Document:

EX-10.1

 Exhibit 10.1 
 MASTER CONVEYANCE OF OVERRIDING ROYALTY INTEREST 

BY AND BETWEEN 

MCMORAN OIL & GAS LLC, AS
GRANTOR 
 AND 
 GULF COAST ULTRA DEEP ROYALTY TRUST, AS GRANTEE 

DATED 
 JUNE 3, 2013 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
			
		 	ARTICLE I	  			
		 	CERTAIN DEFINITIONS AND REFERENCES	  			
			
	 1.1
	 	 Certain Defined Terms
	  	 	1	  
			
	 1.2
	 	 References and Titles
	  	 	10	  
			
		 	ARTICLE II	  			
		 	LIMITED TERM OVERRIDING ROYALTY CONVEYANCE	  			
			
	 2.1
	 	 Grant of Overriding Royalty Interest; Termination
	  	 	10	  
			
	 2.2
	 	 Overriding Royalty Percentage
	  	 	13	  
			
	 2.3
	 	 Filing Fees
	  	 	14	  
			
	 2.4
	 	 Measurement
	  	 	14	  
			
	 2.5
	 	 Counterparts and Recording
	  	 	15	  
			
	 2.6
	 	 Compliance Reports
	  	 	15	  
			
		 	ARTICLE III	  			
		 	CERTAIN MATTERS RELATED TO THE SUBJECT INTERESTS	  			
			
	 3.1
	 	 Abandonments
	  	 	15	  
			
	 3.2
	 	 Contracts with Affiliates
	  	 	16	  
			
	 3.3
	 	 Right to Use Wellbores
	  	 	16	  
			
	 3.4
	 	 Amendment of Drilling or Spacing Units/Unitization
	  	 	16	  
			
	 3.5
	 	 Operations
	  	 	16	  
			
	 3.6
	 	 Leases
	  	 	17	  
			
	 3.7
	 	 Mortgages and Security Interests
	  	 	18	  
			
		 	ARTICLE IV	  			
		 	PAYMENTS	  			
			
	 4.1
	 	 Payments
	  	 	18	  
			
	 4.2
	 	 Burden-Free Royalty
	  	 	19	  
			
	 4.3
	 	 Tax Withholding
	  	 	19	  
			
		 	ARTICLE V	  			
		 	ASSIGNMENT	  			
			
	 5.1
	 	 Assignment by Grantee
	  	 	19	  
			
	 5.2
	 	 Assignment by Grantor
	  	 	20	  
			
	 5.3
	 	 Covenant Running with the Land
	  	 	20	  
			
	 5.4
	 	 Special Trust Assignment
	  	 	20	  
			
	 5.5
	 	 Preferential Right to Purchase in Favor of Grantor
	  	 	21	  

  
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 TABLE OF CONTENTS 

(CONT.) 
  

							
	 	 	 	  	PAGE	 
			
		 	ARTICLE VI	  			
		 	ACCESS TO BOOKS AND RECORDS; CONFIDENTIALITY	  			
			
	 6.1
	 	 Books and Records
	  	 	22	  
			
	 6.2
	 	 Confidentiality
	  	 	23	  
			
		 	ARTICLE VII	  			
		 	DISCLAIMERS	  			
			
	 7.1
	 	 DISCLAIMERS
	  	 	24	  
			
		 	ARTICLE VIII	  			
		 	TERMINATION	  			
			
	 8.1
	 	 Termination of Overriding Royalty Interest
	  	 	24	  
			
	 8.2
	 	 Termination of Leases
	  	 	24	  
			
		 	ARTICLE IX	  			
		 	REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION, REMEDIES	  			
			
	 9.1
	 	 Representations, Warranties and Covenants of Grantor
	  	 	24	  
			
	 9.2
	 	 Indemnity
	  	 	26	  
			
		 	ARTICLE X	  			
		 	MISCELLANEOUS	  			
			
	 10.1
	 	 Governing Law
	  	 	27	  
			
	 10.2
	 	 No Personal Liability by Grantee
	  	 	28	  
			
	 10.3
	 	 Nature of Overriding Royalty Interest; Intentions of the Parties
	  	 	28	  
			
	 10.4
	 	 Notices
	  	 	28	  
			
	 10.5
	 	 Amendments
	  	 	29	  
			
	 10.6
	 	 Counterparts
	  	 	30	  
			
	 10.7
	 	 Binding Effect
	  	 	30	  
			
	 10.8
	 	 Partition
	  	 	30	  
			
	 10.9
	 	 Partial Invalidity
	  	 	30	  
			
	 10.10
	 	 Effective Date
	  	 	30	  
			
	 10.11
	 	 Recording
	  	 	30	  
			
	 10.12
	 	 No Third Party Beneficiaries
	  	 	31	  
			
	 10.13
	 	 Limitation of Liability
	  	 	31	  

 Exhibit A – Prospect Areas/Scheduled Working Interest 
 Exhibit B – First RC Leases 
 Exhibit C – Form of Recordable Conveyance 

Exhibit D – Recordable Memorandum 

  
 ii 

 MASTER CONVEYANCE OF OVERRIDING ROYALTY INTEREST 

THIS MASTER CONVEYANCE OF OVERRIDING ROYALTY INTEREST (this “Master Conveyance” or this
“Agreement”) dated as of June 3, 2013 is made by and between McMoRan Oil & Gas LLC, a limited liability company organized under the laws of the state of Delaware and a wholly owned subsidiary of McMoRan
Exploration Co., as Grantor, and Gulf Coast Ultra Deep Royalty Trust, a statutory trust formed under the laws of the state of Delaware, as Grantee. 
 WHEREAS, capitalized terms used herein and not otherwise defined shall have the meanings given such terms in Article I below; and 

WHEREAS, Grantor is the owner of certain oil, gas and/or mineral properties; and 

WHEREAS, Grantor desires to convey to Grantee the Overriding Royalty Interest; 

NOW, THEREFORE, for and in consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Grantor and Grantee agree as follows: 
 ARTICLE I 

CERTAIN DEFINITIONS AND REFERENCES 
 1.1 Certain Defined Terms. When used in this Master Conveyance, the following terms shall have the respective meanings assigned to them in this Section 1.1: 

“Add-On Leases” shall mean (a) each Lease (or interest in a Lease) that (i) is not an Existing Subject
Interest and (ii) in which an interest (or additional interest) is acquired by Grantor or any of its Affiliates during the Grant Period and (b) following the Grant Period, any Lease taken upon or in anticipation of expiration or
termination of any Lease (if executed and delivered during the term of or within one year after expiration of the predecessor Lease), insofar only as any such replacement lease covers the Subject Formations under the same lands described in the
original Lease. 
 “Affiliate” shall mean, with respect to any Person, (a) any other Person
directly or indirectly owning, controlling or holding with power to vote more than 50% of the outstanding voting securities of such Person, (b) any other Person more than 50% of whose outstanding voting securities are directly or indirectly
owned, controlled or held with power to vote by such Person, and (c) any other Person directly or indirectly controlling, controlled by or under common control with such Person; provided that in no case shall any Unitholder (as defined in the
Trust Agreement) be deemed an Affiliate of the Trust. 
 “Agreed Rate” shall mean, for and during each
calendar month, the prime rate published under “Money Rates” in the Wall Street Journal on the first day of such calendar month for which such a prime rate is so published, or if the Wall Street Journal shall cease publication or cease
publishing the “prime rate” on a regular basis, such other regularly published average prime rate applicable to commercial banks as is acceptable to the Trustee in its reasonable discretion. 

 “BOEM” shall mean the United States Bureau of Ocean Energy
Management. 
 “Claims” shall have the meaning given such term in Section 9.2(b).

 “Code” shall have the meaning given such term in Section 10.3. 

“Depositor” shall mean Freeport-McMoRan Copper & Gold Inc. 

“ED Unrecorded Leases” shall mean all Leases in which Grantor or any Affiliate of Grantor holds any interest
(directly or through any agent or nominee) as of the Effective Date, other than the First RC Leases. 
 “Effective
Date” shall have the meaning given such term in Section 10.10. 
 “Effective
Time” shall have the meaning given such term in Section 2.1(f). 
 “End Date”
shall mean June 3, 2033. 
 “Excepted Permitted Lien” shall mean (i) any Permitted Lien
created or caused by Grantee or (ii) other than any Permitted Lien created by, through or under Grantor or its Affiliates, any Permitted Lien which creates a defect in the title of Grantor or any of its Affiliates in, to or under any Subject
Interest that reduces the Working Interests of Grantor or its Affiliates with respect to any Subject Interests, other than any such defect or reduction in Working Interest occurring after the Effective Date arising as a result of any non-payment by
Grantor or its Affiliates of any financial obligation which Grantor or its Affiliates has assumed or otherwise is obligated to pay (whether under an operating agreement existing at the time Grantor or its Affiliate acquired an interest in the
Subject Interest, by contract or otherwise). 
 “Existing Subject Interests” shall mean all right, title
and interest of Grantor and its Affiliates in, to or under any Lease as of the Effective Date (whether held directly or through an agent or nominee), including all First RC Leases and ED Unrecorded Leases, insofar, and only insofar as such right,
title or interest covers Hydrocarbons produced or that may be produced from the Subject Formation(s) from and after the Effective Date; provided, however, that such interest shall not include any right, title or interest of Grantor or
its Affiliates in and to any personal property, fixtures, structures or equipment. 
 “First RC
Leases” shall mean the Leases set forth on Exhibit B. 
 “Gas” shall mean
natural gas, coalbed methane and other gaseous hydrocarbons. 
 “Governmental Authority” shall mean the
country, the state, county or parish, city and political subdivisions in which any Person or such Person’s property is located or which exercises valid jurisdiction over any such Person or such Person’s property, and any court, agency,
department, commission, board, bureau or instrumentality of any of them which exercises valid jurisdiction over any such Person or such Person’s property. 

  
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 “Grant Period” shall mean a period of time from the Effective Date
through the earlier of (i) December 5, 2017, or (ii) the Termination Date. 
 “Grantee”
shall mean the Trust, as the Person named in the preamble to this Master Conveyance as grantee, and its successors and assigns and any wholly-owned subsidiary of the Grantee designated as a Grantee in writing to Grantor by the Grantee for purposes
of this Master Conveyance. 
 “Grantor” shall mean the Person named in the preamble of this Master
Conveyance as grantor, and its successors and assigns. 
 “Gross Proceeds” shall mean an amount
equal to the Market Value of all sales of Production plus proceeds received on account of any Production lost, (a) after deduction or withholding of Specified Taxes allocable to such Production or such sale thereof, and (b) minus any
Specified Post-Production Costs allocable to such Production. 
 “Hydrocarbons” shall mean Oil and Gas.

 “Laws” shall mean all local, state, federal, foreign and international laws, rules, regulations,
treaties, guidelines, permits, orders, judicial and administrative decisions and other legally enforceable requirements. 

“Lease” shall mean any Oil, Gas and/or other mineral lease covering or otherwise related to all or any portion of
(a) a Prospect Area, (b) any area with which all or any portion of a Prospect Area is aggregated by unitization, pooling or similar aggregation principles, (c) all other rights in, to or under any other instrument or fee tract related
to, and all other rights to drill for, develop and produce Hydrocarbons from, a Prospect Area and any area with which all or any portion of a Prospect Area is aggregated by unitization, pooling or similar aggregation principles, and
(d) following the Grant Period, any replacement lease taken upon or in anticipation of expiration or termination of any such Lease (if executed and delivered during the term of or within one year after expiration of the predecessor Lease),
insofar only as any such replacement lease covers the Subject Formations under the same lands described in the original Lease. 

“Lease Burdens” shall mean royalties, overriding royalties (other than the Overriding Royalty Interests), net
profits interests, production payments and other burdens on Production. 
 “Lien” shall mean, with
respect to any property or assets, any right or interest therein of a party to secure liabilities owed to it or any other arrangement with such party that provides for the payment of such liabilities out of such property or assets or that allows
such party to have such liabilities satisfied out of such property or assets prior to the general creditors of any owner thereof, including any lien, mortgage, security interest, pledge, deposit, rights of a vendor under any title retention or
conditional sale agreement or lease substantially equivalent thereto, tax lien, mechanic’s or materialman’s lien, or any other charge or encumbrance for security purposes, whether arising by Law or agreement or otherwise.
“Lien” also means (a) any production payment or other similar burden on the Hydrocarbons attributable to the Subject Interests, and (b) any filed financing statement or other filing, notice, arrangement or action
that would serve to perfect a Lien described in the preceding sentence, regardless of whether such financing statement or other filing is filed, such notice is given, or such arrangement or action is undertaken before or after such Lien exists.

  
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 “Market Value” shall mean, with respect to any Production and
without duplication, the sum of (a) the proceeds received by Grantor (or any Affiliate or agent of Grantor that markets the Production on behalf of Grantor or its Affiliates, Grantee or any owner of a Lease Burden) from the first sale of such
Production to a Non-Affiliate, regardless of the location of such sale (whether on the applicable land subject to the Leases or at any point downstream) and (b) all proceeds from the sale of Hydrocarbons attributable to Lease Burdens (to the
extent a Lease Burden burdens the Subject Interests), if not marketed by Grantor or any Affiliate or agent of Grantor and whether received by Grantor, its Affiliates, or not, based on pricing received by Grantor. 

“Memorandum” shall have the meaning given such term in Section 10.11(b). 

“Net Acres” shall mean, with respect to any Lease under which the Subject Interests exist, a number of net acres
calculated as (i) the total number of gross acres covered by the Subject Interests existing under such Lease, multiplied by (ii) the lessor’s ownership percentage in the mineral estate with respect to the Subject Formations covered by
such Subject Interests multiplied by (iii) the Grantor’s and its Affiliates’ Working Interest with respect to such Subject Interests. 
 “NC-Acquired WI” shall have the meaning given such term in Section 3.5(b). 
 “Non-Affiliate” shall mean with respect to Grantor, any Person who is not an Affiliate of Grantor. 
 “Non-Consent Hydrocarbons” shall mean those Hydrocarbons produced from a Subject Interest during the applicable period of recoupment or reimbursement pursuant to a Non-Consent
Provision covering that Subject Interest, which Hydrocarbons have been relinquished to the consenting party or participating party, other than Grantor or its Affiliates, under the terms of such Non-Consent Provision as the result of an election by
Grantor or its Affiliates not to participate in a particular operation, and at such time as Grantor’s or its Affiliates’ back-in interest is applicable (such that Grantor’s or its Affiliates’ interest is entitled to a share of
such Hydrocarbons) such Hydrocarbons no longer shall constitute Non-Consent Hydrocarbons. 
 “Non-Consent
Provision” shall mean a contractual provision contained in an applicable operating agreement, unit operating agreement, contract for development, or other similar instrument that is a Permitted Lien under clause (e) of the
definition of Permitted Lien, which provision covers non-consent operations and provides for relinquishment of Hydrocarbon production by non-consenting or non-participating parties during a period of recoupment or reimbursement of costs and expenses
of the consenting or participating parties. 
 “Oil” shall mean crude oil, condensate and other liquid
or liquefiable hydrocarbons. 
 “ORRI Purchase Notice” shall have the meaning given such term in
Section 5.5(g). 
 “ORRI Purchase Option” shall have the meaning given such term in
Section 5.5(g). 

  
 4 

 “ORRI Purchase Option Closing” shall have the meaning given such
term in Section 5.5(g). 
 “ORRI Purchase Price” shall be an amount in cash equal to
(i) $10.00 (appropriately adjusted for subdivisions, splits or combinations as provided in the Trust Agreement) multiplied by (ii) the aggregate number of outstanding Units (as such term is defined in the Trust Agreement), other than
(A) the Units held of record by Depositor or any Subsidiary of Depositor and (B) Company Convertible Units (as such term is defined in the Trust Agreement), as of the date of the closing of the ORRI Transfer by the Trust. 

“ORRI Transfer” shall mean any transfer of the Overriding Royalty Interests by the Trust other than a transfer
pursuant to Section 5.4. 
 “Outer Continental Shelf Lands Act” shall mean the Outer
Continental Shelf Lands Act of 1953, 43 U.S.C. §§ 1331-1356, as amended. 
 “Overriding Royalty
Interest” shall mean an overriding royalty interest as created by each of the Recordable Conveyances delivered to Grantee pursuant to this Master Conveyance. 
 “Overriding Royalty Payment Percentage” shall have the meaning given such term in Section 2.2(b). 

“Overriding Royalty Percentage” shall have the meaning given such term in Section 2.2(a). 

“Permitted Liens” shall mean, with respect to the Overriding Royalty Interest and the grant of the Overriding
Royalty Interest pursuant hereto (in the case of (a), (d), (e)(1), (f), (g), (h), (i), (j) and (k) and (l)) and, with respect to the real property interest on which the Overriding Royalty Interest is granted only and not with respect to
the Overriding Royalty Interest (in the case of (b), (c) and (e)(2)): 
 (a) statutory Liens for taxes,
assessments or other governmental charges or levies that are not yet delinquent or that are being contested in good faith by appropriate action; 
 (b) statutory Liens for operators’, carriers’, warehousemen’s, repairmen’s, mechanics’, materialmen’s, or other like Liens, in each case only to the extent arising by
operation of law in the ordinary course of business, that do not secure obligations that are delinquent and that do not in any case secure indebtedness for borrowed money or similar obligations; 

(c) Liens and other encumbrances existing on the later of (i) the Effective Date and (ii) the date Grantor
acquires its interest in the applicable Subject Interest so long as such Liens and other encumbrances neither (x) secure indebtedness for borrowed money or similar obligations or any obligations of any kind, in each case, of Grantor or its
Affiliates that are delinquent, nor (y) prevent Grantee from receiving the Overriding Royalty Interests in accordance with this Agreement and the applicable Recordable Conveyance, or the proceeds thereof; 

  
 5 

 (d) royalties, overriding royalties and other similar burdens or
encumbrances to the extent they exist as to any Subject Interest as of the date of the Recordable Conveyance of such Subject Interest to the extent such do not prevent Grantee from receiving the Overriding Royalty Interest in accordance with the
applicable Recordable Conveyance, or the proceeds thereof; 
 (e) Liens under operating agreements, unit
agreements, unitization and pooling designations and declarations, farmout and farmin agreements, exploration agreements, area of mutual interest agreements, gathering and transportation agreements, processing agreements, and Hydrocarbon purchase
contracts, and other contracts (excluding contracts for borrowed money, hedging contracts and other contracts with financial institutions) that (1) have been entered into in the ordinary course of the oil and gas business prior to the time the
applicable Recordable Conveyance is first filed of record in the appropriate records of the BOEM or the applicable parish, provided that (i) any such Liens in favor of Grantor or any Affiliate of Grantor are Permitted Liens only to the extent
that the Overriding Royalty Interest is expressly excluded therefrom and not subject thereto and (ii) any such Liens that secure obligations that are delinquent as of the date of the Recordable Conveyance conveying the applicable Overriding
Royalty Interest are not Permitted Liens or (2) are entered into in the ordinary course of the oil and gas business after the time the applicable Recordable Conveyance is first filed of record in the appropriate records of the BOEM or the
applicable parish, provided that (i) any such Liens are Permitted Liens only to the extent that the Overriding Royalty Interest is excluded therefrom and not subject thereto and (ii) any such Liens that secure obligations that are
delinquent at the time of the grant of the Overriding Royalty Interest are not Permitted Liens; 
 (f) easements,
surface leases and surface rights, plat restrictions, zoning Laws, restrictive covenants and conditions, and building and other land use Laws and similar encumbrances, none of which materially interferes with the development and operation of the
property subject thereto for the production of Hydrocarbons or for the use for which the same are held; 
 (g)
rights vested in or reserved to any Governmental Authority to regulate the Subject Interests, to terminate any right, power, franchise, license or permit afforded by such Governmental Authority, or to purchase, condemn, expropriate or designate a
buyer of any of the Subject Interests; 
 (h) all rights to consent by, required notices to, filings with or
other actions by Governmental Authorities in connection with the sale, disposition, transfer or conveyance of federal, state, or other governmental oil and gas leases or interests therein or related thereto, which cannot be unreasonably withheld or
where the same are customarily obtained subsequent to the assignment, disposition or transfer of such oil and gas leases or interests therein, or such operations; 

(i) required non-governmental third party consents to assignments which have been obtained or waived by the appropriate
parties or which need not be obtained prior to an assignment or with respect to which consent cannot be unreasonably withheld 

  
 6 

 
and preferential rights to purchase which have been waived by the appropriate parties or for which the time period for asserting such rights has expired without the exercise of such rights;

 (j) this Agreement; 
 (k) any Recordable Conveyance; and 
 (l) Liens created or caused by
Grantee. 
 The references in this definition to Liens and other encumbrances apply only to the extent the same are valid and subsisting, and
affect the Subject Interests, and shall not be deemed to recognize or create any rights in third parties. 

