilaterally provide for deferrals of Company awards prior to the date of such
awards. Deferrals of Company awards (such as sign-on, retention, or severance pay) may be negotiated with a Participant prior to the date the Participant has a legally binding right to such Compensation. 

(g) “Evergreen” Deferral Elections. The Plan Administrator, in its discretion, may
provide in the Compensation Deferral Agreement that such Compensation Deferral Agreement will continue in effect for each subsequent year or performance period. Such “evergreen” Compensation Deferral Agreements will become effective with
respect to an item of Compensation on the date such election becomes irrevocable under this Section 4.2. An evergreen Compensation Deferral Agreement may be terminated or modified prospectively with respect to Compensation for which such
election remains revocable under this Section 4.2. A Participant whose Compensation Deferral Agreement is cancelled in accordance with Section 4.6 will be required to file a new Compensation Deferral Agreement under this Article IV in
order to recommence Deferrals under the Plan. 
 4.3. Allocation of Deferrals. A Compensation Deferral Agreement may allocate
Deferrals to one or more Specified Date Accounts and/or to the Retirement/Termination Account. The Plan Administrator may, in its discretion, establish a minimum deferral period for the establishment of a Specified Date Account (for example, the
third Plan Year following the year Compensation is allocated to such accounts), and the minimum deferral period so established may vary according to the type of Compensation being deferred to such Account. 

  
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 4.4. Deductions from Pay. The Plan Administrator has the authority to determine the
payroll practices under which any component of Compensation subject to a Compensation Deferral Agreement will be deducted from a Participant’s Compensation. 

4.5. Vesting. Participant Deferrals of RSUs and any other unvested compensation at the time of the deferral shall become vested in
accordance with the vesting schedule contained in the underlying award notice and award agreement with which the RSUs or other unvested compensation were granted; all other Participant Deferrals shall be 100% vested at all times. 

4.6. Cancellation of Deferrals. The Plan Administrator may cancel a Participant’s Deferrals: (i) for the balance of the Plan
Year in which an Unforeseeable Emergency occurs, (ii) if the Participant receives a hardship distribution under the Employer’s qualified 401(k) plan, through the end of the Plan Year in which the six month anniversary of the hardship
distribution falls, and (iii) during periods in which the Participant is unable to perform the duties of his or her position or any substantially similar position due to a mental or physical impairment that can be expected to result in death or
last for a continuous period of at least six months, provided cancellation occurs by the later of the end of the taxable year of the Participant or the 15th day of the third month following the date the Participant incurs the disability (as defined
in this paragraph (iii)), in each case, to the extent permitted by Code Section 409A. 
 4.7.
Spin-Off. 
 (a) As of the Effective Date, the Company and the Plan shall
assume all liabilities under the Fortune Brands Plan for any benefits under such plan of all Cabinets Employees, as defined in the Employee Matters Agreement, who participated in the Fortune Brands Plan immediately prior to the Spin-Off, and such benefits shall be administered and paid under the terms of this Plan. All deferral, investment and distribution elections made by such Participants under the Fortune Brands Plan with respect to
any Plan Year prior to the Effective Date and the Plan Year in which the Effective Date occurs will continue to apply and shall be administered under this Plan; provided that to the extent a Participant’s account is invested in notional shares
of Fortune Brands common stock, then (i) such Participant’s account shall be credited with a number of notional shares of Company Stock equal to the number of shares of Company Stock that would have been distributed to the Participant if
the notional shares of Fortune Brands common stock held in the Participant’s account had been issued and outstanding and (ii) the notional shares of Fortune Brands common stock credited to such Participant’s account shall be deemed to
have been sold as of the Effective Date, based on the value of such shares as of the Effective Date, and reinvested in the default investment fund maintained under the Plan. 

(b) As of the Effective Date, the Plan shall assume and honor the terms of all domestic relations orders in effect under the
Fortune Brands Plan in respect of all Cabinets Employees who participated in the Fortune Brands Plan immediately prior to the Spin-Off. 

  
 15 

 ARTICLE V 

Company Contributions 

5.1. Discretionary Company Contributions. The Committee may, from time to time in its sole and absolute discretion, credit Company
Contributions to any Participant in any amount determined by the Committee. Such contributions will be credited to a Participant’s Retirement/Termination Account. 

5.2. Vesting. Company Contributions described in Section 5.1, above, and the Earnings thereon, shall vest in accordance with the
vesting schedule(s) established by the Committee at the time that the Company Contribution is made. All Company Contributions shall become 100% vested if, while actively employed, the Participant (i) dies, (ii) Retires, or (iii) is
affected by a Change in Control. The Committee may, at any time, in its sole discretion, increase a Participant’s vested interest in a Company Contribution. The portion of a Participant’s Accounts that remains unvested upon his or her
Separation from Service after the application of the terms of this Section 5.2 shall be forfeited. 
 ARTICLE VI 

Benefits 
 6.1.
Benefits. Generally. A Participant shall be entitled to the following benefits under the Plan: 
 (a)
Retirement Benefit. Upon the Participant’s Separation from Service due to Retirement, he or she shall be entitled to a Retirement Benefit. The Retirement Benefit shall be equal to the vested portion of the Retirement/Termination Account
based on the value of that Account as of the end of the month in which Separation from Service occurs or such later date as the Plan Administrator, in its sole discretion, shall determine. Payment of the Retirement Benefit will be made or begin the
first day of the month following the month in which Separation from Service occurs, provided, however, that with respect to a Participant who is a Specified Employee as of the date such Participant incurs a Separation from Service, payment will be
made or begin on the first day of the seventh month following the month in which such Separation from Service occurs. If the Retirement Benefit is to be paid in the form of installments, any subsequent installment payments to a Specified Employee
will be paid on the anniversary of the date the initial installment was made. 
 (b) Termination Benefit. Upon the
Participant’s Separation from Service for reasons other than death or Retirement, he or she shall be entitled to a Termination Benefit. The Termination Benefit shall be equal to the vested portion of the Retirement/Termination Account based on
the value of that Account as of the end of the month in which Separation from Service occurs or such later date as the Plan Administrator, in its sole discretion, shall determine. Payment of the Termination Benefit will be made on the first day of
the month following the month in which Separation from Service occurs, provided, however, that with respect to a Participant who is a Specified Employee as of the date such Participant incurs a Separation from Service, payment will be made on the
first day of the seventh month following the month in which such Separation from Service occurs. 

  
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 (c) Specified Date Benefit. If the Participant has established one or
more Specified Date Accounts, he or she shall be entitled to a Specified Date Benefit with respect to each such Specified Date Account. The Specified Date Benefit shall be equal to the vested portion of the Specified Date Account, based on the value
of that Account as of the end of the month designated by the Participant at the time the Account was established. Payment of the Specified Date Benefit will be made or begin the first day of the month following the designated month. Notwithstanding
the preceding sentence, balances remaining in Specified Date Accounts on the date the Participant Separates from Service shall be distributed on the first day of the month following the month in which Separation from Service occurs, provided,
however, that with respect to a Participant who is a Specified Employee as of the date such Participant incurs a Separation from Service, payment will be made on the first day of the seventh month following the month in which such Separation from
Service occurs. 
 (d) Death Benefit. In the event of the Participant’s death, his or her designated
Beneficiary(ies) shall be entitled to a Death Benefit. The Death Benefit shall be equal to the vested portion of the Retirement/Termination Account and the vested and unpaid balances of any Specified Date Accounts, based on the value of the Accounts
as of the end of the month in which death occurred, with payment made in the following month. 
 A Participant who consents to the
Employer’s purchase of insurance on his or her life shall also be entitled to a Supplemental Death Benefit if the Participant dies while actively employed. The Supplemental Death Benefit shall be in the amount of $50,000 and shall be paid at
the same time as payment of other death benefits hereunder. 
 (e) Unforeseeable Emergency Payments. A Participant who
experiences an Unforeseeable Emergency may submit a written request to the Plan Administrator to receive payment of all or any portion of his or her vested Accounts. Whether a Participant or Beneficiary is faced with an Unforeseeable Emergency
permitting an emergency payment shall be determined by the Plan Administrator based on the relevant facts and circumstances of each case, but, in any case, a distribution on account of Unforeseeable Emergency may not be made to the extent that such
emergency is or may be reimbursed through insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause severe financial hardship, or by cessation of Deferrals under this Plan.
If an emergency payment is approved by the Plan Administrator, the amount of the payment shall not exceed the amount reasonably necessary to satisfy the need, taking into account the additional compensation that is available to the Participant as
the result of cancellation of deferrals to the Plan, including amounts necessary to pay any taxes or penalties that the Participant reasonably anticipates will result from the payment. The amount of the emergency payment shall be subtracted pro rata
from the vested portion of each Account. Emergency payments shall be paid in a single lump sum within the 90-day period following the date the payment is approved by the Plan Administrator. 

  
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 6.2. Form of Payment. 

(a) Retirement Benefit. A Participant who is entitled to receive a Retirement Benefit shall receive payment of such
benefit in a single lump sum, unless the Participant elects on his or her initial Compensation Deferral Agreement to have such benefit paid in one of the following alternative forms of payment (i) substantially equal annual installments over a
period of two to fifteen years, as elected by the Participant, or (ii) a lump sum payment of a percentage of the balance in the Retirement/Termination Account, with the balance paid in substantially equal annual installments over a period of
two to fifteen years, as elected by the Participant. 
 (b) Termination Benefit. A Participant who is entitled to
receive a Termination Benefit shall receive payment of such benefit in a single lump sum. 
 (c) Specified Date Benefit.
The Specified Date Benefit shall be paid in a single lump sum, unless the Participant elects on the Compensation Deferral Agreement with which the account was established to have the Specified Date Account paid in substantially equal annual
installments over a period of two to five years, as elected by the Participant. 
 Notwithstanding any election of a form of payment by the
Participant, upon a Separation from Service the unpaid balances of any Specified Date Accounts shall be paid in a single lump sum. 

(d) Death Benefit. A designated Beneficiary who is entitled to receive a Death Benefit shall receive payment of such
benefit in a single lump sum. If a Supplemental Death Benefit is payable in accordance with Section 6.1(d), such benefit shall also be payable in a single lump sum. 

(e) Change in Control. A Participant will receive a single lump sum payment equal to the unpaid balance of all of his or
her Accounts if Separation from Service occurs within 24 months following a Change in Control. 
 A Participant or Beneficiary receiving
installment payments when a Change in Control occurs, will receive the remaining account balance in a single lump sum within 90 days following the Change in Control. 

(f) Small Account Balances. The Plan Administrator shall pay the value of the Participant’s Accounts upon a
Separation from Service in a single lump sum if the balance of such Accounts is not greater than the applicable dollar amount under Code Section 402(g)(l)(B), provided the payment represents the complete liquidation of the Participant’s
interest in the Plan. 
 (g) Rules Applicable to Installment Payments. If a Payment Schedule specifies installment
payments, annual payments will be made beginning as of the payment 

  
 18 

 
commencement date for such installments and shall continue on each anniversary thereof until the number of installment payments specified in the Payment Schedule has been paid. The amount of each
installment payment shall be determined by dividing (a) by (b), where (a) equals the Account Balance as of the Valuation Date and (b) equals the remaining number of installment payments. 

For purposes of Article VII, installment payments will be treated as a single form of payment. If a lump sum equal to less than 100% of
the Retirement/Termination Account is paid, the payment commencement date for the installment form of payment will be the first anniversary of the payment of the lump sum. 

6.3. Acceleration of or Delay in Payments. The Committee, in its sole and absolute discretion, may elect to accelerate the time
or form of payment of a benefit owed to the Participant hereunder, provided such acceleration is permitted under Treas. Reg. Section 1.409A-3(j)(4). The Committee may also, in its sole and absolute
discretion, delay the time for payment of a benefit owed to the Participant hereunder, to the extent permitted under Treas. Reg. Section 1.409A-2(b)(7). If the Plan receives a domestic relations order
(within the meaning of Code Section 414(p)(l)(B)) directing that all or a portion of a Participant’s Accounts be paid to an “alternate payee,” any amounts to be paid to the alternate payee(s) shall be paid in a single lump sum.

 6.4. Six-Month Delay. To the extent a benefit payable under this Plan is payable upon the
Participant’s Separation from Service and that Participant is a Specified Employee as of the date such Participant incurs such Separation from Service, any benefit payments that would have occurred prior to the
six-month anniversary of the Participant’s Separation from Service will be made on the first day of the seventh month following the month in which such Separation from Service occurs. 

ARTICLE VII 
 Modifications
to Payment Schedules 
 7.1. Participant’s Right to Modify. A Participant may modify any or all of the alternative Payment
Schedules with respect to an Account, consistent with the permissible Payment Schedules available under the Plan, provided such modification complies with the requirements of this Article VII. 

