Document:

Exhibit 10.2

 

MANAGEMENT SERVICES AGREEMENT

 

BY AND BETWEEN

 

GRANITE RIDGE RESOURCES, INC.,

 

AS COMPANY

 

AND

 

GREY ROCK ADMINISTRATION, LLC,

 

AS SERVICE
PROVIDER

 

    

    

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I DEFINITIONS	1
	1.1	Definitions	1
	ARTICLE II ENGAGEMENT; SERVICES	1
	2.1	Engagement	1
	2.2	Services	2
	2.3	Material Change to Scope of Services	3
	2.4	Limitations on Service Provider’s Authority	3
	2.5	Ownership of Property	3
	2.6	Service Provider’s Delegation of Authority	4
	2.7	Designated Employees	5
	2.8	Other Business Pursuits	5
	2.9	 Independent Contractor Status	5
	2.10	Insurance	6
	2.11	Performance Standard	7
	2.12	Company Group Funds	8
	2.13	Responsibilities of Company Group; Actions by Company Group; Company Authority	9
	2.14	Privileged Materials	9
	2.15	Malfeasance	10
	ARTICLE III PAYMENTS	10
	3.1	Consideration	10
	3.2	Payment Terms	10
	3.3	Company Group Financial Responsibility	11
	3.4	Taxes	12
	3.5	Service Provider Records; Audit	12
	3.6	Disputed Charges	13
	3.7	 Revenues and Expenses	13
	3.8	Shared Investment Opportunities	13
	ARTICLE IV TERM; TERMINATION	17
	4.1	Term	17
	4.2	Termination	17

 

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	4.3	 Effect of Termination	18
	4.4	Transition Period	18
	4.5	 Early Termination Fee	18
	ARTICLE V INDEMNITIES	19
	5.1	Service Provider Indemnity	19
	5.2	 Company Indemnity	19
	5.3	DISCLAIMERS	20
	5.4	Disclaimer of Application of Anti-Indemnity Statutes	20
	5.5	Non-Compensatory Damages	20
	ARTICLE VI MISCELLANEOUS	21
	6.1	 Force Majeure	21
	6.2	Notices	21
	6.3	Governing Law	22
	6.4	Consent to Jurisdiction	23
	6.5	Waiver of Jury Trial	23
	6.6	Waiver; Rights Cumulative	23
	6.7	Entire Agreement	24
	6.8	 Amendment	24
	6.9	Parties in Interest	24
	6.10	Successors and Permitted Assigns	24
	6.11	Assignment	24
	6.12	Further Assurances	24
	6.13	Severability	25
	6.14	No Recourse	25
	6.15	 Interpretation	25
	6.16	Proprietary Information	25
	6.17	Confidentiality	26
	6.18	Preparation of this Agreement	26
	6.19	Counterparts	26

 

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	Annex A	Definitions
	 	 
	Exhibit A	Services
	Exhibit B	Limitations on Service Provider’s Authority
	Exhibit C	Insurance Coverages
	Exhibit D	Proprietary Information
	Exhibit E	Investment Committee
	Exhibit F	Confidential Information
	 	 
	Schedule A	Key Persons

 

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MANAGEMENT SERVICES AGREEMENT

 

This
MANAGEMENT SERVICES AGREEMENT (this “Agreement”) is executed and agreed to as of October 24, 2022 (the
 “Effective Date”), by and between Granite Ridge Resources, Inc., a Delaware corporation (“Company”),
and Grey Rock Administration, LLC, a Delaware limited liability company (“Service Provider”). Grey Rock Energy
Fund IV-A, LP, a Delaware limited partnership, Grey Rock Energy Fund IV-B, LP, a Delaware limited partnership, and Grey Rock Energy Fund
IV-B Holdings, LP, a Delaware limited partnership (collectively, “GR Fund IV”), join in the execution of this
Agreement solely for purposes of Section 3.8. Company and Service Provider are hereinafter each referred to as a “Party”
and are collectively referred to as the “Parties”.

 

RECITALS

 

WHEREAS,
Company indirectly acquired certain non-operated oil and gas properties and related assets from certain Affiliates of Service Provider
pursuant to that certain Business Combination Agreement dated May 16, 2022, by and among GREP Holdings, LLC (together with its members,
 “Sellers”), Executive Network Partnering Corporation, Company and certain other parties thereto (the “BCA”);

 

WHEREAS, entry into
this Agreement in connection with the closing of the transactions contemplated by the BCA was a material inducement to Sellers’
entry into the BCA; and

 

WHEREAS,
Company desires to have Service Provider perform, and Service Provider agrees to perform, the Services (hereinafter defined) for the Company
Group pursuant to and in accordance with the terms of this Agreement.

 

NOW THEREFORE,
in consideration of the premises and the mutual covenants and agreements contained in this Agreement, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

ARTICLE
I 

DEFINITIONS

 

1.1           Definitions.
As used in this Agreement, capitalized terms set forth on Annex A shall have the meanings set forth therein. Any capitalized terms
used but not otherwise defined in this Agreement shall have the meanings given them in the BCA.

 

ARTICLE
II 

ENGAGEMENT; SERVICES

 

2.1           Engagement.
Company hereby engages Service Provider, and Service Provider hereby agrees to perform, or to cause to be performed, the Services during
the Term, subject to and in accordance with the Service Provider Standards and the qualifications and terms of this Agreement.

 

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2.2           Services.

 

(a)           Subject
to the direction and control of the Company Group, the terms and provisions of this Agreement, and subject to the limitations set forth
in Section 2.4, Service Provider shall manage, on behalf of the Company Group, the Assets, and the day-to-day business and affairs
of the Company Group related to the Assets, and provide the Company Group with services, all to the extent (and only insofar as) such
services would be substantially similar in scope to the services historically provided by Service Provider (or any of its Affiliates)
in connection with its management and operation of the Assets acquired (directly or indirectly) by the Company Group pursuant to the
BCA immediately prior to the closing of the BCA and as is otherwise expressly set forth in this Agreement with respect to Company’s
status as a public company, including, for the avoidance of doubt, and subject to the limitations above, those services more particularly
described on Exhibit A attached to this Agreement, together with such other similar services or other services that are otherwise
mutually agreed upon by the Parties from time to time in writing, but in each case excluding the Excluded Services (the “Services”).
Service Provider shall perform the Services in consideration for the Services Fee. Notwithstanding the foregoing, Service Provider will
not be responsible for any Company Group Costs, and, notwithstanding anything to the contrary contained in this Agreement, nothing shall
require Service Provider to advance its own funds for Company Group Costs.

 

(b)           Company shall have the right from time to time to elect to cease having Service Provider provide any of the Services and to provide
such Services itself or by another service provider, and upon request from Company, Service Provider will reasonably cooperate with Company
in the transition of such Services to the Company Group or a new service provider specified by Company. For the avoidance of doubt any
such election shall not result in a reduction of the Services Fee or, in and of itself, a termination of this Agreement.

 

(c)           The
Company Group will be responsible for the following, at its own expense separate and apart from the Services Fee (the “Excluded
Services”):

 

(i)            duties
to be performed by Company’s chief executive officer, chief financial officer, investor relations personnel, and any other employees
hired directly by the Company Group;

 

(ii)           consolidated
Company Group financial and SEC reporting, including selecting, engaging and overseeing third party financial auditors (however, the
Services will include Asset-level financial reporting and auditing and providing Asset-level SEC reporting information to Company Group);

 

(iii)           third
party Company Group reserve reports, including selecting, engaging and overseeing third party reserve engineers (however, the Services
will include internal reserves engineering, including estimating and internal reporting of the Asset-level reserves);

 

 (iv)          selecting, engaging, and overseeing Company Group investment bankers;

 

(v)           Sarbanes
Oxley compliance and compliance with applicable securities laws and stock exchange requirements;

 

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(vi)          litigation
matters (x) to the extent primarily relating to Company (as opposed to primarily related to the Assets or Company Group’s
interests in such Assets) or (y) to the extent primarily relating to the Assets or the Company Group’s interests in such
Assets that Company’s chief executive officer determines would be material to the Company Group, taken as a whole, and
notifies Service Provider that such litigation matter is an Excluded Service under this Agreement; and

 

(vii)         other
items mutually agreed in writing by Company and Service Provider to be Excluded Services.

 

2.3          Material
Change to Scope of Services. Subject to Section 2.2(b), additions or material changes to the Services, including those set
forth on Exhibit A may be made at any time by amending this Agreement in accordance with Section 6.8. Such additions or
changes, including any fees or fee adjustments related to such additions or changes, shall be agreed between the Parties before any work
commences. Notwithstanding the foregoing, upon any Material Acquisition of an Asset (or group of Assets) by the Company Group, the Parties
shall, upon written request from Service Provider not less than 90 days following consummation of such Material Acquisition, renegotiate
in good faith adjustments to the Services Fee to reflect changes to the Services reasonably required for Service Provider to appropriately
manage and support such additional Assets in accordance with the terms of this Agreement. Such written request from Service Provider
shall include materials, documentation and data supporting Service Provider’s request for an increase to the Services Fee. In the
event that the Parties cannot agree upon an adjustment (any such agreement to be documented in writing) to the Services Fee within 30
days following Service Provider’s written request therefor, then either Party may submit the dispute to an independent third-party
regionally or nationally recognized oil and gas consulting firm that is reasonably acceptable to the other Party. The Parties shall cooperate
with such consulting firm and each Party shall provide access to its books and records as may be reasonably necessary to permit a determination
by such consulting firm. The Parties shall direct such firm to (i) make a determination in respect of such dispute solely as to the amount
of increase, if any, to be made to the Services Fee such that, taken as a whole, Service Provider does not incur aggregate expenses directly
as a result of performing the Services that exceed the Services Fee and (ii) render a determination within thirty (30) days of the Parties’
submission of such dispute. The Parties shall be bound by the determination with regard to such increase, if any, to the Service Fee.

 

2.4          Limitations
on Service Provider’s Authority. Notwithstanding anything in this Agreement to the contrary, without the prior written consent
of the Company Group, Service Provider shall not take any action set forth on Exhibit B. The Company Group may at any time amend
Exhibit B by providing written notice to Service Provider, which notice shall include an amended Exhibit B reflecting such
amendment. Any such amendment shall be effective upon Service Provider’s receipt of such written notice.

 

		2.5	Ownership of Property.

 

(a)           The
Parties agree and acknowledge that neither Service Provider nor any Affiliate of Service Provider shall, by virtue of its role as “Service
Provider” under this Agreement or as a result of the terms of this Agreement, have, or be deemed to have, any direct ownership
interest in the Assets (or in any of the equipment, materials or other property related thereto and purchased by the Company Group directly
or by Service Provider on behalf of Company Group).

 

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(b)           All
of the assets and properties owned, purchased, leased, developed, constructed and otherwise acquired or entered into in connection with
the performance of the Services pursuant to this Agreement (including (i) all Assets and all interests in wells, equipment, machinery,
materials, supplies, software, other personal property and other assets and properties owned, leased or otherwise acquired in connection
therewith, (ii) Contracts, and any and all reports, records, statements and information prepared or caused to be prepared by Service
Provider in connection with this Agreement, and (iii) all proceeds, cash and funds generated or attributable to the Assets) shall be
and remain the sole property of the Company Group. During the Term, Service Provider shall obtain the written consent of Company (in
Company’s sole discretion) prior to effecting any arrangement resulting in Service Provider holding any such assets or properties
in its name (or in the name of one of its Affiliates). If, at any time during the Term, any such assets or properties are held in the
name of Service Provider or its Affiliates, Service Provider will (and will cause its Affiliates to) to the extent they may be permissibly
conveyed, promptly convey such assets and properties to the Company Group at no cost to the Company Group. To the extent permission is
required for any such conveyance, Service Provider shall use commercially reasonable efforts to obtain such permission, without payment
to any Third Party. If payment to any such Third Party is required to obtain such permission, Company shall make such payment, if the
amount required is reasonable in light of the circumstances, and which payment shall be a Company Group Cost. If such amount is not reasonable,
Company shall have sole discretion whether to make such payment, but if it does not, then there shall be no obligation to cause title
to the same to be transferred to Company. If Service Provider does not cause title to be transferred to Company pursuant to the foregoing,
then Service Provider shall hold such assets or properties in trust on behalf, and for the benefit and for the account (and at the sole
cost), of Company.

 

		2.6	Service Provider’s Delegation of Authority.

 

(a)           Service
Provider shall be permitted to use Affiliates of Service Provider and the officers and employees of any of its Affiliates in order to
perform the Services. Service Provider may not delegate any authority, power, or right that could not be exercised directly by Service
Provider under this Agreement.

 

(b)           If
Service Provider uses any Person other than Service Provider to perform any of the Services (or any part of the Services), subject to
the limitations in Section 5.1, the performance by such Person of such Services shall be treated under this Agreement as if Service
Provider performed such Services itself, and if the costs of such performance by Service Provider would have been borne solely by Service
Provider under the provisions of this Agreement (and are not considered Company Group Costs), then the costs of such performance by such
Person shall be borne by Service Provider and shall not result in incremental costs to the Company Group. The retention of any third-party
service provider whose retention will result in aggregate Company Group Costs in excess of $50,000 per year shall require the prior written
approval of Company (such consent not to be unreasonably withheld). Service Provider shall act prudently in selecting and appointing
any such third-party service provider and regularly review and monitor any services performed by such third-party service provider. If
Service Provider retains any third-party service provider on behalf of Company in connection with its provision of the Services that
also provides services to Service Provider in connection with Service Provider’s business outside of this Agreement, then Service
Provider shall use commercially reasonable efforts to cause such Services to be performed on behalf of Company on terms and conditions
(including cost) that are no less favorable in any material respects to Company, taken as a whole, than those applicable to Service Provider.
In no case shall the performance of services by such third-party service provider relieve Service Provider of its obligations hereunder.
Service Provider agrees that upon written notice (stating adequate cause related to inadequate performance or cost issues, in each case
as determined by Company in good faith) provided by Company after consultation with Service Provider, Service Provider shall use commercially
reasonable efforts to replace any third-party service provider identified by the Company Group to cease performing the Services on behalf
of Service Provider.

 

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		2.7	Designated Employees.

 

(a)           At
all times, at Service Provider’s sole cost and expense, Service Provider shall retain and have available to it a professional staff
and other personnel which together shall be reasonably adequate in size, experience and competency to discharge properly the duties and
functions of Service Provider under this Agreement. Service Provider shall devote personnel and time and grant access to such assets
and buildings of Service Provider as are necessary to provide the Services consistent with the Service Provider Standards.

 

(b)           Service
Provider shall cause the Designated Employees to devote the amount of their professional time and efforts as is reasonably necessary
to provide the Services so long as such individuals are employed by or under contract with Service Provider. Service Provider may replace
any Designated Employee with another employee or independent contractor of substantially equal experience and expertise as the Designated
Employee being replaced, in which case the replacement employee or independent contractor shall become a Designated Employee. If any
Designated Employee’s employment or contractual relationship with Service Provider terminates for any reason or any Designated
Employee is no longer providing the Services as required by this Section 2.7(b), Service Provider shall thereafter use commercially
reasonable efforts to promptly replace such individual with another employee or independent contractor of substantially equal experience
and expertise as the Designated Employee being replaced, in which case the replacement employee or independent contractor shall become
a Designated Employee.

 

2.8          Other
Business Pursuits. The Company Group acknowledges that Service Provider is not providing services exclusively to the Company Group,
and Service Provider may and will continue from time to time to provide services (including services substantially similar to the Services)
to other persons (including Affiliates of Service Provider) as long as it may do so consistent with its obligations under this Agreement,
including the dedication of Designated Employees to the performance of the Services made under Section 2.7, and subject to any
other written agreement between any member of the Company Group and Service Provider or any of its Affiliates.

 

		2.9	Independent Contractor Status.

 

(a)             Company
and Service Provider agree that Service Provider shall perform the Services as an “independent contractor” of the
Company Group and nothing in this Agreement is intended, and nothing shall be construed, to create an employer/employee,
partnership, joint venture, association or other similar relationship between Service Provider and the Company Group or any of their
respective Affiliates or any of their employees.

 

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(b)           All
debts and liabilities to Third Parties required or permitted to be incurred by Service Provider under this Agreement in the course of
providing the Services shall be the debts and liabilities of the Company Group, and Service Provider shall not be liable for any such
obligations by reason of providing the Services on behalf of the Company Group. Nothing stated in this Agreement shall operate to create
any special or fiduciary duty between the Parties.

 

(c)           All
personnel involved in the Services shall be in the employ or under the control of Service Provider, and shall not be deemed, solely because
of the provision of the Services or for any other reason, to be an employee of the Company Group and shall not be entitled to any payment,
benefit or perquisite directly from the Company Group on account of the Services, including participation in any employee benefit and
pension plans maintained by Company or any member of the Company Group. Subject to Section 2.7, the selection of such employees
and contractors, and their hours of labor, shall be determined by Service Provider, and Service Provider shall have the right to hire
or dismiss its full time or part time personnel for any reason or for no reason.