“Person” shall mean an individual, partnership (whether general or limited), corporation (including a business
trust), limited liability company, joint stock company, trust, unincorporated association, bank, joint venture, firm or other entity. 
 “Production” shall mean all Hydrocarbons produced (or allocated or attributed to), saved and sold from the Subject Interests (on a take basis) (for the avoidance of doubt,
including, without duplication, Hydrocarbons attributed to the Overriding Royalty Interest or any Lease Burden (to the extent a Lease Burden burdens the Subject Interests)) from and after the Effective Time, but excluding any (i) Hydrocarbons
lost, flared or used for operating, development or production purposes in the ordinary course of business within the area covered by such Subject Interests or (ii) Non-Consent Hydrocarbons. 

“Production Costs” shall have the meaning given such term in Section 4.2. 

“Production Statement” shall have the meaning given such term in Section 4.1(a). 

“Prospect Area” shall mean each area under the heading “Prospect Area” on Exhibit A.

 “Prospect Area ORRI Average” means, as to each Prospect Area, Overriding Royalty Interests covering
the number of net acres equal to (i) the total number of gross acres covered by the Leases within a Prospect Area under which the Subject Interests exist, to the extent covering the Subject Formations, multiplied by (ii) the lessor’s
ownership percentage in the mineral estate with respect to the Subject Formations covered by such Subject Interests multiplied by (iii) the Scheduled Working Interest with respect to such Prospect Area. 

“Prospect Area ORRI Deficiency” shall be deemed to exist with respect to a Prospect Area when the Overriding
Royalty Interests granted with respect to Subject Interests within such Prospect Area cover a number of Net Acres less than the Prospect Area ORRI Average for such Prospect Area. For example, if the Scheduled Working Interest for a Prospect Area is
70% and the gross acres covered by the Leases within a Prospect Area under which the Subject Interests exists, to the extent covering the Subject Formations, are 20,000 and the lessor’s ownership percentage in the mineral estate with respect to
the Subject Formations covered by such Subject Interests is 100%, the Prospect Area ORRI Average at that time is 14,000 (20,000 x 100% x 70%). If the Overriding Royalty Interest has been granted under one Subject Interest under a

  
 7 

 
Lease of 10,000 acres within such Prospect Area in which Grantor’s and its Affiliates’ Working Interest is 50% and another Subject Interest under a Lease of 10,000 acres (within the
same Prospect Area) in which Grantor’s and its Affiliates’ Working Interest is 60% and, in each case, the ownership percentage in the mineral estate with respect to the Subject Formations covered by such Subject Interests is 100%, then the
Overriding Royalty Interest will be granted with respect to 11,000 net acres ((10,000 x 100% x 50%) + (10,000 x 100% x 60%)), which is below the Prospect Area ORRI Average and therefore a Prospect Area ORRI Deficiency of 3,000 acres will
be deemed to exist. If the Overriding Royalty Interest has been granted under one Subject Interest under a Lease of 20,000 acres within such Prospect Area in which Grantor’s and its Affiliates’ Working Interest is 80% and the lessor’s
ownership percentage in the mineral estate with respect to the Subject Formations covered by such Subject Interests is 20%, and another Subject Interest under a Lease covering the same 20,000 acres in which Grantor’s and its Affiliates’
Working Interest is 80% and the lessor’s ownership percentage in the mineral estate with respect to the Subject Formations covered by such Subject Interests is 50%, then the Overriding Royalty Interest will be granted with respect to 11,200 net
acres ((20,000 x 20% x 80%) + (20,000 x 50% x 80%)), which is below the Prospect Area ORRI Average and therefore a Prospect Area ORRI Deficiency of 2,800 acres will be deemed to exist. 

“Quarterly Date” shall mean each January 1, April 1, July 1 and October 1 of each calendar
year. 
 “Recordable Conveyance” shall mean a Conveyance of Overriding Royalty Interest, in the form of
Exhibit C, between Grantor and Grantee, which assignment is delivered by Grantor to Grantee pursuant to Section 2.1 for filing in the files of the BOEM and/or in those parishes adjacent to or where the Subject Interests are
located. 
 “Required Consent” shall have the meaning given such term in Section 9.1(d).

 “Royalty” shall have the meaning given such term in Section 2.1(e). 

“Royalty Company Indemnitees” shall have the meaning given such term in Section 9.2(a). 

“SEC” shall mean the United States Securities and Exchange Commission. 

“Scheduled Working Interest” shall mean, with respect to any Prospect Area listed on Exhibit A, the
Working Interest set forth on Exhibit A under the heading “Scheduled Working Interest” that corresponds with such Prospect Area. 
 “SI Costs” shall have the meaning given such term in Section 4.2. 
 “Specified Post-Production Costs” shall mean any costs incurred for activities downstream of the wellhead for gathering, transporting, compressing, treating, handling, separating,
dehydrating or processing the Production prior to sale, provided that (a) such costs are allocated on the same basis as and proportionately with Grantor’s and Grantee’s interests in the Production and the proceeds thereof, and
(b) either (i) such costs are charged to Grantor by Non-Affiliates of Grantor or (ii) such costs are charged by Grantor or its Affiliates at current market rates as then available from Non-Affiliates on the same basis as provided in
Section 3.2 herein. 

  
 8 

 “Specified Taxes” shall mean (a) production, severance, sales,
excise and other similar taxes assessed upon, otherwise owing with respect to or measured by the amount or value of Hydrocarbons produced or the proceeds from the sale thereof excluding income taxes, and (b) property or ad valorem taxes to the
extent assessed on the interests subject to the Overriding Royalty Interest (whether assessed separately or as part of the value of such interests). 
 “Subject Formation” shall mean the geologic formation (or formations) covered by or subject to any Lease the base of which is below 18,000 feet true vertical depth subsea (measured
from sea level, whether onshore or offshore), but shall not include (i) perforated intervals shallower than 18,000 feet true vertical depth subsea (measured from sea level, whether onshore or offshore), or (ii) as respects OCS 0310, depths
shallower than the salt or salt weld as seen in the South Marsh Island Block 217 No. 234 Well (which are deeper than 18,000 feet true vertical depth subsea measured from sea level). 

“Subject Interests” shall mean the Existing Subject Interests and all right, title and interest of Grantor and
its Affiliates (whether held directly or through an agent or nominee) in, to and under all Add-On Leases insofar, and only insofar, as such right, title and interest of Grantor and its Affiliates in, to and under the Add-On Leases cover Hydrocarbons
produced or that may be produced from the Subject Formation(s) from and after the Effective Date and prior to the Termination Date. 
 “Termination Date” shall mean the earlier of (i) the End Date or (ii) such earlier date on which the Trust is dissolved pursuant to the terms of the Trust Agreement;
provided the Termination Date for any Overriding Royalty Interest transferred pursuant to Section 5.1 shall be the earlier of (A) the End Date and (B) the ORRI Purchase Option Closing; and provided further that the Termination
Date for any Overriding Royalty Interest transferred pursuant to Section 5.4 shall be the End Date. 

“Termination Time” shall mean 7:00 a.m. Central Time on the Termination Date. 

“Trust” shall mean the Gulf Coast Ultra Deep Royalty Trust, a Delaware statutory trust. 

“Trust Agreement” shall mean that certain Amended and Restated Trust Agreement of the Trust dated as of
June 3, 2013, by and among Freeport-McMoRan Copper & Gold Inc., as depositor, Grantor, as grantor, and Trustee, as trustee, as it may be amended from time to time. 

“Trustee” shall mean The Bank of New York Mellon Trust Company, N.A., a national banking association, in its
capacity as trustee of the Trust, and any successor trustee of the Trust under the Trust Agreement. 
 “Variable
Interest” shall have the meaning given such term in Section 2.2(a). 
 “Well”
shall mean any well completed in any Subject Formation. A Well shall not be considered a Well with respect to any completion not in a Subject Formation. 

  
 9 

 “Working Interest” shall mean the interest owned in Oil wells, Gas
wells, leaseholds or mineral rights (mineral estates) that determines the percentage share of costs borne by the owner of such interest, including working interests, operating rights interests or other cost-bearing interests, and mineral fee or
ownership interests. 
 1.2 References and Titles. All references in this Master Conveyance to articles, sections,
subsections and other subdivisions refer to corresponding articles, sections, subsections and other subdivisions of this Master Conveyance unless expressly provided otherwise. Titles appearing at the beginning of any of such subdivisions are for
convenience only and shall not constitute part of such subdivisions and shall be disregarded in construing the language contained in such subdivisions. All references in this Master Conveyance to schedules or exhibits refer to schedules or exhibits
to this Master Conveyance unless expressly provided otherwise, and all such schedules and or exhibits are hereby incorporated herein by reference and made a part hereof for all purposes. The words “this Agreement”, “this Master
Conveyance”, “this instrument”, “herein”, “hereof”, “hereby”, “hereunder” and words of similar import refer to this Master Conveyance as a whole and not to any particular subdivision unless
expressly so limited. The words “include” and “including” shall mean “including without limitation”. 
 ARTICLE II 
 LIMITED TERM OVERRIDING ROYALTY CONVEYANCE 

2.1 Grant of Overriding Royalty Interest; Termination. 
 (a) Promptly after the Effective Date, Grantor will cause a Recordable Conveyance to be executed by Grantor or its Affiliate, as applicable, delivered to Grantee and filed of record in the appropriate
records of the BOEM and in the parishes adjacent to or where the properties subject to each First RC Lease are located, conveying to Grantee an Overriding Royalty Interest in each First RC Lease equal to the Overriding Royalty Percentage.

 (b) On or before the first Quarterly Date occurring after the first recording (with the BOEM or the applicable parish) in the
name of Grantor or any Affiliate of Grantor of an interest in any ED Unrecorded Lease, but in any event prior to first production of Hydrocarbons from a Well covered by any such Lease if production occurs prior to such Quarterly Date, Grantor will
cause a Recordable Conveyance to be executed by Grantor or its Affiliate, as applicable, delivered to Grantee and filed of record in all appropriate records of the BOEM and in the parishes adjacent to or where the properties subject to such ED
Unrecorded Lease or Leases are located conveying to Grantee an Overriding Royalty Interest in the applicable ED Unrecorded Leases equal to the Overriding Royalty Percentage. 
 (c) If Grantor or its Affiliates (directly or through any agent or nominee) enter into or otherwise acquire an interest in any Add-On Lease, on or before the first Quarterly Date occurring after the first
recording (with the BOEM or the applicable parish) in the name of Grantor or any Affiliate of Grantor of an interest in such Add-On Lease, and in any event prior to first production of Hydrocarbons from a Well on lands covered by such Add-On Lease
if production occurs prior to such Quarterly Date, Grantor will cause a Recordable Conveyance to be executed by Grantor or its Affiliate, as applicable, delivered to Grantee and filed of record in

  
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all appropriate records of the BOEM and in the parishes adjacent to or where the properties subject to such Add-On Lease or Leases are located conveying to Grantee an Overriding Royalty Interest
in the applicable Add-On Leases equal to the Overriding Royalty Percentage. 
 (d) From and after the first production of
Hydrocarbons from any Well, or upon any conveyance by Grantor or its Affiliates of any Working Interest in any Subject Interest (as permitted by Section 2.1(h)) or upon the application of the last sentence or clause (ii) of the
first sentence of Section 2.2(d) or the application of the second sentence of Section 3.5(b) to any NC-Acquired WI, Grantor will from time to time, at the request of Grantee, cause a Recordable Conveyance to be executed by
Grantor or its Affiliate, as applicable, delivered to Grantee and filed of record in the appropriate records of the BOEM and the applicable parishes clarifying the Overriding Royalty Percentage or Overriding Royalty Payment Percentage with respect
to each Subject Interest to which first production is attributable or which is affected by such conveyance or the application of the second sentence of Section 3.5(b) to any NC-Acquired WI. Grantee shall have the right to request such
additional Recordable Conveyances if Grantee deems it reasonably necessary to clarify Grantee’s Overriding Royalty Percentage or Overriding Royalty Payment Percentage in any Well or Subject Interest, whether any change thereto shall have
occurred as a result of any conveyance of any Working Interest of Grantor or any Affiliate of Grantor in any Subject Interest or Well (as permitted by Section 2.1(h)) or otherwise or the application of the second sentence of
Section 3.5(b) to any NC-Acquired WI. 
 (e) Subject to Grantee’s right to take its share of Production in-kind
pursuant to Section 2.02 of each Recordable Conveyance, each Overriding Royalty Interest shall entitle Grantee to an amount equal to the applicable Overriding Royalty Payment Percentage of the Gross Proceeds attributable to such Subject
Interests for periods from and after the Effective Time applicable to such Subject Interests and through and including the Termination Time (the “Royalty”). Grantor shall be responsible for remitting to the appropriate Person
all Specified Post-Production Costs and Specified Taxes attributable to Production (excluding Specified Post-Production Costs and Specified Taxes attributable to Production Grantee elects to take in-kind pursuant to Section 2.02 of the
Recordable Conveyance). If the Overriding Royalty Interest is applicable with respect to less than all of Grantor’s and its Affiliates’ Working Interest with respect to any Subject Interests as a result of the application of
Section 2.2(d), then an appropriate adjustment to the Royalty shall be made such that the Royalty is calculated with respect to that portion of Grantor’s and its Affiliates’ Working Interest to which the Overriding Royalty
Interest applies (giving effect to Section 2.2(d)). 
 (f) Each Overriding Royalty Interest will be carved out of
the Working Interest of Grantor and its Affiliates at the time the Overriding Royalty Interest is granted and will be free and clear of any burdens or Liens other than Permitted Liens. The Effective Time as defined in each Recordable Conveyance with
respect to each Subject Interest (the “Effective Time”) will be the date of such Recordable Conveyance, provided if Production with respect to such Subject Interests shall have first occurred prior to the date of such
Recordable Conveyance the Effective Time shall be the first day on which Production was first obtained from any such Subject Interest. All Recordable Conveyances with respect to the First RC Leases will be delivered by Grantor concurrently herewith,
and each additional Recordable Conveyance required hereunder will be delivered as provided herein and (except as provided in Section 2.1(d)) in any event on or prior to the date on which production of Hydrocarbons was

  
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first obtained from such Subject Interest (or any Well attributable thereto), or if neither Grantor nor any Affiliate of Grantor has record title to (or any Required Consent applicable to) any
Lease that will be subject to such Recordable Conveyance as of the first day on which production of Hydrocarbons was first obtained, then such Recordable Conveyance will be delivered as soon as reasonably practicable after Grantor or any Affiliate
of Grantor obtains such record title (or Required Consent) and any delay in delivery will not postpone payments otherwise due hereunder and under such Recordable Conveyance and Grantor will make all such payments as if such Recordable Conveyance had
been delivered prior to the first day on which production of Hydrocarbons was first obtained. 
 (g) The Overriding Royalty
Interests shall terminate at the Termination Time, without the requirement of payment by Grantor or any other Person. Upon any termination of the Overriding Royalty Interests, upon the request of Grantor, Grantee shall execute and deliver to Grantor
an instrument in form and substance reasonably acceptable to Grantor and Grantee and in recordable form in all applicable jurisdictions in which a Recordable Conveyance shall have been filed of record evidencing the termination of the Overriding
Royalty Interests. 
 (h) Notwithstanding the foregoing and Section 5.2, from time to time Grantor and its
Affiliates may assign a portion of their Working Interest in a Lease to third parties free and clear of the Overriding Royalty Interest to the extent necessary to satisfy the obligations of Grantor and its Affiliates existing as of the date of this
Master Conveyance or which may hereafter arise in connection with the good faith efforts of Grantor and its Affiliates to acquire Leases and/or enter into development and participation agreements with respect to the development of the Subject
Formations; provided that, no such assignment shall be permitted, and shall be void ab initio, unless: 

(i) the prior written consent of Grantee to such assignment shall have been obtained, which consent may be denied in
Grantee’s sole discretion; or 
 (ii) such assignment does not create, or have the effect of creating a
Prospect Area ORRI Deficiency; or 
 (iii) the Net Acres within a Prospect Area after such assignment (or giving
effect to such assignment) is less than 100%, but not less than 75%, of the Prospect Area ORRI Average provided, in such event, 
 (x) the Overriding Royalty Percentage with respect to all Leases within the Prospect Area in which the assigned Lease is located shall be calculated based on the Scheduled Working Interest applicable to
such Prospect Area, 
 (y) the amount of the Overriding Royalty Payment Percentage with respect to all Leases
within the Prospect Area in which the assigned Lease is located shall be increased so that the amount of the Royalty paid with respect to such Leases is the same as it would have been had the Net Acres within the Prospect Area following the
assignment been equal to the applicable Prospect Area ORRI Average (for example, if the Prospect 

  
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Area ORRI Average is 7200 acres and the resulting Net Acres within the Prospect Area following the assignment is 5400 acres, then the Overriding Royalty Payment Percentage shall be calculated as
5% x (7200/5400) = 6.6667%) and 
 (z) if a Recordable Conveyance with respect to any such Lease previously
shall have been filed, then simultaneously with such assignment Grantor shall cause a Recordable Conveyance to be executed by Grantor or its Affiliate, as applicable, delivered to Grantee and filed of record in the appropriate records of the BOEM
and the applicable parishes modifying the Overriding Royalty Percentage in accordance with clause (x) above, if necessary, and increasing the Overriding Royalty Payment Percentage in accordance with clause (y) above with
respect to each Lease affected by such conveyance; 
 provided if any assignment effected in violation of this
Section 2.1(h) is held not to be void ab initio as provided above, then the Subject Interest conveyed in violation of this Section 2.1(h) shall be burdened by its proportionate share of the Overriding Royalty Interest
as calculated without regard to any such assignment and subject to the terms of this Agreement. This Section 2.1(h) shall not apply to or otherwise restrict any assignment of any Working Interest in any Lease by Grantor to any Affiliate
of Grantor, or by any Affiliate of Grantor to Grantor or any other Affiliate of Grantor, that otherwise complies with Section 5.2. 
 2.2 Overriding Royalty Percentage. 
 (a) The “Overriding Royalty
Percentage” with respect to each Subject Interest shall equal five percent (5%), proportionately reduced to the extent the Subject Interest is less than one hundred percent (100%) of the Working Interest applicable to the Subject
Formation under a Lease to which such Subject Interest relates to equal the product of five percent (5%) multiplied by a fraction, the numerator of which is such Working Interest held by Grantor and its Affiliates pursuant to such Subject
Interest and the denominator of which is one hundred percent (100%), subject to adjustment as provided in Section 2.1(h)(iii). In the event that Grantor owns varying Working Interests with respect to any Subject Interest, the Overriding
Royalty Percentage for such Subject Interest shall be determined in accordance with the preceding sentence for each portion of such Subject Interest in which Grantor and its Affiliates own a different Working Interest (each, a “Variable
Interest”) and for each such Variable Interest shall equal the product of five percent (5%) multiplied by a fraction, the numerator of which is the Working Interest held by Grantor and its Affiliates in such Variable Interest and
the denominator of which is one hundred percent (100%), subject to adjustment as provided in Section 2.1(h)(iii). 

(b) The “Overriding Royalty Payment Percentage” shall be five percent (5%), subject to adjustment as provided in
Section 2.1(h)(iii). As an example, if Grantor owns a 50% Working Interest in a Subject Interest, and total volumes produced from such Subject Interests for the applicable period are equal to 100 barrels, and if the Gross Proceeds with
respect to the 50 barrels attributable to Grantor’s Working Interest equal $100, then the Royalty payment would be equal to $5.00 (calculated as 5% (Overriding Royalty Payment Percentage) multiplied by $100). 

