Document:

EX-10.1

 Exhibit 10.1 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

This AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of December 31,
2020, is entered into by and among Liberty Oilfield Services Inc., a Delaware corporation (the “Company”), Schlumberger Technology Corporation, a Texas corporation (“Schlumberger US”), Schlumberger
Canada Limited, a corporation organized pursuant to the laws of the Province of Alberta (“Schlumberger Canada” (together with Schlumberger US, the “Schlumberger Parties”), and each of the other
Existing Holders (as defined below) listed on the signature pages hereto (together with the Company, the Schlumberger Parties and each of the other the Holders set forth on Schedule I attached hereto,
the “Parties”). 
 BACKGROUND 

WHEREAS, in connection with the Company’s initial public offering of its Common Stock, the Company provided registration rights
with respect to certain Registrable Securities pursuant to that certain Registration Rights Agreement (the “Original Agreement”), dated as of January 17, 2018, by and among the Company and the initial holders
signatory thereto; 
 WHEREAS, the Company and the Schlumberger Parties have entered into that certain Master Transaction Agreement,
dated as of August 31, 2020, by and among Schlumberger US, Schlumberger Canada, Liberty Oilfield Services New HoldCo LLC, a Delaware limited liability company, LOS Canada Operations Inc., a British Columbia corporation, and the Company (the
“Transaction Agreement”), pursuant to which, among other things, the Company has agreed to provide registration rights following the expiration of the Lockup Period with respect to the Registrable Securities received by the
Schlumberger Parties as part of the Share Consideration (as defined in the Transaction Agreement); and 
 WHEREAS, the Majority
Holders, constituting the holders of a majority of the Registrable Securities as of the date hereof, desire to amend and restate the Original Agreement in its entirety pursuant to Section 9(c) thereof as provided herein. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and for good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties hereby amend and restate the Original Agreement in its entirety as follows: 

1. Certain Definitions. As used in this Agreement, the following terms have the meanings indicated: 

“Affiliate” means, with respect to any specified Person, a Person that directly or indirectly Controls or is Controlled
by, or is under common Control with, such specified Person. For purposes hereof, the Company and its subsidiaries shall not be deemed to be an Affiliate of Riverstone or the Schlumberger Parties. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined under
Rule 405. 

 “Blackout Period” has the meaning given to such term in
Section 3(o). 
 “Board” means the board of directors of the Company. 

“Schlumberger Combination” means the transactions contemplated by the Transaction Agreement. 

“Business Day” means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking
institutions in the State of New York are authorized or required to be closed by law or governmental action. 

“Commission” means the Securities and Exchange Commission or any other federal agency then administering the
Securities Act or Exchange Act. 
 “Common Stock” means the Class A common stock, par value $0.01 per share, of
the Company. 
 “Company Securities” means any equity interest of any class or series in the Company. 

“Control” (including the terms “Controls,” “Controlled by” and
“under common Control with”) means the possession, direct or indirect, of the power to (a) direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by
contract or otherwise or (b) vote 10% or more of the securities having ordinary voting power for the election of directors of a Person. 

“Demand Notice” has the meaning given to such term in Section 2(b)(i). 

“Effective Date” means the time and date that a Registration Statement is first declared effective by the Commission
or otherwise becomes effective. 
 “Effectiveness Deadline” has the meaning given to such term in Section 2(a).

 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and
regulations of the Commission promulgated thereunder. 
 “Existing Holder” means each of the Persons listed on
Schedule I hereto. 
 “Holder” means, unless and until such Person ceases to hold any Registrable Securities,
each of the Existing Holders, Schlumberger US, Schlumberger Canada and any holder of Registrable Securities to whom registration rights conferred by this Agreement have been Transferred in compliance with Section 10(e)
hereof; provided, that such transferee shall be a Holder only if such Person agrees in writing to be bound by and subject to the terms set forth in this Agreement. 

“Initiating Holder” means the Sponsoring Holder delivering the Demand Notice or the Underwritten Offering Notice, as
applicable. 
 “Laurel” means Laurel Road I and Laurel Road II. 

  
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 “Laurel Road I” means Laurel Road, LLC, a California limited
liability company. 
 “Laurel Road II” means Laurel Road II, LLC, a California limited liability company. 