 

(d)           Subject to the terms of this Agreement (including the following sentence), all matters pertaining to the employment, supervision,
compensation, promotion and discharge of any personnel of Service Provider or its Affiliates are the responsibility of Service Provider
and its Affiliates, and, subject to the terms of this Agreement, Service Provider will be responsible for (i) providing and administering
benefit programs generally available to employees of Service Provider, (ii) processing and administration of payroll, including social
security, unemployment, and other applicable payroll taxes, and (iii) discipline, performance issues, and termination of such personnel.
Notwithstanding the foregoing, Service Provider agrees that upon written notice from the Company Group (stating adequate cause), Service
Provider shall cause any Person identified by the Company Group (including any employee of Service Provider or its Affiliates) to cease
performing the Services on behalf of Service Provider.

 

2.10        Insurance.
During the Term and for so long as Service Provider is providing the Services, each Party shall carry and maintain insurance
coverages of at least the types and amounts described in Exhibit C attached to this Agreement and made a part of this
Agreement. All such insurance shall provide that to the extent of the procuring Party’s assumed obligations under this
Agreement, such procuring Party’s insurers waive their right of subrogation against the other Party (and the Company
Indemnified Parties or the Service Provider Indemnified Parties, as applicable). The costs and expenses of any insurance policies
obtained and maintained by Service Provider for the benefit (a) of the Assets and/or Company Group shall constitute Company Group
Costs, (b) Service Provider, alone and not with respect to its performance of Services, shall not constitute Company Group Costs,
and (c) provided for both the benefit of Company Group and/or its Assets and Service Provider shall be proportionately shared (as
determined in good faith by Service Provider) as Company Group Costs and Service Provider costs. Notwithstanding the foregoing,
nothing in this Agreement shall obligate Service Provider to post, replace, supplement, or otherwise obtain any bond, letter of
credit or guarantee with respect to any of the oil and gas properties included in the Assets, or incur or otherwise bear any cost or
expense in connection therewith.

 

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		2.11	Performance Standard.

 

(a)           Service
Provider shall perform the Services in good faith, in a workmanlike, reasonable and prudent manner, with at least the same degree of
care, judgment and skill as implemented in its provision of services historically provided by Service Provider (or any of its Affiliates)
in connection with its management and operation of the Assets acquired (directly or indirectly) by the Company Group pursuant to the
BCA immediately prior to the closing of the BCA, in accordance with customary business practices and standards in the oil and gas industry
in comparable circumstances, with due diligence and dispatch, and in material compliance with the terms of all applicable Leases and
other Contracts affecting the Assets and/or this Agreement, and in material compliance with all applicable Laws. The standard of performance
set forth in this Section 2.11 is referred to in this Agreement as the “Service Provider Standards”.
In exercising the powers and authorities hereby conferred on it (insofar as such exercise is in accordance with the Service Provider
Standards), Service Provider shall (i) cooperate and follow all reasonable site security, safety measures and written policies of Company
(or applicable member of the Company Group), or third party operators of any of the Assets of which Service Provider is aware (or made
aware), that have been provided to Service Provider prior to the Effective Date, insofar as the same do not materially increase Service
Provider’s costs to comply (unless there is an upward adjustment to the Service Fee in the manner contemplated in Section 2.3)
and (ii) comply with any applicable, lawful and reasonable written instructions of Company to the extent the same does not expand the
scope of Services in a manner inconsistent with Section 2.2.

 

(b)           Company
shall have the right, following 48 hours’ notice (which notice must contain specific details of all actions or inaction in question
to the extent actually known by Company) to Service Provider, to stop any activity of Service Provider conducted by a Third Party contractor
or consultant that Company determines, based on information available to it at the time, fails to comply with, or is not in compliance
with, the Service Provider Standards (unless Service Provider causes such Third Party contractor or consultant to bring such activities
into compliance within such period) and Company shall have the right, but not the obligation, to require Service Provider to terminate
the services being provided by (and no longer use for the performance of any Services under this Agreement) such Third Party contractor
or consultant.

 

(c)           Service
Provider shall not be in breach or default of the Service Provider Standards if and to the extent such breach or default is caused
by (i) Service Provider’s failure to perform any portion of the Services as a result of or due to Company’s material
non-payment under this Agreement, except to the extent such payment amount has been disputed in good faith in writing by Company
prior to it becoming due under this Agreement, and/or (ii) an express direction by any of the Company Group to Service Provider to
take an action or refrain from taking an action. Further, Service Provider shall not be required to provide the Services or conduct
any activity or operation under this Agreement that Service Provider reasonably believes, in all material respects, would be unsafe,
endanger persons, property or the environment, or violate any Law. If Service Provider so believes that any such Services, activity
or operation would in all material respects be unsafe or so endanger any persons, property or the environment, except in emergency
situations, Service Provider shall promptly provide written notice to Company of such belief and reasonably consult with Company
regarding any required efforts to mitigate any related issues, and take any actions to mitigate such issues in Service
Provider’s reasonable discretion. In an emergency situation, Service Provider shall, as soon as reasonably practicable,
provide notice to Company of such situation and any action or inaction of Service Provider.

 

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(d)           In
performing the Services under this Agreement, Service Provider shall not provide any investment advice to Company, nor shall its responsibilities
under this Agreement include (or be deemed to include) the duties or responsibilities of an investment adviser under the Investment Advisers
Act of 1940 (the “40 Act”). Nothing in this Agreement shall be deemed to create an advisory relationship between
Service Provider and Company for purposes of the 40 Act.

 

		2.12	Company Group Funds.

 

(a)           Funds
belonging to the Company Group shall be kept at all times on deposit in bank accounts of the Company Group and Service Provider shall
disburse such funds for the payment of costs and expenses incurred in connection with the Services that are Company Group Costs, including
all Asset Taxes and Burdens paid on Hydrocarbons, but excluding costs to be borne by Service Provider under the terms of this Agreement
(which such costs to be borne by Service Provider shall include, among other things, costs and expenses of: (i) rent associated with
Company’s shared office space, (ii) 25% of any marketing or business development expenses (and Company shall be responsible, as
part of Company Group Costs, for the other 75% thereof); provided, however, that any individual marketing or business development
expenditure (net to the Company Group’s obligation or share) in excess of $7,500.00 must be mutually agreed to in writing and in
advance by both Service Provider and Company, (iii) 100% of any software and technology expenses up to the Technology Threshold and (iv)
25% of any software and technology expenses above the Technology Threshold (and Company shall be responsible, as part of Company Group
Costs, for the other 75% thereof)).

 

(b)           At
no time shall any of the Company Group’s funds be commingled with funds belonging to Service Provider or its Affiliates or any
of their respective representatives or with the funds of any Third Parties.

 

(c)           Service
Provider shall direct all third parties making payments or otherwise transferring funds to the Company Group to pay, transfer, and deposit
such funds to the Company Group directly into the bank accounts of the Company Group.

 

(d)           If
at any time Service Provider or any of its Affiliates comes into possession of any funds of the Company Group, Service Provider shall
hold such funds in trust for the benefit of the Company Group and shall promptly cause such funds to be deposited into bank accounts
of the Company Group.

 

(e)           Other
than as provided in Section 3.2, Service Provider shall not pay any monies from the accounts of the Company Group to itself or
any Affiliate of Service Provider without the prior written consent of Company’s chief executive officer or chief financial officer.

 

(f)            Third-party
costs (and incremental internal costs of Service Provider incurred with the approval of Company, not to be unreasonably withheld) of
establishing, implementing, maintaining, and managing the accounts and systems required to accomplish the foregoing shall be Company
Group Costs. Service Provider shall use commercially reasonable efforts to cause the accounts and systems to be in place and
operational on or prior to the Effective Time (as defined in the BCA).

 

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(g)           With
respect to any Services or obligations of Service Provider under this Agreement to the extent related to handling of funds of any member
of the Company Group or making disbursements on behalf of any member of the Company Group, including as set forth in this Section
2.12, Service Provider shall obtain written approval from Company’s chief executive officer or chief financial officer prior
to making any disbursement of such funds in an amount greater than $20,000.

 

2.13        Responsibilities
of Company Group; Actions by Company Group; Company Authority.

 

(a)           Subject
to Section 2.5, Company shall provide Service Provider reasonable access to any data, information, materials, files and access
to any systems or personnel that Service Provider determines is reasonably necessary or appropriate for Service Provider to perform the
Services under this Agreement. The Company Group is solely responsible for the accuracy and completeness of any and all such data that
it submits or provides to Service Provider.

 

(b)           Any
action, consent or approval required to be taken under this Agreement by any member of the Company Group shall be taken by Company and
any notices to be given to or by the Company Group shall be given to Company.

 

(c)           Any
actions, consents or approvals required or permitted to be taken under this Agreement by Company shall be deemed approved by Company
to the extent such action, consent or approval is delivered to Service Provider in writing (email being sufficient) by the Company’s
chief executive officer or chief financial officer. Notwithstanding the foregoing, any amendment, restatement or modification to the
terms of this Agreement (including any matters relating to changes to the scope of Services or an adjustment to the Services Fee under
Section 2.3) or any termination by Company of this Agreement under Article IV shall require the consent or approval of
a majority of the Independent Directors serving on the Company’s board of directors, and the Company’s chief executive officer
or chief financial officer shall provide Service Provider with evidence of such consent or approval in connection with such actions.

 

2.14        Privileged
Materials. The Parties understand that in connection with the provision of the Services, Service Provider may have access to
privileged materials and legal advice relating to certain Company Group proceedings (“Privileged
Materials”). Service Provider acknowledges that at all times the privilege in the Privileged Materials rests with the
Company Group and that Company has agreed to share and make the Privileged Materials available to Service Provider on the basis that
Service Provider and Company share a common interest in the subject matters and proceedings and on the condition that Service
Provider undertakes to respect this privilege at all times hereafter and will prevent the Privileged Materials from being disclosed
to any third party without having first obtained the consent of Company. Nothing in this Agreement shall require Company or any
other member of the Company Group to disclose any information to Service Provider or any of its employees, agents, or
representatives if such disclosure would jeopardize any attorney-client privilege, the work product immunity, or any other legal
privilege or similar doctrine or contravene any applicable Law.

 

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2.15        Malfeasance. If any of Service Provider, its Affiliates, or its or their respective officers, directors, partners, members,
managers, employees or personnel (including the Designated Employees) engages in Malfeasance in connection with this Agreement or the
Services, Service Provider shall, promptly upon Service Provider’s senior management becoming aware of such conduct, (a) notify
Company of the conduct in writing, and (b) if requested by Company, removing such employee or personnel from providing the Services under
this Agreement.

 

ARTICLE III 

PAYMENTS

 

3.1          
Consideration. In addition to obligations to provide indemnity and defense, as required under this Agreement, Company
shall pay to Service Provider, (i) as the sole consideration for the Services provided by Service Provider, an amount equal to $10,000,000
per year during the Term and the Transition Services Period, prorated for any partial year in which the Services are provided (such amount,
as modified from time to time pursuant to this Section 3.1, the “Services Fee”), plus (ii) to
the extent such costs and expenses have not been previously paid by Company or out of Company funds or otherwise reimbursed to Service
Provider by Company, reimbursement for all costs and expenses incurred by Service Provider (or any of its Affiliates) that are Company
Group Costs (“Reimbursable Costs”). Company shall pay to Service Provider with respect to each calendar quarter
during the Term and the Transition Services Period an amount equal to one-fourth of the annual Services Fee, prorated for any partial
calendar quarter in which the Services are provided (such amount, the “Quarterly Services Fee”).

 

		3.2	Payment Terms.

 

(a)           No
later than the thirtieth (30th) day of each calendar quarter during the Term, Service Provider shall deliver to Company a quarterly statement
(each, a “Quarterly Statement”) setting forth (i) the Quarterly Services Fee for the applicable Accounting
Quarter, and (ii) an itemized list of Reimbursable Costs incurred by Service Provider during the applicable Accounting Quarter. Service
Provider shall provide to Company such documentation as Company may reasonably request to support each such Quarterly Statement. Subject
to Section 3.2(b), Company shall pay to Service Provider the amount reflected in such Quarterly Statement not later than the 30th
day after the receipt of such Quarterly Statement.

 

(b)           If
Company disputes in good faith all or any portion of any Quarterly Statement delivered by Service Provider pursuant to this Agreement,
Company may deliver written notice of such dispute to Service Provider, setting forth in reasonable detail the reasons for such dispute.
Notwithstanding the delivery of any such written notice of dispute, Company shall pay, if applicable, to Service Provider the undisputed
portions of such Quarterly Statement in accordance with the terms of this Agreement. If it is determined by the Parties or otherwise
that any amount is owed by either Party to the other Party under this Agreement, then the owing Party shall promptly (but in any event
within five (5) Business Days after such determination) reimburse the other Party such amount.

 

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(c)           All payments shall be made by wire transfer of immediately available funds, to the account (or accounts) designated by the Person
entitled to receipt of such payment.

 

3.3           Company
Group Financial Responsibility. Company Group shall be ultimately responsible for the payment (either directly or via reimbursement
of Service Provider) for all costs to the extent directly related to the Assets and the Company Group (“Company Group Costs”),
including, without limitation:

 

		(a)	costs of performing the Excluded Services;

 

(b)           direct
expenses charged by or payable to third parties incurred in the operation, administration or disposition of the Company Group’s
business in connection with the Assets, or in the operation of the Assets, that Service Provider has historically allocated to direct
asset expenses, including, without limitation, all costs, expenses, liabilities attributable to or related to acquiring and disposing
of Assets or potential investments in Assets (including costs relating to production forecasting, database, engineering, land, geological,
accounting and other software or systems to be used in connection with Service Provider’s due diligence (prorated to account for
Service Provider’s use of such software or systems in its business not constituting Services) and legal, accounting, auditing,
insurance, travel, consulting, underwriting, finder’s, financing, appraisal, filing, printing, real estate title and other fees
and expenses);

 

(c)           salary
and benefits of Company employees, including Company’s chief executive officer, chief financial officer, investor relations personnel,
and any other employees of Company hired after the Effective Date;

 

(d)           fees payable to members of Company’s board of directors, committee members, and legal counsel or other advisors retained
by Company’s board of directors or committees of the board of directors;

 

		(e)	Company Group Director’s and Officer’s insurance;

 

(f)            costs
solely associated with or arising from being a public company, including stock exchange fees, SEC filing fees, preparation of SEC filings,
preparation of financial statement audits and reserve reports, underwriters’ fees, costs of financial printers, transfer agent
fees, proxy statement printing and mailing fees;

 

(g)           costs
incurred in connection with the registration or qualification of the Company Group under any applicable Law;

 

(h)           Company Group taxes, including, without limitation, any related to Asset Taxes (other than taxes of Service Provider);

 

(i)           
subject to Section 5.1, costs and expenses of Company Group incurred in connection with any litigation involving a member
of the Company Group and/or the Assets, and the amount of any judgments or settlements paid in connection therewith;

 

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(j)            such other amounts for which the Company Group is expressly responsible under this Agreement (other than under Section 5.2,
but without limiting Company’s obligations under Section 5.2); and

 

(k)           other items agreed in writing by Company and Service Provider to be Company Group Costs.

 

3.4          Taxes.
Service Provider shall be responsible for all (i) income taxes resulting from amounts paid or payable to it under this Agreement, (ii)
employment taxes and social security payments relating to its own employees or those of any of its Affiliates, and (iii) all other taxes
incurred by Service Provider that do not constitute Company Group Costs. For the avoidance of doubt, Service Provider, and not Company,
shall treat the providers of services under this Agreement as employees for tax purposes.

 

		3.5	Service Provider Records; Audit.

 

(a)           Service
Provider shall maintain complete and accurate books and records of its activities in connection with the performance of the Services,
including any Company Group Costs actually paid by Service Provider from its own funds. Service Provider shall retain all such books
and records for a period of not less than seven (7) calendar years following the end of the calendar year in which the Services are performed
(the “Audit Period”) or any longer period if required by Law, including any statutory IRS audit period applicable
to Company Group.

 

(b)           Upon
not less than ten (10) Business Days’ prior written notice to Service Provider during the Audit Period for any particular calendar
year (but not more than once in any calendar quarter with respect to any calendar year), Company shall have the right, exercisable at
its option and expense, to review, copy and audit Service Provider’s books and records (other than those items protected by attorney-client
privilege and protected health information regarding personnel of Service Provider) for the calendar year to which the Audit Period applies,
and the costs charged to Company in that calendar year. Company shall use its commercially reasonable efforts to conduct any such audit
or examination in a manner that minimizes the inconvenience or disruption to Service Provider.

 

(c)           Company
may request information prior to the commencement of the audit, and Service Provider shall, to the extent available, provide the information
requested as soon as reasonably practical in order to facilitate the forthcoming audit. Service Provider will, to the extent reasonably
practicable, provide the information in electronic format or hard copy within ten (10) Business Days after the written request. For the
purposes set forth in this Section 3.5, Service Provider shall, subject to any third-party confidentiality obligations, provide
Company access, at all reasonable times and upon three (3) Business Days written notice, to the Service Provider’s personnel, books,
records, correspondence, instructions, plans, drawings, receipts vouchers, financial accounts, data stored in computer files or microfiche
and memoranda of every description (other than those items protected by attorney-client privilege or otherwise restricted from disclosure
under applicable Laws) to the extent pertaining to the performance of the Services or Service Provider’s performance of its obligations
contained in this Agreement.

 

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(d)           In the event Company discovers any material discrepancies as a result of any audit performed under this Agreement, Company may
prepare and distribute a written report to Service Provider setting forth in reasonable detail such discrepancies. Service Provider shall
reply to the report in writing as soon as practical and in any event no later than thirty (30) days after delivery of the report. At
the conclusion of an audit, Service Provider and Company shall endeavor to promptly settle any outstanding matters, including, as the
case may be, through the settlement payments of any discrepancies in amounts owed and amounts received between Company and Service Provider.