7.2. Time of Election. The date on which a modification election is submitted to the Plan Administrator must be at least 12 months
prior to the date on which payment is scheduled to commence under the Payment Schedule in effect prior to the modification. 
 7.3. Date
of Payment under Modified Payment Schedule. Except with respect to modifications that relate to the payment of a Death Benefit, the date payments are to commence under the modified Payment Schedule must be no earlier than five years after the
date payment would have commenced under the original Payment Schedule. Under no circumstances may a modification election result in an acceleration of payments in violation of Code Section 409A. 

  
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 7.4. Effective Date. A modification election submitted in accordance with this
Article VII is irrevocable upon receipt by the Plan Administrator and becomes effective 12 months after such date. 
 7.5. Effect on
Accounts. An election to modify a Payment Schedule is specific to the Account or payment event to which it applies, and shall not be construed to affect the Payment Schedules of any other Accounts. 

ARTICLE VIII 
 Valuation of
Account Balances; Investments 
 8.1. Valuation. Deferrals shall be credited to appropriate Accounts on the date such
Compensation would have been paid to the Participant absent the Compensation Deferral Agreement. Company Contributions shall be credited to the Retirement/Termination Account at the times determined by the Plan Administrator. Valuation of Accounts
shall be performed under procedures approved by the Plan Administrator. 
 8.2. Earnings Credit. Each Account will be credited with
Earnings on each Business Day, based upon the Participant’s investment allocation among a menu of investment options selected in advance by the Plan Administrator, in accordance with the provisions of this Article VIII (“investment
allocation”). 
 8.3. Investment Options. Investment options will be determined by the Plan Administrator. The Plan
Administrator, in its sole discretion, shall be permitted to add or remove investment options from the Plan menu from time to time, provided that any such additions or removals of investment options shall not be effective with respect to any period
prior to the effective date of such change. 
 8.4. Investment Allocations. A Participant’s investment allocation
constitutes a deemed, not actual, investment among the investment options comprising the investment menu. At no time shall a Participant have any real or beneficial ownership in any investment option included in the investment menu, nor shall the
Participating Employer or any trustee acting on its behalf have any obligation to purchase actual securities as a result of a Participant’s investment allocation. A Participant’s investment allocation shall be used solely for purposes of
adjusting the value of a Participant’s Account Balances. 
 A Participant shall specify an investment allocation for each of his
Accounts in accordance with procedures established by the Plan Administrator. Allocation among the investment options must be designated in increments of 1% (or such other minimum percentage or amount as may be specified by the Plan Administrator).

 8.5. Unallocated Deferrals and Accounts. If the Participant fails to make an investment allocation with respect to an
Account, such Account shall be invested in an investment option, the primary objective of which is the preservation of capital, as determined by the Plan Administrator. 

  
 20 

 8.6. Company Stock Account. The Plan Administrator shall make available a Company
Stock Account as one of the investment options described in Section 8.3. All Company Stock Deferrals and RSU Deferrals shall be irrevocably allocated to the Company Stock Account. A Participant may only allocate Company Stock Deferrals or RSU
Deferrals to the Company Stock Account. Dividend equivalents with respect to Company Stock Deferrals or RSU Deferrals will be credited to the applicable Accounts in cash in accordance with the Participant’s most recent investment allocation for
such Account or, if none, as provided in Section 8.5. 
 8.7. Payments from the Company Stock Account. The portion of an Account
that is invested in Company Stock Account will be paid under Article VI in the form of whole shares of Company Stock. If such portion is to be paid in installments, any fractional shares will be paid in cash and will be distributed with the
final installment. 
 ARTICLE IX 

Administration 
 9.1.
Plan Administration. The Plan Administrator shall have discretionary authority to make, amend, interpret and enforce all appropriate rules and regulations for the administration of this Plan and to utilize its discretion to decide or resolve
any and all questions, including but not limited to eligibility for benefits and interpretations of this Plan and its terms, as may arise in connection with the Plan. Claims for benefits shall be filed with the Plan Administrator and resolved in
accordance with the claim’s procedures in Article XII. The Plan Administrator is the named fiduciary (within the meaning of Section 402(a)(l) of ERISA) with respect to the Supplemental Death Benefit described in Section 6.1(d).

 9.2. Administration Upon Change in Control. Upon a Change in Control, the Plan Administrator and Committee, as constituted
immediately prior to such Change in Control, shall continue to act respectively as the Plan Administrator and Committee. Notwithstanding the foregoing, neither the Committee nor the Plan Administrator shall have authority to direct investment of
trust assets under any rabbi trust described in Section 11.2. 
 The Participating Employer shall, with respect to the Plan
Administrator and Committee identified under this Section: (i) pay all reasonable expenses and fees of the Plan Administrator and Committee, (ii) indemnify the Plan Administrator and Committee (including individuals serving as Committee
members) against any costs, expenses and liabilities including, without limitation, attorneys’ fees and expenses arising in connection with the performance of the Plan Administrator and/or the Committee’s duties hereunder, except with
respect to matters resulting from the Plan Administrator and/or the Committee’s gross negligence or willful misconduct, and (iii) supply full and timely information to the Plan Administrator and/or Committee on all matters related to the
Plan, any rabbi trust, Participants, Beneficiaries and Accounts as the Plan Administrator and/or Committee may reasonably require. 

  
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 9.3. Withholding. The Participating Employer shall have the right to withhold from
any payment due under the Plan (or with respect to any amounts credited to the Plan) any Federal, state, local or other taxes which may be required to be withheld or paid as in respect of such payment (or credit). To the extent permitted by Treas.
Reg. Section 1.409A-3(j)(4)(vi), the amounts credited to the Plan shall be reduced by the amount necessary to pay employment taxes on compensation deferred under the Plan. Withholdings other than with
respect to employment taxes shall be deducted from Compensation that has not been deferred to the Plan. 
 9.4. Indemnification. The
Participating Employers shall indemnify and hold harmless each employee, officer, director, agent or organization, to whom or to which are delegated duties, responsibilities, and authority under the Plan or otherwise with respect to administration
of the Plan, including, without limitation, the Plan Administrator and the Committee and their agents, against all claims, liabilities, fines and penalties, and all expenses reasonably incurred by or imposed upon him or it (including but not limited
to reasonable attorney fees) which arise as a result of his or its actions or failure to act in connection with the operation and administration of the Plan to the extent lawfully allowable and to the extent that such claim, liability, fine,
penalty, or expense is not paid for by liability insurance purchased or paid for by the Participating Employer. Notwithstanding the foregoing, the Participating Employer shall not indemnify any person or organization if his or its actions or failure
to act are due to gross negligence or willful misconduct or for any such amount incurred through any settlement or compromise of any action unless the Participating Employer consents in writing to such settlement or compromise. 

9.5. Delegation of Authority. In the administration of this Plan, the Plan Administrator and/or the Committee may, from time to time,
employ agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with legal counsel who shall be legal counsel to the Company. 

9.6. Binding Decisions or Actions. The decision or action of the Plan Administrator and/or the Committee in respect of any question
arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations thereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 

ARTICLE X 
 Amendment and
Termination 
 10.1. Amendment and Termination. The Company may at any time and from time to time as it shall deem advisable
amend the Plan or may terminate the Plan as provided in this Article X. Each Participating Employer may also terminate its participation in the Plan. 

10.2. Amendments. The Company, by action taken by the Committee, may amend the Plan at any time and for any reason, provided that any
such amendment shall not reduce the vested Account Balances of any Participant accrued as of the date of any such amendment or restatement (as if the Participant had incurred a voluntary Separation from Service on such date) or reduce any rights of
a Participant under the Plan or other Plan features with respect to Deferrals made prior to the date of any such amendment or restatement without the consent of the Participant. The Committee has the authority to amend the Plan without the

  
 22 

 
consent of the Board of Directors for the purpose of: (i) conforming the Plan to the requirements of law; (ii) facilitating the administration of the Plan; (iii) clarifying
provisions based on the Committee’s interpretation of the document; and (iv) making such other amendments as the Board of Directors may authorize. 

10.3. Termination. The Company, by action taken by the Committee, may terminate the Plan and pay Participants and Beneficiaries
their Account Balances in a single lump sum at any time, to the extent and in accordance with Treas. Reg. Section 1.409A-3(j)(4)(ix). If a Participating Employer terminates its participation in the Plan,
the benefits of affected Employees shall be paid at the time provided in Article VI. 
 10.4. Accounts Taxable Under Code
Section 409A. The Plan is intended to constitute a plan of deferred compensation that meets the requirements for deferral of income taxation under Code Section 409A. The Committee, pursuant to its authority to interpret
the Plan, may sever from the Plan or any Compensation Deferral Agreement any provision or exercise of a right that otherwise would result in a violation of Code Section 409A. 

ARTICLE XI 
 Informal
Funding 
 11.1. General Assets. Obligations established under the terms of the Plan may be satisfied from the general funds of
the Participating Employers, or a trust described in this Article XI. No Participant, spouse or Beneficiary shall have any right, title or interest whatever in assets of the Participating Employers. Nothing contained in this Plan, and no action
taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Participating Employers and any Employee, spouse, or Beneficiary. To the extent that any person acquires a right
to receive payments hereunder, such rights are no greater than the right of an unsecured general creditor of the Participating Employer. 

11.2. Rabbi Trust. The Company may, in its sole discretion, establish a grantor trust, commonly known as a rabbi trust, as a vehicle
for accumulating assets to pay benefits under the Plan. Payments under the Plan may be paid from the general assets of the Participating Employer or from the assets of any such rabbi trust. Payment from any such source shall reduce the obligation
owed to the Participant or Beneficiary under the Plan. 
 ARTICLE XII 

Claims 
 12.1. Filing a
Claim. Any controversy or claim arising out of or relating to the Plan shall be filed in writing with the Plan Administrator which shall make all determinations concerning such claim. Any claim filed with the Plan Administrator and any decision
by the Plan Administrator denying such claim shall be in writing and shall be delivered to the Participant or Beneficiary filing the claim (the “Claimant”). 

(a) In General. Notice of a denial of benefits will be provided within 90 days of the Committee’s receipt of the
Claimant’s claim for benefits. If the Plan Administrator 

  
 23 

 
determines that it needs additional time to review the claim, the Plan Administrator will provide the Claimant with a notice of the extension before the end of the initial 90-day period. The extension will not be more than 90 days from the end of the initial 90-day period and the notice of extension will explain the special circumstances that
require the extension and the date by which the Plan Administrator expects to make a decision. 
 (b) Contents of Notice.
If a claim for benefits is completely or partially denied, notice of such denial shall be in writing and shall set forth the reasons for denial in plain language. The notice shall: (i) cite the pertinent provisions of the Plan document, and
(ii) explain, where appropriate, how the Claimant can perfect the claim, including a description of any additional material or information necessary to complete the claim and why such material or information is necessary. The claim denial also
shall include an explanation of the claims review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse
decision on review. 
 12.2. Appeal of Denied Claims. A Claimant whose claim has been completely or partially denied shall be
entitled to appeal the claim denial by filing a written appeal with a committee designated to hear such appeals (the “Appeals Committee”). A Claimant who timely requests a review of the denied claim (or his or her authorized
representative) may review, upon request and free of charge, copies of all documents, records and other information relevant to the denial and may submit written comments, documents, records and other information relevant to the claim to the Appeals
Committee. All written comments, documents, records, and other information shall be considered “relevant” if the information: (i) was relied upon in making a benefits determination, (ii) was submitted, considered or generated in
the course of making a benefits decision regardless of whether it was relied upon to make the decision, or (iii) demonstrates compliance with administrative processes and safeguards established for making benefit decisions. The Appeals
Committee may, in its sole discretion and if it deems appropriate or necessary, decide to hold a hearing with respect to the claim appeal. 

(a) In General. Appeal of a denied benefits claim must be filed in writing with the Appeals Committee no later than 60
days after receipt of the written notification of such claim denial. The Appeals Committee shall make its decision regarding the merits of the denied claim within 60 days following receipt of the appeal (or within 120 days after such receipt, in a
case where there are special circumstances requiring extension of time for reviewing the appealed claim). If an extension of time for reviewing the appeal is required because of special circumstances, written notice of the extension shall be
furnished to the Claimant prior to the commencement of the extension. The notice will indicate the special circumstances requiring the extension of time and the date by which the Appeals Committee expects to render the determination on review. The
review will take into account comments, documents, records and other information submitted by the Claimant relating to the claim without regard to whether such information was submitted or considered in the initial benefit determination. 

(b) Contents of Notice. If a benefits claim is completely or partially denied on review, notice of such denial shall be
in writing and shall set forth the reasons for denial in plain language. 

