Document:

Exhibit
      4.1

   

  
  
     

  

  
  

   

  REGISTRATION
      RIGHTS AGREEMENT

   

  BY
        AND AMONG

   

  EXCELERATE
        ENERGY, Inc.

   

  AND

   

  certain
        stockholders

   

  DATED
        AS OF april 18, 2022

   

  
  
     

  

  
   

  
    1

    
      

    

  

   

  This
      REGISTRATION RIGHTS AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, the “Agreement”),
      dated as of April 18, 2022, is made by and among:

   

  i.            
      Excelerate Energy, Inc., a Delaware corporation (together with any predecessor entities, the “Company”);

   

  ii.           
      Excelerate Energy Holdings, LLC, a Delaware limited liability company (“Holdings”);

   

  iii.          
      Maya Maritime LLC, a Marshall Islands limited liability company (“Maya Maritime” and, together with Holdings
      and their respective Permitted Transferees, the “Holders”).

   

  RECITALS

   

  WHEREAS,
      the Company, Excelerate Energy Limited Partnership, a Delaware limited partnership (the “Partnership”), and
      the Holders have effected, or will effect in connection with the closing of the initial public offering (the “IPO”)
      of the Company’s Class A common stock, par value $0.001 per share (the “Class A Common Stock”), a series
      of reorganization transactions (collectively, the “Reorganization Transactions”);

   

  WHEREAS,
      after giving effect to the Reorganization Transactions and upon completion of the IPO, (a) Holdings will Beneficially Own shares
      of the Company’s Class B common stock, par value $0.001 per share (the “Class B Common Stock” and,
      together with the Class A Common Stock, the “Common Stock”), and Class B interests in the Partnership (“Class
        B Interests”), which Class B Interests, subject to certain restrictions, are exchangeable from time to time at the option
      of the Beneficial Owner thereof for shares of Class A Common Stock pursuant to the terms of the Amended and Restated Limited Partnership
      Agreement of the Partnership (as may be amended from time to time, the “Partnership Agreement”), and (b) Maya
      Maritime will directly hold shares of Class A Common Stock; and

   

  WHEREAS,
      the Holders have requested, and the Company has agreed to provide, registration rights with respect to the Registrable Securities
      (as defined below) as set forth in this agreement.

   

  NOW,
      THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for
      other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as
      follows:

   

  Article
      I

   

  EFFECTIVENESS

   

  1.1         
    Effectiveness. This Agreement shall become
      effective upon the Closing.

   

  
    2

    
      

    

  

   

  Article
      II

   

  DEFINITIONS

   

  2.1         
    Definitions. As used in this Agreement,
      the following terms shall have the following meanings:

   

  “Adverse
        Disclosure” means public disclosure of material non-public information that, in the good faith judgment of the Board
      of Directors: (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that such Registration
      Statement, from and after its effective date, does not contain an untrue statement of a material fact or omit to state a material
      fact required to be stated therein or necessary to make the statements therein not misleading when the Company has a bona fide
      business purpose for preserving such information as confidential; (ii) would reasonably be expected to adversely affect or interfere
      with any material financing or other material transaction under consideration by the Company; or (iii) would not be required
      to be made at such time but for the filing, effectiveness or continued use of such Registration Statement when the Company has
      a bona fide business purpose for preserving such information as confidential.

   

  “Affiliate”
      means, with respect to any specified Person, (a) any Person that directly or indirectly through one or more intermediaries controls,
      or is controlled by, or is under common control with, such specified Person or (b) a Permitted Transferee of such Person. For
      purposes hereof, (x) the Company, the Partnership and their respective subsidiaries shall not be deemed to be Affiliates of the
      Holders or any of their respective Affiliates, and (y) neither the George Kaiser Family Foundation, an Oklahoma non-profit corporation,
      nor Maya Maritime, shall be considered to be an Affiliate of Holdings. As used in this definition, the term “control”
      means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
      a Person, whether through ownership of voting securities, by contract or otherwise.

   

  “Agreement”
      shall have the meaning set forth in the preamble.

   

  “Beneficial
        Owner” means, with respect to any security, any Person who directly or indirectly, through any contract, arrangement,
      understanding, relationship or otherwise, has or shares (a) voting power, which includes the power to vote, or to direct the voting
      of, such security or (b) investment power, which includes the power to dispose, or to direct the disposition of, such security.
      The terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings.

   

  “Board
        of Directors” means the board of directors of the Company.

   

  “Business
        Day” means any calendar day other than a Saturday, Sunday or other day on which commercial banks in New York, New York
      are authorized or required to close.

   

  “Class
        A Common Stock” shall have the meaning set forth in the recitals.

   

  “Class
        B Common Stock” shall have the meaning set forth in the recitals.

   

  
    3

    
      

    

  

   

  “Class
        B Interests” shall have the meaning set forth in the recitals.

   

  “Closing”
      means the closing of the IPO.

   

  “Common
        Stock” shall have the meaning set forth in the recitals.

   

  “Company”
      shall have the meaning set forth in the preamble.

   

  “Demand
        Notice” shall have the meaning set forth in Section ‎3.1(c).

   

  “Demand
        Registration” shall have the meaning set forth in Section ‎3.1(a)(i).

   

  “Demand
        Registration Request” shall have the meaning set forth in Section ‎3.1(a)(i).

   

  “Exchange”
      means the exchange of Class B Interests, together with an equal number of shares of Class B Common Stock, for shares of Class
      A Common Stock or cash consideration, as applicable, pursuant to the terms of the Partnership Agreement.

   

  “Exchange
        Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and the rules and regulations
      promulgated thereunder.

   

  “FINRA”
      means the Financial Industry Regulatory Authority.

   

  “Holders”
      shall have the meaning set forth in the preamble.

   

  “Holdings”
      shall have the meaning set forth in the preamble.

   

  “IPO”
      shall have the meaning set forth in the recitals.

   

  “Issuer
        Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating
      to an offer of the Registrable Securities.

   

  “Loss”
      shall have the meaning set forth in Section ‎3.9(a).

   

  “Participation
        Conditions” shall have the meaning set forth Section ‎3.2(b).

   

  “Partnership”
      shall have the meaning set forth in the recitals.

   

  “Partnership
        Agreement” shall have the meaning set forth in the recitals.

   

  “Permitted
        Transferee” means, (a) with respect to Holdings, any Person to whom Holdings has validly transferred Class B Interests
      in accordance with, and not in contravention of, the Partnership Agreement, and (b) with respect to Maya Maritime, (i) any Affiliate
      or successor entity of Maya Maritime or (ii) any Person established for the benefit of, and Beneficially Owned solely by, Maya
      Maritime or the direct or indirect owner(s) of Maya Maritime.

   

  
    4

    
      

    

  

   

  “Person”
      means and includes an individual, a corporation, a partnership, a limited liability company, a trust, an unincorporated organization,
      a government or any department or agency thereof, or any entity similar to any of the foregoing.

   

  “Piggyback
        Notice” shall have the meaning set forth in Section ‎3.3(a).

   

  “Piggyback
        Registration” shall have the meaning set forth in Section ‎3.3(a).

   

  “Potential
        Takedown Participant” shall have the meaning set forth in Section ‎3.2(b).

   

  “Pro
        Rata Portion” means, with respect to each Holder requesting that its shares be registered or sold, a number of such
      shares equal to the aggregate number of Registrable Securities requested to be registered (excluding any shares to be registered
      or sold for the account of the Company) multiplied by a fraction, the numerator of which is the aggregate number of Registrable
      Securities then held by such Holder, and the denominator of which is the aggregate number of Registrable Securities then held
      by all Holders requesting that their Registrable Securities be registered or sold.

   

  “Prospectus”
      means (i) the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including
      post-effective amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer
      Free Writing Prospectus.

   

  “Public
        Offering” means the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement
      under the Securities Act (other than a Registration Statement on Form S-4 or Form S-8 or any successor form).

   

  “Registrable
        Securities” shall mean any Class A Common Stock currently owned or hereafter acquired by a party hereto, including any
      Class A Common Stock that may be issued in connection with an Exchange. As to any particular Registrable Securities, such securities
      shall cease to be Registrable Securities when (w) a Registration Statement with respect to the sale of such securities shall have
      become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration
      Statement, (x) such securities shall have been transferred pursuant to Rule 144, (y) such Holder is able to immediately sell such
      securities (including all shares of Class A Common Stock issuable upon Exchange, subject to the limitations on Exchange set forth
      in the Partnership Agreement) under Rule 144 without any volume or manner of sale restrictions thereunder, as determined in the
      reasonable opinion of the Company (it being understood that a written opinion of the Company’s outside legal counsel to
      the effect that such securities may be so offered and sold, and that any restrictive legends on the securities may be removed,
      shall be conclusive evidence this clause has been satisfied) or (z) such securities shall have ceased to be outstanding.

   

  “Registration”
      means registration under the Securities Act of the offer and sale of shares of Class A Common Stock under a Registration Statement.
      The terms “register,” “registered” and “registering” shall have correlative meanings.

   

  “Registration
        Expenses” shall have the meaning set forth in Section ‎3.8.

   

  
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  “Registration
        Statement” means any registration statement of the Company filed with, or to be filed with, the SEC under the Securities
      Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective
      amendments, and all exhibits and all material incorporated by reference in such registration statement other than a registration
      statement (and related Prospectus) filed on Form S-4 or Form S-8 or any successor forms thereto.

   

  “Reorganization
        Transactions” shall have the meaning set forth in the recitals.

   

  “Representatives”
      means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants,
      actuaries, consultants, equity financing partners, advisors or other Person associated with, or acting on behalf of, such Person.

   

  “Rule
        144” means Rule 144 under the Securities Act (or any successor rule).

   

  “SEC”
      means the U.S. Securities and Exchange Commission.

   

  “Securities
        Act” means the Securities Act of 1933, as amended, and any successor thereto, and the rules or regulations promulgated
      thereunder.

   

  “Selling
        Stockholder Information” shall have the meaning set forth in Section ‎3.9(a).

   

  “Shelf
        Registration” means any Registration pursuant to Rule 415 under the Securities Act.

   

  “Shelf
        Registration Request” shall have the meaning set forth in Section ‎3.1(a)(ii).

   

  “Shelf
        Registration Statement” means a Registration Statement filed with the SEC pursuant to Rule 415 under the Securities
      Act.

   

  “Shelf
        Takedown Notice” shall have the meaning set forth in Section ‎3.2(b).

   

  “Shelf
        Takedown Request” shall have the meaning set forth in Section ‎3.2.

   

  “Stockholder’s
        Agreement” means the Stockholder’s Agreement, dated the date hereof, by and among (i) the Company and (ii) Holdings.

   

  “Suspension”
      shall have the meaning set forth in Section ‎3.1(f).

   

  “Trading
        Day” means a day on which the principal U.S. securities exchange on which the Class A Common Stock is listed or admitted
      to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day) or, if the
      Class A Common Stock is not listed or admitted to trading on such an exchange, Trading Day shall mean a Business Day.

   

  “Transfer”
      means, with respect to any Registrable Security, any interest therein, or any other securities or equity interests relating thereto,
      a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof,
      including the grant of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily, by operation
      of law, pursuant to judicial process or otherwise. “Transferred” shall have a correlative meaning.

   

  
    6

    
      

    

  

   

  “Underwritten
        Offering” means an underwritten offering, including any bought deal or block sale to a financial institution conducted
      as an Underwritten Offering.

   

  “Underwritten
        Shelf Takedown” means an Underwritten Offering pursuant to an effective Shelf Registration Statement.

   

  “WKSI”
      means any Securities Act registrant that is a well-known seasoned issuer as defined in Rule 405 under the Securities Act at the
      most recent eligibility determination date specified in paragraph (2) of that definition.

   

  2.2         
    Other Interpretive Provisions.

   

  (i)            
    The meanings of defined terms are equally applicable
      to the singular and plural forms of the defined terms.