  
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 (c) The Parties acknowledge that Grantor’s Working Interest in each of the Subject
Interests is or may be less than one hundred percent (100)% and the Scheduled Working Interest as to each Prospect Area is estimated to be Grantor’s and its Affiliates’ aggregate Working Interest as to such Prospect Area and all Subject
Interests within such Prospect Area after giving effect to any assignment contemplated by Section 2.1(h), excluding Section 2.1(h)(iii). The final Working Interests owned by Grantor and its Affiliates in the Subject Interests
that the Overriding Royalty Interest will burden may vary, based on arrangements made with Grantor’s and its Affiliates’ ultra-deep program participants or replacements and other Working Interest owners in each Prospect Area, as provided
in and subject to Section 2.1(h). 
 (d) Notwithstanding the foregoing provisions of this Section 2.2,
if the Working Interest of Grantor and its Affiliates in a Subject Interest in which an Overriding Royalty Interest is to be granted to Grantee pursuant to Section 2.1 is greater than the Scheduled Working Interest applicable to the
Prospect Area in which such Subject Interest is located, then (i) the Overriding Royalty Percentage with respect to such Subject Interest shall be calculated based on the Scheduled Working Interest or (ii) if at such time a Prospect Area
ORRI Deficiency shall exist, the Overriding Royalty Percentage with respect to such Subject Interest shall be calculated based on the Scheduled Working Interest plus that portion of Grantor’s and its Affiliates’ Working Interest in such
Subject Interest in excess of the Scheduled Working Interest as necessary to cause such Prospect Area ORRI Deficiency to no longer exist (or if such excess Working Interest is not sufficient to cause the Prospect Area ORRI Deficiency to no longer
exist, all of Grantor’s and its Affiliates’ Working Interest in such Subject Interest). In the event the Overriding Royalty Interest is granted based on the Scheduled Working Interest pursuant to clause (i) above and thereafter a
Prospect Area ORRI Deficiency exists with respect to the Prospect Area to which such Subject Interest relates, an Overriding Royalty Interest shall be granted by Grantor or its Affiliates, as applicable, with respect to such Working Interests of
Grantor and its Affiliates in such a Subject Interest with respect to which the Overriding Royalty Interest was not granted in reliance on clause (i) above as necessary to cause such Prospect Area ORRI Deficiency to no longer exist (or if such
excess Working Interest is not sufficient to cause the Prospect Area ORRI Deficiency to no longer exist, all of such excess Working Interest). 
 2.3 Filing Fees. All documentary, filing and recording fees required to be paid in connection with the filing and recording of the Recordable Conveyances and any related documents shall be paid by
Grantor. 
 2.4 Measurement. Grantor shall install and maintain, or cause to be installed and maintained, at
Grantor’s cost, metering facilities at the wellhead or first measuring point past the wellhead for the measurement of all Production. Such measurement facilities shall be equipped with meters of electronic flow measurement devices and samplers
as required by applicable Law and as, commonly accepted by the industry and sufficient to accomplish the accurate measurement of Oil and Gas for purposes of calculating the Royalty in accordance with this Master Conveyance, the Recordable
Conveyances and applicable Laws. All measurements for purposes of calculating, and calculations of, the Royalty shall be consistent with the methodologies utilized for purposes of calculating the royalties payable to the lessors under the Leases.

  
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 2.5 Counterparts and Recording. 

(a) Grantor will execute a sufficient number of original counterparts of each Recordable Conveyance required to be delivered pursuant
hereto to allow Grantor to record the required number of counterparts with the BOEM and in each parish in which a Recordable Conveyance is required to be filed. If any counterpart is lost in the process of recording, or insufficient counterparts are
executed, Grantor will provide and record a duplicate original counterpart. Following the recording of each Recordable Conveyance with the BOEM and each applicable parish, Grantor shall deliver to Grantee the original recorded Recordable
Conveyance or, if originals are not available, a certified copy of each recorded Recordable Conveyance. Following delivery of each Recordable Conveyance, Grantor will consult with Grantee to resolve any questions of Grantee about the information in
Exhibit A to such Recordable Conveyance and the calculation of the Overriding Royalty Percentage and the Overriding Royalty Payment Percentage set forth therein. 
 (b) In the event the BOEM or any parish in which a Recordable Conveyance is required to be filed in accordance with this Agreement requires any additional documentation to effect the grant and conveyance
of the Overriding Royalty Interest to be conveyed thereby (including any specified form(s) to obtain the BOEM’s consent to or otherwise effect such grant and conveyance), Grantor shall execute and deliver to Grantee, the BOEM and each
applicable parish such additional documentation; provided, as between Grantor and Grantee, such additional documentation shall not convey to Grantee any rights in addition to those rights to which Grantee is entitled pursuant to this
Agreement and the Recordable Conveyance. 
 2.6 Compliance Reports. On or before each Quarterly Date, commencing on the
first Quarterly Date occurring after the Effective Date, until the Termination Date, Grantor shall deliver to Grantee a report executed by an officer of Grantor (i) identifying all new wells drilled or participated in by Grantor within a
Prospect Area since the prior report, and stating whether upon completion and the commencement of production, such wells will produce Hydrocarbons subject to the Overriding Royalty Interest, and whether such wells are producing and if so the date of
first production, (ii) certifying that Grantor has, as of the date of such report, complied with and performed all of Grantor’s obligations pursuant to Section 2.1 of this Agreement, (iii) certifying that Grantor has
provided Grantee with copies of all assignments executed by Grantor as permitted by Section 2.1(h) and (iv) identifying all interests that have not yet been conveyed to the Trust via Recordable Conveyance, as provided in
Section 9.1(f). 
 ARTICLE III 
 CERTAIN MATTERS RELATED TO THE SUBJECT INTERESTS 
 3.1 Abandonments.
Grantor shall have the right, without the joinder of Grantee, to release, surrender and/or abandon the Subject Interests or any well located therein, or any part thereof or interest therein, in the ordinary course of business, even though the effect
of such release, surrender or abandonment will be to release, surrender or abandon that portion of 

  
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the Overriding Royalty Interest affected thereby to the same extent as though Grantee had joined with Grantor therein, (provided for clarity, this Section 3.1 shall not permit
(i) any assignment of Grantor’s or its Affiliates’ Working Interests in any Subject Interests (which shall be permitted only as provided in Section 2.1(h)), or (ii) any release, surrender or abandonment for the
primary purpose of causing or effecting a termination of any Overriding Royalty Interest). Grantee shall execute such documentation as is reasonably necessary to evidence the corresponding release, surrender or abandonment of that portion of the
Overriding Royalty Interest affected thereby upon receipt of a written request and certification of an officer of Grantor that the release, surrender and/or abandonment is in the ordinary course of business and such documentation is necessary to
evidence the corresponding release, surrender or abandonment from Grantor. 
 3.2 Contracts with Affiliates. Grantor
and/or any of its Affiliates may perform services and furnish supplies and equipment that include Specified Post-Production Costs with respect to the Subject Interests; provided that the terms of the provision of such services or furnishing of
supplies or equipment shall be substantially similar to those terms available from Non-Affiliates in the same area as the Subject Interests that are engaged in the business of rendering comparable services or furnishing comparable equipment and
supplies, taking into consideration all such terms, including the price, point of sale or service, condition of supplies or equipment, and availability of supplies and equipment and such term as Grantor determines in good faith would be utilized by
a reasonably prudent operator in obtaining such equipment or services from a Non-Affiliate. 
 3.3 Right to Use
Wellbores. Without joinder or consent of Grantee or notice thereto, Grantor shall have the right to use the wellbore of any well located on the Subject Interest in connection with any reworking, recompletion or side tracking operation conducted
with respect to such well, provided if any production of Hydrocarbons from the Subject Formations results from such reworking, recompletion or side tracking operation then the Overriding Royalty Interest shall apply to all Hydrocarbons produced from
the Subject Formations through such wellbore. 
 3.4 Amendment of Drilling or Spacing Units/Unitization. Without joinder
or consent of Grantee or notice thereto, Grantor shall have the right and power to unitize or pool all or any portion of the Subject Interests with other areas and to amend or terminate any unitization and/or pooling agreements. If and whenever,
through the exercise of this power or pursuant to any law or regulation, or any order of any Governmental Authority, any portion of the Subject Interests is unitized or pooled, the Overriding Royalty Interest, insofar as it relates to such unitized
or pooled area, shall be calculated with respect to the Hydrocarbons in proportion to which the affected Subject Interests share in the Hydrocarbons produced from such unitized or pooled area. 

3.5 Operations. 
 (a) It is the express intent of Grantor and Grantee that the Overriding Royalty Interest shall constitute (and this Master Conveyance shall conclusively be construed for all purposes as creating) a
single, separate non-operating right with respect to the Subject Interests for all purposes. Without limitation of the generality of the immediately preceding sentence, Grantor and Grantee acknowledge that Grantee has no right or power to
participate in the 

  
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selection of a prospect, drilling location, or drilling contractor, to propose the drilling of a well, to determine the timing or sequence of drilling operations, to commence or shut down
production, to take over operations, or to share in any operating decision whatsoever. Grantor and Grantee hereby expressly negate any intent to create (and this Master Conveyance shall never be construed as creating) a mining or other partnership
or joint venture or other relationship subjecting Grantor and Grantee to joint liability. Nothing contained in this Master Conveyance shall be deemed to prevent or restrict Grantor or its Affiliates from electing not to participate in any operations
that are to be conducted under the terms of any operating agreement, unit operating agreement, contract for development, or similar instrument affecting or pertaining to the Subject Interests (or any portions thereof) and permitting consenting
parties to conduct non-consent operations; and the Overriding Royalty Interest shall not apply to any Non-Consent Hydrocarbons, and Grantor shall not have any obligations under Section 4.1(a) with respect to any such Non-Consent
Hydrocarbons. 
 (b) Except as provided in the following sentence, if Grantor elects to acquire additional Working Interest
based on one or more non-consent elections by any third Person (other than an Affiliate of Grantor), the additional Working Interest so acquired (“NC-Acquired WI”) will not be burdened by the Overriding Royalty Interest.
Notwithstanding the foregoing, if the Working Interest of Grantor and its Affiliates (to which the Overriding Royalty Interest applies) in any such non-consent operation in which Grantor or its Affiliates elects to participate (the
“Actual WI”) is less than the Scheduled Working Interest for the Prospect Area in which such operation is being conducted (and an adjustment has not been made under Section 2.1(h)(iii) to adjust the Overriding
Royalty Percentage and Overriding Royalty Payment Percentage to equate to the application of the Overriding Royalty Interest to a Working Interest equal to such Scheduled Working Interest or pursuant to the last sentence of
Section 2.2(d)) , then (a) the Overriding Royalty Interest shall, mutatis mutandis, apply to and burden that portion of the NC-Acquired WI equal to the difference between the Actual WI and the Scheduled Working Interest for
the Prospect Area in which such operation is being conducted for so long as Grantor and its Affiliates are entitled to the production from and/or proceeds of the NC-Acquired WI with respect to such operation, (b) Grantor and its Affiliates
shall comply with Section 2.1(d) with respect to such NC-Acquired WI to which the Overriding Royalty Interest applies and (c) Grantor and its Affiliates shall not be deemed to have made any representation or warranty under
Section 9.1 with respect to any NC-Acquired WI and shall not have any obligation under this Master Conveyance with respect to any Lien on or burdening any NC-Acquired WI other than any such Liens created by, through or under Grantor or
its Affiliates. 
 (c) Subject to Section 5.3, as to any third Person, the acts of Grantor shall be binding on
Grantee, and it shall not be necessary for Grantee to join with Grantor in the execution or ratification of any operating agreement, unit operating agreement, contract for development, or similar instrument affecting or pertaining to any of the
Subject Interests. 
 3.6 Leases. Grantor shall have (without the further joinder, consent of or notice to Grantee) the
right to renew, extend, modify, amend or supplement the Leases in the ordinary course of business with respect to any of the lands or depths covered thereby without the consent of Grantee. 

  
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 3.7 Mortgages and Security Interests. 

(a) Subject to Section 2.1(h) and Section 3.7(b), and the requirement in Section 2.1(f) that all
Overriding Royalty Interests be conveyed free and clear of all burdens and Liens other than Permitted Liens, nothing herein shall prevent Grantor or its Affiliates from granting a Lien in any interest of Grantor or any of its Affiliates in any
property, including the Subject Interests or any Hydrocarbons. Grantor shall have no right to encumber any Overriding Royalty Interest with any Lien. 
 (b) If Grantor or any of its Affiliates is ever liable for any indebtedness or hedging obligation, Grantor will ensure that (i) with respect to any Lease that is burdened by any Lien or security
interest securing such indebtedness or hedging obligation, at least five percent (5%) of Grantor’s rights and interests in such Lease attributable to the Subject Interests is excluded from such lien and security interest and (ii) the
terms and conditions of such indebtedness or hedging obligation will not prevent or otherwise restrict Grantor from satisfying its obligations under this Agreement or any Recordable Conveyance and will require any party secured under such
arrangement to agree to release its lien or security interest, if any, to the extent required to permit the grant of Overriding Royalty Interest in accordance with the terms hereof. 

ARTICLE IV 

PAYMENTS 

4.1 Payments. 
 (a) The Royalty shall be payable on the last day of each month in respect of the proceeds of Production received by or on behalf of Grantor or its Affiliates in the immediately preceding month. Such
Royalty payment to Grantee shall be accompanied by a certification setting forth the quantity and kind of Production for such previous month (including Production attributable to the Overriding Royalty Interest and any Lease Burdens), the gross sale
price thereof, the calculation of the Gross Proceeds received therefrom identifying all Specified Taxes deducted or withheld and all Specified Post-Production Costs debited from the gross sale proceeds, together with a calculation of the Royalty for
such previous month (the “Production Statement”). All payments of the Royalty shall be made to Grantee by electronic transfer to Grantee’s account, details of which account shall be notified to Grantor by Grantee in
writing from time to time. Grantor’s obligations under this Section 4.1(a) shall not apply with respect to Non-Consent Hydrocarbons as provided in Section 3.5(a). 

(b) If at any time Grantor pays Grantee more than the amount then due with respect to the Royalty, Grantee will not be obligated to
return any such overpayment, but the amount or amounts otherwise payable for any subsequent period or periods will be reduced by such overpayment. 
 (c) Any amount owed by Grantor with respect to the Royalty hereunder and not paid by Grantor to Grantee within ten (10) days of its due date shall bear interest at a rate per annum equal to the
lesser of (i) the highest, non-usurious rate of interest permitted to be charged 

  
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under applicable law, and (ii) two percent (2%) per annum plus the Agreed Rate at the time payment was due, and such interest shall accrue on such unpaid amount commencing on the date
on which such unpaid amount was due until such unpaid amount has been paid in full. Grantor agrees to pay Grantee such interest if applicable pursuant to this Section 4.1(c). 

4.2 Burden-Free Royalty. In no event will Grantee ever be personally liable or obligated to pay, either directly or indirectly,
any obligations arising from or related to the development of any of the Subject Interests, including (a) Lease Burdens, (b) taxes, (c) costs, expenses or liabilities for building, constructing, acquiring, exploring, drilling,
completing, perforating, equipping, developing, producing, operating, maintaining, reworking, redrilling, recompleting, plugging, abandoning, gathering, transporting, compressing, treating, handling, separating, dehydrating or processing, or any
other expenses related or pertaining to operations with respect to the Subject Interests or the handling of Production (“Production Costs”) or (d) any costs or expenses of acquiring or disposing of any Subject Interests
(“SI Costs”), provided that nothing herein shall limit Grantor’s ability to deduct Specified Post-Production Costs and Specified Taxes in calculating Gross Proceeds. 

4.3 Tax Withholding. Grantor shall have the right to make any deduction or withholding on account of taxes from all payments of
the Royalty due under this Agreement that may be required under the provisions of any applicable Laws in effect as of the time of payment. If Grantee is exempt from deduction or withholding on account of any taxes with respect to the payments of the
Royalty, Grantee shall (i) notify Grantor that such exemption is held and of any change to or cancellation of such exemption; and (ii) furnish Grantor with proper documentation evidencing such exemption or any other information that may be
required to obtain such exemption. Where applicable, Grantor and Grantee shall cooperate in completing any procedural formalities necessary for Grantor to obtain authorization to make a payment of Royalty without a deduction or withholding on
account of any taxes. Where applicable, Grantor shall provide Grantee with all receipts in respect of any amount deducted or withheld on account of any taxes. 
 ARTICLE V 
 ASSIGNMENT 

5.1 Assignment by Grantee. 
 (a) Except as provided in Section 5.4, prior to the fifth anniversary of the Effective Date, Grantee shall not assign any Overriding Royalty Interests. From and after the fifth anniversary of
the Effective Date, subject to Section 5.5, without the prior written consent of Grantor, Grantee may assign or transfer all, but not less than all, of the Overriding Royalty Interests and may assign or transfer its rights and interest
in and under this Agreement with respect to the Overriding Royalty Interests to any assignee of the Overriding Royalty Interests; provided that Grantee shall only be entitled to assign the Overriding Royalty Interests and the rights under this
Agreement and the Recordable Conveyances to one assignee of Grantee who acquires all of Grantee’s interest in all Overriding Royalty Interests. 
 (b) No change of ownership or right to receive the Overriding Royalty Interest, however accomplished, shall be binding upon Grantor until notice thereof shall have

  
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been furnished by the Person claiming the benefit thereof, and then only with respect to payments thereafter made. Notice of sale or assignment of the Overriding Royalty Interest shall consist of
a copy of the recorded instrument accomplishing the same; notice of change of ownership or right to receive payment accomplished in any other manner (for example by reason of incapacity, death or dissolution) shall consist of copies of recorded
documents and complete proceedings legally binding and conclusive of the rights of all parties. Until such notice shall have been furnished to Grantor as provided above, the payment or tender of all sums payable on the Overriding Royalty Interest
may be made in the manner provided in the Recordable Conveyance as if no such change in interest or ownership or right to receive payment had occurred. 
 5.2 Assignment by Grantor. 
 (a) Except as permitted by
Section 2.1(h), any assignment by Grantor or its Affiliates of any Subject Interests shall be in accordance with Section 4.01 of the Recordable Conveyance. 
 (b) Grantor may not convey or assign any of its rights or obligations under this Agreement or any part thereof except in connection with and as part of a transfer of the interest by Grantor or its
Affiliates in any Subject Interest. No transfer or assignment of its rights under this Agreement will release or relieve Grantor from its obligations hereunder. 
 (c) Grantor shall not, and shall not permit any Affiliate of Grantor, to indirectly (by merger, consolidation, disposition of equity or otherwise) effect any conveyance of any interest in any Subject
Interest in contravention of this Master Conveyance or any Recordable Conveyance. 
 5.3 Covenant Running with the Land.
Subject to Section 2.1(h), this Agreement, each Recordable Conveyance and the obligations of Grantor under this Agreement and each Recordable Conveyance shall be covenants running with the Leases and the lands covered thereby or subject
thereto, and in the event of any transfer of any of Grantor’s interests derived from any Lease (including any judicial or non-judicial foreclosure sale by a receiver or trustee in bankruptcy and the granting of any lien by any court), such
transfer will be subject to all obligations of Grantor with respect to this Agreement burdening such Grantor’s interests. 