 

(e)           All
adjustments resulting from an audit which are agreed to by Service Provider and Company shall be reflected promptly in Service Provider’s
books and records and in the books and records of Company maintained by Service Provider. If any dispute shall arise in connection with
an audit and no settlement can be reached by the Parties as provided in Section 3.5(d), within sixty (60) days after Company delivers
a written report pursuant to Section 3.5(d), unless otherwise agreed by the Parties, the Parties may submit the dispute to an
independent third-party regionally or nationally recognized auditing firm that is mutually agreeable to the Parties. The Parties shall
cooperate with such auditing firm and each Party shall provide access to its books and records as may be reasonably necessary to permit
a determination by such auditing firm. The resolution by such auditing firm shall be final and binding on the Parties.

 

3.6          Disputed
Charges. Company may, during the Audit Period for any particular calendar year, take written exception to any invoice rendered by
Service Provider for any expenditure or any part thereof charged to Company in that calendar year, on the ground that the same was not
a cost incurred by Service Provider for which Service Provider is entitled to reimbursement pursuant to this Agreement. If the amount
as to which such written exception is taken or any part thereof is ultimately determined to be a cost for which Service Provider is not
entitled to reimbursement pursuant to this Agreement, such amount or portion thereof (as the case may be) shall be paid by Service Provider
to Company together with interest at the Agreed Rate no later than five (5) Business Days following determination thereof.

 

3.7          Revenues
and Expenses. During the Term, Service Provider shall, and shall cause its Affiliates to, comply with the covenants and obligations
set forth in Section 6.20 of the BCA as if Service Provider were a party to the BCA.

 

3.8          Shared
Investment Opportunities. Subject to the terms and conditions set forth in this Section 3.8, Service Provider shall (and shall
cause its Affiliates to) offer to Company and, during the Shared Investment Period, GR Fund IV. the opportunity to participate in each
Shared Investment Opportunity based upon their respective Shared Investment Allocation Percentages.

 

(a)           Notice
of Shared Investment Opportunities. Subject to the terms of this Section 3.8, Service Provider shall provide written notice
(each, a “Shared Investment Notice”) of each Shared Investment Opportunity to the Investment Committee of Company
and, during the Shared Investment Period, the Investment Committee of GR Fund IV, which notices shall be delivered via email. Each Shared
Investment Notice shall include any deal memorandum, term sheet or other information prepared by or for Service Provider regarding such
Shared Investment Opportunity, and the proposed purchase price or a range of potential purchase prices for the Shared Investment Opportunity.
Service Provider shall thereafter make available to the Investment Committee of Company and, during the Shared Investment Period, the
Investment Committee of GR Fund IV, such other information with respect to such Shared Investment Opportunity as is reasonably requested
by the Investment Committees of Company or GR Fund IV. To the extent Service Provider, Company and GR Fund IV, as applicable, are not
entering into the applicable confidentiality agreements, nondisclosure agreements or similar agreements, or separately entering into
the same, Service Provider and Company shall ensure that any confidentiality agreements, nondisclosure agreements, or similar agreements
entered into by such Party (or its Affiliates) in connection with a Shared Investment Opportunity includes language expressly permitting
the disclosure of the information in this Section 3.8(a) to the Investment Committees of Company and GR Fund IV, or such Party
shall otherwise obtain the express consent or approval from the applicable disclosing party to permit the sharing of such information
to the Investment Committees of Company and GR Fund IV.

 

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(b)           Right
to Participate in Shared Investment Opportunities. Each of Company and, during the Shared Investment Period, GR Fund IV, shall have
the right (but not the obligation) to participate in each Shared Investment Opportunity based upon their respective Shared Investment
Allocation Percentages.

 

(i)            For
each Shared Investment Opportunity, each of Company and GR Fund IV may exercise its respective right to participate in such Shared
Investment Opportunity in an amount up to its Shared Investment Allocation Percentage by delivering written notice (which may be via
email) of such election to Service Provider (a “Shared Investment Election Notice”) within the time-period
stated in the Shared Investment Notice, which such time period for election shall not be less than ten (10) Business Days unless
(subject to the following sentence) the Shared Investment Notice includes written evidence that the potential Third Party
counterparty is requiring a shorter time period to close, in which case such time period for election shall be the maximum amount of
time (as determined by Service Provider, acting reasonably) that would permit Service Provider to consummate the acquisition if it
were to receive a Shared Investment Election Notice from either Company or GR Fund IV (such period, the “Shared
Investment Election Period”). Each Shared Investment Election Notice delivered by Company and GR Fund IV for any
Shared Investment Opportunity shall indicate the amount of the Shared Investment Allocation Percentage that it elects to participate
in the Shared Investment Opportunity and the range of purchase prices for which it is willing to participate in the Shared
Investment Opportunity. If Company or GR Fund IV fails to deliver a Shared Investment Election Notice within the Shared Investment
Election Period for any Shared Investment Election Period (or the final purchase price of the Shared Investment Opportunity is in
excess of the top range indicated in its Shared Investment Election Notice), such party shall be deemed to have elected not to
participate in such Shared Investment Opportunity, and the other party (to the extent it has timely delivered a Shared Investment
Election Notice for which the final purchase price of the Shared Investment Opportunity is within the top range indicated in its
Shared Investment Election Notice) shall be free to pursue all of the Shared Investment Opportunity on its own or with any other
Person or Third Party. In the event either Company or GR Fund IV delivers a Shared Investment Election Notice for less than its
Shared Investment Allocation Percentage with respect to any Shared Investment Opportunity, Service Provider shall offer the
remaining portion of the Shared Investment Opportunity to the other party (to the extent it has timely delivered the Shared
Investment Election Notice for all of its Shared Investment Allocation Percentage) (a “Remainder Offer”).
If the party receiving the Remainder Offer declines to acquire the remaining portion of the Shared Investment Opportunity that is
part of the Remainder Offer, then Service Provider or any of its Affiliates may (in its sole discretion, and without any obligation)
pursue such Remainder Offer for its own account or offer such Remainder Offer to any other Person free of any obligations or
restrictions under this Agreement. In the event neither Company nor GR Fund IV delivers a Shared Investment Election Notice within
the Shared Investment Election Period with respect to any Shared Investment Opportunity, Service Provider or any of its Affiliates
may (in its sole discretion, and without any obligation) pursue such Shared Investment Opportunity for its own account or offer such
Shared Investment Opportunity to any other Person free of any obligations or restrictions under this Agreement.

 

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(ii)           Service
Provider shall be responsible for maintaining electronic copies of all Shared Investment Notices and Shared Investment Election Notices
delivered under this Agreement during the relevant Audit Period for each Shared Investment Opportunity.

 

(c)           Investment
Discretion. Company and GR Fund IV shall have full discretion on whether to participate in each Shared Investment Opportunity. Any
decision by the Investment Committees of Company or GR Fund IV to participate or not participate in any Shared Investment Opportunity
pursuant to this Section 3.8 shall be entirely the responsibility of Company and GR Fund IV, and, subject to the terms of this
Agreement, Service Provider shall not assume any risk, responsibility or expense, or be deemed to have provided any investment advice,
in connection therewith. By electing to participate in any Shared Investment Opportunity, Company and GR Fund IV acknowledges (i) it
has the business and financial knowledge and experience necessary to evaluate the risks and merit associated with the applicable Shared
Investment Opportunity, (ii) it is relying on the advice and judgment of its own Investment Committee with respect to such Shared Investment
Opportunity; and (iii) none of Service Provider nor any of its Affiliates shall be deemed by the Parties to provide any brokerage or
similar services to Company or GR Fund IV in connection with the offer to participate in such Shared Investment Opportunity. For the
avoidance of doubt, nothing in this Section 3.8 shall prohibit or restrict Company or GR Fund IV from selling, transferring or
otherwise disposing of any assets acquired by it as part of a Shared Investment Opportunity, and each of Company and GR Fund shall have
full discretion over all decisions relating to any sale, transfer or other disposition of its assets.

 

(d)           Shared
Investment Period. The obligation of Service Provider under this Section 3.8 shall continue with respect to GR Fund IV until
the earlier of (i) the termination of this Agreement and (ii) the expiration or termination of the investment period of GR Fund IV in
accordance with the terms of the Organizational Documents of GR Fund IV (such period, the “Shared Investment Period”).
Notwithstanding the foregoing sentence, to the extent one or more Subsequent GR Funds are made a party to this Section 3.8 pursuant
to Section 3.8(g), subpart (ii) of the definition of Shared Investment Period with respect to any such Subsequent GR Fund shall
be interpreted to refer to the expiration or termination of the investment period of such Subsequent GR Fund in accordance with the terms
of the Organizational Documents of such Subsequent GR Fund. Following the expiration or termination of the Shared Investment Period,
until the expiration or termination of the Term, Service Provider shall make available to Company, mutatis mutandis on the terms
and conditions set forth in this Section 3.8, all Shared Investment Opportunities as if Company’s Shared Investment Allocation
Percentage were 100%.

 

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(e)           Acknowledgement.
Each of the Parties and GR Fund IV acknowledges that GR Fund IV is a party to this Agreement solely with respect to this Section 3.8
for purposes of exercising its rights to participate in a Shared Investment Opportunity during the Shared Investment Period. Other
than with respect to this Section 3.8, GR Fund IV shall have no other rights or obligations under this Agreement. Notwithstanding
the foregoing, any breach by Service Provider of its obligations under this Section 3.8 to GR Fund IV or any Subsequent GR Fund
with respect to any Shared Investment Opportunity shall not affect, limit or otherwise modify Service Provider’s obligations to
Company under this Agreement with respect to such Shared Investment Opportunity.

 

(f)            Shared
Costs. To the extent GR Fund IV or any other Affiliate of Service Provider participates in a Shared Investment Opportunity with Company,
the Company Group Costs set forth in Section 3.3(b) that are directly related to the Assets of the Shared Investment Opportunity
shall be allocated among the participating parties according to the percentage interests in such Assets.

 

(g)           Subsequent
GR Funds. The Parties acknowledge that Affiliates of Service Provider may form one or more private funds or other investment vehicles
with an investment objective to acquire and hold upstream oil and gas assets (each such private fund or other investment vehicle, a “Subsequent
GR Fund”). In connection with the formation of any Subsequent GR Fund, the Parties shall engage in good faith discussions
with such Subsequent GR Fund and such Subsequent GR Fund shall be admitted as a party to this Agreement for purposes of Section 3.8,
and upon admission of such Subsequent GR Fund as a party to this Section 3.8, the terms of this Section 3.8 that apply
to GR Fund IV shall apply mutatis mutandis to any Subsequent GR Fund, subject to any amendments to this Section 3.8 (including
the Shared Investment Allocation Percentages with respect to such Subsequent GR Fund) that may be agreed upon by the Parties and such
Subsequent GR Fund in connection with its admission. Notwithstanding the foregoing or anything to the contrary, (x) a Subsequent GR Fund
shall not be admitted as a party to this Section 3.8 prior to its signing a written joinder to this Agreement and (y) the Shared
Investment Allocation Percentage of Company shall never be less than 75%.

 

(h)           Disclosure
of Company Opportunities. During the Term, Company shall present all Investment Opportunities that Company sources or otherwise desires
to directly or indirectly participate or invest in to Service Provider, and such Investment Opportunities shall be considered a Shared
Investment Opportunity and subject to the terms of this Section 3.8. For the avoidance of doubt, during the Term, Company shall
not directly or indirectly participate or otherwise invest in an Investment Opportunity without first presenting such Investment Opportunity
to Service Provider and, during the Shared Investment Period, to GR Fund IV or any Subsequent GR Fund pursuant to the terms of this Section
3.8. Following the Term, Company shall have no obligation to present any Investment Opportunity to Service Provider, GR Fund IV or
any Subsequent GR Fund, and Company and its Subsidiaries may, in the sole discretion of Company and without any obligation, pursue or
consummate any such Investment Opportunity for their own respective accounts or offer any such Investment Opportunity to any other Person
free of any obligations or restrictions under this Agreement and without any participation by Service Provider, GR Fund IV or any Subsequent
GR Fund.

 

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(i)            Non-Circumvention.
Each Party shall, and shall cause its Affiliates not to, directly or indirectly, enter into an agreement, contract or arrangement with
any Person with respect to any Investment Opportunity or take any other action or enter into or cause any Person to enter into any alternative
transaction, in each case, with the purpose of circumventing the intent and obligations of the Parties in this Section 3.8. For
the avoidance of doubt, each Party shall be responsible for, and shall be in breach of this Agreement in the event of, any breach of
this Section 3.8(i) by any of such Party’s Affiliates.

 

ARTICLE
IV 

TERM; TERMINATION

 

4.1          Term.
This Agreement will commence on the Effective Date, and, unless earlier terminated in accordance with Section 4.2, will remain
in effect until April 30, 2028 (the “Initial Term”), and shall continue in effect thereafter for consecutive
one-year renewal terms (each, a “Renewal Term”), unless terminated at the end of the Initial Term or any Renewal
Term (i) by Company by at least ninety (90) days’ prior notice, or (ii) by Service Provider by at least one hundred and twenty
(120) days’ prior notice (the period from the Effective Date until the date on which this Agreement terminates, the “Term”).

 

		4.2	Termination. This Agreement may also be terminated as follows:

 

(a)           On
or following the second anniversary of the Effective date, on the one hundred and eightieth (180th) day following written notice (a “Termination
Notice”) by Company to Service Provider; which Termination Notice may be revoked by Company at any time prior to the ninetieth
(90th) day following the delivery of such Termination Notice;

 

(b)           Automatically
upon written notice (i) by Company to Service Provider, upon (1) a Change of Control of the Company Group or (2) a sale by the Company
Group of all or substantially all of the Assets (directly or indirectly, whether through an asset transaction or an equity transaction
and whether through one transaction or a series of transactions), other than any such sale to any of its Affiliates, Subsidiaries, parents,
stockholders, members or other interest holders or (ii) by Service Provider to Company, upon (1) a Change of Control of the Company Group
or (2) a sale by the Company Group of all or substantially all of the Assets (directly or indirectly, whether through an asset transaction
or an equity transaction and whether through one transaction or a series of transactions), other than any such sale to any of its Affiliates,
Subsidiaries, parents, stockholders, members or other interest holders;

 

		(c)	Automatically upon written notice by Company to Service Provider,

 

		(i)	upon a Change of Control of Service Provider;

 

		(ii)	upon a Bankruptcy of Service Provider;

 

(iii)           upon
the occurrence of a Key Person Event, insofar and only insofar as Company exercises this option to terminate within ninety (90) days
of Company becoming aware of the occurrence of such Key Person Event (and failure to exercise within this period shall constitute a waiver
by Company of its right to terminate this Agreement under this Section 4.2(c)(iii)); or

 

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(iv)          upon
the occurrence of any facts or circumstances constituting Malfeasance, to the extent (if curable) the same is not cured within thirty
(30) days after delivery by Company to Service Provider or its Affiliates of written notice of such Malfeasance.

 

(d)           Automatically
upon written notice by Company to Service Provider, upon a material default or material breach by Service Provider or any of its Affiliates
of this Agreement, which has not resulted from the breach by Company Group of any of its obligations under this Agreement, if:

 

(i)             such material default or material breach is capable of being cured, and such material default or material breach is not cured within
thirty (30) days after delivery by Company to Service Provider or its Affiliates of written notice of such material default or material
breach; or

 

		(ii)	such material default or material breach is not capable of being cured.

 

(e)           Automatically
upon written notice by Service Provider to Company, upon a material default or material breach of this Agreement by any member of
the Company Group, if (i) such material default or material breach is not cured within thirty (30) days (or ten (10) calendar days
in the event of a payment default by Company) after delivery by Service Provider to Company of written notice of such material
default or material breach and (ii) such material default or material breach has not resulted from the actions or inactions of
Service Provider.

 

4.3         
Effect of Termination. The terms of Section 3.5, Section 3.6, this Section 4.3, Section 4.4,
ARTICLE V, ARTICLE VI and Annex A shall survive any termination of this Agreement. The termination of this Agreement
shall not relieve either Party of any liability or obligation accruing or that had accrued prior to the Termination Effective Date (including
any Service Provider’s right to receive any amounts payable under ARTICLE III that have accrued prior to the date of termination)
or deprive a Party not in breach of its rights to any remedy otherwise available to such Party. Upon the Termination Effective Date,
to the extent not previously done, Service Provider shall to the extent they may be permissibly assigned, promptly deliver to Company
all Company Records and Data.

 

4.4           
Transition Period. Notwithstanding anything to the contrary in this Agreement, in addition to Service Provider’s
obligations under Section 4.3, Service Provider shall, during the Transition Services Period, continue to provide Services in
accordance with this Agreement, and pursuant to the terms of this Agreement, and upon request from Company will reasonably cooperate
with Company in the transition of such Services to the Company Group or a new service provider specified by Company. The “Transition
Services Period” shall be the period beginning on the Termination Effective Date and ending on the ninetieth (90th) day
after the Termination Effective Date.