  
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 The decision on review shall set forth: (i) the specific reason or reasons for the
denial, (ii) specific references to the pertinent Plan provisions on which the denial is based, (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents,
records, or other information relevant (as defined above) to the Claimant’s claim, and (iv) a statement describing any voluntary appeal procedures offered by the plan and a statement of the Claimant’s right to bring an action under
Section 502(a) of ERISA. 
 12.3. Claims Appeals Upon Change in Control. Upon a Change in Control, the Appeals Committee, as
constituted immediately prior to such Change in Control, shall continue to act as the Appeals Committee. The Appeals Committee shall have the exclusive authority at the appeals stage to interpret the terms of the Plan and resolve appeals under the
Claims Procedure. 
 Each Participating Employer shall, with respect to the Committee identified under this Section: (i) pay its
proportionate share of all reasonable expenses and fees of the Appeals Committee, (ii) indemnify the Appeals Committee (including individual committee members) against any costs, expenses and liabilities including, without limitation,
attorneys’ fees and expenses arising in connection with the performance of the Appeals Committee hereunder, except with respect to matters resulting from the Appeals Committee’s gross negligence or willful misconduct, and (iii) supply
full and timely information to the Appeals Committee on all matters related to the Plan, any rabbi trust, Participants, Beneficiaries and Accounts as the Appeals Committee may reasonably require. 

12.4. Legal Action. A Claimant may not bring any legal action, including commencement of any arbitration, relating to a claim for
benefits under the Plan unless and until the Claimant has followed the claims procedures under the Plan and exhausted his or her administrative remedies under such claim’s procedures. 

If a Participant or Beneficiary prevails in a legal proceeding brought under the Plan to enforce the rights of such Participant or any other
similarly situated Participant or Beneficiary, in whole or in part, the Participating Employer shall reimburse such Participant or Beneficiary for all legal costs, expenses, attorneys’ fees and such other liabilities incurred as a result of
such proceedings. If the legal proceeding is brought in connection with a Change in Control, or a “change in control” as defined in a rabbi trust described in Section 11.2, the Participant or Beneficiary may file a claim directly with
the trustee for reimbursement of such costs, expenses and fees. For purposes of the preceding sentence, the amount of the claim shall be treated as if it were an addition to the Participant’s or Beneficiary’s Account Balance. 

12.5. Discretion of Appeals Committee. All interpretations, determinations and decisions of the Appeals Committee with respect to any
claim shall be made in its sole discretion, and shall be final and conclusive. 

  
 25 

 ARTICLE XIII 

General Provisions 
 13.1.
Assignment. No interest of any Participant, spouse or Beneficiary under this Plan and no benefit payable hereunder shall be assigned as security for a loan, and any such purported assignment shall be null, void and of no effect, nor shall any
such interest or any such benefit be subject in any manner, either voluntarily or involuntarily, to anticipation, sale, transfer, assignment or encumbrance by or through any Participant, spouse or Beneficiary. Notwithstanding anything to the
contrary herein, however, the Plan Administrator has the discretion to make payments to an alternate payee in accordance with the terms of a domestic relations order (as defined in Code Section 414(p)(l)(B)). 

The Company may assign any or all of its liabilities under this Plan in connection with any restructuring, recapitalization, sale of assets or
other similar transactions affecting a Participating Employer without the consent of the Participant. 
 13.2. No Legal or Equitable
Rights or Interest. No Participant or other person shall have any legal or equitable rights or interest in this Plan that are not expressly granted in this Plan. Participation in this Plan does not give any person any right to be retained in the
service of the Participating Employer. The right and power of a Participating Employer to dismiss or discharge an Employee is expressly reserved. The Participating Employers make no representations or warranties as to the tax consequences to a
Participant or a Participant’s beneficiaries resulting from a deferral of income pursuant to the Plan. 
 13.3. No Right of
Participation. Employment or Service. Unless otherwise set forth in an employment agreement, no person shall have any right to participate in this Plan. This Plan shall not confer upon any person any right to continued employment by or service
with a Participating Employer or an Affiliate or affect in any manner the right of a Participating Employer or an Affiliate to terminate the employment of any person at any time without liability. 

13.4. Notice. Any notice or filing required or permitted to be delivered to the Plan Administrator under this Plan shall be delivered
in writing, in person, or through such electronic means as is established by the Plan Administrator. Notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for
registration or certification. Written transmission shall be sent by certified mail to: 
 MASTERBRAND, INC. 

ATTN: VICE PRESIDENT, TOTAL REWARDS 

1 MASTERBRAND CABINETS DRIVE 

JASPER, INDIANA 47546 
 Any
notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing or hand-delivered, or sent by mail to the last known address of the Participant. 

  
 26 

 13.5. Headings. The headings of Sections are included solely for convenience of
reference, and if there is any conflict between such headings and the text of this Plan, the text shall control. 
 13.6. Invalid or
Unenforceable Provisions. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof and each of the Plan Administrator and/or Committee, as. may be
applicable, may elect in its sole discretion to construe such invalid or unenforceable provisions in a manner that conforms to applicable law or as if such provisions, to the extent invalid or unenforceable, had not been included. 

13.7. Lost Participants or Beneficiaries. Any Participant or Beneficiary who is entitled to a benefit from the Plan has the duty to
keep the Plan Administrator advised of his or her current mailing address. If benefit payments are returned to the Plan or are not presented for payment after a reasonable amount of time, the Plan Administrator shall presume that the payee is
missing. The Plan Administrator, after making such efforts as in its discretion it deems reasonable and appropriate to locate the payee, shall stop payment on any uncashed checks and may discontinue making future payments until contact with the
payee is restored. 
 13.8. Facility of Payment to a Minor. If a distribution is to be made to a minor, or to a person who is
otherwise incompetent, then the Plan Administrator may, in its discretion, make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence, or (ii) to the
conservator or committee or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Plan Administrator, the Committee, the Company, and the Plan from further liability on account thereof. 

13.9. Governing Law. This Plan and all determinations made and actions taken under the Plan, to the extent not otherwise governed by
ERISA, the Code or the laws of the United States, shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to principles of conflicts of laws. 

13.10. Forfeiture and Recoupment. 

(a) Generally. A Participant’s rights, payments, and benefits under this Plan shall be subject to reduction,
cancellation, forfeiture, clawback, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions, without limit as to time. Such events shall include, but shall not be
limited to, termination of service under certain or all circumstances, violation of material policies of a Participating Employer, misstatement of financial or other material information about a Participating Employer, fraud, misconduct, breach of
noncompetition, confidentiality, non-solicitation, noninterference, corporate property protection, or other agreement that may apply to the Participant, or other conduct by the Participant that the Committee
determines is detrimental to the business or reputation of a Participating Employer (and/or any parent, subsidiary, or Affiliate of the Participating Employer) including facts and circumstances discovered after termination of employment. 

  
 27 

 (b) Manner of Recoupment. Subject to Section 409A of the Code,
the Committee shall determine, as late as the time of the recoupment whether the Participating Employer shall effect any such recoupment: 

(i) by seeking repayment from the Participant; (ii) by reducing (subject to applicable law and the terms and conditions of
the applicable plan, program or arrangement) the amount that would otherwise be payable to the Participant under any compensatory plan, program or arrangement maintained by a Participating Employer (and/or any parent, subsidiary, or Affiliate of the
Participating Employer); (iii) by withholding payment of future increases in compensation (including the payment of any discretionary bonus amount) or grants of compensatory benefits that would otherwise have been made to the Participant in
accordance with the Participating Employer’s otherwise applicable compensation practices; (iv) by a holdback or escrow (before or after taxation) of part or all of the shares of common stock, payment or property received upon exercise or
satisfaction of the benefit; or (v) by any combination of the foregoing. Notwithstanding the foregoing provisions, the Committee’s rights under this Section 13.10 shall be in addition to, and not in place of, any such rights that the
Company and/or the Committee may have under any other applicable recoupment policy or procedure, including but not limited, under any clawback policy or under any separate written agreement in effect between the Participant and a Participating
Employer. 
 13.11. No Guarantee of Benefits. Nothing contained in the Plan shall constitute a guarantee by the Company or any other
person or entity that the assets of any Participating Employer will be sufficient to pay any benefits hereunder. 

  
 28 

 IN WITNESS WHEREOF, the undersigned executed this Plan, as of the 14th of
December 2022. 
  

			
	MasterBrand, Inc.
		
	By:	 	Bruce A. Kendrick
		 	(Print Name)
		
	Its:	 	Executive Vice President and Chief Human
Resources Officer
		 	(Title)
		
		 	/s/ Bruce A. Kendrick
		 	(Signature)

  
 29Exhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT, dated as of December 15, 2022 (this “Agreement”), is by and among Kimbell Royalty Partners, LP, a Delaware
limited partnership (the “Partnership”), and the parties listed on the signature page hereof.

 

RECITALS

 

WHEREAS, the Partnership
is party to that certain Purchase and Sale Agreement (the “Purchase Agreement”), dated as of November 3, 2022, among
Hatch Royalty LLC, as Seller (“Hatch”), the Partnership and Kimbell Royalty Operating, LLC, a Delaware limited liability
company (“OpCo”), as Buyers, pursuant to which Hatch would contribute certain of its assets to OpCo in consideration
for OpCo Common Units and Class B Common Units;

 

WHEREAS, upon the closing
of the transactions contemplated by the Purchase Agreement, the Partnership and Hatch intend to enter into this Agreement to provide for,
among other things, certain registration rights with respect to the Common Units issuable to Hatch
in exchange for its OpCo Common Units and Class B Common Units pursuant to the terms of the Purchase
Agreement;

 

WHEREAS, the Partnership,
Kimbell Intermediate Holdings, LLC, and Kimbell Royalty Holdings, LLC entered into that certain Contribution, Conveyance, Assignment and
Assumption Agreement, dated as of December 20, 2016, together with each of the other parties listed on the Exhibit A thereto (the “Pre-IPO
Registration Rights Agreement” and each Person entitled to registration rights thereunder, a “Pre-IPO Holder”),
providing certain registration rights with respect to the Common Units issued in connection with the transactions contemplated by the
Pre-IPO Registration Rights Agreement; and

 

WHEREAS, the Partnership,
EIGF Aggregator III LLC, TE Drilling Aggregator LLC, Haymaker Management, LLC, Haymaker Minerals & Royalties, LLC, AP KRP Holdings,
L.P., ATCF SPV, L.P., Zeus Investments, L.P., Apollo Kings Alley Credit SPV, L.P., Apollo Thunder Partners, L.P., AIE III Investments,
L.P., Apollo Union Street SPV, L.P., Apollo Lincoln Private Credit Fund, L.P., Apollo SPN Investments I (Credit), LLC, AA Direct, L.P.,
PEP I Holdings, LLC, PEP II Holdings, LLC, PEP III Holdings, LLC, Cupola Royalty Direct, LLC, Kimbell Art Foundation and Rivercrest Capital
Partners LP previously entered into an Amended and Restated Registration Rights Agreement, dated as of March 25, 2019 (the “2019
Registration Rights Agreement” and each Person entitled to registration rights thereunder, a “2019 Registration Rights
Holder”), providing certain registration rights with respect to the Common Units issued or issuable upon the exchange of the
Opco Common Units and a corresponding number of Class B Common Units issued in connection various acquisitions; and

 

WHEREAS, Affiliates
of Cupola Royalty Direct, LLC, Kimbell Art Foundation and Rivercrest Capital Partners LP (the “Existing Holders”) continue
to hold “Registrable Securities” under the 2019 Registration Rights Agreement; and

 

WHEREAS, the Partnership,
Silver Spur Resources, LLC, SEP I Holdings, LLC and Springbok Energy Partners II Holdings, LLC previously entered into a Registration
Rights Agreement, dated as of April 17, 2020 (the “2020 Registration Rights Agreement” and each Person entitled to
registration rights thereunder, a “2020 Registration Rights Holder”), providing certain registration rights with respect
to the Common Units issued or issuable upon the exchange of the Opco Common Units and a corresponding number of Class B Common Units issued
in connection with various acquisitions; and

 

WHEREAS, no 2020 Registration
Rights Holders continue to hold any “Registrable Securities” under the 2020 Registration Rights Agreement and, therefore,
the 2020 Registration Rights Agreement has been terminated in accordance with Section 3.1 of the 2020 Registration Rights Agreement.

 

     

     

    

 

NOW, THEREFORE,
in consideration of the premises, mutual covenants and agreements hereinafter contained and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Article
I

 

DEFINITIONS

 

1.1 Definitions.

 

(a)
For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1.1.

 

“Affiliate”
means, with respect to any Person, any Person who, directly or indirectly through one or more intermediaries, controls, is controlled
by or is under common control with any Person.

 

“Automatic Shelf
Registration Statement” means an “Automatic Shelf Registration Statement,” as defined in Rule 405 under the Securities
Act.

 

“Beneficial Ownership”
and terms of similar import shall be as defined under and determined pursuant to Rule 13d-3 promulgated under the Exchange Act.

 

“Business Day”
means any day on which the NYSE is open for trading.

 

“Class B Common Units”
means Class B units representing limited partner interests in the Partnership having the rights and obligations specified with respect
to “Class B Units” in the Partnership Agreement.

 

“Common Unit Price”
means the arithmetic average of the daily VWAP of the Common Units for the 15 consecutive trading days prior to the determination date.