   

  (ii)          
    The words “hereof,” “herein,”
      “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement;
      and any subsection and Section references are to this Agreement unless otherwise specified.

   

  (iii)         
    The term “including” is not limiting
      and means “including without limitation.”

   

  (iv)         
    The captions and headings of this Agreement are
      for convenience of reference only and shall not affect the interpretation of this Agreement.

   

  (v)          
    Whenever the context requires, any pronouns used
      herein shall include the corresponding masculine, feminine or neuter forms.

   

  Article
      III 

      

      REGISTRATION RIGHTS

   

  The
      Company shall perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions
      as are applicable to them. Each Holder shall perform and comply with such of the following provisions as are applicable to such
      Holder.

   

  3.1         
    Demand Registration.

   

  (a)          
    Request for Demand Registration.

   

  (i)           
    Following the occurrence of the IPO, subject
      to Section ‎3.4, any Holder shall have the right, for itself or together with one or more other
      Holders, to make a written request from time to time (a “Demand Registration Request”) to the Company
      for Registration of all or part of the Registrable Securities held by such Holder (a “Demand Registration”).

   

  
    7

    
      

    

  

   

  (ii)          
    Each Demand Registration Request shall specify
      (x) the aggregate amount of Registrable Securities proposed to be registered, (y) the intended method or methods of disposition
      thereof and (z) whether the Demand Registration Request is for an Underwritten Offering or a Shelf Registration (a “Shelf
        Registration Request”).

   

  (iii)         
    If a Demand Registration Request is for a Shelf
      Registration, and the Company is eligible to file a Registration Statement on Form S-3, the Company shall promptly file with the
      SEC a Shelf Registration Statement on Form S-3 pursuant to Rule 415 under the Securities Act relating to the offer and sale of
      Registrable Securities by the initiating Holders from time to time in accordance with the methods of distribution elected by such
      Holders, subject to all applicable provisions of this Agreement.

   

  (iv)         
    If the Demand Registration Request is for a Shelf
      Registration and the Company is not eligible to file a Registration Statement on Form S-3, the Company shall promptly file with
      the SEC a Shelf Registration Statement on Form S-1 or any other form that the Company is then permitted to use pursuant to Rule
      415 under the Securities Act (or such other Registration Statement as the Board of Directors may determine to be appropriate)
      relating to the offer and sale of Registrable Securities by the initiating Holders from time to time in accordance with the methods
      of distribution elected by such Holders.

   

  (v)          
    If on the date of the Shelf Registration Request
      the Company is a WKSI, then any Shelf Registration Statement may (if the Board of Directors determines it to be appropriate to
      do so) include an unspecified amount of Registrable Securities to be sold by unspecified Holders; if on the date of the Shelf
      Registration Request the Company is not a WKSI, then the Shelf Registration Request shall specify the aggregate amount of Registrable
      Securities to be registered.

   

  (b)         
    Limitation on Registrations. The Company
      shall not be obligated to take any action to effect any Demand Registration if: (i) a Demand Registration or Piggyback Registration
      was declared effective or an Underwritten Offering was consummated by either the Company or the Holders within the preceding 90
      days; (ii) the Company has filed another Registration Statement (other than on Form S-8 or Form S-4 or any successor thereto)
      that has not yet become effective; (iii) the value of the Registrable Securities proposed to be sold by the initiating Holders
      is not reasonably expected (in the good faith judgment of the Board of Directors) to yield net proceeds of at least $25 million,
      in the case of a Shelf Registration on Form S-3, or in the case of an Underwritten Offering, of at least $50 million; provided
      that, for the purposes of clauses (i) and (ii), any Registration Statement withdrawn pursuant to Section ‎3.1(d)
      shall not affect the Company’s obligation to effect any Demand Registration.

   

  (c)          
    Demand Notice. Promptly upon receipt of
      a Demand Registration Request pursuant to Section ‎(a)‎3.1(a) (but in no event more than 10
      Business Days thereafter), the Company shall deliver a written notice of the Demand Registration Request to all other Holders
      offering each such Holder the opportunity to include in the Demand Registration that number of Registrable Securities as the Holder
      may request in writing (the “Demand Notice”). Subject to Sections ‎3.1(g) and ‎(h),
      the Company shall include in the Demand Registration all such Registrable Securities with respect to which the Company has received
      written requests for inclusion therein within five Business Days after the date that the Demand Notice was delivered.

   

  
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  (d)         
    Demand Withdrawal. Each Holder that has
      requested the inclusion of Registrable Securities in a Registration (other than a Registration in connection with a Public Offering)
      pursuant to Sections ‎3.1(a) or ‎3.1(c)‎(c) may withdraw
      all or any portion of its Registrable Securities from that registration at any time prior to the effectiveness of the applicable
      Registration Statement by delivering written notice to the Company. Upon receipt of a notice or notices withdrawing (i) all of
      the Registrable Securities included in that Registration Statement by the initiating Holder or (ii) a number of such Registrable
      Securities so as to cause the expected net proceeds to fall below the applicable threshold set forth in Section ‎3.1(b),
      the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement.

   

  (e)          
    Effectiveness.

   

  (i)           
    The Company shall use commercially reasonable
      efforts to cause any Registration Statement filed by it pursuant to this Agreement to become effective as promptly as practicable,
      subject to all applicable provisions of this Agreement.

   

  (ii)          
    The Company shall use commercially reasonable
      efforts to keep any Shelf Registration Statement filed on Form S-3 continuously effective under the Securities Act to permit the
      Prospectus forming a part of it to be usable by Holders until the earlier of: (A) the date as of which all Registrable Securities
      have been sold pursuant to that Shelf Registration Statement or another Registration Statement filed under the Securities Act
      (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder);
      (B) the date as of which no Holder whose Registrable Securities are registered on such Form S-3 holds Registrable Securities;
      (C) any date reasonably determined by the Board of Directors to be appropriate, excluding any date that is fewer than 180 days
      after the effectiveness of the Registration Statement; and (D) the third anniversary of the effectiveness of the Registration
      Statement.

   

  (iii)         
    If the Registration Statement filed is a Shelf
      Registration Statement on any form other than Form S-3 and such Registration Statement was not filed in connection with an Underwritten
      Offering, the Company shall use commercially reasonable efforts to keep the Registration Statement continuously effective under
      the Securities Act until such time as the Company is eligible to file a Shelf Registration Statement on Form S-3 covering the
      Registrable Securities thereon or such shorter period during which all Registrable Securities included in the Registration Statement
      have actually been sold.

   

  (iv)         
    If the Registration Statement filed is a Shelf
      Registration Statement on any form other than Form S-3 and such Registration Statement was filed in connection with an Underwritten
      Offering, the Company shall use commercially reasonable efforts to keep the Registration Statement continuously effective under
      the Securities Act, for a period of at least 180 days after the effective date thereof or such other period as the underwriters
      for any Underwritten Offering may determine to be appropriate, or such shorter period during which all Registrable Securities
      included in the Registration Statement have actually been sold; provided that such period shall be extended for a period
      of time equal to the period the Holders of Registrable Securities may be required to refrain from selling any securities included
      in the Registration Statement at either the request of the Company or an underwriter of the Company pursuant to the provisions
      of this Agreement.

   

  
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  (f)          
    Delay in Filing; Suspension of Registration.
      If the filing, initial effectiveness or continued use of a Registration Statement at any time would require the Company to make
      an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial
      effectiveness of, or suspend use of, the Registration Statement (a “Suspension”); provided, however,
      that the Company shall use its commercially reasonable efforts to avoid exercising a Suspension (i) for a period exceeding 60
      days on any one occasion or (ii) for an aggregate of more than 120 days in any 12-month period. In the case of a Suspension, the
      Holders agree to suspend use of the applicable Prospectus in connection with any sale or purchase, or offer to sell or purchase,
      Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders in writing
      upon the termination of any Suspension. The Company shall, if necessary, amend or supplement the Prospectus so it does not contain
      any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented
      as the Holders may reasonably request. The Company shall, if necessary, supplement or amend the Registration Statement, if required
      by the registration form used by the Company for the Registration Statement or by the instructions applicable to such registration
      form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders
      of a majority of Registrable Securities that are included in such Registration Statement.

   

  (g)         
    Priority of Securities Registered Pursuant
        to Shelf Registrations. If the Board of Directors concludes in good faith that the number of securities requested to be included
      in a Shelf Registration exceeds the number that can be sold without being likely to have an adverse effect on the price, timing
      or distribution of the securities offered or the market for the securities offered, then the securities to be included in such
      Registration shall be, (x) first, allocated to each Holder that has requested to participate in such Registration an amount equal
      to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder and (ii) a number
      of such shares equal to such Holder’s Pro Rata Portion, and (y) second, and only if all the securities referred to in clause
      (x) have been included, the number of other securities that, in the opinion of such managing underwriter or underwriters can be
      sold without having such adverse effect. If a cutback pursuant to this Section ‎3.1(h)‎3.1(g)
      or Section ‎3.1(h) would cause an applicable dollar threshold set forth in Section ‎3.1(b)(iii)
      not to be met with respect to the Demand Registration, Section ‎3.1(b)(iii) shall not apply to that
      Demand Registration.

   

  (h)         
    Priority of Securities in Underwritten Offerings.
      If the managing underwriter or underwriters of any proposed Underwritten Offering advise the Company in writing that, in its or
      their opinion, the number of securities requested to be included in the proposed offering exceeds the number that can be sold
      in that offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered
      or the market for the securities offered, the number of Registrable Securities to be included shall be, (x) first, allocated to
      each Holder that has requested to participate in such Underwritten Offering an amount equal to the lesser of (i) the number of
      such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such
      Holder’s Pro Rata Portion, and (y) second, and only if all securities referred to in clause (x) have been included, the
      number of other securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such
      adverse effect.

   

  
    10

    
      

    

  

   

  (i)           
    Participation in Underwritten Offerings.
      No Person may participate in any Underwritten Offering hereunder unless that Person agrees to sell the Registrable Securities
      it desires to have covered by the applicable Registration Statement on the basis provided in any underwriting arrangements in
      customary form and completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements, and other
      documents required under the terms of the underwriting arrangements; provided that no Person shall be required to make
      representations and warranties other than those related to title and ownership of their shares and as to the accuracy and completeness
      of statements made in a Registration Statement, prospectus, offering circular, or other document in reliance upon and conformity
      with written information furnished to the Company or the managing underwriter by such Person.

   

  (j)           
    Resale Rights. In the event that a Holder
      that is a partnership, limited liability company, trust or similar entity requests to participate in a Registration pursuant to
      this Section ‎3.1 in connection with a distribution of Registrable Securities to its partners, members
      or beneficiaries, the Registration shall provide for resale by such partners, members or beneficiaries, if approved by the Board
      of Directors.

   

  3.2         
    Shelf Takedowns.

   

  (a)           
    At any time the Company has an effective Shelf
      Registration Statement with respect to Registrable Securities, a Holder, by notice to the Company specifying the intended method
      or methods of disposition thereof, may make a written request (a “Shelf Takedown Request”) that the Company
      effect an Underwritten Shelf Takedown of all or a portion of such Holder’s Registrable Securities that are registered on
      such Shelf Registration Statement, and as soon as practicable thereafter, the Company shall amend or supplement the Shelf Registration
      Statement as necessary for such purpose, subject to all applicable provisions of this Agreement.