 

4.5            Early
Termination Fee. In the event of an Early Termination by Company or Service Provider, in addition to the payment of the Services
Fee during the Transition Services Period and all other amounts payable to Service Provider under this Agreement, Company will pay
to Service Provider, upon the termination of the Transition Services Period, the lesser of (i) an amount equal to 50% of the
Remaining Services Fee or (ii) a lump-sum termination fee equal to Ten Million Dollars ($10,000,000).

 

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ARTICLE
V

INDEMNITIES

 

5.1          Service
Provider Indemnity. Service Provider hereby agrees to RELEASE, DEFEND, INDEMNIFY AND HOLD HARMLESS Company and the other Company
Indemnified Parties from and against any and all Liabilities to the extent arising out of, or relating to the Services, this Agreement
or transactions contemplated in this Agreement, solely to the extent such Liabilities are attributable to (a) the gross negligence, willful
misconduct, or actual fraud (not constructive or negligent fraud) of Service Provider or (b) any claims by Service Provider’s or
its Affiliates’ employees or consultants relating to the terms and conditions of their employment or arrangement with Service Provider
or such Affiliate, other than any claims under any written agreement between any such employee or consultant, on the one hand, and any
member of the Company Group, on the other hand, regardless of whether such Liabilities in this subpart (b) relate to the Term or to any
period prior to the Term, and with regard to the claims and Liabilities described in subparts (a) and (b) above, REGARDLESS OF WHETHER
SUCH LIABILITIES ARE THE RESULT OF (IN WHOLE OR IN PART) THE SOLE, ACTIVE, PASSIVE, CONCURRENT OR COMPARATIVE NEGLIGENCE, STRICT LIABILITY,
OTHER LEGAL FAULT, LEGAL RESPONSIBILITY, OR THE VIOLATION OF LAW OF OR BY ANY COMPANY INDEMNIFIED PARTIES, SERVICE PROVIDER INDEMNIFIED
PARTIES OR ANY THIRD PARTIES; provided, however, that notwithstanding the foregoing, Service Provider shall have no obligation to
defend, indemnify, hold harmless or release any Company Indemnified Parties from any Liabilities to the extent such Liabilities arise
out of or are related to the gross negligence, willful misconduct, or actual fraud of Company or any Company Indemnified Party. Notwithstanding
any other provision of this Agreement, except solely to the extent such Liabilities are attributable to the willful misconduct or actual
fraud (not constructive or negligent fraud) of Service Provider, Service Provider shall in no circumstances be liable to the Company
Indemnified Parties pursuant to this Section 5.1 or otherwise in connection with this Agreement (including, without limitation,
in connection with claims related to gross negligence of Service Provider) in excess of the aggregate amount actually received by Service
Provider from Company pursuant to Section 3.1 during the Term, REGARDLESS OF WHETHER SUCH LIABILITIES ARE THE RESULT OF (IN
WHOLE OR IN PART) THE SOLE, ACTIVE, PASSIVE, CONCURRENT OR COMPARATIVE NEGLIGENCE, STRICT LIABILITY, OTHER LEGAL FAULT, LEGAL RESPONSIBILITY,
OR THE VIOLATION OF LAW OF OR BY ANY COMPANY INDEMNIFIED PARTIES, SERVICE PROVIDER INDEMNIFIED PARTIES OR ANY THIRD PARTIES.

 

5.2           
Company Indemnity. Subject to the following sentence, Company, for itself and on behalf of each member of the Company
Group, hereby agrees to RELEASE, DEFEND, INDEMNIFY AND HOLD HARMLESS Service Provider and the other Service Provider Indemnified
Parties from and against any and all Liabilities arising out of, or relating to the Services, this Agreement or transactions contemplated
in this Agreement, except solely to the extent that Company is entitled to an indemnity pursuant to Section 5.1, regardless of
whether such Liabilities are in favor of any Third Party or any Company Indemnified Party, Service Provider or any other Service Provider
Indemnified Parties, and REGARDLESS OF WHETHER SUCH LIABILITIES ARE THE RESULT OF (IN WHOLE OR IN PART) THE SOLE, ACTIVE, PASSIVE,
CONCURRENT OR COMPARATIVE NEGLIGENCE, STRICT LIABILITY, OTHER LEGAL FAULT, LEGAL RESPONSIBILITY, OR THE VIOLATION OF LAW OF OR BY COMPANY,
ANY COMPANY INDEMNIFIED PARTIES, SERVICE PROVIDER INDEMNIFIED PARTIES OR ANY THIRD PARTIES. Notwithstanding
the foregoing sentence, Company shall have no obligation to defend, indemnify, hold harmless or release any Service Provider Indemnified
Party from any Liabilities to the extent (and only to the extent) that Service Provider is obligated to indemnify Company for the same
pursuant to Section 5.1 (and with regard to those Liabilities for which Service Provider is obligated to indemnify Company and
the other Company Indemnified Parties only up to the aggregate cap or limit described in Section 5.1, then this limitation on
Company’s obligation to defend, indemnify, hold harmless or release shall only apply with regard to such Liabilities up to the
such cap or limit but shall not apply with regard to such Liabilities in excess of such cap or limit).

 

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5.3           
DISCLAIMERS; EXCLUSIVE REMEDY. NOTWITHSTANDING ANY OTHER TERM OF THIS AGREEMENT TO THE CONTRARY, SERVICE PROVIDER MAKES
NO OTHER, AND DISCLAIMS ANY OTHER, REPRESENTATIONS AND WARRANTIES, EXPRESS, IMPLIED, OR STATUTORY, WITH RESPECT TO THE SERVICES, OR THE
PERFORMANCE OR RESULTS OF THE SERVICES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE),
AND ANY AND ALL SUCH SERVICES ARE OTHERWISE PROVIDED (AND ACCEPTED BY COMPANY) ON AN “AS IS, WHERE IS, WITH ALL FAULTS” BASIS.
COMPANY, ON BEHALF OF ITSELF AND ITS AFFILIATES ACKNOWLEDGES AND AGREES THAT SERVICE PROVIDER SHALL HAVE NO LIABILITY TO COMPANY IN CONNECTION
WITH ANY DECISIONS MADE OR ACTIONS TAKEN BY COMPANY IN RELIANCE UPON ANY INFORMATION OR ADVICE PROVIDED BY SERVICE PROVIDER UNDER THIS
AGREEMENT, SUCH DECISIONS BEING MADE OR ACTIONS TAKEN AT COMPANY’S SOLE RISK. NOTWITHSTANDING ANYTHING STATED IN THIS AGREEMENT
TO THE CONTRARY, THE RIGHTS AND REMEDIES SET FORTH IN THIS ARTICLE CONSTITUTE (AND SHALL BE) THE SOLE AND EXCLUSIVE REMEDIES OF COMPANY
AND THE OTHER COMPANY INDEMNIFIED PARTIES CONCERNING THE SERVICES, THIS AGREEMENT (INCLUDING, WITHOUT LIMITATION, ANY ACTUAL OR ALLEGED
BREACHES OR DEFAULTS OF THIS AGREEMENT) OR TRANSACTIONS CONTEMPLATED IN THIS AGREEMENT.

 

5.4           
Disclaimer of Application of Anti-Indemnity Statutes. THE PARTIES ACKNOWLEDGE AND AGREE THAT THE PROVISIONS OF ANY ANTI-INDEMNITY
STATUTE RELATING TO OILFIELD SERVICES AND ASSOCIATED ACTIVITIES SHALL NOT BE APPLICABLE TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT.

 

5.5            Non-Compensatory
Damages. NONE OF THE PARTIES (OR THEIR RESPECTIVE INDEMNIFIED PARTY GROUPS) SHALL BE ENTITLED TO RECOVER UNDER THIS AGREEMENT,
AND EACH PARTY HEREBY WAIVES (AND TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW, FOR THEMSELVES AND THEIR RESPECTIVE
INDEMNIFIED PARTY GROUPS) ANY RIGHT TO RECOVER, ANY SPECIAL, DIRECT, CONSEQUENTIAL, PUNITIVE, EXEMPLARY, REMOTE, OR SPECULATIVE
DAMAGES OR DAMAGES FOR LOST PROFITS OF ANY KIND ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT, EXCEPT TO THE EXTENT THAT (A) THE ANY SUCH PARTY SUFFERS SUCH DAMAGES (INCLUDING COSTS OF DEFENSE AND REASONABLE
ATTORNEY’S FEES INCURRED IN CONNECTION WITH DEFENDING OF SUCH DAMAGES) TO A THIRD PARTY FOR WHICH A PARTY HAS AGREED TO
INDEMNIFY THE OTHER UNDER THE TERMS OF THIS AGREEMENT, WHICH DAMAGES (INCLUDING COSTS OF DEFENSE AND REASONABLE ATTORNEY’S
FEES INCURRED IN CONNECTION WITH DEFENDING AGAINST SUCH DAMAGES) SHALL NOT BE EXCLUDED BY THIS PROVISION.

 

    20

     

    

 

ARTICLE
VI 

MISCELLANEOUS

 

6.1          Force
Majeure. The obligations of a Party under this Agreement shall be suspended during and to the extent that such Party is prevented
due to a Force Majeure Event, except and excluding any obligation to pay money incurred prior to the Force Majeure Event, maintain confidentiality
in accordance with this Agreement, or any indemnification obligations of such Party. The Party suffering a Force Majeure Event shall
give notice of suspension as soon as reasonably practicable to the other Party stating the date and extent of such suspension and the
cause thereof, and shall exercise due diligence to end its inability to perform as promptly as practicable.

 

6.2          Notices. All notices, requests, demands and communications required or permitted to be given under this Agreement shall
be in writing and shall be delivered personally, or sent by overnight courier, or mailed by U.S. Express Mail or by certified or registered
United States Mail with all postage fully prepaid, or sent by electronic mail transmission (provided that the acknowledgment of the receipt
of such electronic mail is requested and received, excluding automatic receipts, with the receiving Person affirmatively obligated to
promptly acknowledge receipt) addressed to Service Provider or Company, as appropriate, at the address for such Person shown below or
at such other address as Service Provider or Company shall have theretofore designated by written notice delivered to the other Parties:

 

	If to Service Provider:	Grey Rock Administration,
    LLC
	 	5217 McKinney Ave., Suite 400
	 	Dallas, Texas 75205
	 	Attention: Griffin Perry  
	 	Email: griffin@grey-rock.com
	 	 
	With a required copy to (which
    copy shall not constitute notice):	Holland & Knight LLP

    1722 Routh Street, Suite 1500 Dallas,
 Texas 75201
 Attention: Jeremiah Mayfield
 Email: Jeremiah.Mayfield@hklaw.com

 

    21

     

    

 

	If,
                           solely for purposes of Section 3.8, To GR Fund IV:

     

     

     

     

     

    With a required
    copy to (which copy shall not constitute notice):

     

     

     

     

     

    If to Company:

     

     

     

     

     

    With a required
    copy to (which copy shall not constitute notice):
	Grey Rock
    Management Partners IV, LLC

    5217 McKinney
    Ave., Suite 400

    Dallas, Texas
    75205

    Attention: Emily Fuquay

    Email: emily@grey-rock.com

     

    Holland &
    Knight LLP

    1722 Routh
    Street, Suite 1500

    Dallas, Texas
    75201

    Attention: Jeremiah Mayfield

    Email: Jeremiah.Mayfield@hklaw.com

     

    Granite Ridge
    Resources, Inc.

    5217 McKinney
    Ave., Suite 400

    Dallas, Texas
    75205

    Attention: Luke Brandenberg

    Email: luke@graniteridge.com

     

    Kirkland &
    Ellis LLP

    4550 Travis Street

    Dallas, TX
    75205

    Attention:
    Thomas K. Laughlin, P.C.

    E-mail: thomas.laughlin@kirkland.com

 

Any notice given in accordance
with this Agreement shall be deemed to have been given only when delivered to the addressee in person, or by courier, during normal business
hours on a Business Day (or if delivered or transmitted after normal business hours on a Business Day or on a day other than a Business
Day, then on the next Business Day), or upon actual receipt by the addressee during normal business hours on a Business Day after such
notice has either been delivered to an overnight courier or deposited in the United States Mail, as the case may be (or if delivered
after normal business hours on a Business Day or on a day other than a Business Day, then on the next Business Day). Service Provider
or Company may change the address to which such communications are to be addressed by giving written notice to the other Party in the
manner provided in this Section 6.2.

 

6.3          Governing
Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY, OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT OR THE RIGHTS, DUTIES, AND RELATIONSHIP OF THE PARTIES HERETO AND THERETO, SHALL BE GOVERNED BY AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, EXCLUDING ANY CONFLICTS OF LAW RULE OR PRINCIPLE THAT
MIGHT REFER CONSTRUCTION OF PROVISIONS TO THE LAWS OF ANOTHER JURISDICTION.

 

 

 

    22

     

    

 

6.4           Consent
to Jurisdiction. EACH PARTY IRREVOCABLY CONSENTS AND AGREES THAT ANY ACTION, PROCEEDING, OR OTHER LITIGATION BY OR AGAINST ANY OTHER
PARTY OR PARTIES WITH RESPECT TO ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY, SHALL BE BROUGHT AND TRIED EXCLUSIVELY IN THE FEDERAL OR STATE COURTS LOCATED IN DALLAS, TEXAS, AND ANY SUCH LEGAL
ACTION OR PROCEEDING MAY BE REMOVED TO THE AFORESAID COURTS. BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY ACCEPTS, FOR ITSELF
AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PARTY HEREBY
IRREVOCABLY WAIVES (A) ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE WITH RESPECT ANY SUCH ACTION, PROCEEDING,
OR LITIGATION ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY BROUGHT IN THE AFORESAID COURTS,
AND (B) ANY RIGHT TO STAY OR DISMISS ANY SUCH ACTION, PROCEEDING, OR LITIGATION BROUGHT BEFORE THE AFORESAID COURTS ON THE BASIS OF FORUM
NON-CONVENIENS.

 

6.5          Waiver
of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HEREBY WAIVES ITS RIGHTS TO A TRIAL BY JURY WITH RESPECT
TO ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN
ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY A PARTY AGAINST THE OTHER PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS,
TORT CLAIM, OR OTHERWISE. EACH PARTY HEREBY AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY.
WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS
SECTION 6.5 AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR
ENFORCE ABILITY OF THIS AGREEMENT, OR ANY PROVISION OF THIS AGREEMENT. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS, OR MODIFICATIONS TO THIS AGREEMENT. EACH PARTY ACKNOWLEDGES THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL CONSIDERATION
FOR THE OTHER PARTY EXECUTING THIS AGREEMENT.

 

6.6          Waiver;
Rights Cumulative. Any of the terms, covenants, representations, warranties or conditions of this Agreement may be waived only by
a written instrument executed by or on behalf of the Party waiving compliance. No course of dealing on the part of Service Provider and
Company, or their respective officers, employees, agents or representatives or any failure by Service Provider and Company to exercise
any of its rights under this Agreement shall operate as a waiver thereof or affect in any way the right of such Person at a later time
to enforce the performance of such provision. No waiver by Service Provider and Company of any condition or any breach of any term, covenant,
representation or warranty contained in this Agreement, in any one or more instances, shall be deemed to be or construed as a further
or continuing waiver of any such condition or breach or a waiver of any other condition or of any breach of any other term, covenant,
representation or warranty. The rights of Service Provider and Company under this Agreement shall be cumulative, and the exercise or
partial exercise of any such right shall not preclude the exercise of any other right.

 

    23

     

    

 

6.7          
Entire Agreement. This Agreement (including the annexes and exhibits attached hereto) constitutes the complete and exclusive
statement of agreement between, and supersedes all prior written and oral agreements or statements by and between, the Parties with respect
to the subject matter of this Agreement. No representation, promise, inducement, statement or intention, condition or warranty has been
made by or on behalf of such Party that is not set forth in this Agreement or the documents referred to in this Agreement.

 

6.8          
Amendment. Subject to Section 2.13(c), this Agreement may not be amended or modified except by a written instrument
specifically referring to this Agreement and executed by all of the Parties.

 

6.9           Parties
in Interest. Notwithstanding anything contained in this Agreement to the contrary, nothing in this Agreement, expressed or implied,
is intended to confer on any Person other than Company and Service Provider and their respective successors and permitted assigns, or
the Company Indemnified Parties and Service Provider Indemnified Parties (but only to the extent set out in Section 5.1 and Section
5.2, respectively), any rights, remedies, obligations or liabilities under or by reason of this Agreement. Notwithstanding the foregoing,
only a Party and its respective successors and permitted assigns will have the right to enforce the provisions of this Agreement on its
own behalf or on behalf of any Company Indemnified Party or Service Provider Indemnified Party (but shall not be obligated to do so).

 

6.10        Successors
and Permitted Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their successors and permitted
assigns.

 

6.11        Assignment.
Neither Party may assign, delegate or transfer (by merger, operation of Law or otherwise) its respective rights or delegate its respective
obligations under this Agreement without the express prior written consent of the other Party. Notwithstanding the foregoing, Service
Provider may assign its rights and delegate its obligations under this Agreement, in whole or in part, to an Affiliate without the prior
written consent of Company. Any such permitted assignment shall not relieve Service Provider of its obligations under this Agreement.
Any purported assignment, delegation, or transfer in contravention of this Section 6.11 shall be void and unenforceable. The foregoing
provisions of this Section 6.11 are not intended to prohibit or restrict Service Provider from engaging subcontractors or Affiliates
to perform some or all of the Services in accordance with this Agreement but Service Provider shall remain fully responsible and liable
for performance of any such Services as if such subcontracted activities had been performed directly by Service Provider.