 

“Common Units”
means common units representing limited partner interests in the Partnership.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and regulations promulgated by the
SEC thereunder.

 

“Excluded Registration”
means a registration under the Securities Act of (i) securities registered on Form S-8 or any similar successor form and (ii) securities
registered to effect the acquisition of or combination with another Person.

 

“Existing Registrable
Securities” means “Registrable Securities” as defined in the 2019 Registration Rights Agreement.

 

“General Partner”
means Kimbell Royalty GP, LLC, a Delaware limited liability company and the general partner of the Partnership.

 

“Holder”
means (i) a securityholder listed on the signature pages to this Agreement and (ii) any direct or indirect transferee of any such securityholder,
in each case of clause (i) and (ii), that holds Registrable Securities, including any securityholder that receives Registrable
Securities upon a distribution or liquidation of a Holder, who has been assigned the rights of the transferor Holder under this Agreement
in accordance with Section 2.8.

 

“Liquidated Damages
Multiplier” means the product of the Common Unit Price and the number of Registrable Securities held by such applicable Holder
as provided in Section 2.1(b) and Section 2.5(b).

 

“NYSE”
means the New York Stock Exchange.

 

“OpCo Common Units”
means common units representing limited liability company interests in OpCo having the rights and obligations specified with respect to
 “Common Units” in the Second Amended and Restated Limited Liability Company Agreement of OpCo, dated as of May 18, 2022 (as
may be amended from time to time, the “OpCo LLC Agreement”).

 

“Overnight Underwritten
Offering” means an underwritten offering that is launched after the close of trading on one trading day and priced before the
open of trading on the next succeeding trading day.

 

“Partnership Agreement”
means the Fourth Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of May 18, 2022, as amended or restated
from time to time.

 

“Partnership Securities”
means any class or series of equity interest in the Partnership, which shall include any limited partner interests and the non-economic
partner interest.

 

“Person”
or “person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or government or other agency or political subdivision thereof.

 

“Pre-IPO Registrable
Securities” means “Registrable Securities” as defined in the Pre-IPO Registration Rights Agreement.

 

     

     

    

 

“Prospectus”
means the prospectus (including any preliminary, final or summary prospectus) included in any Registration Statement, all amendments and
supplements to such prospectus and all other material incorporated by reference in such prospectus.

 

“register,”
 “registered” and “registration” refer to a registration effected by preparing and filing a Registration
Statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such Registration Statement.

 

“Registrable Securities”
means, at any time, unless otherwise indicated, the Common Units issuable to the Holders upon the exchange of the OpCo Common Units and
Class B Common Units issued pursuant to the Purchase Agreement, including any other securities of the Partnership or any successor of
the Partnership issued or issuable with respect to such Common Units by way of a unit dividend or unit split or in connection with a combination
of units, recapitalization, merger, consolidation or reorganization or similar event involving a change in the capital structure of the
Partnership; provided, however, that Registrable Securities shall cease to be Registrable Securities when (i) they have
been distributed pursuant to an offering registered under the Securities Act, (ii) they have been distributed to the public pursuant to
Rule 144 (or any successor provision) under the Securities Act (which shall not include distributions to any affiliates of the distributing
holder) or (iii) they have been transferred or sold to any Person to whom the rights under this Agreement are not assigned in accordance
with this Agreement.

 

“Registration Expenses”
means all expenses (other than Selling Expenses) arising from or incident to the Partnership’s performance of or compliance with
this Agreement, including, without limitation: (i) SEC, stock exchange, Financial Industry Regulatory Authority, Inc. and other registration
and filing fees; (ii) all fees and expenses incurred in connection with complying with any securities or blue sky laws (including, without
limitation, fees, charges and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities); (iii)
all printing, duplicating, word processing, messenger, telephone and delivery expenses (including expenses of printing Prospectuses);
(iv) the fees, charges and disbursements of counsel to the Partnership and of its independent public accountants, reserve engineers and
any other accounting and legal fees, charges and expenses incurred by the Partnership (including, without limitation, any expenses arising
from any special audits or “comfort” letters required in connection with or incident to any registration); (v) the fees and
expenses incurred in connection with the listing of the Registrable Securities on the NYSE (or NASDAQ or any other national securities
exchange on which the Common Units may then be listed) or the quotation of Registrable Securities on any inter-dealer quotation system;
(vi) the fees, disbursements and expenses incurred by the Partnership in connection with any road show for underwritten offerings; and
(vii) reasonable fees, disbursements and expenses of counsel to the Holders in connection with the filing or amendment of any Registration
Statement or Prospectus hereunder; provided that, with respect to any offering, Registration Expenses shall only include such fees
and expenses of one counsel to the Holders.

 

“Registration Statement”
means any registration statement of the Partnership that covers the resale of any Registrable Securities pursuant to the provisions of
this Agreement filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including
the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all
exhibits, financial information and all other material incorporated by reference in such registration statement or Prospectus.

 

“Required Holders”
means Holders who then have Beneficial Ownership of more than 50% of the Registrable Securities.

 

“Ridgemont Equity
Partners” means any investment fund, alternative investment vehicle or other entity that, directly or indirectly, is controlled
by or under common control with any of Ridgemont Equity Management II, LLC, Ridgemont Equity Management III, LLC, Ridgemont Equity Management
IV, LLC, Ridgemont Equity Energy Management, LLC, Ridgemont Partners Management, LLC or their affiliated management companies.

 

“Rule 144”
means Rule 144 promulgated by the SEC pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the SEC as a replacement thereto having substantially the same effect as such rule.

 

“Same-Day Offering”
means an underwritten offering that is launched before the open of trading on one trading day and priced before the open of trading or
after the close of trading on such same trading day.

 

“SEC” means
the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act.

 

     

     

    

 

“Securities Act”
means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations promulgated by the SEC thereunder.

 

“Selling Expenses”
means the underwriting fees, discounts and commissions, placement fees of underwriters, broker commissions and any transfer taxes, in
each case, applicable to all Registrable Securities registered by the Holders.

 

“Shelf Registration
Statement” means a “shelf” registration statement of the Partnership that covers all the Registrable Securities
(and may cover other securities of the Partnership) on Form S-3 and under Rule 415 under the Securities Act or, if the Partnership is
not then eligible to file on Form S-3, on Form S-1 or any other appropriate form under the Securities Act, or any successor rule that
may be adopted by the SEC, including without limitation any such registration statement filed pursuant to Section 2.1 hereunder,
and all amendments and supplements to such “shelf” registration statement, including post-effective amendments, in each case,
including the Prospectus contained therein, all exhibits thereto and any document incorporated by reference therein.

 

“Testing-the-Waters
Communication” means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the
Securities Act.

 

“VWAP”
per Common Unit on any trading day shall mean the per share volume-weighted average price as displayed on Bloomberg page “VWAP”
(or its equivalent if such a page is not available) in respect of the period from 9:30 a.m. to 4:00 p.m., New York City time, on such
trading day; or if such price is not available, “VWAP” shall mean the market value per share of Common Units on such trading
day as determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained by
the applicable Holder for this purpose.

 

“Written Testing-the-Waters
Communication” means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under
the Securities Act.

 

(b)
For purposes of this Agreement, the following terms have the meanings set forth in the sections indicated:

 

	Term	 	Section
	2019 Registration Rights Agreement	 	Recitals
	2019 Registration Rights Holder	 	Recital
	2020 Registration Rights Agreement	 	Recitals
	2020 Registration Rights Holder	 	Recitals
	Advice	 	2.5(a)
	Agreement	 	Introductory Paragraph
	Blackout Period	 	2.4(s)
	Common Units	 	Introductory Paragraph
	Demand Request	 	2.1(d)
	Existing Holders	 	Recitals
	Hatch	 	Recitals
	LD Period	 	2.1(b)
	LD Termination Date	 	2.1(b)
	Liquidated Damages	 	2.1(b)
	Material Adverse Effect	 	2.1(f)
	OpCo	 	Recitals
	Opt-Out Notice	 	2.2(c)
	Participating Majority	 	2.1(e)
	Partnership	 	Introductory Paragraph
	Partnership Notice	 	2.1(d)
	Partnership Underwritten Offering	 	2.3
	Piggyback Registration Notice	 	2.2(a)
	Pre-IPO Holders	 	Recitals
	Pre-IPO Registration Rights Agreement	 	Recitals
	Records	 	2.4(l)
	Requesting Holder	 	2.1(d)
	Seller Affiliates	 	2.7(a)
	Suspension Notice	 	2.1(g)
	Suspension Period	 	2.1(g)
	Target Effective Date	 	2.1(b)
	Underwritten Shelf Takedown	 	2.1(c)

 

     

     

    

 

1.2 Other
Definitional and Interpretive Matters.

 

Unless otherwise expressly
provided or the context otherwise requires, for purposes of this Agreement the following rules of interpretation apply.

 

(a)
When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant
to this Agreement, the date that is the reference date in calculating such period is excluded. If the last day of such period is a non-Business
Day, the period in question ends on the next succeeding Business Day.

 

(b)
Any reference in this Agreement to $ means U.S. dollars.

 

(c)
Any reference in this Agreement to gender includes all genders, and words imparting the singular number also include the plural
and vice versa.

 

(d)
The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the insertion
of headings are for convenience of reference only and do not affect, and should not be utilized in, the construction or interpretation
of this Agreement.

 

(e)
All references in this Agreement to any “Article” or “Section” are to the corresponding Article or Section
of this Agreement.

 

(f)
The words “herein,” “hereinafter,” “hereof” and “hereunder”
refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires.

 

(g)
The word “including” or any variation thereof means “including, but not limited to,” and
does not limit any general statement that it follows to the specific or similar items or matters immediately following it.

 

(h)
Any reference to Common Units shall apply to any other securities of the Partnership or any successor of the Partnership issued
or issuable with respect to such Common Units by way of a unit dividend or unit split or in connection with a combination of units, recapitalization,
merger, consolidation or reorganization or similar event involving a change in the capital structure of the Partnership.

 

Article
II

 

REGISTRATION RIGHTS

 

2.1 Shelf
Registration.

 

(a)
The Partnership will (i) within 30 days following the date of this Agreement, prepare and file (to the extent not previously filed)
a Shelf Registration Statement (which Shelf Registration Statement shall be an Automatic Shelf Registration Statement if the Partnership
is then eligible to file an Automatic Shelf Registration Statement with respect to such registration), registering for resale the Registrable
Securities under the Securities Act, and (ii) use its reasonable best efforts to cause such Shelf Registration Statement to become effective
as soon as reasonably practicable following such filing, but in any event no later than the 120th
day following the date of this Agreement. The plan of distribution indicated in the Shelf Registration Statement will include all such
methods of sale as any Holder may reasonably request in writing at least five Business Days prior to the filing of the Shelf Registration
Statement and that can be included in the Shelf Registration Statement under the rules and regulations of the SEC. Until all Registrable
Securities cease to be Registrable Securities, the Partnership shall use its reasonable best efforts to keep current and effective for
the maximum period permitted by the rules and regulations of the SEC, such Shelf Registration Statement and file such supplements or amendments
to such Shelf Registration Statement (or file a new Shelf Registration Statement (which Shelf Registration Statement shall be an Automatic
Shelf Registration Statement if the Partnership is then eligible to file an Automatic Shelf Registration Statement) when or before such
preceding Shelf Registration Statement expires pursuant to the rules of the SEC) as may be necessary or appropriate in order to keep such
Shelf Registration Statement continuously effective and useable for the resale of all Registrable Securities under the Securities Act.
Any Shelf Registration Statement when declared effective (including the documents incorporated therein by reference) will comply in all
material respects as to form with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein
not misleading. The Shelf Registration Statement shall contain all language reasonably requested by any Holder to allow a distribution
of Registrable Securities to its direct or indirect limited partners, members or other equityholders. At the reasonable request of any
such Holder the Partnership shall file any prospectus supplement or post-effective amendments necessary to effect any such distribution
and to include the recipients of any such distribution in the Shelf Registration Statement, if such recipient is properly transferred
the rights under this Agreement pursuant to Section 2.8 hereof.