   

  
    11

    
      

    

  

   

  (b)          
    Promptly upon receipt of a Shelf Takedown Request
      (but in no event more than two Business Days thereafter (or such shorter period as may be reasonably requested in connection with
      an underwritten “block trade”)) for any Underwritten Shelf Takedown, the Company shall deliver a notice (a “Shelf
        Takedown Notice”) to each other Holder with Registrable Securities covered by the applicable Registration Statement,
      or to all other Holders if such Registration Statement is undesignated (each a “Potential Takedown Participant”).
      The Shelf Takedown Notice shall offer each such Potential Takedown Participant the opportunity to include in any Underwritten
      Shelf Takedown such number of Registrable Securities as each such Potential Takedown Participant may request in writing. The Company
      shall include in the Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has received
      written requests for inclusion therein within three Business Days (or such shorter period as may be reasonably requested in connection
      with an underwritten “block trade”) after the date that the Shelf Takedown Notice has been delivered. Any Potential
      Takedown Participant’s request to participate in an Underwritten Shelf Takedown shall be binding on the Potential Takedown
      Participant; provided that each such Potential Takedown Participant that elects to participate may condition its participation
      on the Underwritten Shelf Takedown being completed within 10 Business Days of its acceptance at a price per share (after giving
      effect to any underwriters’ discounts or commissions) to such Potential Takedown Participant of not less than ninety percent
      (90%) (or such lesser percentage specified by such Potential Takedown Participant) of the closing price for the shares on their
      principal trading market on the Business Day immediately prior to such Potential Takedown Participant’s election to participate
      (the “Participation Conditions”). Notwithstanding the delivery of any Shelf Takedown Notice, but subject to
      the Participation Conditions (to the extent applicable), all determinations as to whether to complete any Underwritten Shelf Takedown
      and as to the timing, manner, price and other terms of any Underwritten Shelf Takedown contemplated by this Section ‎3.2
      shall be determined by the initiating Holders.

   

  3.3         
    Piggyback Registration.

   

  (a)          
    Participation. If the Company at any time
      proposes to file a Registration Statement under the Securities Act or to conduct a Public Offering with respect to any offering
      of its equity securities for its own account or for the account of any other Persons (other than (i) a Registration under Sections ‎3.1 or ‎3.2,
      (ii) a Registration on Form S-4 or Form S-8 or any successor form to such forms, (iii) a Registration of securities solely relating
      to an offering and sale to employees or directors of the Company or its subsidiaries pursuant to any employee stock plan, employee
      stock purchase plan, or other employee benefit plan arrangement, (iv) a Registration solely for the registration of securities
      issuable upon the conversion, exchange or exercise of any then-outstanding security of the Company or (v) a Registration relating
      to a dividend reinvestment plan), then as soon as practicable (but in no event less than 10 Business Days prior to the proposed
      date of filing of such Registration Statement or, in the case of a Public Offering under a Shelf Registration Statement, the anticipated
      pricing or trade date), the Company shall give written notice (a “Piggyback Notice”) of such proposed filing
      or Public Offering to all Holders, and such Piggyback Notice shall offer the Holders the opportunity to register under such Registration
      Statement, or to sell in such Public Offering, such number of Registrable Securities as each such Holder may request in writing
      (a “Piggyback Registration”). The Company shall not be required to provide a Piggyback Notice to Holders of
      any Registrable Securities that are already registered pursuant to an effective registration statement. Subject to Section ‎3.1(b),
      the Company shall include in such Registration Statement or in such Public Offering as applicable, all such Registrable Securities
      that are requested to be included therein within five Business Days after the receipt by such Holder of any such notice; provided,
      however, that if at any time after giving written notice of its intention to register or sell any securities and prior
      to the effective date of the Registration Statement filed in connection with such Registration, or the pricing or trade date of
      a Public Offering under a Shelf Registration Statement, the Company determines for any reason not to register or sell or to delay
      Registration or the sale of such securities, the Company shall give written notice of such determination to each Holder and, thereupon,
      (i) in the case of a determination not to register or sell, shall be relieved of its obligation to register or sell any Registrable
      Securities in connection with such Registration or Public Offering (but not from its obligation to pay the Registration Expenses
      in connection therewith), without prejudice, however, to the rights of any Holders entitled to request that such Registration
      or sale be effected as a Demand Registration under Section ‎3.1 or an Underwritten Shelf Takedown, as the
      case may be, and (ii) in the case of a determination to delay Registration or sale, in the absence of a request for a Demand Registration
      or an Underwritten Shelf Takedown, as the case may be, shall also be permitted to delay registering or selling any Registrable
      Securities. Any Holder shall have the right to withdraw all or part of its request for inclusion of its Registrable Securities
      in a Piggyback Registration by giving written notice to the Company of its request to withdraw prior to such Registration the
      securities being registered in such Piggyback Registration.

   

  
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  (b)          
    Priority of Piggyback Registration. If
      the managing underwriter or underwriters of any proposed offering of Registrable Securities included in a Piggyback Registration
      informs the Company and the participating Holders in writing that, in its or their opinion, the number of securities that such
      Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without
      being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market
      for the securities offered, then the securities to be included in such Registration shall be, (x) first, one hundred percent (100%)
      of the securities that the Company proposes to sell, (y) second, and only if all the securities referred to in clause (x) have
      been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be
      sold without having such adverse effect, with such number to be allocated among the Holders that have requested to participate
      in such Registration based on an amount equal to the lesser of (i) the number of such Registrable Securities requested to be sold
      by such Holder, and (ii) a number of such shares equal to such Holder’s Pro Rata Portion, and (z) third, and only if all
      of the Registrable Securities referred to in clause (ii) have been included in such Registration, any other securities eligible
      for inclusion in such Registration.

   

  (c)          
    No Effect on Other Registrations. No Registration
      of Registrable Securities effected pursuant to a request under this Section ‎3.3 shall be deemed to have
      been effected pursuant to Section ‎3.1 or shall relieve the Company of its obligations under Section ‎3.1.

   

  3.4         
    Lock-Up Agreements. In connection with
      each Registration or sale of Registrable Securities pursuant to Sections ‎3.1 or ‎3.3
      conducted as an Underwritten Offering, each Holder, to the extent required by the applicable managing underwriter, agrees
      hereby not to, and agrees to execute and deliver a lock-up agreement with the underwriter(s) of such Public Offering restricting
      such Holder’s right to, (a) Transfer, directly or indirectly, any equity securities of the Company held by such Holder,
      or (b) enter into any swap or other arrangement that transfers to another any of the economic consequences of ownership of such
      securities during the period commencing on the date of the final Prospectus relating to such Public Offering and ending on the
      date specified by the underwriters (such period not to exceed 90 days plus such additional period as may be requested by the Company
      or an underwriter due to regulatory restrictions on the publication or other distribution of research reports and analyst recommendations
      and opinions, if applicable), in each case, excluding transfers pursuant to any carve-outs in the applicable lock-up agreement.
      The terms of such lock-up agreements shall be negotiated among the Holders, the Company and the underwriters and shall include
      customary carve-outs from the restrictions on Transfer set forth therein.

   

  
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  3.5         
    Registration Procedures.

   

  (a)          
    Requirements. In connection with the Company’s
      obligations under Sections ‎3.1 and ‎3.3, the Company shall use its
      commercially reasonable efforts to effect such Registration and to permit the sale of such Registrable Securities in accordance
      with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in connection therewith
      the Company shall use its commercially reasonable efforts to:

   

  (i)           
    as promptly as practicable, prepare the required
      Registration Statement, including all exhibits and financial statements required under the Securities Act to be filed therewith
      and Prospectus, and, before filing a Registration Statement or Prospectus or any amendments or supplements thereto, (x) furnish
      to the underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration Statement, copies of
      all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders and their
      respective counsel, (y) make such changes in such documents concerning the Holders prior to the filing thereof as such Holders,
      or their counsel, may reasonably request and (z) except in the case of a Registration under Section ‎3.3,
      not file any Registration Statement or Prospectus or amendments or supplements thereto to which participating Holders, in such
      capacity, or the underwriters, if any, shall reasonably object;

   

  (ii)          
    prepare and file with the SEC such amendments
      and post-effective amendments to such Registration Statement and supplements to the Prospectus as may be (x) reasonably requested
      by any participating Holder with Registrable Securities covered by such Registration Statement, (y) reasonably requested by any
      participating Holder (to the extent such request relates to information relating to such Holder) or (z) necessary to keep such
      Registration Statement effective for the period of time required by this Agreement, and comply with provisions of the applicable
      securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during
      such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration
      Statement;

   

  (iii)         
    notify the participating Holders and the managing
      underwriter or underwriters, if any, and (if requested) confirm such notice in writing and provide copies of the relevant documents,
      as soon as reasonably practicable after notice thereof is received by the Company (a) when the applicable Registration Statement
      or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus or any amendment or supplement
      thereto has been filed, (b) of any written comments by the SEC, or any request by the SEC or other federal or state governmental
      authority for amendments or supplements to such Registration Statement or such Prospectus, or for additional information (whether
      before or after the effective date of the Registration Statement) or any other correspondence with the SEC relating to, or which
      may affect, the Registration, (c) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration
      Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final
      Prospectus or the initiation or threatening of any proceedings for such purposes, (d) if, at any time, the representations and
      warranties of the Company in any applicable underwriting agreement cease to be true and correct in all material respects and (e)
      of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities
      for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

   

  
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  (iv)         
    promptly notify each selling Holder and the managing
      underwriter or underwriters, if any, when the Company becomes aware of the happening of any event as a result of which the applicable
      Registration Statement or the Prospectus included in such Registration Statement (as then in effect) contains any untrue statement
      of a material fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus
      or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading, when any Issuer Free
      Writing Prospectus includes information that may conflict with the information contained in the Registration Statement, or, if
      for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus
      in order to comply with the Securities Act and, as promptly as reasonably practicable thereafter, prepare and file with the SEC,
      and furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement
      to such Registration Statement or Prospectus, which shall correct such misstatement or omission or effect such compliance;

   

  (v)          
    to the extent the Company is eligible under the
      relevant provisions of Rule 430B under the Securities Act, if the Company files any Shelf Registration Statement, the Company
      shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring
      to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders)
      in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time through the filing of a
      Prospectus supplement rather than a post-effective amendment;

   

  (vi)         
    prevent, or obtain the withdrawal of, any stop
      order or other order or notice preventing or suspending the use of any preliminary or final Prospectus;

   

  (vii)        
    promptly incorporate in a Prospectus supplement,
      Issuer Free Writing Prospectus or post-effective amendment such information as the managing underwriter or underwriters and the
      participating Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities;
      and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon
      as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement, Issuer Free Writing
      Prospectus or post-effective amendment;

   

  (viii)       
    furnish to each selling Holder and each underwriter,
      if any, without charge, as many conformed copies as such Holder or underwriter may reasonably request of the applicable Registration
      Statement and any amendment or post-effective amendment or supplement thereto, including financial statements and schedules, all
      documents incorporated therein by reference and all exhibits (including those incorporated by reference);

   

  
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  (ix)         
    deliver to each selling Holder and each underwriter,
      if any, without charge, as many copies of the applicable Prospectus (including each preliminary Prospectus) and any amendment
      or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order to facilitate the
      disposition of the Registrable Securities by such Holder or underwriter (it being understood that the Company shall consent to
      the use of such Prospectus or any amendment or supplement thereto by each of the selling Holders and the underwriters, if any,
      in connection with the offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement
      thereto);

   

  (x)          
    on or prior to the date on which the applicable
      Registration Statement becomes effective, use its commercially reasonable efforts to register or qualify, and cooperate with the
      selling Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the Registration
      or qualification of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of each
      state and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if any, or their respective counsel
      reasonably request in writing and do any and all other acts or things reasonably necessary or advisable to keep such Registration
      or qualification in effect for such period as required by Section ‎3.1, as applicable; provided
      that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified
      or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not
      then so subject;

   

  (xi)         
    cooperate with the selling Holders and the managing
      underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable
      Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations
      and registered in such names as the managing underwriters may request prior to any sale of Registrable Securities to the underwriters;

   

  (xii)        
    cause the Registrable Securities covered by the
      applicable Registration Statement to be registered with or approved by such other U.S. governmental agencies or authorities as
      may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition
      of such Registrable Securities;