 

6.12        Further
Assurances. In connection with this Agreement and the transactions contemplated hereby, each Party shall execute and deliver all
such future instruments and take such other further action as may be reasonably necessary or appropriate to carry out the provisions
of this Agreement and the intention of the Parties as expressed in this Agreement.

 

    24

     

    

 

6.13        Severability. If any term or provision of this Agreement is determined to be invalid, illegal, or incapable of being
enforced by any rule of Law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force
and effect. Upon a determination that any term or provision is invalid, illegal, or incapable of being enforced, the Parties shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner
to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible.

 

6.14        No Recourse. For the avoidance of doubt, the provisions of this Agreement shall not give rise to any right of recourse
against any current or former stockholder, member, partner, owner, director, manager, officer, employee, agent or representative of Service
Provider or of Company.

 

6.15        Interpretation. All references in this Agreement to Articles, Sections, subsections and other subdivisions refer to
the corresponding Articles, Sections, subsections and other subdivisions of or to this Agreement unless expressly provided otherwise.
Titles appearing at the beginning of any Articles, Sections, subsections and other subdivisions of this Agreement are for convenience
only, do not constitute any part of this Agreement, and shall be disregarded in construing the language of this Agreement. The words “this
Agreement”, “herein”, “hereby”, “hereunder” and “hereof”, and words of similar import,
refer to this Agreement as a whole and not to any particular Article, Section, subsection or other subdivision unless expressly so limited.
The words “this Article”, “this Section”, and “this subsection”, and words of similar import, refer
only to the Article, Section or subsection of this Agreement in which such words occur. The word “including” (in its various
forms) means “including without limitation”. All references to “$” or “dollars” shall be deemed references
to United States dollars. Each accounting term not defined in this Agreement will have the meaning given to it under GAAP. Pronouns in
masculine, feminine or neuter genders shall be construed to state and include any other gender, and words, terms and titles (including
terms defined in this Agreement) in the singular form shall be construed to include the plural and vice versa, unless the context otherwise
requires. References to any Law or agreement shall mean such Law or agreement as it may be amended from time to time.

 

6.16        Proprietary
Information. The Parties agree that the Proprietary Information listed on Exhibit D attached hereto as being Proprietary Information
of Company or Service Provider, as the case may be, shall be owned or deemed owned by such Party for all purposes. Subject to the foregoing,
the Parties acknowledge that all Proprietary Information provided or created by Service Provider in rendering the Services (or rendering
Services in respect of the Assets prior to the Effective Date) is and shall be the sole and exclusive property of Company.

 

    25

     

    

 

6.17        Confidentiality.
Except as specifically provided in this Agreement, the Parties agree that any and all information that is not otherwise publicly available
(“Confidential Information”) communicated by one Party or its employees or representatives (the “Disclosing
Party”) to the other Party or its employees or representatives (the “Receiving Party”), whether
disclosed before or after the Effective Date, (a) shall be treated as confidential, proprietary, and trade secret information of Disclosing
Party, (b) shall be held in strict confidence by the Receiving Party, (c) shall be used only for purposes of this Agreement by the Receiving
Party, and (d) that no Confidential Information, including the provisions of this Agreement and the Proprietary Information, shall be
disclosed by the Receiving Party, its Affiliates, Subsidiaries or contractors, and each of their respective directors, managers, officers,
employees, consultants, agents, or representatives (“Representatives”), without the prior written consent of
the Receiving Party. The Receiving Party shall limit access to the Disclosing Party’s Confidential Information to only those of
its Representatives that are bound by obligations that are substantially similar to those contained in this Section 6.17. The
Receiving Party shall safeguard Confidential Information with at least the same degree of care (which shall always be at least a reasonable
amount of care) that it uses to safeguard its own confidential, proprietary, and trade secret information of a similar nature. This Section
6.17 shall not apply to information (i) which is in the public domain (other than through its unauthorized disclosure by Receiving
Party or its Representatives), (ii) which the Receiving Party legitimately had in its possession prior to receiving it from the Disclosing
Party, (iii) which the Receiving Party legitimately obtained from a Third Party who rightfully acquired such information, or (iv) which
the Receiving Party independently developed without reference to the information received from the Disclosing Party. If the Receiving
Party must disclose any Confidential Information pursuant to applicable Law or regulator or by operation of Law, the Receiving Party
may disclose only such minimum Confidential Information as is legally required following the Receiving Party providing reasonable advance
notice to the Disclosing Party of such requirement and a reasonable opportunity to object to such disclosure at the Disclosing Party’s
sole expense. In any event, the Receiving Party shall be fully liable for any breach of this Agreement by its Representatives and agrees,
at its sole expense, to take all reasonable measures to restrain its Representatives from any prohibited or unauthorized disclosure or
use of the Disclosing Party’s Confidential Information. This Section 6.17 shall survive the termination of this Agreement
for a period of two (2) years. Each Party acknowledges that the unauthorized disclosure or use of Confidential Information could cause
irreparable harm and significant injury, the precise measure of which would be difficult to ascertain. Accordingly, each Party will be
entitled to seek specific performance and injunctive or other equitable relief, without bond, as a remedy for any such breach or threatened
breach by the other Party, in addition to all other rights and remedies that Company may have. Notwithstanding anything contained in
this Section 6.17 to the contrary, information constituting Confidential Information of Company shall be treated in accordance
with clauses (a)-(d) above regardless of whether such information was in the possession or control of Service Provider prior to the Effective
Date, except to the extent otherwise provided in Exhibit F attached hereto.

 

6.18        Preparation
of this Agreement. The Parties have read this Agreement and have voluntarily executed this Agreement. Each Party has had substantial
input into the drafting and preparation of this Agreement and has had the opportunity to exercise business discretion in relation to
the negotiation of the details of this Agreement. This Agreement is the result of arm’s- length negotiations from equal bargaining
positions. This Agreement shall not be construed against either Party, and no consideration shall be given or presumption made on the
basis of who drafted this Agreement or any particular provision of this Agreement or who supplied the form of Agreement.

 

6.19        Counterparts.
This Agreement may be executed by each Party in any number of counterparts, and each such counterpart of this Agreement shall be
deemed to be an original instrument, and all of such counterparts shall constitute for all purposes one and the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission or other electronic imaging
means (including by .pdf) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

[Signature Page Follows]

 

    26

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed by their duly authorized representatives as of the date and year first above written.

 

	 	SERVICE PROVIDER:
	 	 
	 	GREY ROCK ADMINISTRATION, LLC
	 	 
	 	By: 	/s/ Matthew Miller
	 	Name: Matthew Miller
	 	Title: Manager
	 	 
	 	COMPANY:
	 	 
	 	GRANITE RIDGE RESOURCES, INC.
	 	 
	 	By: 	/s/ Alex Dunn
	 	Name: Alex Dunn
	 	Title: Chief Executive Officer, Chief Financial
    Officer and President
	 	 
	 	Executing this Agreement solely for
    purposes of Section 3.8:
	 	 
	 	GR FUND IV:
	 	  
	 	Grey Rock Energy Fund IV-A, LP
	 	By: Grey Rock Energy Partners GP IV-A,
    L.P.,
	 	its general partner
	 	By: GREP GP IV Holdings, LLC, its general partner
	 	By: Grey Rock Energy Partners GP IV, L.P., its
    sole member
	 	By: GREP GP IV, LLC, its general partner
	 	 
	 	By: 	/s/ Matthew Miller
	 	Name: Matthew Miller
	 	Title: Manager

 

Signature Page

 to Management Services Agreement

 

    

    

    

 

	 	Grey Rock Energy Fund IV-B, LP
	 	By: Grey Rock Energy Partners GP IV-B, L.P.,
	 	its general partner
	 	By: GREP GP IV Holdings, LLC, its general partner
	 	By: Grey Rock Energy Partners GP IV, L.P., its sole member
	 	By: GREP GP IV, LLC, its general partner
	 	 
	 	By:	/s/ Matthew Miller
	 	Name: Matthew Miller
	 	Title: Manager
	 	 
	 	 
	 	Grey Rock Energy Fund IV-B Holdings, LP
	 	By: Grey Rock Energy Partners GP IV-B, L.P.,
	 	its general partner
	 	By: GREP GP IV Holdings, LLC, its general partner
	 	By: Grey Rock Energy Partners GP IV, L.P., its sole member
	 	By: GREP GP IV, LLC, its general partner
	 	 
	 	By:	/s/ Matthew Miller
	 	Name: Matthew Miller
	 	Title: Manager

 

Signature
Page

to Management Services Agreement

 

    

    

    

 

ANNEX
A

 

DEFINITIONS

“40
Act” is defined in Section 2.11(d).

 

“Accounting
Quarter” means, with respect to each calendar quarter in which a Quarterly Statement is delivered under Section 3.2,
the calendar quarter that immediately precedes the calendar quarter in which such Quarterly Statement is to be delivered under Section
3.2.

 

“Affiliate”
means, with respect to any Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled
by or is under common control with, such Person. The term “control” and its derivatives with respect to any Person means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether
through the ownership of voting securities or partnership or other ownership interests, by contract or otherwise. Notwithstanding the
foregoing, for purposes of this Agreement, neither Company nor any of its Subsidiaries shall be an Affiliate of Service Provider or any
of its Affiliates, and neither Service Provider nor any of its Affiliates shall be an Affiliate of Company or any of its Subsidiaries.

 

“Agreed Rate”
means the United States prime rate as published in the “Money Rates” section of The Wall Street Journal, plus 300 basis points.

 

“Agreement” is defined in the
preamble.

 

“Asset
Taxes” means ad valorem, property, excise, severance, production, sales, use and similar taxes based upon the operation
or ownership of the Assets or the production of Hydrocarbons or the receipt of proceeds therefrom, but excluding, for the avoidance of
doubt, (x) any income, capital gain, franchise and similar taxes and (y) any transfer, sales, use and similar taxes incurred or imposed
with respect to the transfer of any of the Assets.

 

“Assets”
means (a) the Oil and Gas Leases (as defined in the BCA) and Oil and Gas Properties (as defined in the BCA) and (b) any additional oil,
gas and other Hydrocarbon assets and/or other assets and properties acquired by Company or any of its Subsidiaries.

 

“Audit Period” is
defined in Section 3.5(a).

 

“Bankruptcy”
means, with respect to any Person: (a) the filing by such Person of a voluntary petition seeking liquidation, reorganization, arrangement
or readjustment, in any form, of its debts under the United States Bankruptcy Code (or corresponding provisions of future Laws) or any
other insolvency Law, or a Person’s filing an answer consenting to or acquiescing in any such petition; (b) the making by such Person
of any assignment for the benefit of its creditors or the admission by a Person of its inability to pay its debts as they mature; or (c)
the expiration of 120 days after the filing of an involuntary petition under the United States Bankruptcy Code (or corresponding provisions
of future Laws) seeking an application for the appointment of a receiver for the assets of such Person, or an involuntary petition seeking
liquidation, reorganization, arrangement or readjustment of its debts under any other insolvency Law, unless the same shall have been
vacated, set aside or stayed within such 120-day period.

 

    A-1

    

    

 

“BCA” is defined in the Recitals.

 

“Burdens”
means royalties, overriding royalties, production payments, carried interests, net profits interests, reversionary interests, back-in
interests and other burdens upon, measured by or payable out of production.

 

“Business
Day” means a day other than a Saturday, Sunday or a day on which commercial banks in Dallas, Texas are authorized or required
by applicable Law to be closed for business.

 

“Change
of Control” means, (a) with respect to Service Provider, any direct or indirect change of control of Service Provider (whether
through merger, sale of shares or other equity interests, or otherwise), resulting in a direct or indirect change of least 50% or more
of the combined voting power of Service Provider’s then outstanding securities (or other ownership interests), through a single
transaction or series of related transactions, from one or more transferors to one or more transferees; and (b) with respect to Company
a “Change of Control” shall be deemed to have occurred if, after the Effective Date, (i) the beneficial ownership (as defined
in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of securities representing
more than 50% of the combined voting power of Company is acquired by any “person” as defined in sections 13(d) and 14(d) of
the Exchange Act (other than Company, any subsidiary of Company, or any trustee or other fiduciary holding securities under an employee
benefit plan of Company), (ii) the merger or consolidation of Company with or into another corporation where the shareholders of Company,
immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such
term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the
combined voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate
parent corporation, if any) in substantially the same proportion as their ownership of Company immediately prior to such merger or consolidation,
or (iii) the sale or other disposition of all or substantially all of Company’s assets to an entity, other than a sale or disposition
by Company of all or substantially all of Company’s assets to an entity, at least 50% of the combined voting power of the voting
securities of which are owned directly or indirectly by shareholders of Company, immediately prior to the sale or disposition, in substantially
the same proportion as their ownership of Company immediately prior to such sale or disposition. Notwithstanding any provision to the
contrary in this Agreement, a “Change of Control” shall not be deemed to have occurred if any securities of a Person or any
or all of its assets are transferred or distributed to any of its Affiliates, Subsidiaries, parents, stockholders, members or other interest
holders.

 

“Company” is defined in the preamble.

 

“Company
Common Stock” means the common stock of Company, par value $0.0001 per share.

 

“Company
Group” means Company and its Subsidiaries.

 

“Company Group Costs” is defined in Section 3.3.

 

    A-2

    

    

 

“Company
Indemnified Parties” means Company and its Affiliates and its and their contractors and subcontractors (other than Service
Provider), and its and their employees, officers, directors, shareholders, partners, owners, members, managers, agents and representatives.

 

“Company
Records and Data” means (i) all records, books, accounts, files, and other information in any way relating to the Assets,
including all such records, books, accounts and files maintained in computer-sensible form, whether on magnetic tape, disks, or other
storage media, together with the computer software and programs required to enter, delete, read, manipulate, revise, append, transfer,
communicate, and/or print data therein, and including all title and contract files, legal files, well files, accounting records, billings,
invoices, statements, receipts, logs, tank tables, daily gauge and run tickets, logs, seismological sections, correspondence, interpretations,
reserve reports and other reports, and other data, information, and instruments in any way relating to the Assets; and (ii) all data and
information contained in any of the records, books, accounts, files, and/or materials described above.

 

“Confidential
Information” is defined in Section 6.17.

 

“Contract”
means any written or oral: contract; agreement; agreement regarding indebtedness; indenture; debenture; note, bond or loan; collective
bargaining agreement; mortgage; license agreement; farmin or farmout agreement; participation, exploration or development agreement; crude
oil, condensate or gas purchase and sale, gathering, processing, transportation or marketing agreement; operating agreement; balancing
agreement; unitization agreement; facilities or equipment lease; production handling agreement; or other similar contract, but in each
case specifically excluding, however, any Lease, right-of-way, permit or other instrument (other than acquisition or similar sales or
purchase agreements) creating, evidencing or assigning any interest in any Asset that constitutes real property or any other property
related to or used or held for use in connection with the ownership or operation of any Asset.

 

“Designated
Employees” means the employees of Service Provider who provide Services to the Company Group and includes any replacements
of any Designated Employees made in accordance with Section.

 

“Disclosing
Party” is defined in Section 6.17.

 

“Early
Termination” means any termination of this Agreement (a) by Company pursuant to Section 4.2(a) or 4.2(b)(i)
(x) prior to the end of the Initial Term or (y) if terminated during a Renewal Term, if less than ninety (90) days written notice is
given by Company or (b) by Service Provider pursuant to Section 4.2(e).

 

“Effective Date”
is defined in the preamble.

 

“Excluded
Services” is defined in Section 2.2(c).

 

“Force
Majeure Event” means any event not reasonably within the control of the Party claiming the force majeure, including
the following to the extent such events are not reasonably within the control of the Party claiming the force majeure: a failure of
performance by any Third Party, act of God, act of the public enemy, war, blockage, public riot, act of terrorism, act of nature,
explosion, politically motivated or otherwise widespread strikes, suspensions, interruptions, work slow-downs or labor disruptions,
governmental action (including changes in Laws or policies with the effect of Law or, in each case, the enforcement thereof),
governmental delay or restraint (including with respect to the issuance of permits) and epidemics or pandemics (and the government
response to such epidemics or pandemics).

 

    A-3

    

    

 

“GAAP” means United States generally
accepted accounting principles.

 

“Governmental
Authority” means any federal, state, local, municipal, tribal or other government; any governmental, regulatory or administrative
agency, commission, body or other authority exercising or entitled to exercise any administrative, executive, judicial, legislative, regulatory
or taxing authority or power; and any court or governmental tribunal, including any tribal authority having or asserting jurisdiction.

 

“GR Fund IV” is defined in the
preamble.

 

“Hydrocarbons”
means oil, gas, condensate and other gaseous and liquid hydrocarbons or any combination thereof.

 

“Independent
Director” means a member of Company’s board of directors who is “independent” in accordance with the rules
of the applicable National Securities Exchange and otherwise disinterested with respect to the specific matter and has no direct or indirect
material relationship with Service Provider and its Affiliates, including that would interfere with the exercise of independent judgment
by such director, as determined by the Independent Directors.

 

“Initial
Term” is defined in Section 4.1.

 

“Investment
Committees” means (i) with respect to Company, the individuals designated below Company’s name on Exhibit E
attached hereto, as the same may be updated by Company in its sole discretion, and (ii) with respect to GR Fund IV, the individuals designated
below GR Fund IV’s name on Exhibit E attached hereto, as the same may be updated by GR Fund IV in its sole discretion.