5.4 Special Trust Assignment. Notwithstanding Section 5.5, if at any time after the Effective Date, Grantor or
Depositor shall have been requested to provide financing to the Trust pursuant to Section 7.5 of the Trust Agreement and shall have failed or refused to do so or if the Trustee is permitted pursuant to Section 6.6(b) or
Section 12.1 of the Trust Agreement to draw upon the stand-by reserve account or letter of credit provided by Depositor, then, upon thirty (30) days’ written notice to Grantor and an opportunity to cure, Grantee shall, if
uncured, be permitted to, without regard to or compliance with Section 5.5, (a) assign or transfer all, but not less than all, of the Overriding Royalty Interests and assign or transfer its rights and interest in and under this
Agreement with respect to the Overriding Royalty Interests to any assignee of the Overriding Royalty Interests and (b) pledge or grant a security interest in or on the Overriding Royalty Interests to any lender providing financing to the Trust
pursuant to Section 3.9(b) of the Trust Agreement. Any assignee or lender who acquires any interest in the 

  
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Overriding Royalty Interests pursuant to the exercise of any such rights set forth in clause (a) or (b) shall hold the Overriding Royalty Interests free and clear of the provisions of
Section 5.5 and the Termination Date with respect to such Overriding Royalty Interests shall be deemed to be the End Date. 
 5.5 Preferential Right to Purchase in Favor of Grantor. 
 (a) Should
Grantee receive a bona fide written offer for the acquisition of all of the Overriding Royalty Interests from a third-party not affiliated with Grantor (the “Third Party Offer”), which Grantee desires to accept, Grantor shall
have a preferential right to purchase the Overriding Royalty Interests on the same terms as those proposed in the Third Party Offer. In such case, Grantee shall give Grantor written notice of the Third Party Offer (the “Pref Right
Notice”), which notice shall include (i) the purchase price, (ii) the effective date of the acquisition, (iii) a description of all other material terms of the Third Party Offer, and (iv) a copy of the Third Party
Offer. 
 (b) For a period of thirty (30) days from receipt of the Pref Right Notice, Grantor shall have the option to
elect to acquire the Overriding Royalty Interests on the same terms as those proposed in the Third Party Offer. Grantor shall advise Grantee of its election to exercise this preferential right to purchase by giving Grantee written notice of such
election no later than thirty (30) days following receipt of the Pref Right Notice (the “Election Notice”). 
 (c) If Grantor timely delivers the Election Notice, then Grantor shall be obligated to purchase and Grantee shall be required to convey to Grantor the Overriding Royalty Interests on the price and terms
specified in the Third Party Offer. The closing of the acquisition of the Overriding Royalty Interests shall be concluded within a reasonable time, but in no event later than sixty (60) days following Grantee’s receipt of the Election
Notice. 
 (d) Notwithstanding anything in Section 5.1 or Section 5.5 to the contrary, Grantee shall not
have the right to accept a Third Party Offer if Grantor has properly elected to exercise a High-Value Call Option or a Low-Value Call Option, as defined and provided for in Section 3.20 of the Trust Agreement, within thirty (30) days from
receipt of the Pref Right Notice. 
 (e) If a Third Party Offer includes consideration other than cash, such non-cash
consideration shall be valued at an equivalent cash amount by Grantee in good faith such that the Third Party Offer shall be deemed to be all cash. 
 (f) If Grantor fails to timely deliver the Election Notice, or Grantor delivers an Election Notice but the closing of the sale of the Overriding Royalty interest to Grantor fails to close within sixty
(60) days following Grantee’s receipt of the Election Notice (or such longer period necessitated by the actions of the Grantee or others (excepting Grantor and its Affiliates), including any delay in obtaining any necessary consents or
approvals from any third party (other than Grantor or its Affiliates, which consents shall be deemed granted)), then Grantee may transfer the Overriding Royalty Interests pursuant to such Third Party Offer. If the closing of the sale of the
Overriding Royalty Interests pursuant to the Third Party Offer does not occur within ninety (90) days after the date Grantee delivers the Pref Right Notice (or such longer period 

  
 21 

 
necessitated by any delay in obtaining any necessary consents or approvals from any third party (other than Grantor or its Affiliates, which consents shall be deemed granted)), or if the terms of
the Third Party Offer are materially altered, then the proposed acquisition of the Overriding Royalty Interests shall be deemed withdrawn and the conveyance of such Overriding Royalty Interests shall again be governed by this
Section 5.5. 
 (g) If the closing of an ORRI Transfer occurs, then (i) upon the closing of the ORRI Transfer
this Agreement shall be amended to state the final ORRI Purchase Price as determined in accordance with this Agreement, and the Memorandum shall be amended to identify such ORRI Purchase Price and (ii) at any time after such closing until the
End Date, Grantor shall have the right and option (the “ORRI Purchase Option”) to purchase all, but not less than all, of such Overriding Royalty Interests at a price equal to the ORRI Purchase Price. Grantor may exercise the
ORRI Purchase Option by providing written notice (the “ORRI Purchase Notice”) to Grantee and tendering to Grantee the full ORRI Purchase Price (the time of such tender, the “ORRI Purchase Option
Closing”) by wire transfer of immediately available funds to the account designated in writing by such Person after receipt of the ORRI Purchase Notice. No ORRI Transfer shall be valid unless it is made pursuant to an agreement binding
on the transferee pursuant to which the transferee acknowledges Grantor’s right to purchase all of the Overriding Royalty Interests from such transferee pursuant to the exercise of the ORRI Purchase Option and payment of the ORRI Purchase Price
in accordance with the terms of this Section 5.5(g) and agrees to convey the Overriding Royalty Interest to Grantor upon Grantor’s exercise of the ORRI Purchase Option. 

ARTICLE VI 

ACCESS TO BOOKS AND RECORDS; CONFIDENTIALITY 
 6.1 Books and Records. Grantor shall keep full, true, and correct records of (i) all transactions required or permitted by this Agreement and (ii) the production and financial information
necessary to reflect such transactions, including the production and financial information needed to calculate the Production, including the sales thereof, and Gross Proceeds for each calendar month. At any time prior to the third anniversary of the
Termination Date, upon at least five (5) business days’ prior written notice, Grantee may inspect such records and, subject to the provisions of Section 6.2, take copies at its own cost; provided that no more than one
(1) such inspection may be undertaken in any calendar year. Grantor shall maintain all such books and records for a minimum of five (5) years following the Termination Date. At Grantee’s request, subject to the provisions of
Section 6.2, Grantor shall give Grantee and its designated representatives (on behalf of the Trust) reasonable access in Grantor’s office during normal business hours to (A) all geological, Well and production data in
Grantor’s possession or Grantor’s Affiliates’ possession, relating to operations on the Subject Interests and (B) all reserve reports and reserve studies in the possession of Grantor or of Grantor’s Affiliates, relating to
the Subject Interests, whether prepared by Grantor, by Grantor’s Affiliates, or by consulting engineers. 

  
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 6.2 Confidentiality. 

(a) Any confidential information provided by Grantor to Grantee pursuant to this Master Conveyance shall not be disclosed by Grantee to
any third party, except with Grantor’s prior written consent. Notwithstanding the foregoing, Grantee may disclose such information to its representatives or the Trustee’s officers, directors, legal counsel, accountants and advisors
(collectively, “Representatives”) who, in each case, in Grantee’s reasonable judgment, need to know such information for the purpose of (i) confirming compliance with the terms of this Master Conveyance or
(ii) advising the Trustee with respect to any action required by or requested of the Trustee pursuant to this Agreement, any Recordable Conveyance or the Trust Agreement provided that Grantee shall (a) inform each person to whom such
information is provided of the confidential nature of such information, (b) take reasonable precautions necessary to prevent the disclosure of such information by such persons to any third party, and (c) be responsible for any breach of
this Section 6.2 by any Representatives; provided, however, except as set forth in a Recordable Conveyance, Grantee shall not disclose any information regarding the geographic areas and boundaries covered, and blocks in which each
Prospect Area is located to any third party without the prior written consent of Grantor other than to the Trustee’s Representatives as provided above or as required by law, judicial or governmental order, regulatory process, any
self-regulatory organization, interrogatory, request for information or documents, subpoena, civil investigative demand or similar process. 
 (b) If Grantee is requested or required (by law, judicial or governmental order or regulatory process or by any self-regulatory organization, interrogatory, request for information or documents, subpoena,
civil investigative demand or similar process) to disclose any confidential information provided by Grantor to Grantee, it is agreed that Grantee will, to the extent legally permitted, provide Grantor with prompt notice of such request or
requirement prior to making such disclosure so that Grantor may seek an appropriate protective order and/or waive Grantee’s compliance with this Section 6.2. Grantee may disclose only that portion of the confidential information
that Grantee is advised by its counsel is legally required to be disclosed; provided, that, to the extent legally permitted, Grantee provides Grantor prior written notice of the information to be disclosed as far in advance of its disclosure as is
practicable and, upon Grantor’s request, uses reasonable efforts to obtain assurances that confidential treatment will be afforded to such information. 
 (c) Notwithstanding the foregoing provisions of this Section 6.2 or any other provision hereof, nothing herein shall prevent or restrict Grantee from making any public disclosure of any
information Grantee deems to be required or advisable in order to ensure compliance by the Trust with applicable securities laws, or other legal or regulatory requirements or securities exchange listing or quotation system or similar requirements;
provided, however, that this sentence shall apply and remain in effect only until the conclusion of the winding up and termination of the Trust (which may be after the Termination Date). 

  
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 ARTICLE VII 
 DISCLAIMERS 
 7.1 DISCLAIMERS. GRANTOR MAKES NO WARRANTY OR
REPRESENTATION, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, RELATIVE TO ANY AND ALL FUTURE PRICING ASSUMPTIONS, OR QUALITY OR QUANTITY OF HYDROCARBON RESERVES (IF ANY) ATTRIBUTABLE TO THE SUBJECT INTERESTS OR THE ABILITY OR POTENTIAL OF THE SUBJECT
INTERESTS TO PRODUCE HYDROCARBONS. GRANTOR HEREBY EXPRESSLY DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES EXPRESS, IMPLIED, STATUTORY OR OTHERWISE WITH RESPECT TO THE PRODUCTION WHICH HAS BEEN OR MAY BE PRODUCED FROM THE LEASES, SUBJECT
INTERESTS, HYDROCARBONS AND THE OVERRIDING ROYALTY INTEREST. 
 ARTICLE VIII 

TERMINATION 
 8.1 Termination of Overriding Royalty Interest. On the Termination Date, unless terminated earlier pursuant to the terms and conditions of the Trust Agreement, the Overriding Royalty Interest shall
terminate, as provided in Section 2.1(g). 
 8.2 Termination of Leases. In the event any individual Lease or
Subject Interest (or portion thereof, as applicable) should be released, surrendered or abandoned by Grantor pursuant to Section 3.1, the Overriding Royalty Interest no longer shall apply to that particular Lease or Subject Interest (or
such portion thereof, as applicable). Upon termination of the Overriding Royalty Interest, as above provided, upon request by Grantor, Grantee shall, at Grantor’s expense, execute and deliver such instrument or instruments as may be necessary
to evidence the termination of the Overriding Royalty Interest in accordance with Section 3.1. 
 ARTICLE IX

 REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION, REMEDIES 

9.1 Representations, Warranties and Covenants of Grantor. Grantor hereby represents, warrants and covenants to Grantee as follows:

 (a) Organization, Good Standing, Etc. Grantor is a limited liability company duly formed, validly existing and in good
standing under the Laws of the State of Delaware. 
 (b) Authority. Grantor has taken all necessary action to authorize
its execution, delivery and performance of this Agreement and the Recordable Conveyances and has adequate power, authority and legal right to enter into, execute, deliver and perform this Agreement and the Recordable Conveyances. 

(c) Legal Requirements. Grantor has all requisite power, approvals, authorizations, consents, licenses, orders, franchises,
rights, registrations and permits of all 

  
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Governmental Authorities required in order for Grantor to carry out its duties under the Leases, this Agreement and each Recordable Conveyance; each of the foregoing (if any) is in full force and
effect and has been duly and validly issued, and Grantor is in compliance with all terms and conditions of each of the foregoing. 
 (d) No Consent. No permit, consent, approval, authorization or order of, and no notice to or filing with, any Governmental Authority or third party is required in connection with the execution,
delivery or performance by Grantor of this Agreement or any Recordable Conveyance or to consummate any transactions contemplated hereby and thereby, other than as may be necessary to effect any Recordable Conveyance as to any Lease or Subject
Interests, (i) consents customarily obtained after assignment, (ii) consents that cannot be unreasonably withheld, insofar in each case as commercially reasonable efforts to obtain such consents are in fact made, and (iii) consents
required to effect the conveyance of the Overriding Royalty Interests to be conveyed pursuant to such Recordable Conveyance (such consents as described in this clause (iii), the “Required Consents”). 

(e) First RC Leases. To Grantor’s knowledge, the First RC Leases constitute all of the Leases held by Grantor and its
Affiliates that have been recorded with the BOEM or the applicable parish as of the Effective Date in the name of Grantor or its Affiliates. 
 (f) Required Consents. Grantor shall use its best efforts to obtain all Required Consents as to each Lease and Subject Interest with respect to which an Overriding Royalty Interest is to be
conveyed by a Recordable Conveyance prior to the date such Recordable Conveyance is required to be filed in accordance with Section 2.1(a), (b) or (c) of this Agreement (and shall continue such efforts thereafter
if such consent shall not have been obtained until such consent shall have been obtained). To the extent any Required Consent shall not have been obtained with respect to any Lease or Subject Interests as of the time the Recordable Conveyance for
such Lease or Subject Interests is required to be filed in accordance with Section 2.1(a), (b) or (c) of this Agreement, then the Overriding Royalty Interests with respect to such Lease or Subject Interests shall
not be conveyed until such time as such Required Consent shall have been obtained and, until such time as such Required Consent shall have been obtained and the Recordable Conveyance with respect to such Lease or Subject Interests has been filed in
accordance herewith, such Overriding Royalty Interests with respect to such Lease or Subject Interests shall be held by Grantor in trust for the benefit of Grantee under this Agreement and shall be subject to Section 9.2(b)(ii); provided
that, as to any amounts so held in trust by Grantor, Grantor shall pay all such amounts held by Grantor to Grantee upon demand of Grantee and any such payment shall be deemed satisfaction of Grantor’s indemnity obligations to Grantee for
amounts so held in trust, up to the amounts paid. 
 (g) Indirect Ownership. Grantor is not a partner, member,
shareholder or other equity owner of any Person that owns an interest in any Lease other than an Affiliate of Grantor. Grantor shall not, after the date hereof, acquire an equity interest in any partnership, limited liability company, corporation or
other Person, other than an Affiliate of Grantor, for the purpose of acquiring an indirect interest in any Lease. Any interest in Leases shall be acquired by Grantor directly or through an Affiliate of Grantor. 

  
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 9.2 Indemnity. 

(a) As used herein, “Royalty Company Indemnitees” shall mean Grantee, the Trustee, their successors and assigns,
their respective Affiliates, and all of their respective partners, members, shareholders, officers, directors, agents, representatives, beneficiaries, trustees, and employees and their respective successors, assigns and Affiliates. 

(b) Grantor, with respect to any Subject Interests or Well in which Grantor has granted an Overriding Royalty Interest, will defend,
indemnify and hold each Royalty Company Indemnitee harmless from and against all claims, demands, damages, liabilities, liens, fines, penalties, charges, administrative and judicial proceedings, orders, judgments, remedial action requirements,
investigations, and enforcement actions of any kind, together with all interest thereon and all costs and expenses related thereto (including fees and disbursements of counsel and other advisors) and all other obligations whatsoever (collectively,
“Claims”) arising, in whole or in part, directly or indirectly, from or in connection with any claim or demand asserted by any Person (other than by any Royalty Company Indemnitee against any Royalty Company Indemnitee),
including any claim or demand related to any of the following: 
 (i) Lease Burdens, Specified Taxes not remitted
by Grantor to the appropriate Person, Production Costs and SI Costs, provided that nothing herein shall limit Grantor’s ability to deduct Specified Post-Production Costs and Specified Taxes in calculating Gross Proceeds, and 

(ii) all amounts by which the payments payable to Grantee with respect to any Overriding Royalty Interest pursuant to the
terms of this Master Conveyance or any Recordable Conveyance are (i) reduced or otherwise used to satisfy any Lien (including any Permitted Lien other than an Excepted Permitted Lien) or encumbrance on the Working Interest of Grantor or any of
its Affiliates in any Lease other than an Excepted Permitted Lien, including amounts used to satisfy any obligations or liabilities described in Section 3.7, (ii) reduced or adversely affected by the reduction in any Grantor’s
or its Affiliates’ Working Interest to an amount less than the Scheduled Working Interest as a result of any violation of this Agreement by Grantor, including the proviso in Section 2.1(h), or (iii) reduced or adversely
affected by any failure of Grantor to have obtained any Required Consent with respect to any Lease or Subject Interests. 
 (c)
THE FOREGOING INDEMNITY WILL APPLY WHETHER OR NOT ARISING OUT OF THE SOLE, JOINT OR CONCURRENT NEGLIGENCE, FAULT OR STRICT LIABILITY OF ANY ROYALTY COMPANY INDEMNITEE, GRANTOR, OR ANY OTHER PERSON, AND WILL APPLY, WITHOUT LIMITATION, TO ANY CLAIM
AGAINST OR LIABILITY IMPOSED UPON ANY ROYALTY COMPANY INDEMNITEE, GRANTOR, OR ANY OTHER PERSON AS A RESULT OF ANY THEORY OF STRICT LIABILITY OR ANY OTHER DOCTRINE OF LAW, provided that the foregoing indemnity will not apply to any Claims
incurred by any Royalty Company Indemnitee to the extent proximately caused by the gross negligence or willful misconduct of such Royalty Company Indemnitee. The rights of the Royalty Company Indemnitees under this Section 9.2 will
survive any termination of this Agreement and will be in 

  
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addition to, and not in replacement or limitation of, all other indemnities, reimbursement rights, and other similar rights and assurances at any time made by Grantor for the benefit of any
Royalty Company Indemnitee. 
 (d) If any action or proceeding shall be brought or asserted against any Royalty Company
Indemnitee in respect of which indemnity may be sought from Grantor pursuant to this Section 9.2, of which such Royalty Company Indemnitee shall have received notice, the Royalty Company Indemnitee shall promptly notify Grantor in
writing, and Grantor shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the Royalty Company Indemnitee and the payment of all costs and expenses; provided, however, that the failure so to notify Grantor
of the commencement of any such action or proceeding shall not relieve Grantor from any liability that it may have to any Royalty Company Indemnitee except to the extent that Grantor is prejudiced or damaged by the failure to receive prompt notice.
The Royalty Company Indemnitee shall have the right to employ separate counsel in any such action and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of the Royalty Company Indemnitee unless
(a) Grantor has agreed to pay such fees and expenses, (b) Grantor shall have failed to assume the defense of such action or proceeding and employ counsel reasonably satisfactory (including the qualifications of such counsel) to the Royalty
Company Indemnitee on any such action or proceeding or (c) the named parties to any such action or proceeding include both the Royalty Company Indemnitee and Grantor and the Royalty Company Indemnitee shall have been advised by counsel that
there may be one or more legal defenses available to such Royalty Company Indemnitee that are different from or in addition to those available to Grantor or any other Royalty Company Indemnitee (in which case, if the Royalty Company Indemnitee
notifies Grantor in writing that it elects to employ separate counsel at the expense of Grantor, Grantor shall not have the right to assume the defense of such action or proceeding on behalf of the Royalty Company Indemnitee and the Royalty Company
Indemnitee may employ such counsel for the defense of such action or proceeding as is reasonably satisfactory to Grantor; it being understood, however, that except in the case of the addition of counsel caused by the existence or development of a
conflict rendering unified representation impermissible or unadvisable, Grantor shall not, in connection with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising
out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys for the Royalty Company Indemnitees at any time). Grantor shall not be liable for any settlement of any such action
or proceeding effected without the written consent (which consent shall not be unreasonably withheld, conditioned or delayed) of Grantor, but, if settled with such written consent, or if there be a final judgment for the plaintiff in any such action
or proceeding, Grantor agrees (to the extent stated above) to indemnify and hold harmless each Royalty Company Indemnitee from and against any expenses by reason of such settlement or judgment. 

ARTICLE X 

MISCELLANEOUS 
 10.1 Governing Law. This Master Conveyance shall be construed and enforced in accordance with and governed by the laws of the State of Louisiana and the laws of the United States of America, except
that, to the extent that the law under the Outer Continental Shelf Lands 

  
 27 

 
Act requires that the law of a state adjacent to which the Subject Interests are located (or which is otherwise applicable to a portion of the Subject Interests) necessarily governs with respect
to procedural and substantive matters relating to the Overriding Royalty Interest, the law of such state shall apply as to that portion of the Subject Interests located adjacent to or in (or otherwise subject to the laws of) such state. 

10.2 No Personal Liability by Grantee. The parties acknowledge that the Overriding Royalty Interest is a non-operating interest
and that Grantee owns such interest, free from the payment by Grantee of the costs, risk and expense of production (provided the Royalty shall be subject to Specified Post-Production Costs and Specified Taxes as provided in
Section 2.1(e)). Notwithstanding anything to the contrary contained in this Master Conveyance, Grantee shall never personally be responsible for paying any part of the costs, expenses or liabilities incurred in connection with the
operating, owning and/or maintaining of the Subject Interests, including any Specified Taxes or Specified Post-Production Costs (which shall be deducted from Gross Proceeds and paid by Grantor as provided in Section 2.1(e)). 