   

  (xiii)        
    make such representations and warranties to the
      Holders being registered, and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers
      in public offerings similar to the offering then being undertaken;

   

  (xiv)       
    enter into such customary agreements (including
      underwriting and indemnification agreements) and take all such other actions as the participating Holders or the managing underwriter
      or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable
      Securities;

   

  
    16

    
      

    

  

   

  (xv)        
    in the case of an Underwritten Offering, obtain
      for delivery to the underwriter or underwriters, if any, an opinion or opinions from counsel for the Company dated the date of
      the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory
      to such underwriters and their counsel;

   

  (xvi)       
    in the case of an Underwritten Offering, obtain
      for delivery to the Company and the managing underwriter or underwriters, with copies to the Holders included in such Registration
      or sale, a comfort letter from the Company’s independent certified public accountants or independent auditors (and, if necessary,
      any other independent certified public accountants or independent auditors of any subsidiary of the Company or any business acquired
      by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement)
      in customary form and covering such matters of the type customarily covered by comfort letters as the managing underwriter or
      underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under
      the underwriting agreement;

   

  (xvii)      
    cooperate with each seller of Registrable Securities
      and each underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in
      connection with any filings required to be made with FINRA;

   

  (xviii)    
    comply with all applicable securities laws and,
      if a Registration Statement was filed, make available to its security holders, as soon as reasonably practicable, an earnings
      statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder;

   

  (xix)        
    provide and cause to be maintained a transfer
      agent and registrar for all Registrable Securities covered by the applicable Registration Statement;

   

  (xx)         
    to cause all Registrable Securities covered by
      the applicable Registration Statement to be listed on each securities exchange on which any of the Company’s equity securities
      are then listed or quoted and on each inter-dealer quotation system on which any of the Company’s equity securities are
      then quoted;

   

  (xxi)        
    make available upon reasonable notice at reasonable
      times and for reasonable periods for inspection by any underwriter participating in any disposition to be effected pursuant to
      such Registration Statement and by any attorney, accountant or other agent retained by any such underwriter, all pertinent financial
      and other records and pertinent corporate documents and properties of the Company, and cause all of the Company’s officers,
      directors and employees and the independent public accountants who have certified its financial statements to make themselves
      available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection
      with such Registration Statement;

   

  
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  (xxii)       
    in the case of an Underwritten Offering, cause
      the senior executive officers of the Company to participate in the customary “road show” presentations that may be
      reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with,
      and participate in each proposed offering contemplated herein and customary selling efforts related thereto;

   

  (xxiii)      
    take no direct or indirect action prohibited
      by Regulation M under the Exchange Act; and

   

  (xxiv)    
     take all such other commercially reasonable actions
      as are necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities in accordance
      with the terms of this Agreement.

   

  (b)         
    Company Information Requests. The Company
      may require each seller of Registrable Securities as to which any Registration or sale is being effected to furnish to the Company
      such information regarding the distribution of such securities and such other information relating to such Holder and its ownership
      of Registrable Securities as the Company may from time to time reasonably request in writing and the Company may exclude from
      such Registration or sale the Registrable Securities of any such Holder who unreasonably fails to furnish such information within
      a reasonable time after receiving such request. Each Holder agrees to furnish such information to the Company and to cooperate
      with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement.

   

  (c)          
    Discontinuing Registration. Each Holder
      agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section ‎3.5(a)(iv),
      such Holder shall discontinue disposition of Registrable Securities pursuant to such Registration Statement until such Holder’s
      receipt of the copies of the supplemented or amended Prospectus contemplated by Section ‎3.5(a)(iv), or
      until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies
      of any additional or supplemental filings that are incorporated by reference in the Prospectus, or any amendments or supplements
      thereto, and if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies,
      other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities
      current at the time of receipt of such notice. In the event the Company shall give any such notice, the period during which the
      applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period
      from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities
      covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by Section ‎3.5(a)(iv)
      or is advised in writing by the Company that the use of the Prospectus may be resumed.

   

  3.6         
    Underwritten Offerings.

   

  (a)          
    Shelf and Demand Registrations. If requested
      by the underwriters for any Underwritten Offering, pursuant to a Registration or sale under Section ‎3.1,
      the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in
      substance and form to each of the Company, the participating Holders and the underwriters, and to contain such representations
      and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including indemnities
      no less favorable to the recipient thereof than those provided in Section ‎3.9. The Holders of the Registrable
      Securities proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation of the underwriting
      agreement and shall give consideration to the reasonable suggestions of the Company regarding the form thereof, and such Holders
      shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters
      and required under the terms of such underwriting arrangements. Any such Holder shall not be required to make any representations
      or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding
      such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution and
      any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount
      of the liability of such Holder under such agreement shall not exceed such Holder’s proceeds from the sale of its Registrable
      Securities in the offering, net of underwriting discounts and commissions but before expenses.

   

  
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  (b)          
    Piggyback Registrations. If the Company
      proposes to register or sell any of its securities under the Securities Act as contemplated by Section ‎3.3
      and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any Holder
      pursuant to Section ‎3.3, and subject to the provisions of Section ‎3.3(b), use
      its commercially reasonable efforts to arrange for such underwriters to include on the same terms and conditions that apply to
      the other sellers in such Registration or sale all the Registrable Securities to be offered and sold by such Holder among the
      securities of the Company to be distributed by such underwriters in such Registration or sale. The Holders of Registrable Securities
      to be distributed by such underwriters shall be parties to the underwriting agreement between the Company and such underwriters
      and shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters
      and required under the terms of such underwriting arrangements. Any such Holder shall not be required to make any representations
      or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding
      such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution and
      any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount
      of the liability of such Holder shall not exceed such Holder’s proceeds from the sale of its Registrable Securities in the
      offering, net of underwriting discounts and commissions but before expenses.

   

  (c)           
    Selection of Underwriters; Selection of Counsel.
      In the case of an Underwritten Offering under Sections ‎3.1 or ‎3.2,
      the managing underwriter or underwriters to administer the offering shall be determined by the Holders holding a majority of the
      Registrable Securities being sold; provided that such underwriter or underwriters shall be reasonably acceptable to the
      Company.

   

  3.7         
    No Inconsistent Agreements. Neither the
      Company nor any of its subsidiaries shall hereafter enter into, and neither the Company nor any of its subsidiaries is currently
      a party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders by this Agreement.

   

  
    19

    
      

    

  

   

  3.8         
    Registration Expenses. All expenses incident
      to the Company’s performance of or compliance with this Agreement shall be paid by the Company, including (i) all registration
      and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees
      and expenses in connection with compliance with any securities or “Blue Sky” laws (including reasonable fees and disbursements
      of counsel for the underwriters in connection with Blue Sky qualifications of the Registrable Securities), (iii) all printing,
      duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates
      for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing prospectuses),
      (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants or independent
      auditors of the Company and any subsidiaries of the Company (including the expenses of any special audit and comfort letters required
      by or incident to such performance), (v) all fees and expenses incurred in connection with the listing of the Registrable Securities
      on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vi) all fees and
      expenses of any special experts or other Persons retained by the Company in connection with any Registration or sale, (vii) all
      of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or
      accounting duties) and (viii) all expenses related to the “road show” for any Underwritten Offering (including the
      reasonable out-of-pocket expenses of the Holders and underwriters, if so requested). All such expenses are referred to herein
      as “Registration Expenses.” The Company shall not be required to pay any fees and disbursements to underwriters
      not customarily paid by the issuers of securities in an offering similar to the applicable offering, including underwriting discounts
      and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities.

   

  3.9         
    Indemnification.

   

  (a)           
    Indemnification by the Company. The Company
      shall indemnify and hold harmless, to the full extent permitted by law, each Holder, each shareholder, member, limited or general
      partner of such Holder, each shareholder, member, limited or general partner of each such shareholder, member, limited or general
      partner, each of their respective Affiliates, officers, directors, shareholders, employees, advisors, and agents and each Person
      who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives
      from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several
      (including reasonable costs of investigation and legal expenses) (each, a “Loss” and collectively “Losses”)
      arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement
      under which such Registrable Securities are registered or sold under the Securities Act (including any final, preliminary or summary
      Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein),
      or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
      statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were
      made) not misleading; provided that no selling Holder shall be entitled to indemnification pursuant to this Section ‎3.9(a)
      in respect of any untrue statement or omission contained in any information relating to such selling Holder furnished in writing
      by such selling Holder to the Company specifically for inclusion in a Registration Statement and used by the Company in conformity
      therewith (such information, “Selling Stockholder Information”). This indemnity shall be in addition to any
      liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation
      made by or on behalf of such Holder or any indemnified party and shall survive the Transfer of such securities by such Holder
      and regardless of any indemnity agreed to in the underwriting agreement that is less favorable to the Holders. The Company shall
      also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the
      distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act
      and the Exchange Act) to the same extent as provided above (with appropriate modification) with respect to the indemnification
      of the indemnified parties.

   

  
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  (b)          
    Indemnification by the Selling Holders.
      Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law,
      the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act or
      the Exchange Act) from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration Statement
      under which such Registrable Securities were registered or sold under the Securities Act (including any final, preliminary or
      summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference
      therein) or (ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements
      therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not
      misleading, in each case to the extent, but only to the extent, that such untrue statement or omission is contained in such selling
      Holder’s Selling Stockholder Information. In no event shall the liability of any selling Holder hereunder be greater in
      amount than the dollar amount of the proceeds from the sale of its Registrable Securities in the offering giving rise to such
      indemnification obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder
      pursuant to Section ‎3.9(d) and any amounts paid by such Holder as a result of liabilities incurred under
      the underwriting agreement, if any, related to such sale.

   

  (c)           
    Conduct of Indemnification Proceedings.
      Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with
      respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall
      relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it is actually and materially
      prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with
      counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification
      hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the
      fees and expenses of such counsel shall be at the expense of such Person unless (w) the indemnifying party has agreed in writing
      to pay such fees or expenses, (x) the indemnifying party shall have failed to assume the defense of such claim within a reasonable
      time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably
      satisfactory to such Person, (y) the indemnified party has reasonably concluded (based upon advice of its counsel) that there
      may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to
      the indemnifying party, or (z) in the reasonable judgment of any such Person (based upon advice of its counsel) a conflict of
      interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies
      the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party,
      the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the indemnifying
      party assumes the defense, then no indemnifying party shall, without the written consent of the indemnified party, effect the
      settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim
      in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual
      or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release
      of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or
      an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. If such defense is not assumed
      by the indemnifying party, the indemnifying party shall not be subject to any liability for any settlement made without its prior
      written consent, but such consent may not be unreasonably withheld. It is understood that the indemnifying party or parties shall
      not, except as specifically set forth in this Section ‎3.9(c), in connection with any proceeding or related
      proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one separate
      firm admitted to practice in such jurisdiction at any one time unless (x) the employment of more than one counsel has been authorized
      in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of counsel)
      that there may be legal defenses available to it that are different from or in addition to those available to the other indemnified
      parties or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to an indemnified party)
      between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be obligated
      to pay the reasonable fees and expenses of such additional counsel or counsels.