 

“Investment
Opportunity” means any potential direct or indirect acquisition of, or investment in, any operated or non-operated oil,
gas or other Hydrocarbon assets in North America (including any oil and gas leases or interests and mineral fee interests, royalty interests,
overriding royalty interests, net profits interests, wells, or any other interests in Hydrocarbons, or options to acquire the same (whether
through option agreements, farmout agreements, participation agreement, purchase agreements or other agreements) in, under, covering or
that may be produced and saved from, lands located in North America), but expressly excluding any gathering systems or other midstream
or downstream assets.

 

“Key
Person Event” means not less than two (2) of the Key Persons is no longer devoting the primary portion of their business
time to Service Provider or any of its Affiliates, which, for purposes of this definition, shall expressly include, without limitation,
GR Fund IV, any Subsequent GR Funds and any other private funds or other investment vehicles (whether or not any such private funds or
investment vehicles has as its investment objective the acquisition of oil and gas assets) to which Service Provider or any of its Affiliates
provides management or administrative services.

 

    A-4

    

    

 

“Key Persons” means such persons
identified on Schedule A.

 

“Laws”
means any applicable constitution, decree, resolution, law, statute, act, ordinance, rule, directive, order, treaty, code or regulation
and any injunction or final non-appealable judgment or any interpretation of the foregoing, as enacted, issued or promulgated by any Governmental
Authority.

 

“Leases”
means all oil and gas and/or other Hydrocarbon leases, subleases and other leases, fee mineral interests, royalty interests, overriding
royalty interests, net profits interests, carried interests, reversionary interests, or other similar interests owned by the Company Group,
together with any and all other right, title and interest of the Company Group in and to the leasehold estates and other interests created
thereby, and all other rights therein and the lands covered thereby or pooled or unitized therewith, subject to the terms, conditions,
covenants and obligations set forth in such leases or interests, and all other interests of the Company Group of any kind or character
in such leases (including, for the avoidance of doubt the Oil and Gas Leases as defined in the BCA).

 

“Liabilities”
means any and all (a) claims, including those for property damage, pollution (including response costs, remediation costs, environmental
damage and damages to natural resources), bodily injury, personal injury, illness, disease, maintenance, cure, loss of parental or spousal
consortium, wrongful death, loss of support, death, and wrongful termination of employment, and (b) damages, liabilities, losses, demands,
liens, encumbrances, fines, penalties, causes of action of any kind (including actions in rem or in personam), obligations, costs, judgments,
interest and awards (including payment of attorneys’ fees and costs of litigation and investigation costs) and amounts, of any kind
or character, (in each case) whether arising in connection with judicial proceedings, administrative proceedings or otherwise.

 

“Malfeasance”
means: insofar and only insofar as any of the following either (1) has resulted in or would reasonably be expected to result in material
damage or harm to Company as a direct result thereof, or (2) would prevent or materially hinder Service Provider’s ability to perform
the Services under this Agreement: (i) with respect to Service Provider, any act or omission by it or its Affiliates or its or their officers,
directors, partners, members, managers, employees or personnel that constitutes actual fraud (not constructive or negligent fraud), willful
misconduct, or gross negligence and (ii) with respect to any Designated Employee, (A) commission by such Designated Employee of theft,
embezzlement, or any other act of material dishonesty relating to the Company Group, (B) the criminal indictment or conviction of any
Designated Employee of, or if a Designated Employee pleads guilty or nolo contendere to, or commits, a felony or any lesser crime having
as its predicate element actual fraud or misappropriation relating to the Company Group, or (C) except to the extent such receipt, handling
or disbursement of Company Group’s funds has been approved or consented to by Company, Company Group, or Company’s chief executive
officer or chief financial officer, the failure to take a reasonable and high degree of care and security in connection with exercising
or supervising, on behalf of Service Provider, Service Provider’s responsibilities under this Agreement relating to receipt, handling
or disbursement of Company Group’s funds.

 

    A-5

    

    

 

“Material
Acquisition” means an acquisition (whether direct or indirect) of Assets by any member of the Company Group of the type
that would require disclosure by Company under Item

2.01 of Form 8-K.

 

“National
Securities Exchange” means any national securities exchange or nationally recognized automated quotation system on which
the shares of the Company Common Stock are listed, traded, exchanged or quoted.

 

“Party” and “Parties”
are defined in the preamble.

 

“Person”
means any individual, firm, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization,
Governmental Authority or any other entity.

 

“Privileged
Materials” is defined in Section 2.14.

 

“Proprietary
Information” means any patent, copyright and other intellectual property rights in the methodologies, processes, models,
strategic plans and other information about the disclosing Party’s business, industry, products and services, practices, plans,
specifications, operation methods, pricing, costs, techniques, manuals, know-how and other intellectual property, in written, oral or
other tangible form, provided by one Party to another Party or its Representative.

 

“Quarterly
Services Fee” is defined in Section 3.1.

 

“Quarterly
Statement” is defined in Section 3.2(a).

 

“Receiving
Party” is defined in Section 6.17.

 

“Reimbursable
Costs” is defined in Section 3.1.

 

“Remainder
Offer” is defined in Section 3.8(b)(i).

 

“Remaining
Services Fee” means the amount of any unpaid Service Fees applicable to the remainder of the Term (which, for the avoidance
of doubt, will include the following Renewal Term in the event of an Early Termination under subpart (a)(x) of such definition) as of
the date of the termination of this Agreement, calculated as the product obtained by multiplying the amount calculated in subpart (i)
below by the amount calculated in subpart (ii) below:

 

		(i)	the quotient obtained by dividing (A) $10,000,000, by (B) 365,

 

multiplied by

 

(ii)  
the number of calendar days between (and counting) (A) the Termination Effective Date and (B) to (and counting) April 30, 2028
(or if applicable, the later date that is the last day of the applicable Renewal Term).

 

    A-6

    

    

 

As
examples, (A) if the Termination Effective Date relating to an Early Termination is December 16, 2026, then the Remaining Services
Fee would be $13,753,424.70 (i.e., $10,000,000/365, or $27,397.26 multiplied by 502 calendar days), and the amount to be paid by
Company under Section 4.5 would be $6,876,712.33; and (B) if the Termination Effective Date relating to an Early Termination Fee is
December 16, 2025, then the Remaining Services Fee would be $23,753,424.62 (i.e., $10,000,000/365, or $27,397.26 multiplied by 867
calendar days), and the amount to be paid by Company under Section 4.5 would be $10,000,000.

 

“Renewal
Term” is defined in Section 4.1.

 

“Representatives”
is defined in Section 6.17.

 

“SEC” means the United States
Securities and Exchange Commission.

 

“Sellers” is defined in the Recitals.

 

“Service Provider” is defined in
the preamble.

 

“Service
Provider Indemnified Parties” means Service Provider and its Affiliates and its and their contractors and subcontractors,
and its and their employees, officers, directors, shareholders, partners, owners, members, managers, agents and representatives.

 

“Service
Provider Standards” is defined in Section 2.11(a).

 

“Services”
is defined in Section 2.2(a).

 

“Services
Fee” is defined in Section 3.1.

 

“Shared
Investment Allocation Percentages” means, (i) with respect to Company, seventy-five percent (75%), and (ii) with respect
to GR Fund IV, twenty-five percent (25%).

 

“Shared
Investment Election Notice” is defined in Section 3.8(b)(i).

 

“Shared
Investment Notice” is defined in Section 3.8(b)(i).

 

“Shared
Investment Opportunity” means an Investment Opportunity that is sourced by Service Provider, Company, or any of their respective
Affiliates or that GR Fund IV or any Subsequent GR Fund otherwise desires to participate in.

 

“Shared
Investment Period” is defined in Section 3.8(d).

 

“Subsequent GR Fund” is defined in Section
3.8(g).

 

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

 

    A-7

    

    

 

“Technology Threshold”
means $267,000.

 

“Term”
is defined in Section 4.1.

 

“Termination
Effective Date” means the date on which this Agreement terminates in accordance with Section 4.1 or Section 4.2.

 

“Termination
Notice” is defined in Section 4.2(a).

 

“Third Party”
means a Person other than Service Provider and its Affiliates and any Person in the Company Group.

 

“Transition Services Period”
is defined in Section 4.4.

 

    A-8

    

    

 

Exhibit
A

 

SERVICES

 

“Services”
shall include general management, administrative and operating services and include, collectively, the Management Services and the Assets
Services. At all times, Service Provider’s provision of the Services will be subject to the terms of this Agreement.

 

The “Management Services” include,
but are not limited to, the following:

 

1.             General.
Service Provider will (a) execute and carry out any lawful decisions or courses of action with respect to the Services that have been
approved by Company in writing, (b) maintain Company Records and Data for accounting, tax, regulatory, SEC reporting, compliance reporting
requirements under any Contract, and for such other matters as are generally necessary for the conduct of the business of Company as
owner of the Assets, (c) assist and support Company in general planning, investment and budgeting activities, and (d) coordinate and
manage Company’s applicable reporting requirements for regulatory, tax, environmental or local compliance purposes.

 

2.             Overhead
Services. Service Provider will provide all general and administrative overhead services required for Company to conduct its business
and operations including with respect to owning and maintaining the Assets, participating as a non-operating working interest owner in
operations and as an overriding royalty interest owner with respect to the Assets as applicable.

 

3.            
Management. Service Provider will provide services in respect of the general management of the business of the Company Group,
including, (a) services necessary to satisfy Company’s contractual obligations and obligations under applicable Law, (b) assisting
Company and the Chief Financial Officer of Company with managing and overseeing the services of third party service providers including
third party accounting and engineering firms, and (c) services necessary to (i) administer, perform and comply with all covenants contained
in the Leases and Contracts relating to the Assets, and (ii) enforce or cause Company to enforce (or assist or cause Company to assist
in enforcing) Company’s rights against counterparties under any applicable Leases or Contracts, including enforcing any such rights
in respect of a breach of representations, warranties and/or obligations, in each case, as may be appropriate in the reasonable discretion
of Service Provider in connection with the performance of the Services and under the applicable Leases and Contracts or as reasonably
directed by Company, and administer, perform and comply with any and all other acts and responsibilities delegated to Service Provider
under this Agreement, in each case in accordance with the Service Provider Standards.

 

    A-1

    

    

 

4.             Tax,
Financial and Accounting Services. Service Provider will, under the supervision of the Chief Executive Officer and Chief
Financial Officer of Company, (a) administer the tax, financial, treasury, risk management (including commodity hedging), internal
audit and accounting affairs of Company (including performing processing, administration of joint interest billings and lease
operating expenditures, record keeping, administration of accounts and other routine service functions) and maintenance of
appropriate computer services to perform such functions; (b) maintain the tax, financial and accounting records of Company; (c)
supervise and oversee financial and tax reporting (including preparation and distribution of financial statements, notices and
reports (including reports to Governmental Authorities and Contract counterparties)) relating to the business of the Company Group
and the Assets; (d) prepare all reports reasonably requested by the executive officers of Company for the board of directors of
Company; (e) assisting Company with communications, on Company’s behalf, with the holders of any of Company’s equity or
debt securities as required to satisfy the reporting and other requirements of any Governmental Authorities or trading markets and
to maintain effective relations with such holders; and (f) perform such other tax, financial and accounting services for Company as
Company may reasonably request.

 

5.             Maintenance
of Company Records and Data. Service Provider shall maintain on behalf of the Company Group all Company Records and Data. All Company
Records and Data maintained in electronic form shall be logically separate from all electronic records and data of Service Provider and
its Affiliates.

 

6.             Third Party Services. Service Provider will (a) engage and manage outside legal, accounting and tax services for Company
including, at Company’s expense, engaging professionals to provide the Company Group with legal, accounting or tax counseling or
recordkeeping services in relation to the business of the Company Group, and at Company’s expense and subject to Section 2.2(c)
of this Agreement, initiating, maintaining, investigating, participating, defending, and settling any claims, actions or proceedings to
which any member of the Company Group is a party or which involve the business of the Company Group; (b) engage and manage engineering,
operations and other technical consulting services as are required in connection with the business of the Company Group; (c) provide (or
cause to be provided) information technology services that are necessary for the Company Group to perform and otherwise complete its business
activities, including services for (i) management and maintenance of computer networks and databases, technology systems, phone networks
and plans, (ii) the development and implementation of plans and standards relating to information technology and procurement, (iii) the
development and implementation of security policies and systems for the computer databases and technology systems of the Company Group,
and (iv) the procurement and acquisition of any other information technology services requested by Company; and (d) engage, manage and
oversee contract landmen, brokers and title attorneys to evaluate, determine, and if necessary, clear title to lands associated with the
wells and acreage comprising the Assets.

 

7.            Acquisition,
Financing and Business Development Activities. Service Provider will support and undertake certain acquisition, financing,
hedging and marketing and business development activities on behalf of the Company Group, including (a) with the approval of
Company, pursuing, structuring, negotiating, and acquiring investments in additional Assets; (b) assisting Company in developing
criteria for financing that is specifically tailored to Company’s investment objectives; (c) advising Company with respect to
obtaining appropriate financing for Company’s investments; (d) attending and participating in oil and gas conferences, expos,
seminars and other A&D-focused activities, in each case, such activities to be similar in scope with those provided by Service
Provider prior to the Effective Date.

 

8.             Sale
Preparation; Marketing Efforts. At Company’s request, Service Provider will take such actions to prepare (and arrange for)
all or any portion of the Assets to be sold or otherwise disposed of and otherwise manage and administer the sale or divestiture of
any Asset(s), in each case as required or permitted under the Leases and applicable Contracts.

 

    A-2

    

    

 

9.           
Contract Administration. Negotiate, administer and terminate Leases and Contracts, by and on behalf of Company, in the ordinary
course of business. All such Leases and Contracts will be executed by Company or another member of the Company Group.

 

The “Asset Services” include, but
are not limited to, the following:

 

1.             Land
Services. Service Provider shall provide all necessary land related, lease, division order and land administration services with
respect to the Assets owned by the Company Group in the normal course of business, including the following (in each case, in the normal
course of business):

 

		(a)	review, analyze, respond to and perform all tasks related to the analysis of, and
election to participate in, any well workover, recompletion, well-stimulation re- frac, or similar operations on the Assets;

 

		(b)	administer, maintain and update all land records, Contracts and databases related
to the Assets;

 

		(c)	administer, maintain and update all Leases, operating agreements, and other Contracts
related to the Assets;

 

		(d)	administer, maintain and update all accounts, reports, databases and records associated
with compulsory pooled interests related to the Assets;

 

		(e)	verify and process all material internal and external division orders and transfer
orders;

 

		(f)	interface with operators and other non-operators who jointly own the Assets;

 

		(g)	maintain all material land, Contract, division of interest, Lease files, and other
files relating to the land administration functions; and

 

		(h)	pay and discharge, on behalf of Company Group and as a Company Group Cost, any
member of Company Group’s share of all expenses incurred under operating agreements, arrange for the timely and proper payment of
Asset Taxes to any Governmental Authorities, make timely payment to royalty owners and third party working interest owners, and pay and
discharge, on behalf of Company Group and as a Company Group Cost, all other liabilities related to the Assets.

 

2.             Information.
Service Provider will maintain the following data and reports received by Service Provider or any member of the Company Group from the
applicable operator with respect to the Assets:

 

		(a)	copies of all well logs and surveys furnished by the operator(s) of the Assets
(to the extent provided to the Company Group or to the extent newly drilled);

 

    A-3

    

    

 

		(b)	regular drilling, workover or similar operations reports furnished by the operator(s)
of the Assets;

 

		(c)	copies of all plugging and abandonment reports;

 

		(d)	files and well performance reports, including reservoir studies and reserve estimates;
and

 

		(e)	Lease documents, Contracts, title instruments and title files.

 

3.             Maintenance
of Asset Records. Service Provider shall maintain, separately and in accordance with GAAP, on behalf of the Company Group, as Company
Records and Data, complete and accurate books of account and financial records reflecting the results of operations of the Company Group
relating to the Assets, including (i) complete and accurate accounts and records of all Company Group Costs and all other expenses, costs,
and liabilities accrued or incurred by or on behalf of Company, including all Asset Taxes and Burdens paid on Hydrocarbons in connection
with the Assets, and (ii) complete and accurate accounts and records of all revenues accrued, invoiced, and/or received by Company in
connection with the Assets. Service Provider shall, at the request of the Company Group, carry out or cause to be carried out an annual
Asset- level audit of such books and records and shall assist Company and its representatives in connection with the preparation by Company
of the Company Group audited financial statements.

 

    A-4Exhibit 10.3

 

GRANITE RIDGE RESOURCES, INC.

2022 OMNIBUS INCENTIVE PLAN

 

1.                  
PURPOSE OF THE PLAN. The purpose of the 2022 Omnibus Incentive Plan (the “Plan”) is to provide favorable
opportunities for directors, officers, employees, consultants or advisors employed by or providing service to Granite Ridge Resources,
Inc., a Delaware corporation (the “Company”), or any of its Subsidiaries, to acquire shares of common stock,
par value $0.0001 per share, of the Company (“Common Stock”) or to benefit from the appreciation thereof. Such
opportunities should provide an increased incentive for these individuals to contribute to the future success and prosperity of the Company,
thus enhancing the value of the Company’s Common Stock for the benefit of the stockholders, and increase the ability of the Company
to attract and retain individuals of exceptional skill upon whom, in large measure, its sustained progress, growth and profitability depend.