10.3 Nature of Overriding Royalty Interest; Intentions of the Parties. Each Overriding Royalty Interest shall constitute, and each
Recordable Conveyance shall be an absolute conveyance of, a real (immovable) property interests and right. Nothing herein contained shall be construed to constitute either party hereto (under state law, for tax purposes or otherwise) the agent of,
or in partnership with, the other party. If, however, the parties hereto are deemed to have entered into a relationship that constitutes a partnership for federal income tax purposes, the parties hereby elect to be excluded from the application of
Subchapter K, Chapter 1, Subtitle A of the Internal Revenue Code of 1986, as amended (the “Code”), and agree not to take any position inconsistent with such election. IN ADDITION, THE PARTIES HERETO INTEND THAT
THE OVERRIDING ROYALTY INTEREST SHALL AT ALL TIMES BE TREATED (a) FOR FEDERAL INCOME TAX PURPOSES AS AN OVERRIDING ROYALTY INTEREST OR, IF REQUIRED BY APPLICABLE LAW, AS A “PRODUCTION PAYMENT” UNDER SECTION 636(a) OF THE CODE AND
(b) AS AN INTEREST IN REAL OR IMMOVABLE PROPERTY AND REAL RIGHT, AND, IN ACCORDANCE THEREWITH AND THE TERMS OF THIS MASTER CONVEYANCE, GRANTEE SHALL LOOK EXCLUSIVELY TO THE HYDROCARBONS PRODUCED FROM THE SUBJECT INTERESTS FOR THE SATISFACTION
AND REALIZATION OF THE OVERRIDING ROYALTY INTEREST. THE PARTIES HERETO AGREE TO FILE ALL APPLICABLE TAX RETURNS IN ACCORDANCE WITH THE INTENDED TAX TREATMENT STATED ABOVE. ALL PROVISIONS OF THIS MASTER CONVEYANCE AND THE RECORDABLE CONVEYANCE SHALL
BE CONSTRUED AND TREATED ACCORDINGLY. 
 10.4 Notices. All notices, consents and other communications under this Master
Conveyance shall be in writing and shall be deemed to have been duly given (a) when delivered by hand, (b) when sent by telecopier (with receipt confirmed), (c) when received by the addressee, if sent by a nationally recognized
express delivery service or (d) upon receipt after being mailed by certified or registered mail; in each case to the appropriate addresses and telefax numbers set forth below (or to such other addresses and telefax numbers as a party may
designate as to itself by notice to other party): 
 if to Grantor: 

McMoRan Oil & Gas LLC 
 1615 Poydras Street 
 New Orleans, LA 70112 

Attention: General Counsel 
 Facsimile: (504) 582-4155 

  
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 with a copy to: 
 Jones Walker LLP 
 201 St. Charles Avenue 

New Orleans, LA 70170 
 Attention: David M. Hunter 
 Facsimile: (504) 582-8583 

if to Grantee: 

Gulf Coast Ultra Deep Royalty Trust 
 c/o The Bank of New York Mellon Trust Company, N.A. 
 Institutional Trust Services

 919 Congress Avenue, Suite 500 
 Austin, Texas 78701 
 Attention: Mike J. Ulrich 

Facsimile: (512) 479-2253 
 with a copy to: 
 Bracewell & Giuliani 

111 Congress Avenue, Suite 2300 
 Austin, Texas 78701 
 Attention: Thomas W. Adkins 

Facsimile: (512) 479-3940 

A copy of this Master Conveyance has been retained by Grantor and Grantee, and upon the receipt of a request from any party for a copy of this Master
Conveyance, Grantor and Grantee are each hereby authorized to deliver a copy of this Master Conveyance directly to such requesting party; provided, however, that Grantee shall provide a copy of any such request, together with a copy of
the letter transmitting this Master Conveyance to any such requesting party, to Grantor within five (5) business days after sending such copy to the requesting party and Grantor agrees to provide a copy of such request, together with a copy of
the letter transmitting this Master Conveyance to any such requesting party, to Grantee within five (5) business days after sending such copy to the requesting party. 
 10.5 Amendments. Except as expressly set forth in this Master Conveyance, this Master Conveyance and the Recordable Conveyance may be amended, modified or waived only by the written agreement
executed by each of Grantor and Grantee. No waiver of any of the provisions of this Master Conveyance shall be deemed or shall constitute a waiver of any other provision hereof (regardless of whether similar), nor shall any such waiver constitute a
continuing waiver unless otherwise expressly provided. 

  
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 10.6 Counterparts. This Master Conveyance may be executed by Grantor and Grantee in
any number of counterparts, each of which shall be deemed to be an original instrument, but all of which together shall constitute one and the same instrument. 
 10.7 Binding Effect. All the covenants and agreements of Grantor herein contained shall be deemed to be covenants running with Grantor’s interest in the Subject Interests and the lands
affected thereby. All of the provisions hereof shall inure to the benefit of Grantee and its successors and assigns and shall be binding upon Grantor and its successors and assigns. 

10.8 Partition. Grantor and Grantee acknowledge that Grantee has no right or interest that would permit it to partition any
portion of the Subject Interests, and Grantee waives any such right. 
 10.9 Partial Invalidity. In the event any
provision contained in this Master Conveyance shall for any reason be held to be invalid, illegal or unenforceable by a Governmental Authority, then (to the extent permitted under applicable law) such invalidity, illegality or unenforceability shall
not affect any of the remaining provisions of this Master Conveyance which shall remain in full force and effect. 
 10.10
Effective Date. This Master Conveyance is effective for all purposes (the “Effective Date”) as of June 3, 2013. 
 10.11 Recording. 
 (a) It is not the intent of Grantor and Grantee to file
this Master Conveyance in the records of the BOEM or in the parishes adjacent to or where the Subject Interests are located but to record the Recordable Conveyances for filing in such records. In addition to such Recordable Conveyances (without
creating any additional covenants, warranties or representations of or by Grantor), Grantor covenants and agrees to execute and deliver to Grantee all such other and additional assignments, instruments and other documents and to do all such other
acts and things as may be necessary more fully to vest in Grantee record title to the Overriding Royalty Interest. Such separate or additional assignments and the Recordable Conveyances: (a) shall evidence the assignment of the Overriding
Royalty Interest herein made or intended to be made; (b) shall not modify any of the terms and covenants herein set forth and shall not create any additional representations or covenants of or by Grantor to Grantee; (c) shall be deemed to
contain all of the terms and provisions hereof, as fully and to all intents and purposes as though the same were set forth at length in the separate assignments; and (d) to the extent required by Law, shall be on forms prescribed, or may
otherwise be on forms suggested, by the appropriate Governmental Authorities. In the event any term or provision of any separate or additional assignment or the Recordable Conveyances should be inconsistent with or conflict with the terms or
provisions of this Master Conveyance, the terms and provisions of this Master Conveyance shall control and shall govern the rights, obligations and interests of the parties hereto, their successors and assigns. 

  
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 (b) Upon execution of this Master Conveyance, Grantor and Grantee shall execute a memorandum
in the form of Exhibit D attached hereto (the “Memorandum”) and file such memorandum in the real property records of the parishes adjacent to or where the Existing Subject Interests are located, and upon the acquisition
of any Add-On Lease after the Effective Date Grantor shall provide written notice to Grantee of such acquisition and the parish adjacent to or where the Add-On Lease is located and Grantor and Grantee shall cause a Memorandum to be filed in the real
property records of such parish if the Memorandum is not then filed in such real property records of such parish or an amendment to the Memorandum to be filed in the real property records of such parish if the Memorandum has previously been filed in
such real property records of such parish. 
 10.12 No Third Party Beneficiaries. Nothing in this Master Conveyance shall
entitle any Person other than Grantor, Grantee and, solely with respect to Section 9.2, any Royalty Company Indemnitee to any claims, cause of action, remedy or right of any kind. Any action that Grantee is authorized to undertake
pursuant to this Master Conveyance or any Recordable Conveyance may be undertaken by the Trustee on Grantee’s behalf or by any other agent or representative of Grantee or Trustee. 

10.13 Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this Agreement is
executed and delivered by the Trustee on behalf of Grantee and not individually or personally, but solely as Trustee of the Trust and (b) under no circumstances shall the Trustee be liable for the breach or failure of any obligations,
representation, warranty or covenant made or undertaken by Grantee under this Agreement. 

  
 31 

 IN WITNESS WHEREOF, Grantor and Grantee have executed this Master Conveyance on this 3rd day
of June, 2013. 
  

					
	GRANTOR:
	
	MCMORAN OIL & GAS LLC
		
	By:	 	 /s/ Nancy D. Parmelee

		 	Name:	 	Nancy D. Parmelee
		 	Office:	 	Chief Financial Officer & Secretary
	
	GRANTEE:
	
	GULF COAST ULTRA DEEP ROYALTY TRUST
			
	By:	 		 	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	 /s/ R. Tarnas

		 	Name:	 	R. Tarnas
		 	Title:	 	Vice President

 SIGNATURE PAGE TO 

MASTER CONVEYANCE OF OVERRIDING ROYALTY INTEREST

 EXHIBIT A 

Prospect Areas/Scheduled Working Interest 
  

					
	 Prospect Area
	  	Scheduled Working Interest	 
	 Offshore:
	  			
	 Davy Jones
	  	 	63.4	% 
	 Blackbeard East
	  	 	72.0	% 
	 Lafitte
	  	 	72.0	% 
	 Blackbeard West
	  	 	69.4	% 
		
	 England
	  	 	36.0	% 
	 Barbosa
	  	 	72.0	% 
	 Morgan
	  	 	72.0	% 
	 Barataria
	  	 	72.0	% 
	 Blackbeard West #3
	  	 	69.4	% 
	 Drake
	  	 	72.0	% 
	 Davy Jones West
	  	 	36.0	% 
	 Hurricane
	  	 	72.0	% 
	 Hook
	  	 	72.0	% 
	 Captain Blood
	  	 	72.0	% 
	 Bonnet
	  	 	72.0	% 
	 Queen Anne’s Revenge
	  	 	72.0	% 
	 Calico Jack
	  	 	36.0	% 
	 Onshore:
	  			
	 Highlander
	  	 	72.0	% 
	 Lineham Creek
	  	 	36.0	% 
	 Tortuga
	  	 	72.0	% 

  
 A-1

 EXHIBIT B 

First RC Leases 
  

					
	Area/Block/Lease	  	Original Lessee	  	Date of Lease
			
	EI 0222 OCS-G 22672	  	EEX CORPORATION	  	05/01/2001
			
	EI 0223 OCS-G 21640	  	EEX CORPORATION	  	05/01/2000
			
	EI 0244 OCS-G 33630	  	MCMORAN OIL & GAS LLC	  	06/01/2010
			
	EI 0268, OCS-G 34306	  	MCMORAN OIL & GAS LLC	  	10/01/2012
			
	EI 0288, OCS-G 34307	  	MCMORAN OIL & GAS LLC	  	10/01/2012
			
	EI 0289 OCS-G 33634	  	MCMORAN OIL & GAS LLC	  	06/01/2010
			
	SM 0025 OCS-G 33611	  	MCMORAN OIL & GAS LLC	  	07/01/2010
			
	SM 0026 OCS-G 33612	  	MCMORAN OIL & GAS LLC	  	07/01/2010
			
	SM 0030 OCS-G 33613	  	MCMORAN OIL & GAS LLC	  	07/01/2010
			
	SM 0080, OCS-G 34267	  	MCMORAN OIL & GAS LLC	  	10/01/2012
			
	SM 0081 OCS-G 33614	  	MCMORAN OIL & GAS LLC	  	07/01/2010
			
	SM 0082 OCS-G 33615	  	MCMORAN OIL & GAS LLC	  	07/01/2010
			
	SM 0091, OCS-G 34268	  	MCMORAN OIL & GAS LLC	  	10/01/2012
			
	SM 0092, OCS-G 34269	  	MCMORAN OIL & GAS LLC	  	10/01/2012
			
	SM 0112, OCS-G 34271	  	MCMORAN OIL & GAS LLC	  	10/01/2012
			
	SM 0125 OCS-G 32161	  	MCMORAN OIL & GAS LLC	  	07/01/2008
			
	SM 0212, 0217, ETC. OCS 0310	  	THE TEXAS COMPANY, ET AL	  	02/07/1936
			
	SM 0230 OCS-G 26013	  	STONE ENERGY CORPORATION	  	07/01/2004
			
	SM 0231 OCS-G 26014	  	STONE ENERGY CORPORATION	  	07/01/2004
			
	SM 0233 OCS-G 34280	  	CHEVRON U.S.A. INC.	  	11/01/2012
			
	SM 0234 OCS-G 27896	  	EXXONMOBIL CORPORATION	  	06/01/2006
			
	SM 0234/0235 OCS-G 02300	  	SONAT EXPLORATION CO.	  	02/01/1973
			
	SM 0235 OCS-G 27897	  	EXXONMOBIL CORPORATION	  	06/01/2006
			
	SS 0136 OCS-G 33642	  	MCMORAN OIL & GAS LLC	  	06/01/2010
			
	SS 0137 OCS-G 33643	  	MCMORAN OIL & GAS LLC	  	06/01/2010
			
	SS 0184 OCS-G 32195	  	MCMORAN OIL & GAS LLC	  	07/01/2008
			
	SS 0185 OCS-G 33096	  	MCMORAN OIL & GAS LLC	  	07/01/2009
			
	SS 0186 OCS-G 32197	  	NEWFIELD EXPLORATION COMPANY	  	08/01/2008
			
	SS 0188 OCS-G 22712	  	AVIARA ENERGY CORPORATION	  	05/01/2001
			
	SS 0192 OCS-G 32198	  	MCMORAN OIL & GAS LLC	  	07/01/2008
			
	SS 0212 OCS-G 32200	  	MCMORAN OIL & GAS LLC	  	06/01/2008
			
	ST 0078 OCS-G 33653	  	MCMORAN OIL & GAS LLC	  	06/01/2010
			
	ST 0079 OCS-G 33654	  	MCMORAN OIL & GAS LLC	  	06/01/2010
			
	ST 0141 OCS-G 21665	  	EEX CORPORATION	  	05/01/2000
			
	ST 0142 OCS-G 21666	  	EEX CORPORATION	  	05/01/2000

  
 B-1

					
	ST 0144 OCS-G 21667	  	EEX CORPORATION	  	07/01/2000
			
	ST 0145 OCS-G 26098	  	STONE ENERGY CORPORATION	  	07/01/2004
			
	ST 0164 OCS-G 01250	  	STONE ENERGY OFFSHORE, L.L.C.	  	06/01/1962
			
	ST 0165 OCS-G 01251	  	STONE ENERGY OFFSHORE, L.L.C.	  	06/01/1962
			
	ST 0167 OCS-G 21668	  	EEX CORPORATION	  	05/01/2000
			
	ST 0168 OCS-G 21669	  	EEX CORPORATION	  	05/01/2000
			
	ST 0173 OCS-G 4001	  	EXXON MOBIL CORPORATION	  	03/01/1979
			
	ST 0178 OCS-G 34336	  	CHEVRON U.S.A. INC.	  	10/01/2012
			
	ST 0188 OCS-G 33662	  	MCMORAN OIL & GAS LLC	  	07/01/2010
			
	VR 0021 OCS-G 34244	  	CHEVRON U.S.A. INC.	  	11/01/2012
			
	VR 0023 OCS-G 34245	  	VR 0023 OCS-G 34245	  	11/01/2012
			
	VR 0025 OCS-G 34246	  	CHEVRON U.S.A. INC.	  	11/01/2012
			
	VR 0037 OCS-G 33586	  	MCMORAN OIL & GAS LLC	  	05/01/2010
			
	VR 0040 OCS-G 34247	  	CHEVRON U.S.A. INC.	  	11/01/2012
			
	VR 0052 OCS-G 34248	  	CHEVRON U.S.A. INC.	  	12/01/2012
			
	VR 0070 OCS-G 34250	  	CHEVRON U.S.A. INC.	  	12/01/2012

  
 2 

 EXHIBIT C 

Form of Recordable Conveyance 

  
 C-1

 CONVEYANCE OF OVERRIDING ROYALTY INTEREST 

From 

McMoRan OIL & GAS LLC 
 “Grantor” 
 To 

GULF COAST ULTRA DEEP ROYALTY TRUST 
 “Grantee” 
 Dated 

            , 20     

 CONVEYANCE OF 
 OVERRIDING ROYALTY INTEREST 
 THIS CONVEYANCE OF OVERRIDING ROYALTY
INTEREST (this “Conveyance”), made effective as of the Effective Time, is from McMoRan OIL & GAS LLC, a Delaware limited liability company, whose mailing address is 1615 Poydras Street, New Orleans, Louisiana 70112,
and whose last four digits of its Federal Tax I.D. Number are 2657 (“Grantor”), to GULF COAST ULTRA DEEP ROYALTY TRUST, a statutory trust created under the laws of the State of Delaware, whose mailing address is c/o The Bank
of New York Mellon Trust Company, N.A., as Trustee, 919 Congress Avenue, Austin, Texas 78701 and whose last four digits of its Federa1 Tax I.D. Number are 8579 (“Grantee”). 

WHEREAS, capitalized terms as used herein shall have the meanings given to them in Article V hereof unless otherwise defined
herein. 
 WHEREAS, Grantor is the present holder, of record, of a working interest under each of the Leases listed on
Exhibit A; and 
 WHEREAS, in accordance with the Master Conveyance, Grantor desires to convey to Grantee an overriding
royalty interest in production of Hydrocarbons from the Leases as set forth herein; and 
 NOW, THEREFORE, KNOW ALL MEN BY THESE
PRESENTS: 
 ARTICLE I 
 CONVEYANCE 
 Section 1.01. Conveyance. For and in consideration
of Ten Dollars ($10.00) and other good and valuable consideration to Grantor cash in hand paid by Grantee, the receipt and sufficiency of which is hereby acknowledged, Grantor hereby GRANTS, BARGAINS, SELLS, CONVEYS, ASSIGNS, SETS OVER, AND DELIVERS
unto Grantee, its successors and assigns, effective as of the Effective Time, a term overriding royalty interest equal to the Overriding Royalty Percentage of all Hydrocarbons produced or that may be produced and saved from each of the Leases,
insofar, and only insofar, as such Hydrocarbons are produced from the Subject Formations, which overriding royalty interest shall burden the Subject Interests and be satisfied out of Production and the proceeds thereof until such overriding royalty
interest terminates at the Termination Time, together with all and singular the rights and appurtenances thereto in anywise belonging (the “Overriding Royalty Interest”). 

TO HAVE AND TO HOLD the Overriding Royalty Interest unto Grantee, its successors and assigns forever, subject to the following terms,
provisions and conditions. This Conveyance is an absolute conveyance of an immovable property interest and a real right. 

Section 1.02. Non-Operating, Non-Expense-Bearing Interest. In no event will Grantee ever be personally liable or obligated to
pay, either directly or indirectly, any obligations arising from or related to the development of any of the Subject Interests, including (a) Lease Burdens, (b) taxes, (c) costs, expenses or liabilities for building, constructing,
acquiring, 

 
exploring, drilling, completing, perforating, equipping, developing, producing, operating, maintaining, reworking, redrilling, recompleting, plugging, abandoning, gathering, transporting,
compressing, treating, handling, separating, dehydrating or processing, or any other expenses related or pertaining to operations with respect to the Subject Interests or the handling of Production or (d) any costs or expenses of acquiring or
disposing of any Subject Interests, provided that nothing herein shall limit Grantor’s ability to deduct Specified Post-Production Costs and Specified Taxes in calculating Gross Proceeds. 

Section 1.03. Royalty. Subject to Grantee’s right to take its share of Production in-kind pursuant to
Section 2.02 of this Conveyance, the Overriding Royalty Interest shall entitle Grantee to an amount equal to the applicable Overriding Royalty Payment Percentage (as set forth in Exhibit A for each Lease) of the Gross
Proceeds attributable to each Lease for periods from and after the Effective Time and through and including the Termination Time (the “Royalty”). Grantor shall be responsible for remitting to the appropriate Person all Specified
Post-Production Costs and Specified Taxes attributable to Production (excluding Specified Post-Production Costs and Specified Taxes attributable to Production Grantee elects to take in-kind pursuant to Section 2.02 of this Conveyance).