 

     

     

    

 

(b)
With respect to any Shelf Registration Statement covering Registrable Securities that has not been declared effective prior to
the date of this Agreement, if such Shelf Registration Statement required by Section 2.1(a) is not declared effective prior to
the 120th day following the date of this Agreement (the “Target Effective Date”), then each applicable Holder shall
be entitled to a payment (with respect to the Registrable Securities held by such applicable Holder), as liquidated damages and not as
a penalty, of 0.25% of the Liquidated Damages Multiplier per 30-day period, that shall accrue daily, for the first 60 days following the
Target Effective Date, increasing by an additional 0.25% of the Liquidated Damages Multiplier per 30-day period, that shall accrue daily,
for each subsequent 60 days (i.e., 0.5% for 61-120 days, 0.75% for 121-180 days and 1.0% thereafter), up to a maximum of 1.00% of the
Liquidated Damages Multiplier per 30-day period (the “Liquidated Damages”). The Liquidated Damages payable pursuant
to the immediately preceding sentence shall be payable within 10 Business Days after the end of each such 30-day period. Any Liquidated
Damages shall be paid to each such applicable Holder in immediately available funds. The accrual of Liquidated Damages shall cease (a
 “LD Termination Date” and, each such period beginning on the Target Effective Date, and ending on a LD Termination
Date being, a “LD Period”) at the earlier of (i) such Shelf Registration Statement becoming effective and (ii) when
such Holder no longer holds Registrable Securities. Any amount of Liquidated Damages shall be prorated for any period of less than 30
calendar days accruing during a LD Period. If the Partnership is unable to cause such Shelf Registration Statement to go effective by
the Target Effective Date, as a result of an acquisition, merger, reorganization, disposition or other similar transaction, then the Partnership
may request a waiver of the Liquidated Damages, and the applicable Holders may grant or withhold their consent to such request in their
discretion. For the avoidance of doubt, nothing in this Section 2.1(b) shall relieve the Partnership from its obligations under
Section 2.1(a).

 

(c)
Any one or more Holders may request to sell all or any portion of their Registrable Securities in an underwritten offering that
is registered pursuant to a Shelf Registration Statement (each, an “Underwritten Shelf Takedown”); provided,
however, that in the case of each such Underwritten Shelf Takedown, such Holder or Holders will be entitled to make such demand
only if the gross proceeds from the sale of Registrable Securities in the Underwritten Shelf Takedown (before the deduction of underwriting
expenses and discounts), when taken together with the gross proceeds from the sale of any Existing Registrable Securities and Pre-IPO
Registrable Securities proposed to be included in such Underwritten Shelf Takedown, is reasonably expected to exceed, in the aggregate,
$50 million. At the request of such Holders, the plan of distribution for an Underwritten Shelf Takedown may include a customary “road
show” (including an “electronic road show”) or other substantial marketing effort by the Partnership and the underwriters.
Subject to the other limitations contained in this Agreement, the Partnership will not be obligated hereunder to effect an Underwritten
Shelf Takedown within 90 days after the closing of an Underwritten Shelf Takedown and the Holders shall be entitled to demand no more
than an aggregate of three Underwritten Shelf Takedowns per calendar year.

 

(d)
All requests for Underwritten Shelf Takedowns (a “Demand Request”) shall be made by the Holder(s) making such
request (each, a “Requesting Holder”) by giving written notice to the Partnership. Each Demand Request shall specify
the approximate number of Registrable Securities to be sold in the Underwritten Shelf Takedown and the expected price range of securities
to be sold in such Underwritten Shelf Takedown. Within five Business Days after receipt of any Demand Request, the Partnership shall send
written notice of such requested Underwritten Shelf Takedown to all other Holders, the Existing Holders and the Pre-IPO Holders (the “Partnership
Notice”) and shall include in such Underwritten Shelf Takedown all Registrable Securities (as defined herein and as defined
in the 2019 Registration Rights Agreement and the Pre-IPO Registration Rights Agreement, as applicable) with respect to which the Partnership
has received written requests for inclusion therein within five Business Days after sending the Partnership Notice (or within three Business
Days after sending the Partnership Notice in the case of an Overnight Underwritten Offering, Same-Day Offering or similar “bought
deal”). Any Holder shall have the right to withdraw such Holder’s request for inclusion of such Holder’s Registrable
Securities in the Underwritten Shelf Takedown pursuant to this Section 2.1(d) by giving written notice to the Partnership of such
withdrawal at any time prior to the execution of an underwriting agreement with respect thereto.

 

     

     

    

 

(e)
The Participating Majority shall select one or more nationally prominent firms of investment bankers reasonably acceptable to the
Partnership to act as the managing underwriter or underwriters in connection with such Underwritten Shelf Takedown. The “Participating
Majority” shall mean, with respect to any particular Underwritten Shelf Takedown, the Holders and the Existing Holders (excluding
any Existing Holder that is a Dropdown Holder (as defined in the 2019 Registration Rights Agreement)) of a majority of the Registrable
Securities and Existing Registrable Securities, as applicable, requested to be included in such Underwritten Shelf Takedown. All Holders
proposing to distribute their securities through such underwriting shall enter into an underwriting agreement with such underwriter or
underwriters in accordance with Section 2.1(h). The Partnership will use its reasonable best efforts to cause members of senior
management to cooperate with the underwriter(s) in connection with the Underwritten Shelf Takedown and make themselves reasonably available
to participate in the marketing process in connection with the Underwritten Shelf Takedown as required by the managing underwriter(s)
and providing such additional information reasonably requested by the managing underwriter(s) (in addition to the minimum information
required by law, rule or regulation) in any prospectus relating to the Underwritten Shelf Takedown.

 

(f)
If the managing underwriter(s) for such Underwritten Shelf Takedown advises the Partnership, the participating Holders and the
participating Existing Holders that the inclusion of the amount of securities (including Registrable Securities) requested to be included
in the Underwritten Shelf Takedown will materially and adversely affect the pricing of the offering (a “Material Adverse Effect”),
then the Partnership shall so advise the participating Holders and the participating Existing Holders of Registrable Securities and Existing
Registrable Securities, as applicable, which would otherwise be underwritten pursuant hereto, and the amount of securities that may be
included in the underwriting shall be allocated among such participating Holders, participating Existing Holders and participating Pre-IPO
Holders, (i) first, among the participating Existing Holders and the participating Pre-IPO Holders according to the priority set
forth in the 2019 Registration Rights Agreement; (ii) second, to the extent all Existing Registrable Securities and Pre-IPO Registrable
Securities requested to be included in such underwriting by the participating Existing Holders and the participating Pre-IPO Holders have
been included, among the participating Holders, as nearly as possible, on a pro rata basis based on the total amount of Registrable Securities
requested by such Holders to be included in such underwriting; and (iii) third, to the extent all Registrable Securities requested
to be included in such underwriting by the participating Holders have been included, to other Persons pursuant to contractual registration
rights, as nearly as possible, on a pro rata basis based on the total amount of Registrable Securities (as defined in the other contractual
registration rights) requested by such other Persons to be included in such underwriting.

 

The Partnership shall prepare
preliminary and final prospectus supplements for use in connection with the Underwritten Shelf Takedown, containing such additional information
as may be reasonably requested by the underwriter(s).

 

(g)
Upon written notice to the Holders and the Existing Holders (a “Suspension Notice”), the Partnership shall be
entitled to suspend, for a period of time not to exceed the periods specified in Section 2.4(s) (each, a “Suspension Period”),
the use of any Registration Statement or Prospectus and shall not be required to amend or supplement the Registration Statement, any related
Prospectus or any document incorporated therein by reference if (i) the Partnership receives any request by the SEC or any other federal
or state governmental authority for amendments or supplements to such Registration Statement or Prospectus or for additional information
that pertains to such Holders or the Existing Holders as sellers of Registrable Securities and Existing Registrable Securities, as applicable;
(ii) the SEC issues any stop order suspending the effectiveness of the Registration Statement covering any or all of the Registrable Securities
or the initiation of any proceedings for that purpose; (iii) the Partnership receives any notification with respect to the suspension
of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation
or threatening of any proceeding for such purpose; or (iv) the board of directors, chief executive officer or chief financial officer
of the General Partner determines in its or his or her reasonable good faith judgment that the Registration Statement or any Prospectus
may contain an untrue statement of a material fact or may omit any fact necessary to make the statements in the Registration Statement
or Prospectus not misleading; provided, that the Partnership shall use its good faith efforts to amend the Registration Statement
or Prospectus to correct such untrue statement or omission as promptly as reasonably practicable, unless the Partnership determines in
good faith that such amendment would reasonably be expected to have a materially detrimental effect on the Partnership.

 

     

     

    

 

(h)
If requested by the managing underwriter(s) for an Underwritten Shelf Takedown, the Partnership shall enter into an underwriting
agreement with the underwriters for such offering, such agreement to be in form and substance (including with respect to representations
and warranties by the Partnership) as is customarily given by the Partnership to underwriters in an underwritten public offering, and
to contain indemnities generally to the effect and to the extent provided in Section 2.7. No Holders of Registrable Securities
may participate in the Underwritten Shelf Takedown unless such Holder (i) agrees to sell such Holder’s Registrable Securities on
the basis provided in any underwriting arrangements approved by the Partnership and (ii) completes and executes all questionnaires, powers
of attorney, indemnities, underwriting agreements and other documents, each in customary form, reasonably required under the terms of
such underwriting arrangements; provided, however, that no such Holder shall be required to (A) make any representations
or warranties in connection with any such registration other than representations and warranties as to (1) such Holder’s ownership
of his or its Registrable Securities to be sold or transferred free and clear of all liens, claims and encumbrances, (2) such Holder’s
power and authority to effect such transfer and (3) such matters pertaining to compliance with securities laws as may be reasonably requested
or (B) undertake any indemnification obligations to the Partnership or the underwriters with respect thereto except as otherwise provided
in Section 2.7. Holders of Registrable Securities participating in an offering of Registrable Securities, at their option, may
require that the representations, warranties and covenants of the Company in any underwriting agreement that are made to or for the benefit
of any underwriters, to the extent applicable, also be made to and for the benefit of such Holders, participating Existing Holders and
participating Pre-IPO Holders.

 

(i)
Each of the Holders hereby agrees (i) to cooperate with the Partnership and to furnish to the Partnership all such information
regarding such Holder, its ownership of Registrable Securities and the disposition of such securities in connection with the preparation
of the Registration Statement and any filings with any state securities commission as the Partnership may reasonably request, (ii) to
the extent required by the Securities Act, to deliver or cause delivery of the Prospectus contained in the Registration Statement, any
amendment or supplement thereto, to any purchaser of Registrable Securities covered by the Registration Statement from the Holder and
(iii) if requested by the Partnership, to notify the Partnership of any sale of Registrable Securities by such Holder.

 

2.2 Piggyback
Registrations.

 

(a)
Each time the Partnership proposes to register any of its equity securities (other than pursuant to an Excluded Registration) under
the Securities Act for sale to the public (whether for the account of the Partnership or the account of any Existing Holder, Pre-IPO Holder
or other securityholder (other than a Holder pursuant to this Agreement) of the Partnership pursuant to contractual registration rights)
and the form of registration statement to be used (including a Shelf Registration Statement) permits the registration of Registrable Securities,
the Partnership shall give prompt written notice (a “Piggyback Registration Notice”) to each Holder (in the case of
a registration for the account the Partnership, provided that such Holder holds at the time of such Piggyback Registration Notice at least
10% of the OpCo Common Units and Class B Common Units issued under the Purchase Agreement (or if such units have been exchanged for Common
Units, such equivalent number of Common Units received upon such exchange) (such 10% amount or equivalent number, the “Piggyback
Threshold”), provided that such Piggyback Threshold shall not apply to Ridgemont Equity Partners) and the Existing Holders (which
notice shall be given not less than (i) five Business Days prior to the anticipated filing date or (ii) three Business Days prior to the
anticipated filing date in the case of an Overnight Underwritten Offering, Same-Day Offering or similar “bought deal”), which
notice shall offer each such Holder and each Existing Holder the opportunity to include any or all of its or his Registrable Securities
and Existing Registrable Securities, as applicable, in such registration statement, subject to the limitations contained in Section
2.2(b) hereof. Each such Holder who desires to have its or his Registrable Securities included in such registration statement shall
so advise the Partnership in writing (stating the number of Registrable Securities desired to be registered) within three Business Days
(or one Business Day in the case of an Overnight Underwritten Offering, Same-Day Offering or similar “bought deal”) after
the date it receives such notice from the Partnership. Any Holder shall have the right to withdraw such Holder’s request for inclusion
of all or a portion of such Holder’s Registrable Securities in any registration statement pursuant to this Section 2.2(a)
by giving written notice to the Partnership of such withdrawal. Subject to Section 2.2(b) below, the Partnership shall include
in such registration statement all such Registrable Securities so requested to be included therein; provided, however, that
the Partnership may at any time withdraw or cease proceeding with any such registration if it shall at the same time withdraw or cease
proceeding with the registration of all other equity securities originally proposed to be registered. For the avoidance of doubt, any
registration or offering pursuant to this Section 2.2 shall not be considered an Underwritten Shelf Takedown for purposes of Section
2.1 of this Agreement.