 

2.                  
DEFINITIONS.

 

(a)               
Award means any (i) Options, (ii) Stock Appreciation Rights, (iii) Restricted Shares, (iv) Restricted Stock Units,
(v) Dividend Equivalents, (vi) Cash Awards or (vii) Other Awards, granted under the Plan, whether granted singly, in combination or in
tandem to a Participant.

 

(b)              
Award Agreement means the written agreement between the Company and a Participant that sets forth the terms, conditions,
performance requirements, limitations and restrictions applicable to an Award.

 

(c)               
Board means the Board of Directors of the Company.

 

(d)              
Cash Award means an Award granted pursuant the Plan and payable in cash at such time or times and subject to such terms
and conditions as determined by the Committee in its sole discretion.

 

(e)               
Change of Control means the occurrence of any of the following events:

 

		(i)	any “person” (as that term is used in Sections 13 and 14(d)(2) of the Exchange Act) other
than a Permitted Holder (as defined below) is or becomes the beneficial owner (as that term is used in Section 13(d) of the Exchange Act),
directly or indirectly, of 50% or more of either the outstanding shares of Common Stock or the combined voting power of the Company’s
then outstanding voting securities entitled to vote generally,

 

		(ii)	during any period of two consecutive years, individuals who constitute the Board at the beginning of such
period cease for any reason to constitute at least a majority thereof, unless the election or the nomination for election by the Company’s
stockholders of each new director was approved by a vote of at least three-quarters of the directors then still in office who were directors
at the beginning of the period, or

 

		(iii)	the Company undergoes a liquidation or dissolution or a sale of all or substantially all of the assets
of the Company.

 

     

     

    

 

No merger, consolidation or corporate reorganization in
which the owners of the combined voting power of the Company’s then outstanding voting securities entitled to vote generally
prior to said combination, own 50% or more of the resulting entity’s outstanding voting securities shall, by itself, be
considered a Change of Control. As used herein, “Permitted Holder” means (A) the Company, (B) any
corporation, partnership, trust or other entity controlled by the Company, (C) any employee benefit plan (or related trust)
sponsored or maintained by the Company or any such controlled entity, and (D) any of GREP Holdco I
LLC, a Delaware limited liability company, GREP Holdco II LLC, a Delaware limited liability company, GREP Holdco II-B Holdings LLC,
a Delaware limited liability company, GREP Holdco III-A LLC, a Delaware limited liability company, and GREP Holdco III-B Holdings
LLC, a Delaware limited liability company, and their respective Affiliates.

 

(f)                
Code means the Internal Revenue Code of 1986, as amended. All section references to the Code in this Plan are intended
to include any amendments or substitutions thereof or subsequent to the adoption of the Plan.

 

(g)               
Committee means the Compensation Committee of the Board. If there is no Compensation Committee of the Board, the term
 “Committee” shall be deemed to refer to the Board for all purposes under the Plan.

 

(h)              
Common Stock has the meaning set forth in Section 1 of the Plan.

 

(i)                
Company Group means, collectively, the Company and its Subsidiaries.

 

(j)                
Dividend Equivalents means a right granted to a Participant under the Plan to receive the equivalent value (in cash
or shares of Common Stock) of dividends paid on shares of Common Stock.

 

(k)              
Eligible Individuals means any of the following individuals: (i) directors, officers, managers, and employees of
the Company Group, or (ii) consultants or advisors to the Company Group.

 

(l)                
Exchange Act means the Securities Exchange Act of 1934, as amended. References to any specific section of the Exchange
Act shall be deemed to include such regulations and guidance issued thereunder, as well as any successor section, regulations or guidance.

 

(m)            
Exercise Price means the exercise price per share of Common Stock specified in an Option or Stock Appreciation
Right.

 

(n)              
Fair Market Value means, with respect to shares of Common Stock, unless otherwise required by any applicable provision
of the Code or any regulations issued thereunder, as of any date: (i) if the Common Stock is listed on a national securities exchange,
the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date,
or, if there are no such sales on that date, then on the last preceding date on which such sales were reported; (ii) if the Common
Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last-sale basis, the average
between the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then on the last preceding
date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer
quotation system on a last-sale basis, the amount determined by the Committee in good faith to be the fair market value of the Common
Stock. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to the date on which the
Award is granted. For purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise is received by
the Committee or, if not a date on which the applicable market is open, the next day on which such market is open.

 

    2

     

    

 

(o)               
 Incentive Stock Option means an Option intended, as expressed in the Award Agreement, to meet the requirements
of an “incentive stock option” as defined in Section 422(b) of the Code and the regulations thereunder.

 

(p)              
Non-Employee Director means a member of the Board who is not an employee of any member of the Company Group.

 

(q)              
Non-Qualified Stock Option means an Option that is not an Incentive Stock Option.

 

(r)               
Option means a right to purchase shares of Common Stock at a stated price. An Option may either be an Incentive
Stock Option or a Non-Qualified Stock Option.

 

(s)                
Other Award means an Award designated as an Other Award pursuant to this Plan.

 

(t)                
Participant means an Eligible Individual to whom one or more Awards are or have been granted under this Plan and
have not been fully settled or cancelled and, following the death of any such person, his successors, heirs, executors and administrators,
as the case may be.

 

(u)              
Person means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange
Act).

 

(v)               
Plan means this Granite Ridge Resources, Inc. 2022 Omnibus Incentive Plan, as set forth herein and as it may be
amended from time to time.

 

(w)             
Qualifying Director means a Director who is (i) a “non-employee director” within the meaning of Rule 16b-3
under the Exchange Act and (b) “independent” under the listing standards or rules of the securities exchange upon which the
Common Stock is traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards
or rule.

 

(x)               
Restricted Stock means a share of Common Stock that may be subject to certain transferability and other restrictions
and to a risk of forfeiture (including by reason of not satisfying certain performance goals).

 

(y)               
Restricted Stock Unit means a right to receive a share of Common Stock at a future date (or an amount in cash or
other consideration determined by the Committee to be of equal value as of such date), which may be conditioned on the satisfaction of
certain requirements (including the satisfaction of certain performance goals).

 

(z)               
Stock Appreciation Right means a right to receive, with respect to each share of Common Stock subject to such Stock
Appreciation Right, value in an amount equal to the excess, if any, of (i) the Fair Market Value of a share of Common Stock on the day
of exercise or the trading day immediately preceding the date of exercise, as determined by the Administrator in its reasonable discretion
over (ii) the Exercise Price of such Stock Appreciation Right.

 

(aa)            Sub-Plan means
any sub-plan to the Plan that has been adopted by the Board or the Committee for the purpose of permitting or facilitating the
offering of Awards to employees of certain designated Subsidiaries organized under the laws of any jurisdiction other than the
United States of America or otherwise outside the jurisdiction of the United States of America, with each such Sub-Plan designed to
comply with applicable law in such foreign jurisdictions. Although any Sub-Plan may be designated a separate and independent plan
from the Plan in order to comply with applicable law, the Plan Share Reserve and the other limits specified in
Section 4 of the Plan shall apply in the aggregate to the Plan and any Sub-Plan adopted
hereunder.

 

    3

     

    

 

(bb)          
Subsidiaries has the meaning given to such term by Section 424 of the Code.

 

(cc)            
Termination means the termination of a Participant’s employment or service, as applicable, with the Company or
Subsidiary with which such Participant was principally employed or to which such Participant provided services, for any reason (including
death or disability).

 

3.                  
ADMINISTRATION.

 

(a)               
General. The Committee shall administer the Plan, except to the extent such administration has been delegated pursuant to Section
3(c) of the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act, it is intended
that each member of the Committee shall, at the time such member takes any action with respect to an Award under the Plan that is intended
to qualify for the exemptions provided by Rule 16b-3 promulgated under the Exchange Act be a Qualifying Director, or, to the extent that
each member of the Committee is not a Qualifying Director, such action shall be instead taken by the Board . However, the fact that a
Committee member shall fail to qualify as a Qualifying Director shall not invalidate any Award granted by the Committee that is otherwise
validly granted under the Plan.

 

(b)              
Committee Authority.   Subject to the provisions of the Plan and applicable law, the Committee shall have the
sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to (i) designate
Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of shares
of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with,
Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances
Awards may be settled in, or exercised for, cash, shares of Common Stock, other securities, other Awards or other property, or canceled,
forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine
whether, to what extent, and under what circumstances the delivery of cash, shares of Common Stock, other securities, other Awards, or
other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant
or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission
in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive
any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the Plan; (ix) adopt
Sub-Plans; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the
administration of the Plan.

 

(c)               
Delegation.   Except to the extent prohibited by applicable law, the Committee may allocate all or any portion
of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers
to any Person or Persons selected by it, which shall then be considered the Committee for such purposes. Any such allocation or delegation
may be revoked by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one or more
officers of the Company the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which
is the responsibility of, or which is allocated to, the Committee herein, and which may be so delegated in accordance with applicable
law, except with respect to grants of Awards to Persons (i) who are Non-Employee Directors, or (ii) who are subject to Section 16 of the
Exchange Act.

 

    4

     

    

 

(d)              
 Finality of Decisions.   Unless otherwise expressly provided in the Plan, all designations, determinations,
interpretations, and other decisions under or with respect to the Plan, any Award or any Award Agreement shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive and binding upon all Persons, including, without limitation,
the Company Group, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company.

 

(e)               
Indemnification.   No member of the Board, the Committee, or any employee or agent of any member of the Company
(each such Person, an “Indemnifiable Person”) shall be liable for any action taken or omitted to be taken or
any determination made with respect to the Plan or any Award hereunder (unless constituting fraud or a willful criminal act or omission).
Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense
(including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from
any action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved
by reason of any action taken or omitted to be taken or determination made with respect to the Plan or any Award hereunder.

 

(f)                
Board Authority. Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at
any time and from time to time, grant Awards and administer the Plan, with respect to such Awards. Any such actions by the Board shall
be subject to the applicable rules of the securities exchange or inter-dealer quotation system on which the Common Stock is listed or
quoted. In any such case, the Board shall have all the authority granted to the Committee under the Plan.

 

4.                  
AWARDS, IN GENERAL.

 

(a)               
Number of Shares. The aggregate number of shares of Common Stock which may be issued under the Plan and with respect to which
Awards may be made is 6,500,000 shares (the “Plan Share Reserve”). The shares may be authorized and unissued
or issued and reacquired shares, as the Board from time to time may determine. Shares with respect to which Options or Stock Appreciation
Rights are not exercised prior to termination of the Option or Stock Appreciation Right, shares that are subject to Restricted Stock Units
which expire without converting to Common Stock, and shares of Restricted Stock which are forfeited before the restrictions lapse, shall
be available again for issuance under the Plan. Notwithstanding the foregoing, neither (i) shares accepted by the Company in payment of
the Exercise Price of any Option, if permitted under the terms of such Option, (ii) any shares withheld from a Participant, or delivered
to the Company in satisfaction of required withholding taxes arising from Awards under the Plan, nor (iii) the difference between the
total number of shares with respect to which a Stock Appreciation Right is awarded and the number of shares actually delivered upon exercise
of such Stock Appreciation Right, shall be available for reissuance under the Plan.

 

(b)              
Additional Limitations. Subject to Section 10 of the Plan, (i) no more than the number of shares of Common Stock
equal to the Plan Share Reserve may be issued in the aggregate pursuant to the exercise of Incentive Stock Options granted under
the Plan; and (ii) during a single fiscal year, the number of Awards eligible to be made to each Non-Employee Director, taken together
with any cash fees paid to such Non-Employee Director during such fiscal year, in each case, in respect of service s a Non-Employee Director
during such fiscal year, shall not exceed a total value of $750,000 (calculating the value of any such Awards based on the grant date
fair value of such Awards for financial reporting purposes).

 

    5

     

    

 

(c)                Substitute
Awards. Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for,
outstanding awards previously granted by an entity directly or indirectly acquired by the Company or with which a member of the
Company Group combines (“Substitute Awards”). Substitute Awards shall not be counted against the
Plan Share Reserve; provided, that Substitute Awards issued in connection with the assumption of, or in
substitution for, outstanding options intended to qualify as “incentive stock options” within the meaning of
Section 422 of the Code shall be counted against the aggregate number of shares of Common Stock available for Awards of
Incentive Stock Options under the Plan. Subject to applicable stock exchange requirements, available shares under a
stockholder-approved plan of an entity directly or indirectly acquired by the Company or with which a member of the Company Group
combines (as appropriately adjusted to reflect the acquisition or combination transaction) may be used for Awards under the Plan and
shall not reduce the number of shares of Common Stock available for issuance under the Plan.

 

5.                  
PARTICIPATION. The Committee may, from time to time, in its discretion grant Awards to Participants from among the Eligible
Individuals.

 

6.                  
GRANTS OF OPTIONS. The Committee is hereby authorized to grant Awards of Options to Eligible Individuals. The terms and conditions
of each Option shall be set forth in an Award Agreement between the Company and the Participant on such terms and conditions as may be
deemed advisable by the Committee in its discretion, but not inconsistent with the following:

 

(a)               
Exercise Price. The Exercise Price shall not be less than 100% of the Fair Market Value of Common Stock on the date such Option
is granted.

 

(b)              
Payment. The Exercise Price multiplied by the number of shares to be purchased by exercise of the Option shall be paid upon
the exercise thereof. Upon exercise of the Option, the aggregate Exercise Price shall be payable in the manner provided by the applicable
Award Agreement, which may include, without limitation payment in the form of: (i) cash equal to such aggregate Exercise Price, (ii) shares
of Common Stock owned by the Participant having a Fair Market Value at least equal to such aggregate Exercise Price on the day of exercise
or the trading day immediately preceding the date of exercise as determined by the Administrator in its reasonable discretion, (iii) any
cashless exercise mechanism, or (iv) a combination of any of the above methods which total to such aggregate Exercise Price.

 

(c)               
Stockholder Rights. A holder of an Option shall have none of the rights of a stockholder until the shares are issued to him
or her; provided that if a Participant exercises an Option and the appropriate purchase price is received by the Company
in accordance with this Section 6(c) prior to any dividend record date, such Participant shall be entitled to receive the dividends which
would be paid on the shares subject to such exercise if such shares were outstanding on such record date. In no event shall dividends
be paid with respect to Options prior to their exercise.

 

(d)              
Term of Option; Exercise.  The Committee may designate the term of an Option in the Award Agreement, provided that
the term shall not exceed ten years. During such term, an Option shall be exercisable at such times and under such conditions as shall
be permissible under the terms of this Plan and of the Award Agreement.

 

(e)                Limitations
Applicable to Incentive Stock Options. It is intended that Incentive Stock Options shall conform to the requirements of Sections
422 and 424 of the Code. To the extent that the aggregate Fair Market Value of the Common Stock, with respect to which Incentive
Stock Options granted under this or any other Plan of the Company are exercisable for the first time by a Participant during any
calendar year exceeds $100,000, or such other amount as may be permitted under the Code, such excess shall be considered
Non-Qualified Stock Options. Notwithstanding anything in the Plan to the contrary, any Incentive Stock Option awarded to any
Participant who, at the time of the Award, is the owner, directly or indirectly, of stock possessing more than ten percent (10%) of
the total combined voting power of all classes of stock of the Company or any Subsidiary, shall (i) have a term not exceeding five
years from the date of grant, and (ii) shall have an Exercise Price per share of not less than 110% of the Fair Market Value of the
Common Stock on the date the Incentive Stock Option is granted.

 

    6

     

    

 

7.                  
GRANTS OF STOCK APPRECIATION RIGHTS.  The Committee is hereby authorized to grant Awards of Stock Appreciation Rights
to Eligible Individuals. The terms and conditions of each Stock Appreciation Right shall be set forth in an Award Agreement between the
Company and the Participant on such terms and conditions as may be deemed advisable by the Committee in its discretion, but not inconsistent
with the following:

 

(a)               
Exercise Price. The Exercise Price of a Stock Appreciation Right shall be not less than 100% of the Fair Market Value of the
Company’s Common Stock on the date the Stock Appreciation Right is granted.

 

(b)              
Term; Exercise. The Committee may designate the term of a Stock Appreciation Right in the Award Agreement, provided that the
term shall not exceed ten years. During such term, a Stock Appreciation Right shall be exercisable at such times and under such conditions
as shall be permissible under the terms of this Plan and of the Award Agreement.

 

(c)               Tandem
Awards. Stock Appreciation Rights may be awarded on a stand-alone basis or in tandem with an Option. Notwithstanding any other provision
of this Plan, any Stock Appreciation Right awarded in tandem with an Option:

 

		(i)	shall entitle the Participant to exercise all or a portion of the Stock Appreciation Right in lieu of
all or a portion of the Option,

 

		(ii)	shall vest and expire on the same dates as the underlying Option and shall utilize the same Exercise Price
as the underlying Option, and

 

		(iii)	may be exercised only to the extent that the related Option has not been exercised. The exercise of Stock
Appreciation Rights granted in tandem with an Option shall result in a pro rata surrender of the related Option to the extent that the
Stock Appreciation Rights have been exercised.

 

(d)              
Settlement of Stock Appreciation Right. Stock Appreciation Rights will be settled in fully vested shares of Stock or in cash,
as specified in the Award Agreement.