“Lockup Period” means the period of time beginning on the date hereof and ending on September 30, 2020. 

“Material Adverse Change” means (a) any general suspension of trading in, or limitation on prices for, securities
on any national securities exchange or in the over-the-counter market in the United States, (b) the declaration of a banking moratorium or any suspension of
payments in respect of banks in the United States, (c) a material outbreak or escalation of armed hostilities or other international or national calamity involving the United States or the declaration by the United States of a national
emergency or war or a change in national or international financial, political or economic conditions, or (d) any event, change, circumstance or effect that is or is reasonably likely to be materially adverse to the business, properties,
assets, liabilities, condition (financial or otherwise), operations, results of operations or prospects of the Company and its subsidiaries taken as a whole. 

“Person” means an individual, corporation, partnership, trust, incorporated or unincorporated association, joint
venture, limited liability company, joint stock company, estate, trust, government (or an agency or subdivision thereof) or other entity of any kind. 

“Proceeding” means any action, claim, suit, proceeding or investigation (including a preliminary investigation or
partial proceeding, such as a deposition) pending or, to the knowledge of the Company, to be threatened. 

“Prospectus” means the prospectus included in a Registration Statement (including a prospectus that includes any
information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the Securities Act), as amended or supplemented by any prospectus supplement,
with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 “R/C Holdings” means R/C
IV Liberty Holdings, L.P., a Delaware limited partnership. 
 “R/C Partnership” means R/C Energy IV Direct
Partnership, L.P., a Delaware limited partnership. 
 “Registrable Securities” means the Shares; provided,
however, that Registrable Securities shall not include: (a) any Shares that have been registered under the Securities Act and disposed of pursuant to an effective Registration Statement or otherwise transferred to a Person who is not
entitled to the registration and other rights hereunder; (b) any Shares that have been sold or transferred by the Holder thereof pursuant to Rule 144 (or any similar provision then in force under the Securities Act) and the transferee thereof
does not receive “restricted securities” as defined in Rule 144; and (c) any Shares that cease to be outstanding (whether as a result of repurchase and cancellation, conversion or otherwise). 

  
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 “Registration Statement” means a registration statement of the
Company in the form required to register under the Securities Act and other applicable law for the resale of the Registrable Securities in accordance with the intended plan of distribution of each Holder included therein, and including any
Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre- and post-effective amendments (including a shelf takedown prospectus to the extent requested by a
Sponsoring Holder in connection with a Demand Request at a time that a Shelf Registration Statement, or other Registration Statement pursuant to which the applicable Registrable Securities may be offered on a continuous or delayed basis, is
effective), all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

“Requested Underwritten Offering” has the meaning given to such term in Section 2(c). 

“Riverstone” means R/C Holdings and R/C Partnership. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act. 

“Rule 405” means Rule 405 promulgated by the Commission pursuant to the Securities Act. 

“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the
sale of Registrable Securities and fees and disbursements of counsel for any Holder. 
 “Shares” means the shares of
Common Stock held by the Existing Holders as of the date hereof and the Schlumberger Parties upon the consummation of the Schlumberger Combination, and any other equity interests of the Company or equity interests in any successor of the Company
issued in respect of such shares by reason of or in connection with any stock dividend, stock split, combination, reorganization, recapitalization, conversion to another type of entity or similar event involving a change in the capital structure of
the Company. 
 “Shelf Registration Statement” means a Registration Statement of the Company filed with the
Commission on Form S-3, or Form S-1 if Form S-3 is not available for use by the Company at such time (or any successor form or
other appropriate form under the Securities Act) for an offering to be made on a continuous or delayed basis pursuant to Rule 415 (or any similar rule that may be adopted by the Commission) covering the Registrable Securities, as applicable. 

“SH Ventures” means SH Ventures LOS, LLC, a Delaware limited liability company. 

  
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 “Sponsoring Holder” means (a) Riverstone unless and until
Riverstone ceases to hold any Registrable Securities, (b) the Schlumberger Parties unless and until the Schlumberger Parties cease to hold any Registrable Securities and (c) any holder of Registrable Securities to whom registration rights
of a “Sponsoring Holder” conferred by this Agreement have been transferred in compliance with Section 10(e) hereof or the Original Agreement; provided, that any Person referenced in
clause (c) shall be a Sponsoring Holder only if such Person agrees in writing to be bound by and subject to the terms set forth in this Agreement. 