 

     

     

    

 

(b)
With respect to any registration pursuant to Section 2.2(a), if the managing underwriter(s) advise the Partnership that
the inclusion of the amount of securities (including Registrable Securities) requested to be included in the Registration Statement will
have a Material Adverse Effect, the Partnership shall so advise all Holders, the Pre-IPO Holders and the Existing Holders of Registrable
Securities, Pre-IPO Registrable Securities and Existing Registrable Securities, as applicable, that would otherwise be underwritten pursuant
hereto, and the amount of securities that may be included in the underwriting shall be allocated,

 

(i)
in the case of a registration for the account of the Partnership, (A) first, to include the securities the Partnership proposes
to register, (B) second, among the participating Existing Holders and the participating Pre-IPO Holders according to the priority
set forth in the 2019 Registration Rights Agreement, (C) third, among the participating Holders, as nearly as possible, on a pro
rata basis based on the total amount of Registrable Securities requested by such Holders and (D) fourth, among any other Persons
pursuant to contractual registration rights, as nearly as possible, on a pro rata basis; and

 

(ii)
in the case of a registration for the account of the Existing Holders, the Pre-IPO Holders or any other Persons pursuant to contractual
registration rights, (A) first, among the participating Existing Holders and the participating Pre-IPO Holders according to the
priority set forth in the 2019 Registration Rights Agreement, (B) second, among the participating Holders, as nearly as possible,
on a pro rata basis based on the total amount of Registrable Securities requested by such Holders, (C) third, to include the securities
the Partnership proposes to register, if any, and (D) fourth, among any such other Persons pursuant to contractual registration
rights, as nearly as possible, on a pro rata basis.

 

If, as a result of the provisions
of this Section 2.2(b), any Holder shall not be entitled to include all Registrable Securities in a registration that such Holder
has requested to be so included, such Holder may withdraw such Holder’s request to include Registrable Securities in such Registration
Statement. No Person may participate in any Registration Statement pursuant to Section 2.2(a) unless such Person (x) agrees to
sell such person’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Partnership and
(y) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents, each in customary
form, reasonably required under the terms of such underwriting arrangements; provided, however, that no such Person shall
be required to (i) make any representations or warranties in connection with any such registration other than representations and warranties
as to (A) such Person’s ownership of his or its Registrable Securities to be sold or transferred free and clear of all liens, claims
and encumbrances, (B) such Person’s power and authority to effect such transfer and (C) such matters pertaining to compliance with
securities laws as may be reasonably requested or (ii) undertake any indemnification obligations to the Partnership or the underwriters
with respect thereto except as otherwise provided in Section 2.7.

 

(c)
Any Holder may deliver written notice (an “Opt-Out Notice”) to the Partnership requesting that such Holder not
receive from the Partnership any Piggyback Registration Notice; provided, however, that such Holder may later revoke any
such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from a Holder (unless subsequently revoked), the Partnership shall
not deliver any notice to such Holder pursuant to Section 2.2(a) and such Holder shall no longer be entitled to participate in
any registration or offering pursuant to Section 2.2(a).

 

2.3 Holdback
Agreement.

 

Upon the request of the Partnership,
by electing to include Registrable Securities in a Registration Statement pursuant to Section 2.1 or Section 2.2, each Holder shall agree
not to effect any sale or distribution of securities of the Partnership of the same or similar class or classes of the securities included
in the Registration Statement or any securities convertible into or exchangeable or exercisable for such securities, including a sale
pursuant to Rule 144, during such periods as reasonably requested (but in no event for a period longer than 45 days following the date
of the applicable Prospectus; provided that each of the executive officers and directors of the Partnership that hold Common Units or
securities convertible into or exchangeable or exercisable for Common Units are subject to the same restriction for the entire time period
required of the Holders hereunder) by the representatives of the underwriters, if an underwritten offering by the Partnership (a “Partnership
Underwritten Offering”); provided further, for the avoidance of doubt, that such restrictions shall only apply to a Holder if
such Holder has elected to sell and actually sells Registrable Securities in such a Partnership Underwritten Offering. The provisions
of this Section 2.3 will no longer apply to a Holder once such Holder ceases to hold at least 1% of the Registrable Securities acquired
as a result of the transactions contemplated in the Purchase Agreement. The provisions of this Section 2.3 shall not apply to (a) any
transfer of Registrable Securities by a Holder to (i) any stockholder, member, managing member, general or limited partner of any Holder,
(ii) any investment fund managed by any of such persons or (iii) any other Affiliate of any Holder, so long as such transfer is not for
value and any such person agrees to and remains to be bound hereby, (b) the entry by any Holder of a bona fide pledge of any Registrable
Securities (and any foreclosure on any such pledge) and (c) any hedging transaction with respect to an index or basket of securities where
the equity securities of the Partnership constitute a de minimis amount.

 

     

     

    

 

2.4 Registration
Procedures.

 

In connection with the registration
and sale of Registrable Securities pursuant to this Agreement, the Partnership will use its reasonable best efforts to effect the registration
and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Partnership
will:

 

(a)
if the Registration Statement is not automatically effective upon filing, use reasonable best efforts to cause such Registration
Statement to become effective as promptly as reasonably practicable;

 

(b)
promptly notify each selling Holder, promptly after the Partnership receives notice thereof, of the time when such Registration
Statement has been declared effective or a supplement to any prospectus forming a part of such Registration Statement has been filed;

 

(c)
after the Registration Statement becomes effective, promptly notify each selling Holder of any request by the SEC that the Partnership
amend or supplement such Registration Statement or Prospectus;

 

(d)
prepare and file with the SEC such amendments and supplements to the Registration Statement and the Prospectus used in connection
therewith as may be reasonably necessary to keep the Registration Statement effective during the period set forth in, and subject to the
terms and conditions of, this Agreement, and to comply with the provisions of the Securities Act with respect to the disposition of all
Registrable Securities covered by the Registration Statement for the period required to effect the distribution of the Registrable Securities
as set forth in Section 2 hereof;

 

(e)
furnish to the selling Holders such numbers of copies of such Registration Statement, each amendment and supplement thereto, each
Prospectus (including each preliminary Prospectus and Prospectus supplement) and such other documents as the selling Holders and any underwriter(s)
may reasonably request in order to facilitate the disposition of the Registrable Securities;

 

(f)
use its reasonable best efforts to register and qualify the Registrable Securities under such other securities or blue-sky laws
of such jurisdictions as shall be reasonably requested by the selling Holders and any underwriter(s) and do any and all other acts and
things that may be reasonably necessary or advisable to enable the selling Holders or any underwriter(s) to consummate the disposition
of the Registrable Securities in such jurisdictions; provided, however, that the Partnership shall not be required in connection
therewith or as a condition thereto to qualify to do business in or to file a general consent to service of process in any jurisdiction,
unless the Partnership is already subject to service in such jurisdiction and except as may be required by the Securities Act, or subject
itself to taxation in any such jurisdiction, unless the Partnership is already subject to taxation in such jurisdiction;

 

(g)
use its reasonable best efforts to cause all such Registrable Securities to be listed on a national securities exchange or trading
system and each securities exchange and trading system (if any) on which similar equity securities issued by the Partnership are then
listed;

 

(h)
provide a transfer agent and registrar for the Registrable Securities and provide a CUSIP number for all such Registrable Securities,
in each case not later than the effective date of the Registration Statement;

 

(i)
use its reasonable best efforts to furnish to the underwriter(s) of such offering, with copies furnished to the participating Holders
and the participating Existing Holders, on the date that Registrable Securities are delivered to the underwriter(s) for sale, if such
securities are being sold through an underwriter(s), (i) an opinion, dated as of such date, of the counsel representing the Partnership
for the purposes of such registration, in form and substance as is customarily given by counsel for the Partnership to underwriters in
an underwritten public offering, addressed to the underwriter(s), (ii) a letter dated as of such date, from the independent public accountants
of the Partnership, in form and substance as is customarily given by independent public accountants to underwriters in an underwritten
public offering, addressed to the underwriter(s), and (iii) an engineers’ reserve report letter as of such date, from the independent
petroleum engineers of the Partnership, in form and substance as is customarily given by independent petroleum engineers to underwriters
in an underwritten public offering, addressed to the underwriter(s);

 

(j)
if requested by the selling Holders, cooperate with the Holders and the managing underwriter(s) (if any) to facilitate the timely
preparation and delivery of certificates (which shall not bear any restrictive legends unless required under applicable law) representing
securities sold under the Registration Statement, and enable such securities to be in such denominations and registered in such names
as such selling Holders or the managing underwriter(s) (if any) may request and keep available and make available to the Partnership’s
transfer agent prior to the effectiveness of such Registration Statement a supply of such certificates;

 

     

     

    

 

(k)
in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in form
and substance as is customarily given by the Partnership to underwriters in an underwritten public offering, with the underwriter(s) of
such offering;

 

(l)
upon execution of confidentiality agreements in form and substance reasonably satisfactory to the Partnership, promptly make available
for inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant to such Registration Statement and
any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other
records, pertinent corporate documents and properties of the Partnership reasonably requested (collectively, “Records”),
and use reasonable best efforts to cause the Partnership’s officers, directors, employees and independent accountants to supply
all information reasonably requested by any such seller, underwriter, attorney, accountant or agent, in each case, as necessary or advisable
to verify the accuracy of the information in such Registration Statement and to conduct appropriate due diligence in connection therewith;
provided, that Records that the Partnership determines, in good faith, to be confidential and that it notifies the selling Holders
are confidential shall not be disclosed by the selling Holders unless the release of such Records is ordered pursuant to a subpoena or
other order from a court of competent jurisdiction or is otherwise required by applicable law. Each Holder agrees that information obtained
by it as a result of such inspections shall be deemed confidential and shall not be used by it or its affiliates (other than with respect
to such Holders’ due diligence) unless and until such information is made generally available to the public, and further agrees
that, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, to the extent permitted and to the
extent practicable, it shall give notice to the Partnership and allow the Partnership to undertake appropriate action to prevent disclosure
of the Records deemed confidential;

 

(m)
promptly notify the selling Holders and any underwriter(s) of the notification to the Partnership by the SEC of its initiation
of any proceeding with respect to the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement,
and in the event of the issuance of any stop order suspending the effectiveness of such Registration Statement, or of any order suspending
or preventing the use of any related Prospectus or suspending the qualification of any Registrable Securities included in such Registration
Statement for sale in any jurisdiction, use its reasonable best efforts to obtain promptly the withdrawal of such order;

 

(n)
promptly notify the selling Holders and any underwriter(s) at any time when a Prospectus relating thereto is required to be delivered
under the Securities Act of the occurrence of any event as a result of which the Prospectus included in the Registration Statement, as
then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary
to make the statements therein not misleading in light of the circumstances under which they were made, and at the request of any selling
Holder promptly prepare and furnish to such selling Holder a reasonable number of copies of a supplement to or an amendment of such Prospectus,
or a revised Prospectus, as may be necessary so that, as thereafter delivered to the purchasers of such securities, such Prospectus shall
not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances under which they were made (following receipt of any supplement or
amendment to any Prospectus, the selling Holders shall deliver such amended, supplemental or revised Prospectus in connection with any
offers or sales of Registrable Securities, and shall not deliver or use any Prospectus not so supplemented, amended or revised);

 

(o)
promptly notify the selling Holders and any underwriter(s) of the receipt by the Partnership of any notification with respect to
the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction;

 

(p)
make available to each selling Holder (i) promptly after the same is prepared and publicly distributed, filed with the SEC or received
by the Partnership, one copy of each Registration Statement and any amendment thereto, each preliminary Prospectus and Prospectus and
each amendment or supplement thereto, each letter written by or on behalf of the Partnership to the SEC or the staff of the SEC (or other
governmental agency or self-regulatory body or other body having jurisdiction, including any domestic or foreign securities exchange)
and each item of correspondence from the SEC or the staff of the SEC (or other governmental agency or self-regulatory body or other body
having jurisdiction, including any domestic or foreign securities exchange), in each case, relating to such Registration Statement and
(ii) such number of copies of each Prospectus, including a preliminary Prospectus, and all amendments and supplements thereto and such
other documents as any Holder or any underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities.
The Partnership will promptly notify the selling Holders of the effectiveness of each Registration Statement or any post-effective amendment
or the filing of any supplement or amendment to such Registration Statement or of any Prospectus supplement. The Partnership will promptly
respond to any and all comments received from the SEC, with a view towards causing each Registration Statement or any amendment thereto
to be declared effective by the SEC as soon as practicable and shall file an acceleration request, if necessary, as soon as practicable
following the resolution or clearance of all SEC comments or, if applicable, following notification by the SEC that any such Registration
Statement or any amendment thereto will not be subject to review;

 

     

     

    

 

(q)
take no direct or indirect action prohibited by Regulation M under the Exchange Act; provided, that, to the extent that
any prohibition is applicable to the Partnership, the Partnership will take all reasonable action to make any such prohibition inapplicable;

 

(r)
take such other actions as are reasonably necessary in order to facilitate the disposition of such Registrable Securities; and

 

(s)
notwithstanding any other provision of this Agreement, the Partnership shall not be required to file a Registration Statement (or
any amendment thereto) or request effectiveness of such Registration Statement or effect a requested Underwritten Shelf Takedown (or,
if the Partnership has filed a Shelf Registration Statement and has included Registrable Securities therein, the Partnership shall be
entitled to suspend the offer and sale of Registrable Securities pursuant to such Registration Statement) for a period of up to 60 days
if (i) the board of directors of the General Partner determines that a postponement is in the best interest of the Partnership and its
unitholders generally due to a proposed transaction involving the Partnership and determines in good faith that the Partnership’s
ability to pursue or consummate such a transaction would be materially and adversely affected by any required disclosure of such transaction
in the Registration Statement or the Shelf Registration Statement, (ii) the board of directors of the General Partner determines such
registration would render the Partnership unable to comply with applicable securities laws or (iii) the board of directors of the General
Partner determines such registration would require disclosure of material information that the Partnership has a bona fide business purpose
for preserving as confidential (any such period, a “Blackout Period”); provided, however, that in no
event shall any Blackout Period and/or Suspension Period collectively exceed an aggregate of 90 days in any 12-month period.