   

  
    21

    
      

    

  

   

  (d)          
    Contribution. If for any reason the indemnification
      provided for in Sections ‎3.9(a) and ‎(b) is unavailable to an indemnified
      party or insufficient in respect of any Losses referred to therein (other than as a result of exceptions or limitations on indemnification
      contained in Sections ‎3.9(a) and ‎(b)), then the indemnifying party
      shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate
      to reflect the relative fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand
      in connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations.
      In connection with any Registration Statement filed with the SEC by the Company, the relative fault of the indemnifying party
      on the one hand and the indemnified party on the other hand shall be determined by reference to, among other things, whether any
      untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
      information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge,
      access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would
      not be just or equitable if contribution pursuant to this Section ‎3.9(d) were determined by pro rata allocation
      or by any other method of allocation that does not take account of the equitable considerations referred to in this Section ‎3.9(d).
      No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
      to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified
      party as a result of the Losses referred to in Sections ‎3.9(a) and ‎(b)
      shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by
      such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions
      of this Section ‎3.9(d), in connection with any Registration Statement filed by the Company, a selling
      Holder shall not be required to contribute any amount in excess of the dollar amount of the proceeds from the sale of its Registrable
      Securities in the offering giving rise to such contribution obligation, net of underwriting discounts and commissions but before
      expenses, less any amounts paid by such Holder pursuant to Section ‎3.9(b) and any amounts paid by such
      Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale. If indemnification
      is available under this Section ‎3.9, the indemnifying parties shall indemnify each indemnified party to
      the full extent provided in Sections ‎3.9(a) and ‎(b) hereof without
      regard to the provisions of this Section ‎3.9(d). The remedies provided for in this Section ‎3.9
      are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at
      law or in equity.

   

  
    22

    
      

    

  

   

  3.10       
    Rules 144 and 144A and Regulation S. The
      Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations
      adopted by the SEC thereunder (or, if the Company is not required to file such reports, it shall, upon the request of any Holder,
      make publicly available such necessary information for so long as necessary to permit sales that would otherwise be permitted
      by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from
      time to time or any similar rule or regulation hereafter adopted by the SEC), and it shall take such further action as any Holder
      may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without
      Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and within the limitation
      of the exemptions provided by (i) Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from
      time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company
      shall deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics
      thereof.

   

  3.11       
    Existing Registration Statements. Notwithstanding
      anything herein to the contrary and subject to applicable law and regulation, the Company may satisfy any obligation hereunder
      to file a Registration Statement or to have a Registration Statement become effective by a specified date by designating, by notice
      to the Holders, a Registration Statement that previously has been filed with the SEC or become effective, as the case may be,
      as the relevant Registration Statement for purposes of satisfying such obligation, and all references to any such obligation shall
      be construed accordingly; provided that such previously filed Registration Statement may be, and is, amended or, subject
      to applicable securities laws, supplemented to add the number of Registrable Securities, and, to the extent necessary, to identify
      as selling stockholders those Holders demanding the filing of a Registration Statement pursuant to the terms of this Agreement.
      To the extent this Agreement refers to the filing or effectiveness of other Registration Statements, by or at a specified time
      and the Company has, in lieu of then filing such Registration Statements or having such Registration Statements become effective,
      designated a previously filed or effective Registration Statement as the relevant Registration Statement for such purposes, in
      accordance with the preceding sentence, such references shall be construed to refer to such designated Registration Statement,
      as amended or supplemented in the manner contemplated by the immediately preceding sentence.

   

  
    23

    
      

    

  

   

  Article
      IV 

      

      MISCELLANEOUS

   

  4.1         
    Authority; Effect. Each party hereto represents
      and warrants to and agrees with each other party that the execution and delivery of this Agreement and the consummation of the
      transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument
      applicable to such party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to
      the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture
      or other association. The Company and its subsidiaries shall be jointly and severally liable for all obligations of each such
      party pursuant to this Agreement.

   

  4.2         
    Notices. Any notices, requests, demands
      and other communications required or permitted in this Agreement shall be effective if in writing and (i) delivered personally,
      (ii) sent by facsimile or e-mail, or (iii) sent by overnight courier, in each case, addressed as follows:

   

  If
      to the Company to:

   

  Excelerate
      Energy, Inc. 

  2445
      Technology Forest Blvd., Level 6 

  The
      Woodlands, TX 77381 

  Telephone:
      (832) 813-7100 

  Attention: 

    

  E-mail: 

    

   

  with
      copies (not constituting notice) to:

   

  Gibson,
      Dunn & Crutcher LLP 

  811
      Main Street, Suite 3000 

  Houston,
      TX 77002 

  Attention:
      Andrew L. Fabens 

  Hillary
      H. Holmes 

  E-mail:
      AFabens@gibsondunn.com 

  HHolmes@gibsondunn.com

   

  and

   

  Frederic
      Dorwart, Lawyers PLLC 

  Old
      City Hall 

  124
      East Fourth Street 

  Tulsa,
      OK 74103 

  Attention:
      Amanda D. Lovelace 

  E-mail:
      alovelace@fdlaw.com

   

  If
      to a Holder, to the address on file in the Company’s records.

   

  
    24

    
      

    

  

   

  Notice
      to the holder of record of any Registrable Securities shall be deemed to be notice to the holder of such securities for all purposes
      hereof.

   

  Unless
      otherwise specified herein, such notices or other communications shall be deemed effective (i) on the date received, if personally
      delivered, (ii) on the date received if delivered by facsimile or e-mail on a Business Day, or if not delivered on a Business
      Day, on the first Business Day thereafter and (iii) two Business Days after being sent by overnight courier. Each of the parties
      hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto.

   

  4.3         
    Termination and Effect of Termination.
      This Agreement shall terminate upon the date on which no Holder holds any Registrable Securities, except for the provisions of
      Sections ‎3.9 and ‎3.10, which shall survive any such termination. No termination
      under this Agreement shall relieve any Person of liability for breach or Registration Expenses incurred prior to termination.
      In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to Section ‎3.9
      hereof shall retain such indemnification rights with respect to any matter that (i) may be an indemnified liability thereunder
      and (ii) occurred prior to such termination.

   

  4.4         
    Permitted Transferees. The rights of a
      Holder hereunder may be assigned (but only with all related obligations as set forth below) in connection with a Transfer of Registrable
      Securities to a Permitted Transferee of that Holder. Without prejudice to any other or similar conditions imposed hereunder with
      respect to any such Transfer, no assignment permitted under the terms of this Section ‎4.4 shall be effective
      unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to the Company a written
      acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the Permitted Transferee shall
      be bound by, and shall be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this Section ‎4.4
      may not again transfer those rights to any other Permitted Transferee, other than as provided in this Section ‎4.4.

   

  4.5         
    Remedies. The parties to this Agreement
      shall have all remedies available at law, in equity or otherwise in the event of any breach or violation of this Agreement or
      any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any
      other remedies that may be available, each of the parties hereto shall be entitled to specific performance of the obligations
      of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as
      may be appropriate in the circumstances. No delay of or omission in the exercise of any right, power or remedy accruing to any
      party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy,
      nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring
      later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or
      default occurring before or after that waiver.

   

  4.6         
    Amendments. This Agreement may not be
      orally amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may
      be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed
      by the Company and the Holders of a majority of the Registrable Securities under this Agreement; provided, however,
      that any amendment, modification, extension or termination that disproportionately and adversely affects any Holder shall require
      the prior written consent of such Holder. Each such amendment, modification, extension or termination shall be binding upon each
      party hereto. In addition, each party hereto may waive any right hereunder by an instrument in writing signed by such party.

   

  
    25

    
      

    

  

   

  4.7         
    Governing Law. This Agreement and all
      claims arising out of or based upon this Agreement or relating to the subject matter hereof shall be governed by and construed
      in accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws
      provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction.

   

  4.8         
    Consent to Jurisdiction. Each party to
      this Agreement, by its execution hereof, (i) hereby irrevocably submits to the exclusive jurisdiction of the state and federal
      courts sitting in the State of Delaware and the County of New Castle for the purpose of any action, claim, cause of action or
      suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating
      to the subject matter hereof, (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and
      agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim
      that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
      or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject
      matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence or maintain any action,
      claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based
      upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor to
      make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause
      of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named
      courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party
      hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this
      Agreement, the court in which such litigation is being heard shall be deemed to be included in clause (i) above. Notwithstanding
      the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named
      courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding
      in any manner permitted by Delaware law, and agrees that service of process by registered or certified mail, return receipt requested,
      at its address specified pursuant to Section ‎4.2 hereof is reasonably calculated to give actual notice.

   

  4.9         
    WAIVER OF JURY TRIAL. TO THE EXTENT NOT
      PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT SHALL NOT ASSERT (WHETHER
      AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE
      OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT
      OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN
      EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES
      HERETO THAT THIS SECTION ‎4.9 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND SHALL RELY
      IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION ‎4.9
      WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

   

  
    26

    
      

    

  

   

  4.10       
    Merger; Binding Effect, Etc. This Agreement
      constitutes the entire agreement of the parties with respect to its subject matter, supersedes all prior or contemporaneous oral
      or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of
      the parties hereto and thereto and their respective heirs, representatives, successors and permitted assigns. Except as otherwise
      expressly provided herein, no Holder or other party hereto may assign any of its respective rights or delegate any of its respective
      obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or
      delegation in violation of the foregoing shall be null and void.

   

  4.11       
    Counterparts. This Agreement may be signed
      in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an
      original and all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature
      page to this Agreement by telecopier, facsimile or other electronic transmission shall be effective as delivery of a manually
      executed counterpart thereof. The words “execution,” “signed,” “signature,” “delivery,”
      and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall
      be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of
      the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a
      paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated
      hereunder by electronic means.

   

  4.12       
    Severability. In the event that any provision
      hereof would, under applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying
      or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The
      provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect,
      it shall not invalidate, render unenforceable or otherwise affect any other provision hereof.

   

  [Signature
        pages follow.]

   

  
    27

    
      

    

  

   

  IN
        WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the date first above written.

   

  	 	Excelerate Energy, Inc.
	 	 	 
	 	By:	/s/ Steven Kobos
	 	 	Name: Steven Kobos
	 	 	Title: President and Chief Executive Officer
	 	 	 

  Signature
        Page to Registration Rights Agreement

   

  
     

    
      

    

  

   

  	 	Excelerate Energy Holdings, LLC
	 	By: Kaiser-Francis Management Company LLC, its  manager
	 	 	 
	 	By:	/s/ Don Millican
	 	 	Name: Don Millican
	 	 	Title: President
	 	 	 

  Signature
        Page to Registration Rights Agreement

   

  
     

    
      

    

  

   

  	 	Maya Maritime LLC
	 	 	 
	 	By:	/s/ Frederic Dorwart
	 	 	Name: Frederic Dorwart
	 	 	Title: President
	 	 	 

  Signature
        Page to Registration Rights AgreementExhibit
        4.2

   

  STOCKHOLDER’S
        AGREEMENT

   

  This
      STOCKHOLDER’S AGREEMENT (this “Agreement”), dated as of April 18, 2022 is entered into by and among (i)
      Excelerate Energy, Inc., a Delaware corporation (the “Company”), (ii) Excelerate Energy Limited Partnership,
      a Delaware limited partnership (the “Partnership”), and (iii) Excelerate Energy Holdings, LLC, a Delaware limited
      liability company (together with its Permitted Transferees (as defined below) who are assignees pursuant to Section ‎4.9
      hereof, the “Kaiser Investor”). Capitalized terms used herein without definition shall have the meanings
      set forth in Section ‎1.1.

   

  RECITALS

   

  WHEREAS,
      the Company and the Partnership have entered into an underwriting agreement (a) to issue and sell to the several underwriters
      named therein shares of Class A common stock, par value $0.001 per share, of the Company (the “Class A Common Stock”)
      and (b) to make a public offering of those shares of Class A Common Stock ((a) and (b), collectively, the “IPO”);
      and

   

  WHEREAS,
      the Company, the Partnership, the Kaiser Investor and certain other Persons have effected, or will effect in connection with the
      Closing (as defined below), a series of reorganization transactions (collectively, the “Reorganization Transactions”);

   

  WHEREAS,
      after giving effect to the Reorganization Transactions, the Kaiser Investor, together with its Permitted Transferees, Beneficially
      Owns or will Beneficially Own shares of the Company’s Class B common stock, par value $0.001 per share (the “Class
        B Common Stock” and, together with the Class A Common Stock, the “Common Stock”), and Class B interests
      in the Partnership (“Class B Interests”), which Class B Interests, subject to certain restrictions, are exchangeable
      from time to time at the option of the Beneficial Owner thereof for shares of Class A Common Stock pursuant to the terms of the
      Amended and Restated Limited Partnership Agreement of the Partnership (as may be amended from time to time, the “Partnership
        Agreement”); and

   

  WHEREAS,
      in connection with, and effective upon, the closing of the IPO, the parties hereto have entered into this Agreement to set forth
      certain understandings among themselves, including with respect to certain corporate governance matters.