 

8.                  
RESTRICTED STOCK AND RESTRICTED STOCK UNITS. The Committee is hereby authorized to grant Awards of Restricted Stock and Restricted
Stock Units to Eligible Individuals. The terms and conditions of each Award of Restricted Stock or Restricted Stock Units shall be set
forth in an Award Agreement between the Company and the Participant on such terms and conditions as may be deemed advisable by the Committee
in its discretion, but not inconsistent with the following:

 

(a)                Restriction
Period. The Committee shall determine the events or conditions necessary for the lapse of restrictions applicable to the award
of Restricted Stock or Restricted Stock Units, which may include, among other things, requirements of continuous service for a
specified term or the attainment of specific performance standards or goals, which restrictions may differ among Participants. Upon
the lapse of the restriction period and the attainment of any other vesting criteria established by the Committee, with respect to
any outstanding Restricted Stock Units, the Company shall deliver to the Participant one share of Common Stock (or cash or other
consideration in lieu of delivering shares, as the case may be) for each such outstanding and vested Restricted Stock Unit;
provided, however, that the Committee may elect to defer the delivery of Common Stock beyond the expiration of the restricted period
only (i) with written permission of the participant, and (ii) if such extension would not cause adverse tax consequences under
Section 409A of the Code. Award Agreements for Restricted Stock and Restricted Stock Units shall provide for forfeiture of Common
Stock covered thereby to the extent the Restricted Stock or Restricted Stock Units do not vest during the restricted period
specified in the Award Agreement, except as the Committee may otherwise determine in the Award Agreement.

 

    7

     

    

 

(b)              
Stockholder Rights. Except to the extent restricted under the Award Agreement relating to the Restricted Stock, a Participant
receiving Restricted Stock shall be entitled the rights of a stockholder with respect to such Restricted Stock, including the right to
receive dividends and vote shares of Restricted Stock upon the expiration of the applicable restriction period. Until Common Stock is
issued to the Participant in settlement of Restricted Stock Units, the Participant shall not have any rights of a stockholder with respect
to the Restricted Stock Units or the shares issuable thereunder. The Committee may determine in the applicable Award Agreement whether
and to what extent the recipient of Restricted Stock Units has the rights of a stockholder of the Company including, but not limited to,
whether the Participant receiving the Award has the right to vote the shares or to receive dividends or dividend equivalents upon the
expiration of the applicable restriction period.

 

(c)               
Dividend Equivalents. If the Committee so provides, a grant of Restricted Stock Units may provide a Participant with the right
to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled in
cash or shares of Common Stock and subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units
with respect to which the dividend equivalents are granted and subject to other terms and conditions as set forth in the Award Agreement.

 

9.                  
OTHER AWARDS. The Committee may, in its sole discretion, grant Awards of Common Stock, including fully vested Common Stock,
other Awards that are valued in whole or in part by reference to the Fair Market Value of Common Stock and Cash Awards. These Awards shall
collectively be referred to herein as Other Awards. Other Awards shall be in such form, and dependent on such conditions, as the Committee
shall determine, including, but not limited to, the right to receive fully vested shares or cash. Subject to the other terms of the Plan,
Other Awards may be granted to such Eligible Individuals in such amounts and upon such terms, and at any time and from time to time, as
shall be determined by the Committee and set forth in an Award Agreement.

 

10.              
ADJUSTMENT IN THE EVENT OF CHANGE IN STOCK. Subject to Section 11, if there is any change in the number or kind of shares of
Company Stock outstanding (a) by reason of a stock dividend, spinoff, recapitalization, stock split, or combination or exchange of shares;
(b) by reason of a merger, reorganization, or consolidation; (c) by reason of a reclassification or change in par value; or (d) by reason
of any other extraordinary or unusual event affecting the outstanding Company Stock as a class without the Company’s receipt of
consideration, or if the value of outstanding shares of Company Stock is substantially reduced as a result of a spinoff or the Company’s
payment of an extraordinary dividend or distribution, the maximum number of shares of Company Stock available for Awards, the number of
shares covered by outstanding Awards, the kind of shares issued under the Plan, and the price per share of such Awards shall be adjusted
by the Board to reflect any increase or decrease in the number of, or change in the kind or value of, issued shares of Company Stock to
preclude the enlargement or dilution of rights and benefits under such Awards; provided, however, that any fractional shares resulting
from such adjustment shall be eliminated. Any adjustments determined by the Board shall be final, binding, and conclusive.

 

    8

     

    

 

11.              
EFFECT OF A CHANGE OF CONTROL. Except to the extent reflected in a particular Award Agreement, in the event of a Change of
Control:

 

(a)               
 Assumption of Awards. Upon a Change of Control where the Company is not the surviving corporation (or survives only as a subsidiary
of another corporation), unless the Committee determines otherwise, all outstanding Awards shall be assumed by, or replaced with comparable
Awards by, the surviving corporation (or a parent or subsidiary of the surviving corporation).

 

(b)              
Termination of Awards. Upon a Change of Control where the Company is not the surviving corporation (or survives only as a subsidiary
of another corporation), in the event the surviving corporation (or a parent or subsidiary of the surviving corporation) does not assume
or replace the Awards with comparable Awards, (i) the Company shall provide each Participant with outstanding Awards written notice of
such Change of Control, (ii) all Options and Stock Appreciation Rights shall become immediately exercisable with respect to 100% of the
shares or rights subject thereto, (iii) the Restricted Stock that is subject to time-based vesting and not subject to achievement of performance
goals shall become fully vested and all restrictions shall expire immediately, (iv) the Restricted Stock that is subject to achievement
of performance goals and not subject to time-based vesting shall, unless the Award Agreement provides for vesting or earning in a greater
amount upon the occurrence of a Change of Control, become vested, free of restrictions, in such amounts as determined by the Committee
as if the applicable performance goals for the unexpired performance period had been achieved at least at the target level set forth in
the applicable Award Agreement and the corresponding number of shares of Restricted Stock shall vest, (v) the Restricted Stock Units that
are subject to time-based vesting and not subject to achievement of performance goals shall become fully vested and the shares of Common
Stock subject to such Restricted Stock Units shall be delivered as promptly as practicable, subject to any limitations imposed thereon
by Section 409A of the Code, and (vi) the Restricted Stock Units that are subject to achievement of performance goals and not subject
to time-based vesting shall, unless the Award Agreement provides for vesting or earning in a greater amount upon the occurrence of a Change
of Control, become vested and earned in such amounts as determined by the Committee as if the applicable performance goals for the unexpired
performance period had been achieved at least at the target level set forth in the applicable Award Agreement and the corresponding number
of shares of Common Stock subject to such Restricted Stock Units shall be delivered as promptly as practicable, subject to any limitations
imposed thereon by Section 409A of the Code.

 

(c)               
Other Alternatives. Notwithstanding the foregoing, in the event of a Change of Control, the Committee may, in its discretion,
cancel any outstanding Options, Stock Appreciation Rights or Restricted Stock Awards and pay to the holders thereof, in cash, the value
of such Awards based upon the highest price per share of Common Stock received or to be received by other stockholders of the Company
in connection with the Change of Control.

 

12.              
RESTRICTIONS ON TRANSFER.

 

(a)               
Each Award shall be exercisable only by such Participant to whom such Award was granted during the Participant’s lifetime,
or, if permissible under applicable law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated,
pledged, attached, sold or otherwise transferred or encumbered by a Participant (unless such transfer is specifically required pursuant
to a domestic relations order or by applicable law) other than by will or by the laws of descent and distribution and any such purported
assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company; provided,
that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

 

    9

     

    

 

(b)               Notwithstanding
the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a
Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement
to preserve the purposes of the Plan, to (i) any person who is a “family member” of the Participant, as such term
is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statement promulgated by the
Securities and Exchange Commission (collectively, the “Immediate Family Members”); (ii) a trust
solely for the benefit of the Participant and the Participant’s Immediate Family Members; (iii) a partnership or limited
liability company whose only partners or stockholders are the Participant and the Participant’s Immediate Family Members; or
(iv) a beneficiary to whom donations are eligible to be treated as “charitable contributions” for federal income
tax purposes (each transferee described in clauses (i), (ii), (iii) and (iv) above is hereinafter referred to as a
 “Permitted Transferee”); provided, that the Participant gives the Committee advance written
notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such
a transfer would comply with the requirements of the Plan.

 

(c)               
The terms of any Award transferred in accordance with clause (b) above shall apply to the Permitted Transferee and any
reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except
that (i) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution;
(ii) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration
statement on an appropriate form covering the shares of Common Stock to be acquired pursuant to the exercise of such Option if the Committee
determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (iii) neither
the Committee nor the Company shall be required to provide any notice to a Permitted Transferee, whether or not such notice is or would
otherwise have been required to be given to the Participant under the Plan or otherwise; and (iv) the consequences of a Participant’s
Termination under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant,
including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods,
specified in the Plan and the applicable Award Agreement.

 

13.              
AMENDMENT AND DISCONTINUANCE.

 

(a)               
The Board may from time to time amend or revise the terms of the Plan, or may discontinue the Plan at any time as permitted
by law, provided, however, that such amendment shall not (except as provided in Section 10), without further approval of the stockholders,
(i) increase the aggregate number of shares with respect to which awards may be made under the Plan, (ii) change the manner of determining
the Exercise Price (other than determining the Fair Market Value of the Common Stock to conform with applicable provisions of the Code
or regulations and interpretations thereunder), or (iii) extend the term of the Plan or the maximum period during which any Option may
be exercised.

 

(b)              
No amendments, revision or discontinuance of the Plan shall, without the consent of a Participant, in any manner adversely
affect his or her rights under any Award theretofore granted under the Plan.

 

(c)               
Notwithstanding anything herein to the contrary, the Company shall not, without stockholder approval, reduce the Exercise Price
of any Option or Stock Appreciation Right and shall not exchange any Option or Stock Appreciation Right for a new Award with a lower (or
no) Exercise Price or for cash.

 

14.              
EFFECTIVE DATE AND DURATION. The Plan was adopted by the Board and became effective on October 24, 2022, and has been approved
by the stockholders of the Company and the stockholders of Executive Network Partnering Corporation (as the predecessor to the Company).
No Award may be granted under the Plan after October 24, 2032.

 

    10

     

    

 

15.               TAX
WITHHOLDING. Notwithstanding any other provision of the Plan, the Company or its Subsidiaries, as appropriate, shall have the
right to deduct from all Awards under the Plan cash and/or stock, with a Fair Market Value in the amount of all federal, state or
local withholding taxes (up to the maximum permissible statutory tax rate for the applicable tax jurisdiction, to the extent
consistent with applicable law) with respect to such Awards. In the case of Awards paid in Common Stock, the Participant or
Permitted Transferee may be required to pay to the Company or a Subsidiary thereof, as appropriate, the amount of any such taxes
which the Company or Subsidiary is required to withhold, if any, with respect to such stock. Subject in particular cases to the
disapproval of the Committee, the Company may accept shares of the Company’s Common Stock of equivalent Fair Market Value in
payment of such withholding tax obligations if the Participant elects to make payment in such manner.

 

16.              
GOVERNING LAW.   The Plan shall be governed by and construed in accordance with the internal laws of the State
of Delaware applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws
provisions thereof. EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION, OR OTHER
PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT’S RIGHTS OR OBLIGATIONS HEREUNDER.

 

17.              
GOVERNMENT AND OTHER REGULATIONS.

 

(a)               
The obligation of the Company to settle Awards in shares of Common Stock or other consideration shall be subject to all applicable
law. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or
to sell, and shall be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares
have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company
has received an opinion of counsel (if the Company has requested such an opinion), satisfactory to the Company, that such shares may be
offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption
have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the shares
of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all shares of Common Stock
or other securities of the Company issued under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee
may deem advisable under the Plan, the applicable Award Agreement and applicable law, and, without limiting the generality of Section 8
of the Plan, the Committee may cause a legend or legends to be put on certificates representing shares of Common Stock or other securities
of the Company issued under the Plan to make appropriate reference to such restrictions or may cause such Common Stock or other securities
of the Company issued under the Plan in book-entry form to be held subject to the Company’s instructions or subject to appropriate
stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add, at any time,
any additional terms or provisions to any Award granted under the Plan that the Committee, in its sole discretion, deems necessary or
advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is
subject.

 

(b)               The
Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual
restrictions and/or blockage and/or other market considerations would make the Company’s acquisition of shares of Common Stock
from the public markets, the Company’s issuance of Common Stock to the Participant, the Participant’s acquisition of
Common Stock from the Company and/or the Participant’s sale of Common Stock to the public markets, illegal, impracticable or
inadvisable. If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, the Company
shall, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code, (i) pay to
the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to
such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been
vested or issued, as applicable); over (B) the aggregate Exercise Price or any amount payable as a condition of issuance of
shares of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable
following the cancellation of such Award or portion thereof, or (ii) in the case of Restricted Stock, Restricted Stock Units or
Other Awards, provide the Participant with a cash payment or equity subject to deferred vesting and delivery consistent with the
vesting restrictions applicable to such Restricted Stock, Restricted Stock Units or Other Awards, or the underlying shares in
respect thereof.

 

    11

     

    

 

18.              
 NO CLAIM TO AWARDS; NO RIGHTS TO CONTINUED EMPLOYMENT; WAIVER.   No employee of the Company or its Subsidiaries,
or other Person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award,
to be selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries
of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not
be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly
situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the
employ or service of any member of the Company Group, nor shall it be construed as giving any Participant any rights to continued service
on the Board. The applicable member of the Company Group may at any time dismiss a Participant from employment or discontinue any consulting
relationship, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or any Award Agreement.
By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting
of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the period provided under the Plan
or any Award Agreement, except to the extent of any provision to the contrary in any written employment contract or other agreement between
any member of the Company Group and the Participant, whether any such agreement is executed before, on or after the date of grant.

 

19.              
INTERNATIONAL PARTICIPANTS. With respect to Participants who reside or work outside of the United States of America, the Committee
may, in its sole discretion, amend the terms of the Plan and create or amend Sub-Plans or amend outstanding Awards with respect to such
Participants in order to permit or facilitate participation in the Plan by such Participants, conform such terms with the requirements
of applicable law or to obtain more favorable tax or other treatment for a Participant or the applicable member of the Company Group.

 

20.              
TERMINATION.   Except as otherwise provided in an Award Agreement, unless determined otherwise by the Committee
at any point following such event: (a) neither a temporary absence from employment or service due to illness, vacation or leave of
absence (including, without limitation, a call to active duty for military service through a Reserve or National Guard unit) nor a transfer
from employment or service with one member of the Company Group to employment or service with another member of the Company Group (or
vice-versa) shall be considered a Termination; and (b) if a Participant undergoes a Termination, but such Participant continues to
provide services to any member of the Company Group in a non-employee capacity, such change in status shall not be considered a Termination
for purposes of the Plan. Further, unless otherwise determined by the Committee, in the event that any member of the Company Group ceases
to be a member of the Company Group (by reason of sale, divestiture, spin-off or other similar transaction), unless a Participant’s
employment or service is transferred to another entity that would constitute a member of the Company Group immediately following such
transaction, such Participant shall be deemed to have suffered a Termination hereunder as of the date of the consummation of such transaction.

 

    12

     

    

 

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

 

22.              
SUCCESSORS.   The obligations of the Company under the Plan shall be binding upon any successor corporation
or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or
organization succeeding to substantially all of the assets and business of the Company.

 

23.              
CLAWBACK/REPAYMENT.   All Awards shall be subject to reduction, cancellation, forfeiture or recoupment to the
extent necessary to comply with (a) any clawback, forfeiture or other similar policy adopted by the Board or the Committee and as
in effect from time to time; and (b) applicable law.

 

24.              
SECTION 409A OF THE CODE.

 

(a)               
Notwithstanding any provision of the Plan to the contrary, it is intended that the provisions of the Plan comply with Section 409A
of the Code or an exemption thereunder, and all provisions of the Plan shall be construed and interpreted in a manner consistent with
the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable
for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the Plan (including
any taxes and penalties under Section 409A of the Code), and neither the Company nor any member of the Company Group shall have any
obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes or penalties. With
respect to any Award that is considered “deferred compensation” subject to Section 409A of the Code, references in the
Plan to “termination of employment” (and substantially similar phrases) shall mean “separation from service” within
the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in
respect of any Award granted under the Plan is designated as separate payments.

 

(b)              
Notwithstanding anything in the Plan to the contrary, if a Participant is a “specified employee” within the meaning
of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are “deferred compensation” subject
to Section 409A of the Code and which would otherwise be payable upon the Participant’s “separation from service”
(as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six months after the date
of such Participant’s “separation from service” or, if earlier, the date of the Participant’s death. Following
any applicable six month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A
of the Code that is also a business day.

 

(c)               
Unless otherwise provided by the Committee in an Award Agreement or otherwise, in the event that the timing of payments in
respect of any Award (that would otherwise be considered “deferred compensation” subject to Section 409A of the Code)
would be accelerated upon the occurrence of (i) a Change of Control, no such acceleration shall be permitted unless the event giving
rise to the Change of Control satisfies the definition of a change in the ownership or effective control of a corporation, or a change
in the ownership of a substantial portion of the assets of a corporation pursuant to Section 409A of the Code; or (ii) a disability,
no such acceleration shall be permitted unless the disability also satisfies the definition of “disability” pursuant to Section 409A
of the Code.

 

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