 

2.5 Suspension
of Dispositions.

 

(a)
Each Holder agrees by acquisition of any Registrable Securities that, upon receipt of a Suspension Notice from the Partnership
of the occurrence of any event of the kind described in Section 2.1(g), Section 2.4(n) or Section 2.4(s), such Holder
will forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement until such Holder’s receipt
of the copies of the supplemented or amended Prospectus, or until it is advised in writing (the “Advice”) by the Partnership
that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings which are incorporated
by reference in the Prospectus. The Partnership shall extend the period of time during which the Partnership is required to maintain the
Registration Statement effective pursuant to this Agreement by the number of days during the period from and including the date of the
giving of such Suspension Notice to and including the date such Holder either receives the supplemented or amended Prospectus or receives
the Advice. If so directed by the Partnership, such Holder will deliver to the Partnership all copies, other than permanent file copies
then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such
notice. The Partnership shall use its reasonable best efforts and take such actions as are reasonably necessary to render the Advice as
promptly as practicable. Any Underwritten Shelf Takedown which is suspended because of a Suspension Notice shall not be deemed to be a
Demand Request for purposes of Section 2.1(c) unless and until a suspension pursuant to this Section 2.5 is concluded and
such Underwritten Shelf Takedown is completed.

 

(b)
If (i) any of the Holders shall be prohibited from selling their Registrable Securities under a Shelf Registration Statement or
other registration statement contemplated by this Agreement as a result of a suspension pursuant to the immediately preceding paragraph
in excess of the periods permitted therein or (ii) a Shelf Registration Statement or other registration statement contemplated by this
Agreement is filed and declared effective but, during the period from which such Shelf Registration Statement is first declared or becomes
effective until all Registrable Securities cease to be Registrable Securities, shall thereafter cease to be effective or fail to be usable
for its intended purpose without being succeeded within 10 Business Days by a post-effective amendment thereto, a supplement to the prospectus
or a report filed with the SEC pursuant to Section 13(a), 13(c), 14 or l5(d) of the Exchange Act, then, until the suspension is lifted
or a post-effective amendment, supplement or report is filed with the SEC, but not including any day on which a suspension is lifted or
such amendment, supplement or report is filed and declared effective, if applicable, the Partnership shall pay each such Holder an amount
equal to the Liquidated Damages, following the earlier of (x) the date on which the Suspension Period exceeded the permitted period and
(y) the 11th Business Day after such Shelf Registration Statement or other registration statement contemplated by this Agreement ceased
to be effective or failed to be useable for its intended purposes, as liquidated damages and not as a penalty (for purposes of calculating
Liquidated Damages, the date in (x) or (y) above shall be deemed the Target Effective Date, as used in the definition of Liquidated Damages).
For purposes of this paragraph, a suspension shall be deemed lifted with respect to each such Holder on the date that notice that the
suspension has been terminated is delivered to such Holder. Liquidated Damages shall cease to accrue pursuant to this paragraph upon the
earlier of (i) a suspension being deemed lifted and (ii) when such Holder no longer holds Registrable Securities included in such Shelf
Registration Statement.

 

     

     

    

 

2.6 Registration
Expenses.

 

All Registration Expenses
shall be borne by the Partnership. In addition, for the avoidance of doubt, the Partnership shall pay its internal expenses in connection
with the performance of or compliance with this Agreement (including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance
and the expenses and fees for listing the securities to be registered on each securities exchange on which they are to be listed. All
Selling Expenses relating to Registrable Securities registered shall be borne by the Holders of such Registrable Securities pro rata on
the basis of the number of Registrable Securities sold.

 

2.7 Indemnification.

 

(a)
The Partnership agrees to indemnify and reimburse, to the fullest extent permitted by law, each Holder that is a seller of Registrable
Securities, and each of its employees, advisors, agents, representatives, partners, officers and directors and each Person who controls
such Holder (within the meaning of the Securities Act or the Exchange Act) (collectively, the “Seller Affiliates”)
(i) against any and all losses, claims, damages, liabilities and expenses, joint or several (including, without limitation, attorneys’
fees and disbursements except as limited by Section 2.7(c)), based upon, arising out of, related to or resulting from any untrue
or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus, any Written Testing-the-Waters Communication,
or any amendment thereof or supplement thereto, or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, (ii) against any and all losses, liabilities, claims, damages and expenses whatsoever,
as incurred, to the extent of the aggregate amount paid in settlement of any litigation or investigation or proceeding by any governmental
agency or body, commenced or threatened, or of any claim whatsoever based upon, arising out of, related to or resulting from any such
untrue statement or omission or alleged untrue statement or omission and (iii) against any and all costs and expenses (including reasonable
fees, charges and disbursements of counsel) as may be reasonably incurred in investigating, preparing or defending against any litigation,
investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon, arising out
of, related to or resulting from any such untrue statement or omission or alleged untrue statement or omission, or such violation of the
Securities Act or Exchange Act, to the extent that any such expense or cost is not paid under subparagraph (i) or (ii) above; except insofar
as any such statements are made in reliance upon information furnished to the Partnership in writing by such seller or any Seller Affiliate
expressly for use therein. The reimbursements required by this Section 2.7(a) will be made by periodic payments during the course
of the investigation or defense, as and when bills are received or expenses incurred.

 

(b)
In connection with any Registration Statement in which a Holder that is a seller of Registrable Securities is participating, each
such Holder will furnish to the Partnership such information and affidavits as the Partnership reasonably requests for use in connection
with any such Registration Statement or Prospectus or any Written Testing-the-Waters Communication and, to the fullest extent permitted
by law, each such seller will indemnify the Partnership and its directors and officers and each Person who controls the Partnership (within
the meaning of the Securities Act or the Exchange Act) against any and all losses, claims, damages, liabilities and expenses (including,
without limitation, reasonable attorneys’ fees and disbursements except as limited by Section 2.7(c)) resulting from any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, Prospectus or any amendment thereof
or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, but only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission
is contained in any information or affidavit so furnished by such seller or any of its Seller Affiliates in writing specifically for inclusion
in the Registration Statement; provided that the obligation to indemnify will be several, not joint and several, among such sellers
of Registrable Securities, and the liability of each such seller of Registrable Securities will be in proportion to the amount of Registrable
Securities sold by them, and, provided, further, that such liability will be limited to the net amount received by such
seller from the applicable sale of Registrable Securities.

 

     

     

    

 

(c)
Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give such notice shall not limit the rights of such Person)
and (ii) unless, in such indemnified party’s reasonable judgment, a conflict of interest between such indemnified and indemnifying
parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have
the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall
be at the expense of such Person unless (A) the indemnifying party has agreed to pay such fees or expenses or (B) the indemnifying party
shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory to such Person. If such defense is not
assumed by the indemnifying party as permitted hereunder, the indemnifying party will not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). If such
defense is assumed by the indemnifying party pursuant to the provisions hereof, such indemnifying party shall not settle or otherwise
compromise the applicable claim unless (x) such settlement or compromise contains a full and unconditional release of the indemnified
party or (y) the indemnified party otherwise consents in writing (which consent will not be unreasonably withheld, conditioned or delayed).
An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and
expenses of more than one counsel for all parties indemnified (which, in the event the indemnified parties are Holders, shall be chosen
by a majority of the Holders so indemnified on the basis of the number of Registrable Securities related to or otherwise involved in such
claim) by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party, a conflict of
interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, in which event
the indemnifying party shall be obligated to pay the reasonable fees and disbursements of such additional counsel or counsels.

 

(d)
Each party hereto agrees that, if for any reason the indemnification provisions contemplated by Section 2.7(a) or Section
2.7(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities
or expenses (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable
by such indemnified party as a result of such losses, claims, liabilities or expenses (or actions in respect thereof) in such proportion
as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party in connection with the actions which
resulted in the losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative
fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by
such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contribution pursuant
to this Section 2.7(d) were determined by pro rata allocation (even if the Holders or any underwriters or all of them were treated
as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred
to in this Section 2.7(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities
or expenses (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or, except as provided in Section 2.7(c), defending any such
action or claim. Notwithstanding the provisions of this Section 2.7(d), no Holder shall be required to contribute an amount greater
than the dollar amount by which the net proceeds received by such Holder with respect to the sale of any Registrable Securities exceeds
the amount of damages which such Holder has otherwise been required to pay by reason of any and all untrue or alleged untrue statements
of material fact or omissions or alleged omissions of material fact made in any Registration Statement or Prospectus or any amendment
thereof or supplement thereto related to such sale of Registrable Securities. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. The Holders’ obligations in this Section 2.7(d) to contribute shall be several in proportion to the amount
of Registrable Securities registered by them and not joint.

 

If indemnification is available
under this Section 2.7, the indemnifying parties shall indemnify each indemnified party to the full extent provided in Section
2.7(a) and Section 2.7(b) without regard to the relative fault of said indemnifying party or indemnified party or any other
equitable consideration provided for in this Section 2.7(d) subject, in the case of the Holders, to the limited dollar amounts
set forth in Section 2.7(b).

 

     

     

    

 

(e)
No indemnifying party shall be liable for any settlement effected without its written consent (which consent may not be unreasonably
delayed or withheld). Each indemnifying party agrees that it will not, without the indemnified party’s prior written consent, consent
to entry of any judgment or settle or compromise any pending or threatened claim, action or proceeding in respect to which indemnification
or contribution may be sought hereunder unless the foregoing contains and unconditional release, in form and substance reasonably satisfactory
to the indemnified parties, of the indemnified parties from all liability and obligation arising therefrom.

 

(f)
The indemnification and contribution provided for under this Agreement will remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive
the transfer of securities.

 

2.8 Transfer
of Registration Rights; Distributions of Registrable Securities.

 

The registration rights of
a Holder under this Agreement with respect to any Registrable Securities may be transferred or assigned to any purchaser or transferee
of Registrable Securities; provided, however, that (i) such Holder shall give the Partnership written notice prior to the
time of such transfer stating the name and address of the transferee and identifying the securities with respect to which the rights under
this Agreement are being transferred; (ii) such transferee shall agree in writing, in form and substance reasonably satisfactory to the
Partnership, to be bound as a Holder by the provisions of this Agreement; and (iii) immediately following such transfer, the further disposition
of such securities by such transferee shall be restricted to the extent set forth under applicable law. Additionally, the Partnership,
on behalf of itself as managing member of OpCo under the OpCo LLC Agreement, hereby consents, solely for purposes of the first sentence
of Section 4.4(b) of the OpCo LLC Agreement, to any transfer by Hatch or its direct or indirect equityholders of OpCo Common Units (together
with an equivalent number of Class B Common Units) issued under the Purchase Agreement to Hatch’s then-current direct or indirect
equityholders pursuant to a distribution of such OpCo Common Units (and related Class B Units); provided that (i) such transfer
does not result in more than twenty (20) new Members (as such term is defined in the OpCo LLC Agreement) in OpCo; (ii) such transfer is
otherwise made in compliance with the first sentence of this Section 2.8, the Purchase Agreement and the Opco LLC Agreement (including
executing an adoption agreement to the OpCo LLC Agreement substantially in the form of Exhibit C to the Opco LLC Agreement) and (iii)
such transferee enters into a joinder to the Exchange Agreement (as such term is defined in the Opco LLC Agreement).

 

2.9 Current
Public Information.

 

With a view to making available
to the Holders of Registrable Securities the benefits of Rule 144 and Rule 144A promulgated under the Securities Act and other rules and
regulations of the SEC that may at any time permit a Holder to sell securities of the Partnership to the public without registration,
the Partnership covenants that it will (a) for as long as the Common Units are registered pursuant to Section 12(b), Section 12(g) or
Section 15(d) of the Exchange Act, use its reasonable best efforts to file in a timely manner all reports and other documents required,
if any, to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted thereunder, (b) if it is
not required to file such reports, make available information necessary to comply with Rule 144 and Rule 144A, if available with respect
to resales of the Registrable Securities under the Securities Act, at all times, and (c) take such further action as any holder or holders
of Registrable Securities may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 and Rule 144A
promulgated under the Securities Act (if available with respect to resales of the Registrable Securities), as such rules may be amended
from time to time, or (ii) any other rules or regulations now existing or hereafter adopted by the SEC.