   

  NOW,
      THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for
      other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as
      follows:

   

  AGREEMENTS

   

  Article
      I

      DEFINITIONS

   

  1.1         
    Certain Definitions.
      As used in this Agreement, the following terms will have the following meanings:

   

  
    1

    
      

    

  

   

  “Affiliate”
      means, with respect to any specified Person, (a) any Person that directly or indirectly through one or more intermediaries Controls
      or is Controlled by, or is under common Control with, such specified Person or (b) a Permitted Transferee of such Person. For
      purposes hereof, (x) the Company, the Partnership and their respective subsidiaries shall not be deemed to be Affiliates of the
      Kaiser Investor or any of its Affiliates, and (y) the Foundation shall not be considered to be an Affiliate of the Kaiser
      Investor.

   

  “Beneficial
        Owner” means, with respect to any security, any Person who directly or indirectly, through any contract, arrangement,
      understanding, relationship or otherwise, has or shares (a) voting power, which includes the power to vote, or to direct the voting
      of, such security or (b) investment power, which includes the power to dispose, or to direct the disposition of, such security.
      The terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings.

   

  “Board”
      means the Board of Directors of the Company.

   

  “Bylaws”
      means the Company’s amended and restated bylaws, as they may be amended or restated from time to time.

   

  “Certificate
        of Incorporation” means the Company’s amended and restated certificate of incorporation, as it may be amended
      and/or restated from time to time.

   

  “Change
        in Control” shall be deemed to have occurred if or upon:

   

  (a)          
      any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d)
      of the Exchange Act (other than the Kaiser Investor and its Affiliates), is or becomes the Beneficial Owner, directly or indirectly,
      of securities of the Company representing more than 50% of the combined voting power of the Company’s then-outstanding voting
      securities entitled to vote in the election of directors generally;

   

  (b)          
      a merger or consolidation of the Company with any other corporation or other entity and, immediately after the consummation or
      as a result of such transaction, either (i) the members of the Board immediately prior to the merger or consolidation do not constitute
      at least a majority of the members of the board of directors of the company surviving the merger, or if the surviving company
      is a subsidiary, the ultimate parent thereof, or (ii) the voting securities of the Company immediately prior to such merger or
      consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of the then-outstanding
      voting securities of the Person resulting from such merger or consolidation, or if the surviving company is a subsidiary, the
      ultimate parent thereof;

   

  (c)           
      a sale of all or substantially all of the assets of the Company to another Person, other than such sale by the Company of all
      or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities
      of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately
      prior to such sale; or

   

  (d)          
      the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company.

   

  
    2

    
      

    

  

   

  Notwithstanding
      the foregoing, except with respect to clause (b)(i) above, a “Change in Control” shall not be deemed to have occurred
      by virtue of the consummation of any transaction or series of integrated transactions immediately following which the stockholders
      of the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate
      ownership in, and own substantially all of the shares of, an entity which owns, either directly or through a subsidiary, all or
      substantially all of the assets of the Company immediately following such transaction or series of transactions.

   

  “Control”
      (including the terms “Controls,” “Controlled by” and “under common Control with”)
      means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
      whether through the ownership of voting securities, by contract or otherwise.

   

  “Exchange
        Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and the rules and regulations
      promulgated thereunder.

   

  “Fair
        Market Value” means, with respect to property (other than cash), the fair market value of such property as determined
      in good faith by the Board.

   

  “Foundation”
      means the George Kaiser Family Foundation together with its Affiliates and subsidaries (including Maya Maritime LLC, a Marshall
      Islands limited liability company).

   

  “GAAP”
      means generally accepted accounting principles, as in effect in the United States of America from time to time.

   

  “Necessary
        Action” means, with respect to a specified result, all actions (to the extent such actions are permitted by applicable
      law and, in the case of any action by the Company that requires a vote or other action on the part of the Board, to the extent
      such action is consistent with the fiduciary duties that the Company’s directors have in such capacity) necessary to cause
      such result, including (a) voting or providing a written consent or proxy with respect to shares of Common Stock or other securities
      entitled to vote with respect to such specified result, (b) causing the adoption of stockholders’ resolutions and amendments
      to the organizational documents of the Company or the Partnership, (c) causing members of the Board (to the extent such members
      were designated by the Person obligated to undertake the Necessary Action) to act (subject to any applicable fiduciary duties)
      in a certain manner or causing them to be removed in the event they do not act in such a manner, (d) executing agreements and
      instruments and (e) making or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations
      or similar actions that are required to achieve such result.

   

  “Permitted
        Transferee” means (a) any Person to whom the Kaiser Investor has validly transferred Class B Interests in accordance
      with, and not in contravention of, the Partnership Agreement (which shall not include, for the avoidance of doubt, the Foundation)
      and/or (b) for a period of five years from and after George B. Kaiser’s death, the Foundation; provided, however,
      that (i) the Permitted Transferee (other than the Foundation) shall agree in a writing in the form attached as Exhibit A
      hereto to be bound by and to comply with all applicable provisions of this Agreement. For the avoidance of doubt, for a period
      of five years from and after Mr. Kaiser’s death, all ownership percentages included in Sections ‎2.1 and ‎2.2
      below, and all ownership percentages used to determine whether the Trigger Date (as defined in the Certificate of Incorporation)
      has occurred (if the Trigger Date has not occurred prior to Mr. Kaiser’s death), shall be calculated based on the shares
      of Common Stock beneficially owned by the Foundation. In addition, for the avoidance of doubt, for these purposes, the Foundation’s
      beneficial ownership shall be deemed to include, immediately upon Mr. Kaiser’s death, any shares bequeathed to the Foundation
      pursuant to Mr. Kaiser’s will, testamentary document or otherwise, regardless of when formal legal ownership of such shares
      is transferred to the Foundation.

   

  
    3

    
      

    

  

   

  “Person”
      means and includes an individual, a corporation, a partnership, a limited liability company, a trust, an unincorporated organization,
      a government or any department or agency thereof, or any entity similar to any of the foregoing.

   

  “Total
        Number of Directors” shall mean, at any time of determination, the total number of directors comprising the Board.

   

  1.2         
    Rules of Construction.

   

  (a)           
    Unless the context requires
      otherwise: (i) any pronoun used in this Agreement will include the corresponding masculine, feminine or neuter forms; (ii) references
      to Articles and Sections refer to articles and sections of this Agreement; (iii) the terms “include,” “includes,”
      “including” and words of like import will be deemed to be followed by the words “without limitation”;
      (iv) the terms “hereof,” “hereto,” “herein” or “hereunder” refer to this Agreement
      as a whole and not to any particular provision of this Agreement; (v) unless the context otherwise requires, the term “or”
      is not exclusive and will have the inclusive meaning of “and/or”; (vi) defined terms herein will apply equally to
      both the singular and plural forms and derivative forms of defined terms will have correlative meanings; (vii) references to any
      law or statute will include all rules and regulations promulgated thereunder, and references to any law or statute will be construed
      as including any legal and statutory provisions consolidating, amending, succeeding or replacing the applicable law or statute;
      (viii) references to any Person include such Person’s successors and permitted assigns; and (ix) references to “days”
      are to calendar days unless otherwise indicated.

   

  (b)          
    The headings in this Agreement
      are for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent or
      intent of this Agreement or any provision thereof.

   

  (c)           
    This Agreement will be construed
      without regard to any presumption or other rule requiring construction against the party that drafted or caused this Agreement
      to be drafted.

   

  Article
      II

      GOVERNANCE MATTERS

   

  2.1         
    Board Designees.

   

  (a)           
    In connection and following the closing of the
      IPO (the “Closing”), the Kaiser Investor shall have the right, but not the obligation, to nominate to the Board
      a number of designees (“Director Designees”) equal to at least: (i)
      a majority of the Total Number of Directors, so long as the Kaiser Investor Beneficially Owns 50% or more of the then-outstanding
      shares of Common Stock; (ii) 40% of the Total Number of Directors, in the event that the Kaiser Investor Beneficially Owns 40%
      or more, but less than 50%, of the then-outstanding shares of Common Stock; (iii) 30% of the Total Number of Directors, in the
      event that the Kaiser Investor Beneficially Owns 30% or more, but less than 40%, of the then-outstanding shares of Common Stock;
      (iv) 20% of the Total Number of Directors, in the event that the Kaiser Investor Beneficially Owns 20% or more, but less than
      30%, of the then-outstanding shares of Common Stock; and (v) 10% of the Total Number of Directors, in the event that the Kaiser
      Investor Beneficially Owns 5% or more, but less than 20%, of the then-outstanding shares of Common Stock. For purposes of calculating
      the number of Director Designees that the Kaiser Investor is entitled to designate pursuant to the immediately preceding sentence,
      ownership shall be adjusted for stock splits, combinations, reclassifications and similar transactions, if any, and any fractional
      amounts shall automatically be rounded up to the nearest whole number (e.g., one and one-quarter of Director Designees shall equate
      to two Director Designees), and any such calculations shall be made after taking into account any increase or decrease in the
      Total Number of Directors, if any (subject to the Kaiser Investor’s prior written consent pursuant to Section ‎2.2
      below, except as provided in this Section ‎2.1(a) with respect to decreases in ownership of the Kaiser
      Investor).

   

  
    4

    
      

    

  

   

  (b)          
    As of the Closing, the following
        four directors shall initially be deemed to be Director Designees: Steven M. Kobos, Henry G. Kleemeier, Don. P. Millican and Robert
        A. Waldo. If and when the Board shall become classified under
        the terms of the Certificate of Incorporation, directors then serving on the Board, including any Director Designees, shall be
        divided into three classes of directors, with each class serving staggered three-year terms in accordance with the Certificate
        of Incorporation and, unless otherwise requested by the Kaiser Investor, each Director Designee, if any, shall be assigned to
        a different class (to the extent possible) as requested by the Kaiser Investor.

   

  (c)           
    The Company agrees, to the fullest extent permitted
      by applicable law (including with respect to fiduciary duties under Delaware law), to use its best efforts and to take, or cause
      to be taken, all Necessary Action, and, if applicable, the Kaiser Investor agrees to vote its shares, to cause the election of
      each Director Designee to the Board, which such Necessary Action shall include, without limitation, (i) nominating and recommending
      each Director Designee to be elected as a director and included in the slate of nominees to be elected or appointed to the Board
      at the next (and each applicable subsequent) annual or special meeting of stockholders, (ii) recommending that stockholders vote
      in favor of any such Director Designee, (iii) soliciting proxies or consents in favor of each Director Designee, and (iv)
      without limiting the foregoing, otherwise using its best efforts to cause such nominees who are Director Designees to be elected
      to the Board, including providing at least as high a level of support for the election of such nominees as it provides to any
      other individual standing for election as a director. For the avoidance of doubt, the rights granted to the Kaiser Investor to
      designate members of the Board are additive to, and not intended to limit in any way, the rights that the Kaiser Investor may
      have to nominate, elect or remove directors under the Certificate of Incorporation, the Bylaws or the Delaware General Corporation
      Law.