“Suspension Period” has the meaning given to such term in Section 10(b). 

“Trading Market” means the principal national securities exchange on which Registrable Securities are listed. 

“Transfer” means any direct or indirect transfer, assignment, sale, gift, pledge, hypothecation or other encumbrance,
or any other disposition (whether voluntary or involuntary or by operation of law), of Registrable Securities (or any interest (pecuniary or otherwise) therein or right thereto), including derivative or similar transactions or arrangements whereby a
portion or all of the economic interest in, or risk of loss or opportunity for gain with respect to, Registrable Securities are transferred or shifted to another Person. 

“Underwritten Offering” means an underwritten offering of Common Stock for cash (whether a Requested Underwritten
Offering or in connection with a public offering of Common Stock by the Company, stockholders or both), excluding an offering relating solely to an employee benefit plan, an offering relating to a transaction on Form
S-4 or S-8 or an offering on any registration statement form that does not permit secondary sales. 

“Underwritten Offering Notice” has the meaning given to such term in Section 2(c). 

“VWAP” means, as of a specified date and in respect of Registrable Securities, the volume weighted average price for
such security on the Trading Market for the five trading days immediately preceding, but excluding, such date. 

“WKSI” means a “well known seasoned issuer” as defined under Rule 405. 

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

  
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 2. Registration. 

(a) Initial Registration 

(i) At the expiration of the Lockup Period, the Company shall file with the Commission a Registration Statement registering the offering and
the sale of all the Registrable Securities held by the Schlumberger Parties from time to time as permitted by Rule 415 on the terms and conditions specified in this Section 2(a), which Registration Statement shall be
automatically effective, provided, that if the Company is no longer a WKSI at the expiration of the Lockup Period it shall use its reasonable best efforts to cause such Registration Statement to be declared effective as promptly as reasonably
practicable after the initial filing thereof, but in no event later than 20 days following the filing deadline (the “Effectiveness Deadline”), further provided, that the Effectiveness Deadline shall be extended to 60
days after the filing deadline if the Registration Statement is reviewed by and receives comments from, the Commission and 90 days after the filing deadline if the Company is not then eligible to register for resale the Registrable Securities on
Form S-3. The Registration Statement filed with the Commission pursuant to this Section 2(a)(i) shall be a shelf registration statement on Form
S-3 or, if Form S-3 is not then available to the Company, on Form S-1 or such other form of registration statement as is then
available to effect a registration for resale of such Registrable Securities, covering such Registrable Securities, and shall contain a Prospectus in such form as to permit the Schlumberger Parties to sell such Registrable Securities pursuant to
Rule 415 at any time beginning on the effective date for such Registration Statement. A Registration Statement filed pursuant to this Section 2(a)(i) shall provide for the resale pursuant to any method or combination of
methods legally available to, and reasonably requested prior to effectiveness by, the Schlumberger Parties. The Company shall use its reasonable best efforts to cause a Registration Statement filed pursuant to this
Section 2(a)(i) to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, that another Registration Statement is available,
for the resale of all the Registrable Securities held by the Schlumberger Parties until all such Registrable Securities have ceased to be Registrable Securities. When effective, a Registration Statement filed pursuant to this
Section 2(a)(i) (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any Prospectus contained in such Registration Statement, in the light
of the circumstances under which such statement is made) other than any untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement in reliance upon and in conformity with written information furnished to
the Company by or on behalf of any Schlumberger Party specifically for use in the preparation thereof. 
 (b) Demand Registration.

 (i) Any Sponsoring Holder shall have the option and right, exercisable by delivering a written notice to the Company (a
“Demand Notice”), to require the Company to, pursuant to the terms of and subject to the limitations contained in this Agreement, prepare and file with the Commission a Registration Statement registering the offering and sale
of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice, 