 Section 1.04. Marketing of Overriding Royalty Hydrocarbons. Except to the extent Grantee has elected to take
Overriding Royalty Hydrocarbons in kind, Grantor shall market or cause to be marketed the Overriding Royalty Hydrocarbons on the same basis as Grantor’s share of Production. 

Section 1.05. Termination; Abandonment. 
 (a) The Overriding Royalty Interest shall terminate at the Termination Time, without the requirement of payment by Grantor or any other Person. The termination of the Overriding Royalty Interest shall not
release Grantor of any obligation under this Conveyance or the Master Conveyance with respect to any actions or obligations hereunder or thereunder related to any period prior to the Termination Time. 

(b) Upon termination of the Overriding Royalty Interest as provided in this Section 1.05, upon the request of Grantor,
Grantee shall execute and promptly deliver to Grantor an instrument, which shall be prepared and provided to Grantee by Grantor, in form and substance reasonably acceptable to Grantor and Grantee and in recordable form in all applicable jurisdiction
in which this Conveyance has been filed of record evidencing the termination of such Overriding Royalty Interest. 
 (c) If any
individual Lease (or portion thereof, as applicable) should expire before the date of any other Lease, the Overriding Royalty Interest shall remain in full force and effect and undiminished as to all remaining Leases (and the remainder portion of
such Lease, as applicable) and, in regards to any partial expiration, all Subject Interests with respect to which such Lease has not expired. 
 Section 1.06. Pooling or Unitization by Grantor. Without joinder or consent of Grantee or notice thereto, Grantor shall have the right and power to unitize or pool all or any portion of the
Subject Interest with other areas and to amend or terminate any unitization and/or 

  
 2 

 
pooling agreements. If and whenever, through the exercise of this power or pursuant to any law or regulation, or any order of any Governmental Authority, any portion of the Subject Interests is
unitized or pooled, the Overriding Royalty Interest, insofar as it relates to such unitized or pooled area, shall be calculated with respect to the Hydrocarbons in the proportion to which the affected Subject Interests share in the Hydrocarbons
produced from such unitized or pooled area. 
 Section 1.07. Operations. It is the express intent of Grantor and
Grantee that the Overriding Royalty Interest shall constitute (and this Conveyance shall conclusively be construed for all purposes as creating) a single, separate non-operating right with respect to the Subject Interests for all purposes.

 ARTICLE II 
 PAYMENT 
 Section 2.01. Payment. 

(a) The Royalty shall be payable on the last day of each month in respect of the proceeds of Production received by or on behalf of
Grantor or its Affiliates in the immediately preceding month. Each Royalty payment to Grantee shall be accompanied by a certification setting forth the quantity and kind of Production for such previous month (including Production attributable to the
Overriding Royalty Interest and any Lease Burdens), the gross sale price thereof, the calculation of the Gross Proceeds received therefrom identifying all Specified Taxes deducted or withheld and all Specified Post-Production Costs debited from the
gross sale proceeds, together with a calculation of the Royalty for such previous month. All payments of the Royalty shall be made to Grantee by electronic transfer to Grantee’s account, details of which account shall be notified to Grantor by
Grantee in writing from time to time. Grantor’s obligations under this Section 2.01(a) shall not apply with respect to Non-Consent Hydrocarbons as provided in Section 2.01(d). 

(b) If at any time Grantor pays Grantee more than the amount then due with respect to the Royalty, Grantee will not be obligated to
return any such overpayment, but the amount or amounts otherwise payable for any subsequent period or periods will be reduced by the amount of such overpayment. 
 (c) Any amount owed with respect to the Royalty hereunder and not paid within ten (10) days of its due date shall bear interest at a rate per annum equal to the lesser of (i) the highest,
non-usurious rate of interest permitted to be charged under applicable law, and (ii) two percent (2%) per annum plus the Agreed Rate at the time payment was due, and such interest shall accrue on such unpaid amount commencing on the date
that on which such unpaid amount was due until such unpaid amount has been paid in full. Grantor agrees to pay Grantee such interest, if applicable, pursuant to this Section 2.01(c). 

(d) Nothing contained in this Conveyance shall be deemed to prevent or restrict Grantor or its Affiliates from electing not to
participate in any operations that are to be conducted under the terms of any operating agreement, unit operating agreement, contract for development, or similar instrument affecting or pertaining to the Subject Interests (or any portions thereof)
and 

  
 3 

 
permitting consenting parties to conduct non-consent operations; and the Overriding Royalty Interest shall not apply to any Non-Consent Hydrocarbons, and Grantor shall not have any obligations
under Section 2.01(a) with respect to any such Non-Consent Hydrocarbons. 
 Section 2.02. Delivery to
Grantee. Grantee shall have the right at any time by notice to Grantor to elect to take the Overriding Royalty Hydrocarbons in kind. Upon election by Grantee to receive the Overriding Royalty Hydrocarbons in kind, effective as of 7:00 a.m.,
Central Time, on the first day of the second calendar month following the date of such election, the Overriding Royalty Hydrocarbons shall be delivered to Grantee, or to the credit of Grantee, into the facilities of the First Transporter or first
purchaser at the delivery points. As between Grantor and Grantee, Grantor shall be in exclusive control and possession of the Overriding Royalty Hydrocarbons delivered hereunder, provided Grantee shall bear the risk of loss of any such Hydrocarbons
prior to delivery to Grantee as provided in the preceding sentence and Grantor shall not have any liability to Grantee for any such loss, and after delivery of such Hydrocarbons to Grantee at the delivery points Grantee shall be deemed to be in
exclusive control and possession thereof and responsible for any loss, injury, or damage caused thereby. To the extent it has the right to do so, Grantor hereby grants to Grantee easements and rights-of-way over and across the Leases and lands
pooled, communitized and/or unitized therewith, together with rights of ingress and egress, for the purposes of receiving, accepting, and taking Overriding Royalty Hydrocarbons at the delivery points; provided Grantee shall be responsible for and
shall hold Grantor harmless from any loss resulting from any use. Notwithstanding any provisions of this Conveyance, the Master Conveyance or the Trust Agreement to the contrary, Grantee shall not be permitted to elect to take Production in kind
pursuant to this Section 2.02 unless it has previously agreed to bear, and does in fact bear, its share of Specified Post-Production Costs and Specified Taxes, and all other costs and expenses which may otherwise be borne by Grantor
which are in excess of the costs and expenses Grantor would otherwise bear if Grantee had not exercised such right to take in kind. 
 ARTICLE III 
 DISCLAIMER OF WARRANTIES AND SUBROGATION 

Section 3.01. Disclaimer. GRANTOR MAKES NO, AND EXPRESSLY DISCLAIMS AND NEGATES ANY, REPRESENTATION OR WARRANTY, EXPRESS
OR IMPLIED, AS TO TITLE TO ANY OF THE SUBJECT INTERESTS. To the extent of the Overriding Royalty Interest Percentage, however, this Conveyance is made with full substitution and subrogation of Grantee in and to all covenants, representations and
warranties given or made by Grantor’s predecessors in title and Grantee is specifically subrogated to all rights which Grantor may have against its predecessors in title, to the extent that Grantor may legally transfer such rights and grant
such subrogation. Nothing in this Section 3.01, however, shall be deemed to qualify, increase, limit or release any rights, indemnities or remedies provided under the Master Conveyance, including Section 9.2 thereof. The
Overriding Royalty Interest granted herein is based on Grantor’s Working Interest, without regard to Grantor’s net revenue interest. All burdens on and reductions in Grantor’s net revenue interest are for Grantor’s sole account,
and the Overriding Royalty Interest will not be reduced based on the amount of or any burden on Grantor’s net revenue interest. 

  
 4 

 Section 3.02. Covenant to Remove Non-Permitted Liens. Grantor represents to
Grantee that, to the knowledge of Grantor, the Overriding Royalty Interest is free and clear of any burden or Lien other than Permitted Liens. If at any time the Overriding Royalty Interest is ever subject to any Lien other than an Excepted
Permitted Lien, then Grantor will promptly cause such Lien to be removed or released at no cost to Grantee. 
 ARTICLE IV

 TRANSFER 
 Section 4.01. Transfer by Grantor. Except as expressly permitted by Section 2.1(h) of the Master Conveyance, (i) each transfer by Grantor of any interest in any Subject
Interest shall be accompanied by an assignment of its obligations under the Master Conveyance and this Conveyance applicable to such Subject Interests and (ii) any assignment or transfer by Grantor of its interest in any Subject Interest or any
rights or obligations under this Conveyance shall not be effective unless and until the assignee of such interest and obligations has executed and delivered to Grantor and Grantee an assignment or novation agreement, pursuant to which such assignee
assumes all (or an undivided percentage interest commensurate with that portion of Grantor’s interest in the Subject Interest being acquired) of the obligations of the Grantor pursuant to this Conveyance and the Master Conveyance, insofar as
same relate to the interest so conveyed, including, without limitation of the foregoing, this restriction upon assignment. No transfer or assignment of its rights under this Conveyance will release or relieve Grantor from its obligations hereunder
or under the Master Conveyance. Notwithstanding the foregoing, Grantor shall be permitted to grant additional Lease Burdens with respect to the Subject Interests after the date this Conveyance is filed with the BOEM and each applicable parish in
accordance with Section 2.1 of the Master Conveyance so long as any such Lease Burdens are subordinate to, and do not otherwise diminish, the rights of Grantee with respect to the Overriding Royalty Interest. 

Section 4.02. Transfer by Grantee. 
 (a) Except as provided in Section 5.4 of the Master Conveyance, prior to the fifth anniversary of the Effective Date, Grantee shall not assign any Overriding Royalty Interests. From and after
the fifth anniversary of the Effective Date, subject to Section 5.5 of the Master Conveyance, without the prior written consent of Grantor, Grantee may assign or transfer all, but not less than all, of the Overriding Royalty Interests
and may assign or transfer its rights and interest in and under this Conveyance with respect to any Overriding Royalty Interest to any assignee of such Overriding Royalty Interest; provided that Grantee shall only be entitled to assign the
Overriding Royalty Interests and the rights under this Conveyance to one assignee of Grantee who acquires all of Grantee’s interest in the Overriding Royalty Interests granted hereby (and, as provided in Section 5.1(a) of the Master
Conveyance, all of Grantee’s interests in all other Overriding Royalty Interests, as defined in and granted pursuant to the Master Conveyance). 
 (b) No change of ownership or right to receive the Overriding Royalty Interest, or of any part thereof, however accomplished, shall be binding upon Grantor until notice thereof shall have been furnished
by the Person claiming the benefit thereof, and then only with respect to payments thereafter made. Notice of sale or assignment of the Overriding Royalty Interest shall 

  
 5 

 
consist of a copy of the recorded instrument accomplishing the same; notice of change of ownership or right to receive payment accomplished in any other manner (for example by reason of
incapacity, death or dissolution) shall consist of copies of recorded documents and complete proceedings legally binding and conclusive of the rights of all parties. Until such notice shall have been furnished to Grantor as provided above, the
payment or tender of all sums payable on the Overriding Royalty Interest may be made in the manner provided in this Conveyance as if no such change in interest or ownership or right to receive payment had occurred. 

Section 4.03. Covenant Running with the Land. The Master Conveyance, this Conveyance and the obligations of Grantor under the
Master Conveyance and this Conveyance shall be covenants running with the Leases and the lands covered thereby or subject thereto, and in the event of any transfer of any of Grantor’s interests derived from any Lease (including any judicial or
non-judicial foreclosure sale by a receiver or trustee in bankruptcy and the granting of any lien by any court), such transfer will be subject to all obligations of Grantor with respect to the Master Conveyance and this Conveyance burdening such
Grantor’s interests. 
 Section 4.04. Preferential Right to Purchase in Favor of Grantor. Should Grantee
receive a bona fide written offer for the acquisition of all of the Overriding Royalty Interests (and all of Grantee’s other interests in all other Overriding Royalty Interests, as defined in and granted pursuant to the Master Conveyance) from
a third-party not affiliated with Grantor, which Grantee desires to accept, Grantor shall have a preferential right to purchase the Overriding Royalty Interests as set forth in Section 5.5 of the Master Conveyance. 

Section 4.05. ORRI Purchase Right. If the Overriding Royalty Interest is transferred by Grantee pursuant to an ORRI Transfer,
then Grantor thereafter shall have all of the rights and options of Grantor set forth in Section 5.5(g) of the Master Conveyance (which rights include the right and option to purchase all, but not less than all, of the Overriding Royalty
Interests as set forth in such Section 5.5(g)). 
 ARTICLE V 

DEFINITIONS 
 As used herein and in the exhibits hereto, the following terms shall have the respective meanings ascribed to them below: 
 “Affiliate” means, with respect to any Person, (a) any other Person directly or indirectly owning, controlling or holding with power to vote more than 50% of the outstanding voting
securities of such Person, (b) any other Person more than 50% of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such Person, and (c) any other Person directly or indirectly
controlling, controlled by or under common control with such Person; provided that in no case shall any Unitholder (as defined in that certain Amended and Restated Trust Agreement of Grantee dated as of
            , 2013, by and among Freeport-McMoRan Copper & Gold Inc., as depositor, Grantor, as grantor, The Bank of New York Mellon Trust Company, N.A., as trustee, and BNY Mellon
Trust of Delaware, as Delaware trustee), as it may be amended from time to time) be deemed an Affiliate of the Trust for purposes of this Conveyance. 

  
 6 

 “Agreed Rate” means for and during each calendar month, the prime rate
published under “Money Rates” in the Wall Street Journal on the first day of such calendar month for which such a prime rate is so published, or if the Wall Street Journal shall cease publication or cease publishing the “prime
rate” on a regular basis, such other regularly published average prime rate applicable to commercial banks as is acceptable to the Grantee in its reasonable discretion. 
 “Central Time” means Central Standard Time or Central Daylight Savings Time in effect on the date in question. 
 “Code” shall have the meaning given such term in Section 6.07. 
 “Conveyance” means this Conveyance of Overriding Royalty Interest from Grantor to Grantee. 
 “Effective Time” means 7:00a.m., Central Time, on                     .1 

“Effective Date” means June 3, 2013. 
 “End Date” shall mean June 3, 2033. 
 “Excepted
Permitted Lien” shall mean (i) any Permitted Lien created or caused by Grantee or (ii) other than any Permitted Lien created by, through or under Grantor or its Affiliates, any Permitted Lien which creates a defect in the title of
Grantor or any of its Affiliates in, to or under any Subject Interest that reduces the Working Interests of Grantor or its Affiliates with respect to any Subject Interests, other than any such defect or reduction in Working Interest occurring after
the Effective Date arising as a result of any non-payment by Grantor or its Affiliates of any financial obligation which Grantor or its Affiliates has assumed or otherwise is obligated to pay (whether under an operating agreement existing at the
time Grantor or its Affiliate acquired an interest in the Subject Interest, by contract or otherwise). 
 “First
Transporter” means the first interstate or intrastate pipeline downstream of the delivery point. 

“Gas” means natural gas, coalbed methane and other gaseous hydrocarbons. 

“Governmental Authority” means the country, the state, county or parish, city and political subdivisions in which any
Person or such Person’s property is located or which exercises valid jurisdiction over any such Person or such Person’s property, and any court, agency, department, commission, board, bureau or instrumentality of any of them which
exercises valid jurisdiction over any such Person or such Person’s property. 
 “Grantor” means Grantor
and each subsequent owner or owners of the Working Interest in and to the Leases burdened by the Overriding Royalty Interest. 

 

	1 	Instructions to complete this form: Insert the applicable Effective Time as requested under Section 2.1(f) of the Master Conveyance. 

  
 7 

 “Gross Proceeds” means an amount equal to the Market Value of all sales of
Production plus proceeds received on account of any Production lost, (a) after deduction or withholding of Specified Taxes allocable to such Production or such sale thereof, and (b) minus any Specified Post-Production Costs allocable to
such Production. 
 “Hydrocarbons” means Oil and Gas. 

“Lease” means (a) each Oil, Gas and/or other mineral lease described, referred to, or identified on Exhibit
A, together with any renewal or extension of each such lease (as to all or any part or portion thereof), (b) any replacement lease taken upon or in anticipation of expiration or termination of such Lease (if executed and delivered during
the term of or within one year after expiration of the predecessor Lease), insofar only as any such replacement lease covers the Subject Formations under the same lands described in the original Lease, and (c) all rights in, to or under all
other Oil, Gas and/or mineral leases to the extent covering any area with which areas covered by such leases listed on Exhibit A are aggregated by unitization, pooling or similar aggregation principles and all rights derived from any
unitization, pooling or similar aggregation arrangement, operating, communitization or similar agreement, or any declaration or order of any Governmental Authority; and “Leases” means all such leases, insofar only as such leases
cover such lands and depths or subsurface intervals, and all such renewals and extensions and replacement leases. 

“Lease Burdens” means royalties, overriding royalties (other than the Overriding Royalty Interests), net profits
interests, production payments and other burdens on production. 
 “Lien” means, with respect to any property
or assets, any right or interest therein of a party to secure liabilities owed to it or any other arrangement with such party that provides for the payment of such liabilities out of such property or assets or that allows such party to have such
liabilities satisfied out of such property or assets prior to the general creditors of any owner thereof, including any lien, mortgage, security interest, pledge, deposit, rights of a vendor under any title retention or conditional sale agreement or
lease substantially equivalent thereto, tax lien, mechanic’s or materialman’s lien, or any other charge or encumbrance for security purposes, whether arising by Law or agreement or otherwise. “Lien” also means (a) any
production payment or other similar burden on the Hydrocarbons attributable to the Subject Interests, and (b) any filed financing statement or other filing, notice, arrangement or action that would serve to perfect a Lien described in
the preceding sentence, regardless of whether such financing statement or other filing is filed, such notice is given, or such arrangement or action is undertaken before or after such Lien exists 

“Master Conveyance” means that certain Master Conveyance of Overriding Royalty Interest by and between Grantor and
Grantee, dated as of June 3, 2013. 
 “Market Value” means, with respect to any Production and without
duplication, the sum of (a) the proceeds received by Grantor (or any Affiliate or agent of Grantor that markets the Production on behalf of Grantor or its Affiliates, Grantee or any owner of any Lease Burden) from the first sale of such
Production to a Non-Affiliate, regardless of the location of such sale (whether on the applicable land subject to the Leases or at any point downstream) and (b) all proceeds from the sale of Hydrocarbons attributable to Lease Burdens (to the
extent a Lease 

  
 8 

 
Burden burdens the Subject Interests), if not marketed by Grantor or any Affiliate or agent of Grantor and whether received by Grantor, its Affiliates, or not, based on pricing received by
Grantor. 
 “Non-Affiliate” shall mean with respect to Grantor, any Person who is not an Affiliate of Grantor.

 “Non-Consent Hydrocarbons” means those Hydrocarbons produced from a Subject Interest during the applicable
period of recoupment or reimbursement pursuant to a Non-Consent Provision covering that Subject Interest, which Hydrocarbons have been relinquished to the consenting party or participating party, other than Grantor or its Affiliates, under the terms
of such Non-Consent Provision as the result of an election by Grantor or its Affiliates not to participate in a particular operation, and at such time as Grantor’s or its Affiliates’ back-in interest is applicable (such that Grantor’s
or its Affiliates’ interest is entitled to a share of such Hydrocarbons) such Hydrocarbons no longer shall constitute Non-Consent Hydrocarbons. 
 “Non-Consent Provision” means a contractual provision contained in an applicable operating agreement, unit operating agreement, contract for development, or other similar instrument that
is a Permitted Lien under clause (e) of the definition of Permitted Lien, which provision covers non-consent operations and provides for relinquishment of Hydrocarbon production by non-consenting or non-participating parties during a period of
recoupment or reimbursement of costs and expenses of the consenting or participating parties. 
 “Oil” means
crude oil, condensate and other liquid or liquefiable hydrocarbons. 
 “ORRI Purchase Option Closing” shall
have the meaning given such term in the Master Conveyance. 
 “ORRI Transfer” shall have the meaning given such
term in the Master Conveyance. 
 “Overriding Royalty Hydrocarbons” means the Hydrocarbons conveyed to Grantee
pursuant to Section 1.01 hereof, which shall be a volume of Hydrocarbons equal to the Overriding Royalty Percentage of all Hydrocarbons produced and saved from the Leases from the Subject Formations. 

“Overriding Royalty Interest” shall have the meaning given such term in Section 1.01 hereof. 