   

  (d)          
    In the event that the Kaiser Investor has nominated
      less than the total number of Director Designees that it shall be entitled to nominate pursuant to Section ‎2.1(a),
      then the Kaiser Investor shall have the right, at any time, to nominate such additional Director Designee(s) to which it is entitled,
      in which case, the Company and the Board shall take all Necessary Action, and, if applicable, the Kaiser Investor shall vote its
      shares, to the fullest extent permitted by applicable law (including with respect to fiduciary duties under Delaware law), to
      (i) enable the Kaiser Investor to nominate and effect the election or appointment of such additional individuals, whether by increasing
      the size of the Board or otherwise (subject to the Kaiser Investor’s prior written consent pursuant to Section ‎2.2
      below), and (ii) designate such additional individuals nominated by the Kaiser Investor to fill such newly created vacancies
      or to fill any other existing vacancies.

   

  
    5

    
      

    

  

   

  (e)           
    Except as provided in Section ‎2.1(a)
      with respect to decreases in ownership of the Kaiser Investor, the Kaiser Investor shall have the exclusive right to (i) request
      the removal of one or more of its Director Designees from the Board in accordance with the Certificate of Incorporation and the
      Bylaws, and the Company and the Kaiser Investor shall take all Necessary Action, and, if applicable, the Kaiser Investor shall
      vote its shares, to cause the removal (whether for or without cause) of any such Director Designee at the request of the Kaiser
      Investor and (ii) designate directors for nomination and election to the Board to fill vacancies (for the remainder of the then-current
      term) created by reason of death, disability, removal or resignation or otherwise of its Director Designees to the Board, and
      the Company and the Kaiser Investor shall take all Necessary Action to cause any such vacancies to be filled by replacement directors
      nominated by the Kaiser Investor as promptly as reasonably practicable.

   

  (f)           
     In the event that the Kaiser Investor shall cease
      to have the right to designate one or more director(s) pursuant to this Section ‎2.1, the Director Designee(s)
      selected by the Kaiser Investor shall (i) at the request of a majority of the directors then in office or the Chairman of the
      Board resign immediately, or the Kaiser Investor shall take all action necessary to remove such Director Designee(s) or (ii) if
      no such request is made, continue to serve until his or her term expires at the next applicable annual meeting of stockholders
      of the Company or until his earlier death, resignation, removal, retirement or disqualification. In the event such Director Designee
      resigns or is removed at the request of a majority of the directors then in office or the Chairman of the Board, the directors
      remaining in office shall be entitled to decrease the size of the Board to eliminate such vacancy and no consent under Section ‎2.2
      shall be required in connection with such decrease.

   

  (g)          
    So long as the Kaiser Investor Beneficially Owns
      more than 50% of the then-outstanding shares of Common Stock (as adjusted for stock splits, combinations, reclassifications and
      similar transactions), the Kaiser Investor shall have the right, but not the obligation, to designate, and the Company shall take
      all Necessary Action, and, if applicable, the Kaiser Investor shall vote its shares, to cause the Board to include at least two
      Director Designees on each committee of the Board (other than the audit committee), as designated by the Kaiser Investor (subject
      to any requirements, including independence requirements, for such committee members imposed by applicable law or by the applicable
      rules of any national securities exchange on which the Class A Common Stock may be listed or traded). So long as the Kaiser Investor
      Beneficially Owns 20% or more, but less than or equal to 50%, of the then-outstanding shares of Common Stock (as adjusted for
      stock splits, combinations, reclassifications and similar transactions), the Company shall take all Necessary Action, and, if
      applicable, the Kaiser Investor shall vote its shares, to cause the Board to include at least one Director Designee on each committee
      of the Board (other than the audit committee), as designated by the Kaiser Investor (subject to any requirements, including independence
      requirements, for such committee members imposed by applicable law or by the applicable rules of any national securities exchange
      on which the Class A Common Stock may be listed or traded).

   

  
    6

    
      

    

  

   

  (h)          
    So long as the Kaiser Investor Beneficially Owns
      50% or more of the then-outstanding shares of Common Stock (as adjusted for stock splits, combinations, reclassifications and
      similar transactions), the Kaiser Investor shall have the right, but not the obligation,
      to designate, and the Company and the Board, to the fullest extent permitted by applicable law (including with respect to fiduciary
      duties under Delaware law) shall cause the Board to appoint, the Chairman of the Board. In the event that the Kaiser Investor
      shall cease to have the right to designate the Chairman of the Board pursuant to this Section ‎2.1, the
      Chairman of the Board designated by the Kaiser Investor shall (i) at the request of a majority of the directors then in office
      or the Chairperson of the Nominating and Corporate Governance Committee (or equivalent)resign immediately, or the Kaiser Investor
      shall take all action necessary to remove such Chairman of the Board or (ii) if no such request is made, continue to serve until
      his or her successor is elected and appointed or until his earlier death, resignation, removal, retirement or disqualification.

   

  (i)            
    For the avoidance of doubt,
      unless consented to otherwise in writing by the Kaiser Investor, the Company shall avail itself of all available “controlled
      company” exceptions to the corporate governance listing standards of any securities exchange on which shares of Class A
      Common Stock are listed, unless waived in writing by the Kaiser Investor (the “Applicable Stock Exchange”).
      If the Company ceases to qualify as a “controlled company” for purposes of the Applicable Stock Exchange rules, the
      Kaiser Investor and the Company shall take whatever action may be reasonably necessary in relation to such party, if any, to cause
      the Company to comply with the Applicable Stock Exchange rules as then in effect within the timeframe for compliance available
      under such rules, which may include requiring one or more Director Designee to satisfy the general independence requirements of
      the Applicable Stock Exchange to the extent needed to reach majority of independent directors on the Board, subject to any applicable
      transition periods. 

   

  (j)            
    So long as the Kaiser Investor
      has the right to designate Director Designees for nomination and election to the Board under Section ‎‎2.1(a)
      above, the Kaiser Investor shall have the right (but not obligation) to designate, and the Company shall take all Necessary
      Action to appoint, two non-voting representatives (the “Observers”) to attend and observe all meetings of the
      Board and any committees thereof. Until the Observer ceases to serve in such capacity, any such Observer shall, at the same time
      and in the same manner as provided to the directors of the Board, be entitled to (i) be given notice of all meetings (whether
      in person, telephonic or otherwise) of the Board, including all committee meetings; (ii) receive copies of all notices, agendas,
      consents, Board and committee minutes and other materials distributed to the Board and any committees thereof, whether provided
      to directors in advance or, during or after any meeting, regardless of whether the Observer shall be in attendance at the meeting;
      and (iii) participate in (but not vote on) all discussions conducted at Board and committee meetings; provided, however,
      that, for the avoidance, of doubt, the Observer(s) shall (x) not be counted for purposes of determining whether a quorum is present
      at any meeting of the Board or any committee thereof, (y) not have the right to vote on any matter brought before the Board or
      any committee thereof or to participate in any action by unanimous written consent in lieu of a meeting of the Board or any committee
      thereof (and no vote or consent of the Observer shall be required for purposes of determining whether any matter has been approved
      by the Board or any committee thereof), and (z) not be entitled to any other rights or powers of directors under the Certificate
      of Incorporation, the Bylaws, the Delaware General Corporation Law, applicable law or any other agreement to which the Company
      is a party. Notwithstanding any of the foregoing, the Company shall not be obligated to provide the Observer(s) with access to
      any information, materials or meetings (or portions thereof) if a majority of the members of the Board who are non-Director Designees
      determine reasonably that the exclusion of the Observer(s) is reasonably necessary to (A) preserve attorney-client privilege or
      protect highly confidential information or (B) avoid a conflict of interest between the Company and the Kaiser Investor or any
      of its Affiliates or breach of contractual or other legal obligations. The Observer(s) shall (1) keep all information received
      pursuant to the rights granted by this Agreement confidential in accordance with Section ‎2.1(k) below
      and may be required, at the Company’s request, execute an observer agreement and/or confidentiality agreement in the form
      reasonably acceptable to the Company and the Kaiser Investor and (2) not use such information in any way or for any purpose other
      than to assist the Kaiser Investor in monitoring, evaluating and managing its investment in the Company. As long as the Kaiser
      Investor is entitled to appoint the Observers in accordance with this Section ‎2.1(j), the Kaiser Investor
      shall be entitled to direct the replacement of the Observer(s) for any reason and at any time by delivering notice in writing
      or by electronic transmission of such replacement to the Company, which such replacement shall take effect at the time specified
      in such notice.

   

  
    7

    
      

    

  

   

  (k)          
    Except as may be required by applicable law or
      requested by any applicable governmental entity or authority, each Director Designee and Observer shall agree to maintain the
      confidentiality of all confidential information and shall not disclose any confidential information to any person or entity and
      comply with all Company policies applicable to members of the Board generally; provided that (i) any such Director Designee
      and Observer may disclose confidential information to representatives of the Kaiser Investor who have a reasonable need to know
      such information solely for the purpose of allowing them to monitor, evaluate and manage their investment in the Company.

   

  (l)            
    For the avoidance of doubt, for so long as any
      Director Designee serves as a director of the Company, (i) the Company shall take all Necessary Actions, and, if applicable, the
      Kaiser Investor shall vote its shares, as to cause the Company, to provide each such Director Designee with the rights to exculpation,
      indemnification and advancement of expenses that are not less favorable to any such Director Designee than those it provides to
      any other non-employee directors serving on the Board, and (ii) the Company shall reimburse each such Director Designee for his
      or her reasonable out-of-pocket expenses incurred by him or her in connection with performing his or her duties as a member of
      the Board (or any committee thereof), including the reasonable out-of-pocket expenses incurred by such person for attending meetings
      of the Board (or any committee thereof), or in connection with their service, if applicable, on the board or other similar governing
      body of any subsidiary of the Company (or any committee thereof).

   

  (m)          
    The rights granted pursuant to this Section ‎2.1
      are personal to the Kaiser Investor and shall not be exercised by anyone else, other than a Permitted Transferee.

   

  
    8

    
      

    

  

   

  2.2         
    Consent Rights.

   

  (a)           
    So long as the Kaiser Investor Beneficially Owns
      at least 15% of the then-outstanding shares of Common Stock (as adjusted for stock splits, combinations, reclassifications and
      similar transactions), in addition to any vote required by law or the applicable governing documents,
      the Company shall not take, and shall take all Necessary Action to cause its subsidiaries not to take, directly or indirectly
      (whether by amendment, merger, consolidation, reorganization or otherwise), any of the following actions without the prior written
      consent of the Kaiser Investor, which consent may be withheld for any reason or no reason:

   

  (i)           
    liquidation, dissolution or winding up of the
      Company;

   

  (ii)          
    any material change in the nature of the business
      or operations of the Company and its subsidiaries, taken as a whole, as of the date of this Agreement;

   

  (iii)         
    authorizing or issuing any equity securities
      having rights, preferences or privileges superior or senior to the outstanding shares of Class A Common Stock or Class B Common
      Stock (or any securities convertible or exchangeable therefor pursuant to their terms);

   

  (iv)         
    any increase or decrease in the size of (x) the
      Board from the initial number of directors set at the time of the IPO (expected to be 6 directors) or (y) any board of a subsidiary
      of the Company;

   

  (v)          
    adopting or implementing any stockholder rights
      plan or similar takeover defense measure; and

   

  (vi)         
    amendments to, or modification or repeal of,
      organizational documents (such as the Certificate of Incorporation and Bylaws or equivalent organizational documents of the Company’s
      subsidiaries) that adversely affect the Kaiser Investor or its Affiliates.