 

2.10
Partnership Obligations Regarding Transfers; Requirements as to Legend Removal.

 

In connection with any sale
or transfer of Registrable Securities by any Holder, including any sale or transfer pursuant to Rule 144 and Rule 144A promulgated under
the Securities Act and other rules and regulations of the SEC that may at any time permit a Holder to sell securities of the Partnership
to the public without registration, the Partnership shall, to the extent allowed by law, take any and all action necessary or reasonably
requested by such Holder in order to permit or facilitate such sale or transfer, including, without limitation, at the sole expense of
the Partnership, by (a) issuing such directions to any transfer agent, registrar or depositary, as applicable, (b) delivering such opinions
to the transfer agent, registrar or depositary as are customary for a transaction of this type and are reasonably requested by the same
and (c) taking or causing to be taken such other actions as are reasonably necessary (in each case, on a timely basis) in order to cause
any legends, notations or similar designations restricting transferability of the Registrable Securities held by such Holder to be removed
and to rescind any transfer restrictions (other than as may apply pursuant to Section 2.3) with respect to such Registrable Securities;
provided, however, that such Holder shall deliver to the Partnership, in form and substance reasonably satisfactory to the
Partnership, representation letters regarding such Holder’s compliance with Rule 144 or Rule 144A, as may be applicable. Additionally,
six months after the date of this Agreement the Partnership shall take all actions reasonably necessary, upon receipt of any representation
letters or documentation from the Holders as reasonably requested by the Partnership, to cause any legends, notations or similar designations
restricting transferability of the Registrable Securities held by any such Holder that is not an affiliate of the Partnership to be removed
and to rescind any transfer restrictions.

 

     

     

    

 

2.11
No Conflict of Rights.

 

The Partnership represents
and warrants that except for the 2019 Registration Rights Agreement and the Pre-IPO Registration Rights Agreement, it has not granted,
and is not subject to, any registration rights that are superior to, inconsistent with or that in any way violate or subordinate the rights
granted to the Holders hereby. The Partnership shall not, prior to the termination of this Agreement, (a) grant any registration rights
that are superior to, inconsistent with or that in any way violate or subordinate the rights granted to the Holders hereby, including
any registration or other right that is directly or indirectly intended to violate or subordinate the rights granted to the Holders hereby
or (b) issue any Partnership Securities to any Pre-IPO Holder unless such Pre-IPO Holder has irrevocably waived all rights under the Pre-IPO
Registration Rights Agreement with respect to such Partnership Securities.

 

2.12
Free Writing Prospectuses.

 

The Partnership shall not
permit any officer, director, underwriter, broker or any other person acting on behalf of the Partnership to use any free writing prospectus
(as defined in Rule 405 under the Securities Act) in connection with any Registration Statement covering Registrable Securities, without
the prior written consent of each participating Holder and any underwriter. No Holder shall, or permit any officer, manager, underwriter,
broker or any other person acting on behalf of such Holder to, use any free-writing prospectus in connection with any Registration Statement
covering Registrable Securities, without the prior written consent of the Partnership.

 

2.13
Section 2(a)(11) Underwriter.

 

The Partnership will not name
a Holder as an underwriter as defined in Section 2(a)(11) of the Securities Act in any Shelf Registration Statement without such Holder’s
consent. If the staff of the SEC requires the Partnership to name any Holder as an underwriter as defined in Section 2(a)(11) of the Securities
Act, and such Holder does not consent thereto, then such Holder’s Registrable Securities shall not be included on such Shelf Registration
Statement, such Holder shall no longer be entitled to receive Liquidated Damages under this Agreement with respect to such Holder’s
Registrable Securities and the Partnership shall have no further obligations hereunder with respect to Registrable Securities held by
such Holder, unless such Holder has not had an opportunity to conduct customary underwriter’s due diligence (including receipt of
comfort letters and opinions of counsel) with respect to the Partnership at the time such Holder’s consent is sought.

 

Article III

 

TERMINATION

 

3.1 Termination.

 

The provisions of this Agreement
shall terminate and be of no further force and effect upon the date when there shall no longer be any Registrable Securities outstanding.

 

Article
IV

 

MISCELLANEOUS

 

4.1 Notices.

 

Any notice or other communication
required or permitted hereunder shall be in writing and shall be delivered by hand, by facsimile transmission or electronic mail transmission,
or by certified or registered mail, postage prepaid and return receipt requested. Notices shall be deemed to have been given upon delivery,
if delivered by hand, three days after mailing, if mailed, and upon receipt of an appropriate electronic confirmation, if delivered by
facsimile or electronic mail transmission. Notices shall be delivered to the parties at the addresses set forth below:

 

	 	
    If to the Partnership:

    Kimbell Royalty Partners, LP

    777 Taylor Street, Suite 810

    Fort Worth, Texas 76102

    Email: [***]

    Attention: R. Davis Ravnaas

	 	 
	With copies to (which shall not constitute notice):
	 
	 	
    White & Case LLP

    609 Main Street

    Houston, TX 77002

    Email: [***]

    Attention: Jason A. Rocha

 

     

     

    

 

	If to Ridgemont Equity Partners::	 
	 	 
	 	Ridgemont Equity Partners

101 S Tryon Street, Suite 3400

Charlotte, NC 28280

E-mail: [***]

[***]

Attention: Cay Freihofer and John Shimp

	 	 
	With copies to (which shall not constitute notice):
	 
	 	Kirkland & Ellis LLP

609 Main Street #4700

Houston, TX 77002

Attention: Michael W. Rigdon

Email: [***]

	 	 
	 	And
	 	 
	 	Troutman Pepper Hamilton Sanders LLP

301 S. College Street, Suite 3400

Charlotte, NC 28202

Attention: Alec Watson

Email: [***]

	 	 
	If to any other Holder:	 
	 	 
	 	Hatch Resources LLC and Hatch Royalty LLC

171 W. 6th Street, Suite 290

Austin, Texas 78703

E-mail: [***]

Attention: James Murchison

	 	 
	With copies to (which shall not constitute notice):	 
	 	 
	 	Ridgemont Equity Partners

101 S Tryon Street, Suite 3400

Charlotte, NC 28280

E-mail: [***]

[***]

Attention: Cay Freihofer and
John Shimp

	 	 
	 	And
	 	 
	 	Kirkland & Ellis LLP

609 Main Street #4700

Houston, TX 77002

Attention: Michael W. Rigdon

Email: [***]

 

     

     

    

 

	 	And
	 	 
	 	Troutman Pepper Hamilton Sanders LLP

301 S. College Street, Suite 3400

Charlotte, NC 28202

Attention: Alec Watson

Email: [***]

 

4.2 Choice
of Law; Exclusive Jurisdiction; Waiver of Jury Trial.

 

(a)
This Agreement shall be constructed, interpreted and enforced in accordance with, and the respective rights and obligations of
the parties shall be governed by, the laws of the State of Delaware without regard to principles of conflicts of law that would require
the application of the laws of another jurisdiction.

 

(b)
All actions and proceedings for the enforcement of or based on, arising out of or relating to this Agreement shall be heard and
determined exclusively in any state or federal court in Harris County, Texas, and each of the parties hereto hereby (i) irrevocably submits
to the exclusive jurisdiction of such courts (and, in the case of appeals, appropriate appellate courts therefrom) in any such action
or proceeding, (ii) irrevocably waives the defense of an inconvenient forum to the maintenance of any such action or proceeding, (iii)
agrees that it shall not bring any such action in any court other than the above-specified courts and (iv) irrevocably consents to service
of process by first class certified mail, return receipt requested, postage prepaid, to the address at which the Partnership or Holder,
as the case may be, is to receive notice in accordance with Section 4.1. The parties hereto agree that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by applicable law.

 

(c)
Each of the parties hereto hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of
or related to this Agreement.

 

4.3 No
Third-Party Beneficiaries.

 

This Agreement is for the
sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended
to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason
of this Agreement; provided, however, the parties hereto hereby acknowledge that the Persons set forth in Section 2.7
are express third-party beneficiaries of the obligations of the parties hereto set forth in Section 2.7.

 

4.4 Successors
and Assigns.

 

Except as otherwise expressly
provided herein, this Agreement shall be binding upon and benefit the Partnership, each Holder and their respective successors and assigns.
The Partnership shall not, directly or indirectly, enter into any merger, consolidation or reorganization in which the Partnership shall
not be the surviving entity unless the surviving entity shall, prior to such merger, consolidation or reorganization, agree in writing
to assume the obligations of the Partnership under this Agreement, and for that purpose references hereunder to “Registrable
Securities” shall be deemed to include the common equity interests or other securities, if any, which the Holders would be entitled
to receive in exchange for Registrable Securities under any such merger, consolidation or reorganization, provided that, to the
extent the Holders receive securities that are by their terms convertible into common equity interests of the issuer thereof, then any
such common equity interests as are issued or issuable upon conversion of said convertible securities shall be included within the definition
of “Registrable Securities.”

 

4.5 Counterparts.

 

This Agreement may be executed
by the parties in separate counterparts (including by means of executed counterparts delivered via facsimile or other electronic means),
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

     

     

    

 

4.6 Severability.

 

In case any provision in this
Agreement shall be held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of
any such provision in every other respect and the remaining provisions shall not in any way be affected or impaired thereby.

 

4.7 No
Waivers; Amendments.

 

(a)
No failure or delay on the part of the Partnership or any Holder in exercising any right, power or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of
any remedies that may be available to the Partnership or any Holder at law or in equity or otherwise.

 

(b)
Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed
by the Partnership and the Required Holders.

 

4.8 Entire
Agreement.

 

This Agreement and the other
writings referred to herein or therein or delivered pursuant hereto or thereto, contain the entire agreement between the Holders and the
Partnership with respect to the subject matter hereof and supersede all prior and contemporaneous arrangements or understandings with
respect thereto.

 

4.9 Remedies;
Specific Performance.

 

(a)
Each Holder shall have all rights and remedies reserved for such Holder pursuant to this Agreement and all rights and remedies
which such Holder has been granted at any time under any other agreement or contract and all of the rights which such Holder has under
any law or equity. Any Person having any rights under any provision of this Agreement will be entitled to enforce such rights specifically,
to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law or equity.

 

(b)
The parties hereto recognize and agree that money damages may be insufficient to compensate the Holders of any Registrable Securities
for breaches by the Partnership of the terms hereof and, consequently, that the equitable remedies of injunctive relief and of specific
performance of the terms hereof will be available in the event of any such breach, without the necessity of posting bonds or other security.
If any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the
defense that there is an adequate remedy at law.

 

4.10
Negotiated Agreement.

 

This Agreement was negotiated
by the parties with the benefit of legal representation, and any rule of construction or interpretation otherwise requiring this Agreement
to be construed or interpreted against any party shall not apply to the construction or interpretation hereof.

 

[THE REMAINDER OF THIS PAGE
IS INTENTIONALLY LEFT BLANK]

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed by their respective authorized officers as of the date first written above.

 

	 	KIMBELL ROYALTY PARTNERS, LP
	 	 	 
	 	By:	Kimbell Royalty GP, LLC, its general partner
	 	 	 
	 	By:	/s/ R. Davis Ravnaas
	 	Name:	R. Davis Ravnaas
	 	Title:	President and Chief Financial Officer
	 	 	 
	 	 	Address:
	 	 	Kimbell Royalty Partners, LP
	 	 	777 Taylor Street, Suite 810
	 	 	Fort Worth, Texas 76102
	 	 	Email: [***]
	 	 	Attention: R. Davis Ravnaas
	 	 	 
	 	 	With a copy to:
	 	 	White & Case LLP
	 	 	609 Main Street
	 	 	Houston, TX 77002
	 	 	Email: [***]
	 	 	Attention: Jason A. Rocha

 

	 	HATCH ROYALTY LLC
	 	 	 
	 	By:	/s/ James Murchison
		Name:	James Murchison
		Title:	Chief Executive Officer
	 	 	 
	 	 	Address:
	 	 	171 W. 6th Street, Suite 290
	 	 	Austin, Texas 78703
	 	 	Email: [***]
	 	 	Attention: James Murchison
	 	 	 
	 	 	With a copy to:
	 	 	Ridgemont Equity Partners
	 	 	101 S Tryon Street, Suite 3400
	 	 	Charlotte, NC 28280
	 	 	E-mail: [***]
	 	 	   [***]
	 	 	Attention: Cay Freihofer and John Shimp
	 	 	 
	 	 	and
	 	 	 
	 	 	Kirkland & Ellis LLP
	 	 	401 Congress Avenue, 25th Floor
	 	 	Austin, TX 78701
	 	 	E-mail: [***]
	 	 	   [***]
	 	 	
    Attention: Christopher S.C. Heasley and R.J.
Malenfant

 

[Signature Page to Registration
Rights Agreement]

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