“Overriding Royalty Payment Percentage” means the Overriding Royalty Payment Percentage as calculated pursuant to the
terms and provisions of the Master Conveyance and for each Lease set forth on Exhibit A is the percentage designated as the Overriding Royalty Payment Percentage for each such Lease on Exhibit A.2 

 

	2 	Instructions to complete this form: Insert on Exhibit A applicable Overriding Royalty Payment Percentage on Exhibit A as required under the
Master Conveyance, including Section 2.1(h) and Section 2.2 thereof. 

  
 9 

 “Overriding Royalty Percentage” means the Overriding Royalty Percentage as
calculated pursuant to the terms and provisions of the Master Conveyance and for each Lease set forth on Exhibit A is the percentage designated as the Overriding Royalty Percentage for each such Lease on Exhibit A.3 

“Permitted Liens” means, with respect to the Overriding Royalty Interest and the grant of the Overriding Royalty
Interest hereunder (in the case of (a), (d), (e)(1), (f), (g), (h), (i), (j), (k) and (l)) and, with respect to the real property interest on which the Overriding Royalty Interest is granted only and not with respect to the Overriding Royalty
Interest (in the case of (b), (c) and (e)(2)): 
 (a) statutory Liens for taxes, assessments or other governmental charges
or levies that are not yet delinquent or that are being contested in good faith by appropriate action; 
 (b) statutory Liens
for operators’, carriers’, warehousemen’s, repairmen’s, mechanics’, materialmen’s, or other like Liens, in each case only to the extent arising by operation of law in the ordinary course of business, that do not secure
obligations that are delinquent and that do not in any case secure indebtedness for borrowed money or similar obligations; 

(c) Liens and other encumbrances existing on the later of (i) the Effective Date and (ii) the date Grantor acquires its
interest in the applicable Subject Interest so long as such Liens and other encumbrances neither (x) secure indebtedness for borrowed money or similar obligations or any obligations of any kind, in each case, of Grantor or its Affiliates that
are delinquent, nor (y) prevent Grantee from receiving the Overriding Royalty Interests in accordance with this Conveyance, or the proceeds thereof; 
 (d) royalties, overriding royalties and other similar burdens or encumbrances to the extent they exist as to any Subject Interest as of the date of this Conveyance to the extent such do not prevent
Grantee from receiving the Overriding Royalty Interest in accordance with this Conveyance, or the proceeds thereof; 
 (e) Liens
under operating agreements, unit agreements, unitization and pooling designations and declarations, farmout and farmin agreements, exploration agreements, area of mutual interest agreements, gathering and transportation agreements, processing
agreements, and Hydrocarbon purchase contracts, and other contracts (excluding contracts for borrowed money, hedging contracts and other contracts with financial institutions) that (1) have been entered into in the ordinary course of the oil
and gas business prior to the time this Conveyance is first filed of record in the appropriate records of the BOEM or the applicable parish, provided that (i) any such Liens in favor of Grantor or any Affiliate of Grantor are Permitted Liens
only to the extent that the Overriding Royalty Interest is expressly excluded therefrom and not subject thereto and (ii) any such Liens that secure obligations that are delinquent as of the date of this Conveyance conveying the Overriding
Royalty Interest are not Permitted Liens or (2) are entered into in the ordinary course of the oil and gas business after the time of this Conveyance is first filed of 

 

	3 	 Instructions to complete this form: Insert on Exhibit A applicable Overriding Royalty Percentage on Exhibit A as required under the
Master Conveyance, including Section 2.1(h) and Section 2.2 thereof. 

  
 10 

 
record in the appropriate records of the BOEM or the applicable parish, provided that (i) any such Liens are Permitted Liens only to the extent that the Overriding Royalty Interest is
excluded therefrom and not subject thereto and (ii) any such Liens that secure obligations that are delinquent at the time of the grant of the Overriding Royalty Interest are not Permitted Liens; 

(f) easements, surface leases and surface rights, plat restrictions, zoning Laws, restrictive covenants and conditions, and building and
other land use Laws and similar encumbrances, none of which materially interferes with the development and operation of the property subject thereto for the production of Hydrocarbons or for the use for which the same are held; 

(g) rights vested in or reserved to any Governmental Authority to regulate the Subject Interests, to terminate any right, power,
franchise, license or permit afforded by such Governmental Authority, or to purchase, condemn, expropriate or designate a buyer of any of the Subject Interests; 
 (h) all rights to consent by, required notices to, filings with or other actions by Governmental Authorities in connection with the sale, disposition, transfer or conveyance of federal, state, or other
governmental oil and gas leases or interests therein or related thereto, which cannot be unreasonably withheld or where the same are customarily obtained subsequent to the assignment, disposition or transfer of such oil and gas leases or interests
therein, or such operations; 
 (i) required non-governmental third party consents to assignments which have been obtained or
waived by the appropriate parties or which need not be obtained prior to an assignment or with respect to which consent cannot be unreasonably withheld and preferential rights to purchase which have been waived by the appropriate parties or for
which the time period for asserting such rights has expired without the exercise of such rights; 
 (j) the Master Conveyance;

 (k) this Conveyance or any similar Recordable Conveyance executed in accordance with the Master Conveyance; and 

(l) Liens created or caused by Grantee. 
 The references in this definition to Liens and other encumbrances apply only to the extent the same are valid and subsisting, and affect the Subject Interests, and shall not be deemed to recognize or
create any rights in third parties. 
 “Person” means an individual, partnership (whether general or limited),
corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, bank, joint venture, firm or other entity. 
 “Production” shall mean all Hydrocarbons produced (or allocated or attributed to), saved and sold from the Subject Interests (on a take basis) (for the avoidance of doubt, including,
without duplication, Hydrocarbons attributed to the Overriding Royalty Interest or any Lease Burden (to the extent a Lease Burden burdens the Subject Interests)) from and after the Effective 

  
 11 

 
Time, but excluding any (i) Hydrocarbons lost, flared or used for operating, development or production purposes in the ordinary course of business within the area covered by such Subject
Interests or (ii) Non-Consent Hydrocarbons. 
 “Specified Post-Production Costs” means any costs incurred
for activities downstream of the wellhead for gathering, transporting, compressing, treating, handling, separating, dehydrating or processing the Production prior to sale, provided that (a) such costs are allocated on the same basis as and
proportionately with Grantor’s and Grantee’s interests in the Production and the proceeds thereof, and (b) either (i) such costs are charged to Grantor by Non-Affiliates of Grantor or (ii) such costs are charged by Grantor
or its Affiliates at current market rates substantially similar to those terms available from Non-Affiliates in the same area as the Subject Interests that are engaged in the business of rendering comparable services or furnishing comparable
equipment and supplies, taking into consideration all such terms, including the price, point of sale or service, condition of supplies or equipment, and availability of supplies and equipment and such term as Grantor determines in good faith would
be utilized by a reasonably prudent operator in obtaining such equipment or services from a Non-Affiliate. 
 “Specified
Taxes” means (a) production, severance, sales, excise and other similar taxes assessed upon, otherwise owing with respect to or measured by the amount or value of Hydrocarbons produced or the proceeds from the sale thereof excluding
income taxes, and (b) property or ad valorem taxes to the extent assessed on the interests subject to the Overriding Royalty Interest (whether assessed separately or as part of the value of such interests). 

“Subject Formation” means the geologic formation (or formations) covered by or subject to any Lease the base of which is
below 18,000 feet true vertical depth subsea (measured from sea level, whether onshore or offshore), but shall not include (i) perforated intervals shallower than 18,000 feet true vertical depth subsea (measured from sea level, whether onshore
or offshore), as applicable, or (ii) as respects OCS 0310, depths shallower than the salt or salt weld as seen in the South Marsh Island Block 217 No. 234 Well (which are deeper than 18,000 feet true vertical depth subsea measured from sea
level). 
 “Subject Interests” means all right, title and interest of Grantor in, to and under all the Leases
insofar, and only insofar, as such right, title and interest of Grantor in, to and under the Leases cover Hydrocarbons produced or that may be produced from the Subject Formation(s) from and after the Effective Time and prior to the Termination
Date. 
 “Termination Date” means the earlier of (i) the End Date or (ii) such earlier date on which
the Trust is dissolved pursuant to the terms of the Trust Agreement, provided the Termination Date for any Overriding Royalty Interest transferred by Grantee pursuant to Section 5.1 of the Master Conveyance shall be the earlier of
(A) the End Date and (B) the ORRI Purchase Option Closing; and provided further that the Termination Date for any Overriding Royalty Interest transferred pursuant to Section 5.4 of the Master Conveyance shall be the End Date.

 “Termination Time” means 7:00 a.m. Central Time on the Termination Date. 

  
 12 

 “Working Interest” means the interest owned in Oil wells, Gas wells,
leaseholds or mineral rights (mineral estates) that determines the percentage share of costs borne by the owner of such interest, including working interests, operating rights interests or other cost-bearing interests, and mineral fee or ownership
interests. 
 ARTICLE VI 
 MISCELLANEOUS 
 Section 6.01. Governing Law. THIS CONVEYANCE
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF LOUISIANA, EXCLUDING ANY CONFLICTS OF LAW RULE OR PRINCIPLE THAT MIGHT REFER CONSTRUCTION OF SUCH PROVISIONS TO THE LAWS OF ANOTHER JURISDICTION, EXCEPT TO THE EXTENT
THE LAWS OF ANY OTHER JURISDICTION ARE MANDATORILY APPLICABLE. 
 Section 6.02. Successors and Assigns. The
provisions and conditions contained in this Conveyance shall run with the land (as provided in Section 4.03) and the respective interests of Grantor and Grantee and (subject to Article IV) shall be binding upon and inure to the
benefit of Grantor and Grantee and their respective successors and assigns. All references herein to either Grantor or Grantee shall include their respective successors and assigns. 

Section 6.03. Multiple Originals. This Conveyance may be executed in multiple originals all of which shall constitute one and
the same Conveyance. 
 Section 6.04. Partial Invalidity. In the event any provision contained in this Conveyance
shall for any reason be held invalid, illegal or unenforceable by a Governmental Authority, then (to the extent permitted under applicable law) , such invalidity, illegality or unenforceability shall not affect any of the remaining provisions of
this Conveyance which shall remain in full force and effect. 
 Section 6.05. Notices. Notices required or otherwise
given pursuant to or in connection with this Conveyance shall be in writing and addressed to the parties at the addresses set forth herein. 
 Section 6.06. Master Conveyance. This Conveyance is made and entered into pursuant to the Master Conveyance and is subject to the terms thereof. A copy of the Master Conveyance may be obtained
from Grantor or Grantee. In the event of a conflict or inconsistency between the terms and provisions of this Conveyance and those of the Master Conveyance, the terms and provisions of the Master Conveyance shall control. 

Section 6.07. Nature of Overriding Royalty Interest; Intentions of the Parties. Each Overriding Royalty Interest shall
constitute, and this Conveyance shall be an absolute conveyance of, a real property interests and right. Nothing herein contained shall be construed to constitute either party hereto (under state law, for tax purposes or otherwise) the agent of, or
in partnership with, the other party. If, however, the parties hereto are deemed to have entered into a relationship that constitutes a partnership for federal income tax purposes, the parties hereby elect to be excluded from the application of
Subchapter K, Chapter 1, Subtitle A of the Internal 

  
 13 

 
Revenue Code of 1986, as amended (the “Code”), and agree not to take any position inconsistent with such election. IN ADDITION, THE PARTIES HERETO INTEND THAT THE
OVERRIDING ROYALTY INTEREST SHALL AT ALL TIMES BE TREATED (a) FOR FEDERAL INCOME TAX PURPOSES AS AN OVERRIDING ROYALTY INTEREST OR, IF REQUIRED BY APPLICABLE LAW, AS A “PRODUCTION PAYMENT” UNDER SECTION 636(a) OF THE CODE AND
(b) AS AN INTEREST IN REAL PROPERTY AND REAL RIGHT, AND, IN ACCORDANCE THEREWITH AND THE TERMS OF THIS CONVEYANCE, GRANTEE SHALL LOOK EXCLUSIVELY TO THE HYDROCARBONS PRODUCED FROM THE SUBJECT INTERESTS FOR THE SATISFACTION AND REALIZATION OF
THE OVERRIDING ROYALTY INTEREST. THE PARTIES HERETO AGREE TO FILE ALL APPLICABLE TAX RETURNS IN ACCORDANCE WITH THE INTENDED TAX TREATMENT STATED ABOVE. ALL PROVISIONS OF THIS CONVEYANCE SHALL BE CONSTRUED AND TREATED ACCORDINGLY. 

[signature page follows] 

  
 14 

 EXECUTED by each party in the presence of the undersigned competent witnesses on the date
indicated below but effective as of the Effective Time. 
  

									
	WITNESSES:	 		 	GRANTOR:
			
		 		 	MCMORAN OIL & GAS LLC
	 	 		 		 	
	Print Name:	 	 	 		 	By:	 	 
		 		 	Name:	 	
	 	 		 	Title:	 	
	Print Name:	 	 	 		 	Date:	 	

  
  

					
	 THE STATE OF______________________§
	  		  	
	 §
	  		  	
	 PARISH OF ________________________ §
	  		  	

         On this
         day of                         , 20
    , before me appeared                         , to me personally known, who being by me duly
affirmed, did say that he is the                          of McMoRan Oil & Gas LLC, a Delaware limited liability
company, and that the instrument was signed on behalf of the company by authority of its                          and that
he acknowledged that the instrument to be the free act and deed of the limited liability company. 
  

	
	  
	 Notary Public

My Commission Expires: ______________________

 (SEAL) 
 Signature Page to the Conveyance of Overriding Royalty Interest 

  
 15 

											
	WITNESSES:	 		 	GRANTEE:
				
		 		 		 	GULF COAST ULTRA DEEP ROYALTY TRUST
				
	 	 		 	By:	 	The Bank of New York Mellon Trust Company, N.A., as
	Print Name:	 	 	 		 		 	Trustee
					
	 	 		 		 		 	
	Print Name:	 	 	 		 		 	Name:	 	
		 		 		 		 	Title:	 	
		 		 		 		 	Date:	 	

  

			
	THE STATE OF                          
               	  	§
		  	§
	COUNTY OF                           
                   	  	§

 On this      day of
            , 20    , before me appeared
                                        ,
to me personally known, who being by me duly affirmed, did say that he is the
                                        
of The Bank of New York Mellon Trust Company, N.A., the trustee of Gulf Coast Ultra Deep Royalty Trust, a statutory trust created under the laws of the State of Delaware, and that the instrument was signed on behalf of the trust, and that the
instrument was on behalf of the trust by authority of its Amended and Restated Royalty Trust Agreement and that he acknowledged the instrument to be the free act and deed of the trust. 

 

			
	  

	Notary Public
	My Commission Expires:	 	  

 (SEAL) 
 Signature Page to the Conveyance of Overriding Royalty Interest 

  
 16 

 Exhibit A 
 to the 
 Conveyance of Overriding Royalty Interest 

 EXHIBIT D 

Recordable Memorandum 

  
 D-1

 MEMORANDUM OF CONVEYANCE 

This Memorandum of Conveyance (the “Memorandum”), is executed to be effective concurrently with that Master Conveyance
of Overriding Royalty Interest, dated as of June 3, 2013 (the “Master Conveyance”), by and between McMoRan Oil & Gas LLC, as grantor (“Grantor”), and Gulf Coast Ultra Deep Royalty Trust, as grantee
(“Grantee”), covering among other things the conveyance of an overriding royalty interest in certain oil, gas and/or mineral properties in the areas described in Exhibit “A” (such areas, the “Prospect
Areas”). 
 The purpose of this Memorandum is to place third parties on notice of the Master Conveyance. This
Memorandum incorporates by reference all of the terms and conditions of the Master Conveyance, and all capitalized terms used but not defined herein shall have the meaning ascribed to them in the Master Conveyance. 

The Master Conveyance provides, among other things, that: 

 

	 	1.	The interests of Grantor and its Affiliates under (i) Leases acquired on or prior to December 5, 2017, and (ii) Add-On Leases related to the Prospect
Areas are subject to and burdened with the terms and provisions of the Master Conveyance to the extent such interests cover hydrocarbons produced from the Subject Formations (the “Subject Interests”). 

 

	 	2.	Grantee is entitled to an Overriding Royalty Interest with respect to each Subject Interest of 5%, proportionately reduced to the extent the Subject Interest is less
than 100% of the Working Interest applicable to the Subject Formations under a Lease to which such Subject Interest relates. 

  

	 	3.	The Subject Interests which are subject hereto may not be assigned or transferred by Grantor or its Affiliates except in accordance with those terms, provisions and
restrictions in the Master Conveyance regulating such transfers. 

  

	 	4.	Each Overriding Royalty Interest will be carved out of the Working Interest of Grantor and its Affiliates represented by the Subject Interests at the time the
Overriding Royalty Interest is granted. The Effective Time of each Overriding Royalty Interest assigned will be the date of the Recordable Conveyance assigning such Overriding Royalty Interest to Grantee, provided if Production with respect to such
Subject Interests shall have first occurred prior to the date of such Recordable Conveyance the Effective Time shall be the first day on which Production was first obtained from any Subject Interest to which such Recordable Conveyance relates.

  

	 	5.	 Notwithstanding the foregoing and Section 5.2 of the Master Conveyance, from time to time Grantor and its Affiliates may assign a portion
of their Working Interest in a Lease (or any Well attributable thereto) to third parties free and clear of the Overriding Royalty Interest to the extent necessary to satisfy the obligations of Grantor and its Affiliates existing as of June 3,
2013 or which may arise after June 3, 2013, in connection with the good faith efforts of Grantor and its Affiliates to acquire Leases and/or enter into development and participation

  
 2 

	 	
agreements with respect to the development of the Subject Formations; provided that no such assignment shall be permitted, and shall be void ab initio, unless certain conditions specified
in Section 2.1(h) of the Master Conveyance are satisfied. 

  

	 	6.	If Grantor or any of its Affiliates is ever liable for any indebtedness or hedging obligation, Grantor will ensure that (i) with respect to any Lease that is
burdened by any Lien or security interest securing such indebtedness or hedging obligation, at least five percent (5%) of Grantor’s rights and interests in such Lease attributable to the Subject Interests is excluded from such lien and
security interest and (ii) the terms and conditions of such indebtedness or hedging obligation will not prevent or otherwise restrict Grantor from satisfying its obligations under the Master Conveyance or any Recordable Conveyance and will
require any party secured under such arrangement to agree to release its lien or security interest, if any, to the extent required to permit the grant of Overriding Royalty Interest in accordance with the terms hereof. 

 

	 	7.	If the closing of an ORRI Transfer occurs, then (i) upon the closing of the ORRI Transfer this Memorandum shall be amended to identify the ORRI Purchase Price as
determined in accordance with the Master Conveyance and (ii) at any time after the closing of an ORRI Transfer until June 3, 2033, Grantor shall have the right and option (the “ORRI Purchase Option”) to purchase
all, but not less than all, of such Overriding Royalty Interests at a price equal to the ORRI Purchase Price. Grantor may exercise the ORRI Purchase Option by providing written notice (the “ORRI Purchase Notice”) to Grantee
and tendering to Grantee the full ORRI Purchase Price (the time of such tender, the “ORRI Purchase Option Closing”) by wire transfer of immediately available funds to the account designated in writing by such Person after
receipt of the ORRI Purchase Notice. 

 The following terms shall have the definitions given to them below:

 “Leases” shall mean any Oil, Gas and/or other mineral lease covering or otherwise related to all or any portion of
(a) a Prospect Area, (b) any area with which all or any portion of a Prospect Area is aggregated by unitization, pooling or similar aggregation principles, (c) all other rights in, to or under any other instrument or fee tract related
to, and all other rights to drill for, develop and produce Hydrocarbons from, a Prospect Area and any area with which all or any portion of a Prospect Area is aggregated by unitization, pooling or similar aggregation principles, and
(d) following December 5, 2017, any replacement lease taken upon or in anticipation of expiration or termination of any such Lease (if executed and delivered during the term of or within one year after expiration of the predecessor Lease),
insofar only as any such replacement lease covers the Subject Formations under the same lands described in the original Lease. 