   

  (b)          
    So long as the Kaiser Investor Beneficially Owns
      at least 25% of the outstanding shares of Common Stock (as adjusted for stock splits, combinations, reclassifications and similar
      transactions), in addition to, for the avoidance of doubt, the consent rights set forth in Section ‎2.2(a)
      above, and any vote required by law or the applicable governing documents, the Company
      shall not take, and shall take all Necessary Action to cause its subsidiaries not to take, directly or indirectly (whether by
      amendment, merger, consolidation, reorganization or otherwise), any of the following actions without the prior written consent
      of the Kaiser Investor, which consent may be withheld for any reason or no reason:

   

  (i)           
    hiring or terminating the
      Chief Executive Officer of the Company and his or her successors;

   

  (ii)          
    any change in the size of (x) any committee of
      the Board (as compared to the size approved in connection with the IPO) or (y) any committee of any board of the Company’s
      subsidiaries;

   

  
    9

    
      

    

  

   

  (iii)         
    forming any new committee of the Board (other
      than committees formed in connection with the IPO);

   

  (iv)        
    any mergers or other transaction that, if consummated,
      would constitute a Change in Control or entering into any definitive agreement or series of related agreements that govern any
      transaction or series of related transactions that, if consummated, would result in a Change in Control;

   

  (v)         
    entering into any agreement providing for the
      acquisition or divestiture of assets or Persons, in each such case, involving consideration payable or receivable by the Company
      or any of its subsidiaries in excess of $100 million in the aggregate in any single transaction or series of related transactions
      during any 12-month period;

   

  (vi)        
    any incurrence by the Company or any of its subsidiaries
      of indebtedness for borrowed money (including through capital leases, the issuance of debt securities or the guarantee of indebtedness
      of another Person) in excess of $100 million in the aggregate in any single transaction or series of related transactions during
      any 12-month period, other than indebtedness incurred under an existing (prior to the closing
        of the IPO) and previously approved revolving credit facility;

   

  (vii)       
    any issuance or series of related issuances of
      equity securities by the Company or any of its subsidiaries, other than grants of equity securities under any equity compensation
      plan, including an employee stock purchase plan, approved by the Board or a committee thereof; and

   

  (viii)      
    any payment or declaration of any dividend or
      other distribution of any shares of Class A Common Stock or Class B Common Stock or entering into any similar recapitalization
      transaction the primary purpose of which is to pay a dividend of shares of Class A Common Stock or Class B Common Stock.

   

  Article
      III

      EFFECTIVENESS AND TERMINATION

   

  3.1         
    Effectiveness. Upon
      the closing of the IPO, this Agreement will thereupon be deemed to be effective. However, to the extent the closing of the IPO
      does not occur, the provisions of this Agreement will be without any force or effect.

   

  3.2         
    Termination. This Agreement will automatically
      terminate upon the earlier to occur of (a) the Kaiser Investor no longer having the right to designate an individual for nomination
      to the Board under this Agreement, (b) the delivery of written notice to the Company and the Partnership
        by the Kaiser Investor effecting the termination of this Agreement and (c) the fifth anniversary of Mr. Kaiser’s death.

   

  
    10

    
      

    

  

   

  Article
      IV

      MISCELLANEOUS

   

  4.1         
    Notices. All notices,
      requests, demands and other communications under this Agreement will be in writing and will be personally delivered, sent by nationally
      recognized overnight courier, mailed by registered or certified mail or be sent by facsimile or electronic mail to such party
      at the address set forth below (or such other address as will be specified by like notice). Notices will be deemed to have been
      duly given hereunder if (a) personally delivered, when received, (b) sent by nationally recognized overnight courier, one business
      day after deposit with the nationally recognized overnight courier, (c) mailed by registered or certified mail, five business
      days after the date on which it is so mailed, and (d) sent by facsimile or electronic mail, on the date sent so long as such communication
      is transmitted before 5:00 p.m. on a business day in the time zone of the receiving party, otherwise, on the next business day.

   

  (a)          
    If to the Company or the Partnership,
      to:

   

  Excelerate
      Energy, Inc. or 

  Excelerate
      Energy Limited Partnership, as appliacble 

  2445
      Technology Forest Blvd., Level 6 

  The
      Woodlands, TX 77381 

  Telephone:
      (832) 813-7100 

  Attention:
      

      E-mail: 

    

   

  with
      copies (not constituting notice) to:

   

  Gibson,
      Dunn & Crutcher LLP 

  811
      Main Street, Suite 3000 

  Houston,
      TX 77002 

  Attention: Andrew
      L. Fabens 

                     Hillary
      H. Holmes  

  E-mail: AFabens@gibsondunn.com

    HHolmes@gibsondunn.com

   

  and

   

  Frederic
      Dorwart, Lawyers PLLC 

  Old
      City Hall 

  124
      East Fourth Street 

  Tulsa,
      OK 74103 

  Attention:
      H. Steven Walton 

  E-mail:
      swalton@fdlaw.com

   

  (b)          
    If to the Kaiser Investor,
      to:

   

  Excelerate
      Energy Holdings, LLC 

  c/o
      Kaiser-Francis Management Company, LLC 

  6733
      South Yale Ave, Tulsa, OK 74136 

  Attention: 

    

  E-mail: 

    

   

  
    11

    
      

    

  

   

  with
      a copy (not constituting notice) to:

   

  Frederic
      Dorwart, Lawyers PLLC 

  Old
      City Hall 

  124
      East Fourth Street 

  Tulsa,
      OK 74103 

  Attention:
      H. Steven Walton 

  E-mail:
      swalton@fdlaw.com

   

  4.2         
    Severability. The provisions
      of this Agreement will be deemed severable, and the invalidity or unenforceability of any provision will not affect the validity
      or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person
      or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision will
      be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid
      or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons
      or circumstances will not be affected by such invalidity or unenforceability, nor will such invalidity or unenforceability affect
      the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

   

  4.3         
    Counterparts. This
      Agreement may be executed in one or more counterparts, each of which will be deemed an original and all of which, taken together,
      will be considered one and the same agreement.

   

  4.4         
    Entire Agreement; No Third-Party
        Beneficiaries. This Agreement (a) constitutes the entire agreement and supersedes all other prior agreements, both written
      and oral, among the parties hereto with respect to the subject matter hereof and (b) is not intended to confer upon any Person,
      other than the parties hereto, any rights or remedies hereunder.

   

  4.5         
    Further Assurances.
      Each party hereto will execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably
      requested from time to time by the other parties hereto to give effect to and carry out the transactions contemplated herein.

   

  4.6         
    Governing Law; Equitable
        Remedies. THIS AGREEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE (WITHOUT
      GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF). The parties hereto agree that irreparable damage would occur in the event
      that any of the provisions of this Agreement were not performed in accordance with its specific terms or was otherwise breached.
      It is accordingly agreed that the parties hereto will be entitled to an injunction or injunctions and other equitable remedies
      to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any of the Selected Courts
      (as defined below), this being in addition to any other remedy to which they are entitled at law or in equity. Any requirements
      for the securing or posting of any bond with respect to such remedy are hereby waived by each of the parties hereto. Each party
      hereto further agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or
      enforcement of specific performance, it will not assert the defense that a remedy at law would be adequate.

   

  
    12

    
      

    

  

   

  4.7         
    Consent to Jurisdiction.
      With respect to any suit, action or proceeding (“Proceeding”) arising out of or relating to this Agreement,
      each of the parties hereto hereby irrevocably (a) submits to the exclusive jurisdiction of the Court of Chancery of the State
      of Delaware and the United States District Court for the District of Delaware and the appellate courts therefrom (the “Selected
        Courts”) and waives any objection to venue being laid in the Selected Courts whether based on the grounds of forum non
      conveniens or otherwise and hereby agrees not to commence any such Proceeding other than before one of the Selected Courts; provided,
      however, that a party may commence any Proceeding in a court other than a Selected Court solely for the purpose of enforcing
      an order or judgment issued by one of the Selected Courts; (b) consents to service of process in any Proceeding by the mailing
      of copies thereof by registered or certified mail, postage prepaid, or by recognized international express carrier or delivery
      service, to their respective addresses referred to in Section ‎4.1
      hereof; provided, however,
        that nothing herein will affect the right of any party hereto to serve process in any other manner permitted by law; and (c) TO
        THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF,
        DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS
        AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY
        OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT
        AMONG THE PARTIES IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT
        AND TO HAVE ALL MATTERS RELATING TO THIS AGREEMENT BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A
        JURY.

   

  4.8         
    Amendments; Waivers.

   

  (a)           
    No provision of this Agreement
      may be amended or waived unless such amendment or waiver is in writing and signed (i) in the case of an amendment, by each of
      the parties hereto (including any amendment providing for additional obligations hereunder of any party hereto), and (ii) in the
      case of a waiver, by each of the parties against whom the waiver is to be effective.

   

  (b)          
    No failure or delay by any
      party in exercising any right, power or privilege hereunder will operate as waiver thereof nor will any single or partial exercise
      thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and
      remedies herein provided will be cumulative and not exclusive of any rights or remedies provided by law.

   

  
    13

    
      

    

  

   

  4.9         
    Assignment. Neither
      this Agreement nor any of the rights or obligations hereunder will be assigned by any of the parties hereto without the prior
      written consent of the other parties, and any attempted assignment, without such consents, will be null and void; provided,
      however, that the Kaiser Investor shall be entitled to assign, in whole or in part, to any of its Permitted Transferees
      without such prior written consent any of its rights or obligations hereunder as follows: (a) pursuant to a will or other testamentary
      document to the Foundation for a period of time not to exceed five years since Mr. Kaiser’s death; and/or (b) in connection
      with and upon a transfer of Common Stock from the Kaiser Investor to such Permitted Transferee.

   

  [Signature
        pages follow.]

   

  
    14

    
      

    

  

   

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

   

  	 	COMPANY:
	 	 
	 	Excelerate Energy, Inc.
	 	 
	 	By: 	/s/ Steven Kobos
	 	Name: 	Steven Kobos
	 	Title: 	President and Chief Executive Officer
	 	 
	 	PARTNERSHIP:
	 	 
	 	Excelerate Energy Limited Partnership
	 	By: Excelerate Energy, Inc., its general partner
	 	 
	 	By: 	/s/ Steven Kobos
	 	Name:	 Steven Kobos
	 	Title: President and Chief Executive Officer
	 	 

  Signature
        Page to Stockholder’s Agreement

   

  
     

    
      

    

  

   

  	 	KAISER INVESTOR:
	 	 
	 	Excelerate Energy Holdings, LLC
	 	By: Kaiser-Francis Management Company LLC, its  manager
	 	 
	 	By:  	/s/ Don Millican
	 	Name:	 Don Millican
	 	Title: 	President
	 	 	 

  Signature
        Page to Stockholder’s Agreement

   

  
     

    
      

    

  

   

  Exhibit A

   

  Assignment
        and Assumption Agreement 

   

  Pursuant
      to the Stockholder’s Agreement, dated as of [●], 2022 (the “Stockholder’s Agreement”), by
      and among Excelerate Energy, Inc., a Delaware corporation, Excelerate Energy Limited Partnership, a Delaware limited partnership,
      and Excelerate Energy Holdings, LLC, a Delaware limited liability company, _________ (the “Transferor”) hereby
      assigns to the undersigned the rights that may be assigned thereunder, and the undersigned hereby agrees to assume the obligations
      of the Transferor under the Stockholder’s Agreement. Capitalized terms used but not defined herein shall have the meanings
      assigned to them in the Stockholder’s Agreement.

   

  Listed
      below is information regarding the Common Stock:

   

  Number
      of Shares of

  Class
        A Common Stock

   

  __________________

   

  Number
      of Shares of

  Class
        B Common Stock

   

  __________________

   

  [Signature
        page follows.]

   

  
     

    
      

    

  

   

  IN
      WITNESS WHEREOF, the undersigned has executed this Assumption Agreement as of __________ ___, ________.

   

  	 	[NAME OF TRANSFEROR]
	 	 
	 	Name:
	 	Title:

  	 	[NAME OF TRANSFEREE]
	 	 
	 	Name:
	 	Title:
	 	 

  Acknowledged
      by:

  	EXCELERATE ENERGY, INC.
	 	 
	By:	 
	 	Name:
	 	Title:
	 	 

  Signature
        Page to Assignment and Assumption Agreement

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