“Subject Formations” shall mean the geologic formation (or formations) covered by or subject to any Lease the base of which is
below 18,000 feet true vertical depth subsea (measured from sea level, whether onshore or offshore), but shall 

  
 3 

 
not include (i) perforated intervals shallower than 18,000 feet true vertical depth subsea (measured from sea level, whether onshore or offshore), or (ii) as respects OCS 0310, depths
shallower than the salt or salt weld as seen in the South Marsh Island Block 217 No. 234 Well (which are deeper than 18,000 feet true vertical depth subsea measured from sea level). 

The Master Conveyance includes other provisions which do not conflict with but supplement the above described provisions. Should any
person or firm desire additional information regarding the Master Conveyance or wish to inspect a copy of the Master Conveyance, said person or firm should contact the Grantor. 

This Memorandum is intended to be a description of certain terms of the Master Conveyance for the purpose of placing notice of such
provisions of public record, and is not intended to modify or alter the terms of the Master Conveyance. To the extent any provision of this Memorandum conflicts with any provision of the Master Conveyance, the terms of the Master Conveyance shall
control. 
 This Memorandum may be executed by Grantor and Grantee in any number of counterparts, each of which shall be deemed
to be an original instrument, but all of which together shall constitute one and the same instrument. For purposes of recording, only one copy of this Memorandum with individual signature pages attached to it needs to be filed of record. 

  
 4 

 IN WITNESS WHEREOF, Grantor and Grantee have executed this Memorandum on this 3rd day of
June, 2013. 
  

			
	GRANTOR:
	
	MCMORAN OIL & GAS LLC
		
	By:	 	  

	
	GRANTEE:
	
	GULF COAST ULTRA DEEP ROYALTY TRUST
		
	By:	 	  

  
 5EX-10.3

 Exhibit 10.3 
 SAIC, INC. 
 2006 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 
 (Management – 3-year Cliff Vesting) 

 

BY ACCEPTING THIS AWARD, YOU VOLUNTARILY AGREE TO ALL OF THE 

TERMS AND CONDITIONS SET FORTH IN THIS AGREEMENT AND IN THE PLAN. 

SAIC, Inc., a Delaware corporation (the “Company”), hereby grants to the participant named in the Grant Summary (as defined below)
(“Recipient”), who is affiliated with the Company or an Affiliate as an employee, director or consultant, restricted stock units (“RSUs”) representing the right to receive one share of its Common Stock, $0.0001 par
value per share (“Common Stock”) for each RSU. Certain specific details of this award, including the number of RSUs and the Grant Date, may be found in the Grant Summary and are hereby incorporated by reference into this Agreement.
The RSUs shall be forfeited if certain performance conditions set forth below are not met. The terms and conditions of the grant of RSUs (this “Award”) are set forth in this Agreement and in the Company’s 2006 Equity
Incentive Plan, as amended (the “Plan”). 
 1.     DEFINITIONS.    The
following terms shall have the meanings as defined below. Capitalized terms used herein and not defined shall have the meanings attributed to them in the Plan. 
 “Affiliate” shall mean a “parent” or “subsidiary” (as each is defined in Section 424 of the Code) of the Company and any other entity that the Board or Committee
designates as an “Affiliate” for purposes of this Plan. 
 “Award Letter” shall mean the award notice
delivered to Recipient concurrently with this Agreement and which is hereby made a part hereof and incorporated by reference into this Agreement. 
 “Committee” shall have the meaning as defined in the Plan. 

“Determination Date” means the date on which the Committee certifies whether and to what extent the Performance Goals
have been achieved. 
 “Executive Officer” shall mean an officer of the Company designated as such for purposes
of Section 16 of the Securities Exchange Act of 1934, as amended. 
 “Grant Date” shall mean the date of
the award of the RSUs as set forth in the Grant Summary. 
 “Grant Summary” shall mean the summary of
this award as reflected in the electronic stock plan award administration system maintained by the Company or its designee that contains a link to this Agreement (which summary information is set forth in the appropriate records of the Company
authorizing such award). 

 “Performance Goals” means the goals set forth in the Award Letter that will
determine whether, and to what extent, the RSUs shall be earned. 
 “Permanent Disability” shall mean the
status of disability determined conclusively by the Committee based upon certification of disability by the Social Security Administration or, to the extent compliant with Section 409A, upon such other proof as the Committee may require,
effective upon receipt of such certification or other proof by the Committee. 
 “Special
Retirement” shall mean: (i) retirement by the Recipient after reaching age 59 1/2 with at least ten (10) years of service with the Company or an Affiliate; or (ii) retirement by the Recipient
after reaching age 59 1/2 and Recipient’s age plus years of service with the Company or an Affiliate equals at least 70; or (iii) if Recipient is an Executive Officer at the time of retirement, retirement after reaching
the applicable mandatory retirement age, regardless of years of service with the Company or (iv) if the Recipient is a director of the Company, retirement either (A) after reaching the applicable mandatory retirement age at retirement or
(B) at the end of a term of office if Recipient is not nominated for a successive term of office on account of the fact that Recipient would have reached the applicable mandatory retirement age during such successive term of office, regardless
of years of service with the Company. For Special Retirement purposes, years of service shall mean the period of service determined conclusively by the Committee. 

 

	2.	RIGHTS OF THE RECIPIENT WITH RESPECT TO THE RSUs. 

 a)     No Stockholder Rights.    The RSUs granted pursuant to this Award do not and shall not entitle Recipient to any rights of a stockholder. The
rights of Recipient with respect to the RSUs shall remain forfeitable at all times prior to the date on which such rights become vested, and the restrictions with respect to the RSUs lapse, in accordance with Section 3, 4 or 5. 

b)     Additional RSUs as Dividend Equivalents.    If the Company pays any cash
dividends on its Common Stock, the Company shall credit to Recipient, on each dividend payment date, a number of additional RSUs (“Dividend Equivalents”) equal in value to the cash dividends that would have been paid on the shares of
Common Stock underlying the unvested RSUs covered by this Agreement assuming that: (i) such underlying shares had been outstanding as of the record date for such dividends declared on or after the Grant Date and prior to the issuance date of
the underlying shares; and (ii) the amount of the Dividend Equivalents had been reinvested in additional shares of Common Stock as of the payment date of such dividends. The number of additional RSUs representing Dividend Equivalents shall be
determined by (a) multiplying the dollar amount of the cash dividends paid per share of Common Stock by the number of RSUs subject to this Award that remain unvested as of the applicable dividend payment date (including additional RSUs
attributable to prior Dividend Equivalents) and (b) dividing such amount by the Fair Market Value (as defined in the Plan) of a share of Common Stock on the dividend payment date. Dividend Equivalents so credited shall be subject to the same
terms and conditions as the RSUs to which such Dividend Equivalents relate, shall be distributed in shares of Common Stock when, and if, and to the extent that the RSUs to which they related are vested and settled as provided below, but shall be
forfeited in the event that the RSUs with respect to which such Dividend Equivalents were credited are forfeited (including RSUs that are forfeited due to failure to meet the Performance Goals). For the avoidance of

  
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doubt, no Dividend Equivalents shall be credited or distributed with respect to any RSUs that have vested and for which the underlying shares have been issued prior to the applicable dividend
payment date. 
 c)     Conversion of RSUs; Issuance of Common Stock.    No
shares of Common Stock shall be issued to Recipient prior to the date on which the RSUs vest in accordance with Section 3, 4 or 5. On the date that any RSUs vest pursuant to Section 3, 4 or 5 (or as promptly as administratively practicable
thereafter), the Company shall cause to be issued in book-entry form, registered in Recipient’s name or in the name of Recipient’s legal representatives, beneficiaries or heirs, as the case may be, the underlying shares in payment of such
vested whole RSUs (including additional RSUs credited as Dividend Equivalents), unless such payment is deferred in accordance with the terms and conditions of the Company’s non-qualified compensation deferral plans. 

 

	3.	VESTING SCHEDULE; RSUs SUBJECT TO FORFEITURE. 

 a)     Subject to the terms and conditions of this Award, if the Performance Goals are met, 100% of the RSUs, including any additional RSUs credited to Recipient as Dividend
Equivalents, shall be earned and shall vest on the third-year anniversary of the Grant Date. If the Performance Goals are not met, the RSUs shall be forfeited as of the Determination Date, and no RSUs hereunder shall become vested. 

b)     Recipient shall not sell, transfer, assign, hypothecate, pledge, grant a security interest in, or in any
other way alienate, any of the RSUs, or any interest or right therein. 
 c)     Except in the event of
death, Permanent Disability or Special Retirement or as set forth below, any unvested RSUs automatically shall be immediately and irrevocably forfeited without compensation on the date that Recipient’s affiliation with the Company or any
Affiliate as an employee, director or consultant terminates, or if Recipient is an employee or director of an Affiliate and such entity ceases to be an Affiliate, whether by Committee action or otherwise, on the date such entity ceases to be an
Affiliate. 
 4.     ACCELERATION OF VESTING UPON DEATH OR PERMANENT DISABILITY.    If
Recipient is an employee, director or consultant of the Company or an Affiliate and ceases to be affiliated with the Company or any Affiliate as a result of Recipient’s death or Permanent Disability, or if Recipient’s death or Permanent
Disability occurs following a Special Retirement, all of the RSUs shall become fully vested whether or not earned under Section 3(a). 
  

	5.	CONTINUATION OF VESTING UPON SPECIAL RETIREMENT. 

 a)     If Recipient is an Executive Officer and Recipient’s affiliation with the Company or any Affiliate terminates as a result of Recipient’s Special Retirement in
accordance with the provisions of subsection (iii) of the definition of the term “Special Retirement” in Section 1 above, or if Recipient is a director of the Company and Recipient’s affiliation with the Company or any
Affiliate terminates as a result of Recipient’s Special Retirement in accordance with the provisions of subsection (iv) of the definition of the term “Special Retirement” in Section 1 above, any unvested RSUs shall continue
to vest in accordance with the vesting schedule set 

  
 3 

 
forth in Section 3 above to the extent the RSUs are earned under Section 3(a). 
 b)     If, after the first anniversary of the Grant Date, Recipient’s affiliation with the Company or an Affiliate terminates as a result of Recipient’s Special
Retirement in accordance with the provisions of subsection (i) or (ii) of the definition of the term “Special Retirement” in Section 1 above, the remaining unvested RSUs shall continue to vest in accordance with the vesting
schedule set forth in Section 3 above, to the extent the RSUs are earned under Section 3(a). Shares shall be issued, if earned and vested under Section 3(a), no later than ninety (90) days following the third anniversary of the
Grant Date.
 c)     Notwithstanding the foregoing clauses (a) and (b), all unvested RSUs shall be
immediately and irrevocably forfeited in the event that Recipient violates the terms of his or her inventions, copyright and confidentiality agreement with the Company or an Affiliate or breaches his or her other contractual or legal obligations to
the Company or an Affiliate, including the non-solicitation obligations set forth in Section 13 of this Agreement. 

d)     If Recipient is eligible for Special Retirement at the time of a Fundamental Transaction or is continuing
to vest following Special Retirement under the foregoing clause (a) or (b), any unvested RSUs shall be treated as provided in the Plan, but the resulting consideration shall only be paid on the date the RSUs would have vested if a Fundamental
Transaction had not occurred, unless the RSUs are terminated in a manner compliant with Section 409A. 
  

	6.	TAX MATTERS 

a)     Tax Withholding.    If the Company or an Affiliate is required to withhold any
federal, state, local or other taxes upon the vesting or any acceleration of vesting of the RSUs, or any issuance of Common Stock or otherwise under this Agreement, the Company shall withhold a sufficient number of shares of Common Stock issuable
upon settlement of the RSUs at the then current Fair Market Value (as defined in the Plan) to meet the withholding obligation based on the minimum rates required by law; provided, however, that the Company may, in its sole discretion, sell a
sufficient number of shares of Common Stock on behalf of Recipient to satisfy such obligations, accept payment to satisfy such obligations in the form of cash or delivery to the Company of shares of Company stock already owned by Recipient, withhold
amounts from Recipient’s compensation, or any combination of the foregoing or other actions as may be necessary or appropriate to satisfy any such tax withholding obligations. 

 

	 	b)	Section 409A. 

 (i)      This Award is intended to qualify for the short-term deferral exception to Section 409A of the Code (“Section 409A”) described in the
regulations promulgated under Section 409A to the maximum extent possible. To the extent Section 409A is applicable to this Award, this Award is intended to comply with Section 409A and to be interpreted and construed consistent with
such intent. 
 (ii)     With respect to any Recipient who is eligible for Special
Retirement, this Award is intended to be paid on fixed payment dates under Sections 3 and 5 of this Agreement and such payments may not be accelerated except as set forth in Section 5(b) hereof or otherwise to the extent permitted under
Section 409A. 

  
 4 

 (iii)     Without limiting the generality of the
foregoing, if Recipient is a “specified employee” within the meaning of Section 409A, as determined under the Company’s established methodology for determining specified employees, on the date of Recipient’s termination of
service at a time when this Award pursuant its terms would be settled, then to the extent required in order to comply with Section 409A, shares of Common Stock that would be issued under this Award (or any other amount due hereunder) at such
termination of service shall not be issued before the earlier of (x) the date that is six months following the Recipient’s termination of employment and (y) the date of the Recipient’s death. 

(iii)     For purposes of this Agreement, the terms “terminate,”
“terminated” and “termination” mean a termination of the Recipient’s employment that constitutes a “separation from service” within the meaning of the default rules of Section 409A. 

7.     RIGHTS, RESTRICTIONS AND LIMITATIONS.    All shares of Common Stock issued to Recipient
pursuant to this Agreement are subject to the rights, restrictions and limitations set forth in the Company’s Restated Certificate of Incorporation. Recipient shall not have the rights of a stockholder until Shares, if any, are issued on or
following the applicable vesting date. 
 8.     RESTRICTIONS UNDER SECURITIES LAW.    The
issuance of RSUs and the shares of Common Stock covered by this Agreement are subject to any restrictions which may be imposed under applicable state and federal securities laws and are subject to obtaining all necessary consents which may be
required by, or any condition which may be imposed in accordance with, applicable state and federal securities laws or regulations. 
  

	9.	EMPLOYMENT AT WILL. 

a)     If Recipient is an employee or consultant of the Company or an Affiliate, such employment or affiliation
is not for any specified term and may be terminated by employee or by the Company or an Affiliate at any time, for any reason, with or without cause and with or without notice. Nothing in this Agreement (including, but not limited to, the vesting of
the RSUs pursuant to the schedule set forth in Section 3 herein), the Plan or any covenant of good faith and fair dealing that may be found implicit in this Agreement or the Plan shall: (i) confer upon Recipient any right to continue in
the employ of, or affiliation with, the Company or an Affiliate; (ii) constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any
other term or condition of employment or affiliation; (iii) confer any right or benefit under this Agreement or the Plan unless such right or benefit has specifically accrued under the terms of this Agreement or Plan; or (iv) deprive the
Company of the right to terminate Recipient at will and without regard to any future vesting opportunity that Recipient may have. 
 b)     Recipient acknowledges and agrees that the right to continue vesting in the RSUs pursuant to the schedule set forth in Section 3 is earned only by continuing as an
employee or consultant at the will of the Company or as a director (not through the act of being hired, being granted RSUs or any other award or benefit) and that the Company has the right to reorganize, sell, spin-out or otherwise restructure one
or more of its businesses or Affiliates at any time or from time to time, as it deems appropriate (a “reorganization”). Recipient acknowledges and 

  
 5 

 
agrees that such a reorganization could result in the termination of Recipient’s relationship as an employee or consultant to the Company or an Affiliate, or the termination of Affiliate
status of Recipient’s employer and the loss of benefits available to Recipient under this Agreement, including but not limited to, the termination of the right to continue vesting the RSUs under this Agreement. 

10.     INCORPORATION OF PLAN.    The RSUs granted hereby are granted pursuant to the Plan, all the
terms and conditions of which are hereby made a part hereof and are incorporated herein by reference. In the event of any inconsistency between the terms and conditions contained herein and those set forth in the Plan, the terms and conditions of
the Plan shall prevail. 
 11.     RECOUPMENT OF AWARDS.    The Human Resources and
Compensation Committee of the Company’s Board of Directors adopted a recoupment policy on June 18, 2009 (the “Policy”), that may require members of senior management to return incentive compensation if there is a material
restatement of the financial results upon which the compensation was originally based. The Policy also provides for recovery of incentive compensation from any employee involved in fraud or intentional misconduct, whether or not it results in a
restatement of the Company’s financial results. Recipient acknowledges and agrees that the Policy applies to RSUs and that any payments or issuances of Common Stock with respect to RSUs are subject to recoupment pursuant to the Policy,
including any amendments to the Policy and any recoupment obligations imposed by applicable law or regulation. This Agreement shall be deemed to include the restrictions imposed by the Policy. 

12.     COPIES OF PLAN AND OTHER MATERIALS.    Recipient acknowledges that Recipient has received
copies of the Plan and the Plan prospectus from the Company and agrees to receive stockholder information, including copies of any annual report, proxy statement and periodic report, electronically from the Company. Recipient acknowledges that
copies of the Plan, Plan prospectus, Plan information and stockholder information are also available upon written or telephonic request to the Company. Recipient acknowledges that a copy of the Policy referenced in Section 11 is available on
ISSAIC, the Company’s intranet, and is also available upon written or telephonic request to the Company. 
  

	13.	NON-SOLICITATION. 

a)     Solicitation of Employees.    Recipient agrees that, both while employed by
the Company or an Affiliate and for one year afterward, Recipient will not solicit or attempt to solicit any employee of the Company or an Affiliate to leave his or her employment or to violate the terms of any agreement or understanding that
employee may have with the Company or an Affiliate. The foregoing obligations apply to both the Recipient’s direct and indirect actions, and apply to actions intended to benefit Recipient or any other person, business or entity. 

b)     Solicitation of Customers.    Recipient agrees that, for one year after
termination of employment with the Company or an Affiliate, Recipient will not participate in any solicitation of any customer or prospective customer of the Company or an Affiliate concerning any business that: 

  
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 (i)      involves the same programs or
projects for that customer in which Recipient was personally and substantially involved during the 12 months prior to termination of employment; or 
 (ii)     has been, at any time during the 12 months prior to termination of employment, the subject of any bid, offer or proposal activity by the Company or an Affiliate in
respect of that customer or prospective customer, or any negotiations or discussions about the possible performance of services by the Company or an Affiliate to that customer or potential customer, in which Recipient was personally and
substantially involved. 
 In the case of a governmental, regulatory or administrative agency, commission,
department or other governmental authority, the customer or prospective customer will be determined by reference to the specific program offices or activities for which the Company or an Affiliate provides (or may reasonably provide) goods or
services. 
 c)     Remedies.    Recipient acknowledges and agrees that a
breach of any of the promises or agreements contained in this Section 13 will result in immediate, irreparable and continuing damage to the Company for which there is no adequate remedy at law, and the Company or an Affiliate will be entitled
to injunctive relief, a decree for specific performance, and other relief as may be proper, including money damages. 

14.     MISCELLANEOUS.    This Agreement contains the entire agreement of the parties with respect to
its subject matter, provided, however, that if Recipient and the Company are parties to an existing written agreement addressing the subject matter of Section 13, such agreement shall control with respect to such subject matter until the
termination thereof, at which time Section 13 shall control. This Agreement shall be binding upon and shall inure to the benefit of the respective parties, the successors and assigns of the Company, and the heirs, legatees and personal
representatives of Recipient. The parties hereby agree that should any portion of this Agreement be judicially held to be invalid, unenforceable, or void, such portion shall be construed by limiting and reducing it, so as to be enforceable to the
maximum extent compatible with the applicable law as is then in effect. 
 15.     GOVERNING
LAW.    This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Delaware without reference to such state’s principles of conflict of laws. 

16.     NOTICE OF RESTRICTION.    The parties agree that any book entry representing the RSUs granted
hereunder may contain a legend, or notation as the case may be, indicating that such RSUs are subject to the restrictions of this Agreement. 

17.     ACKNOWLEDGMENT.    Recipient acknowledges that the RSUs constitute full and adequate
consideration for Recipient’s obligations under this Agreement, the acceptance of the RSUs constitutes an unequivocal acceptance of this Agreement and any attempted modification or deletion will have no force or effect on the Company’s
right to enforce the terms and conditions stated herein. 
 By accepting the RSUs, you agree to all of the terms and
conditions set forth above and in the Plan. 

  
 7

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