  
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which may include sales on a delayed or continuous basis pursuant to Rule 415 pursuant to a Shelf Registration Statement (a “Demand Registration”). The Demand Notice must
set forth the number of Registrable Securities that the Initiating Holder intends to include in such Demand Registration and the intended methods of disposition thereof. Notwithstanding anything to the contrary herein, in no event shall the Company
be required to effectuate a Demand Registration unless the dollar amount of the Registrable Securities of the Initiating Holder to be included therein is reasonably likely to result in gross sale proceeds of at least $25 million based on the
VWAP (the “Minimum Amount”) as of the date of the Demand Notice. 
 (ii) Within five Business Days (or if the
Registration Statement will be a Shelf Registration Statement, within two Business Days) after the receipt of the Demand Notice, the Company shall give written notice of such Demand Notice to all Holders and, within 30 days after receipt of the
Demand Notice (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case, within 90 days thereof), shall, subject to the limitations of this
Section 2(a), file a Registration Statement in accordance with the terms and conditions of the Demand Notice, which Registration Statement shall cover all of the Registrable Securities that the Holders shall in writing
request to be included in the Demand Registration (such request to be given to the Company within three Business Days (or if the Registration Statement will be a Shelf Registration Statement, within one Business Day) after receipt of notice of the
Demand Notice given by the Company pursuant to this Section 2(b)(ii)). The Company shall use reasonable best efforts to cause such Registration Statement to become and remain effective under the Securities Act until the
earlier of (A) 180 days (or two years if a Shelf Registration Statement is requested) after the Effective Date or (B) the date on which all Registrable Securities covered by such Registration Statement have been sold (the
“Effectiveness Period”); provided, however, that such period shall be extended for a period of time equal to the period the Holders refrain from selling any securities included in such Registration Statement at
the request of an underwriter of the Company or the Company pursuant to this Agreement. 
 (iii) Subject to the other limitations contained
in this Agreement, the Company is not obligated hereunder to effect (A) a Demand Registration within 90 days after the closing of any Underwritten Offering, (B) more than a total of one Demand Registration for which Laurel or any
transferee of Laurel in accordance with Section 10(e) is the Initiating Holder, (C) more than a total of one Demand Registration for which SH Ventures or any transferee of SH Ventures in accordance with
Section 10(e) is the Initiating Holder, and (D) a subsequent Demand Registration pursuant to a Demand Notice if a Registration Statement covering all of the Registrable Securities held by the Initiating Holder shall
have become and remains effective under the Securities Act and is sufficient to permit offers and sales of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice in accordance with the intended
timing and method or methods of distribution thereof specified in the Demand Notice. Subject to the foregoing sentence, following the date of this Agreement, Riverstone and, upon the expiration of the Lockup Period, the Schlumberger Parties (or, in
each case, any transferee thereof in accordance with Section 10(e)) shall each be permitted to be the Initiating Holder for an unlimited number of Demand Registrations (including any demands for registration of the offer
and sale of Registrable Securities on Form S-3 (so long as the Company is eligible to use Form S-3)). No Demand Registration shall be deemed to have occurred for
purposes of this Section 2(b)(iii) if the Registration Statement relating thereto does not become effective or is not maintained effective for its entire Effectiveness Period, in which case the Initiating Holder shall

  
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be entitled to an additional Demand Registration in lieu thereof. Further, a Demand Registration shall not constitute a Demand Registration of the Initiating Holder for purposes of this
Section 2(b)(iii) if, as a result of Section 2(b)(vi)(A), there is included in the Demand Registration less than the lesser of (i) Registrable Securities of the Initiating Holder having a VWAP
measured on the effective date of the related Registration Statement of $25 million and (ii) two-thirds of the number of Registrable Securities the Initiating Holder set forth in the applicable
Demand Notice. 
 (iv) A Holder may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such
Demand Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of a notice from the Initiating Holder that the Initiating Holder is withdrawing an amount of its Registrable Securities from the
Demand Registration such that the remaining amount of Registrable Securities of the Initiating Holder to be included in the Demand Registration is reasonably likely to result in gross sale proceeds below the Minimum Amount, the Company shall cease
all efforts to secure effectiveness of the applicable Registration Statement. Such registration nonetheless shall be deemed a Demand Registration with respect to the Initiating Holder for purposes of Section 2(b)(iii)
unless (A) the Initiating Holder shall have paid or reimbursed the Company for its pro rata share of all reasonable and documented out-of-pocket fees and expenses
incurred by the Company in connection with the withdrawn registration of such Registrable Securities (based on the number of securities the Initiating Holder sought to register, as compared to the total number of securities included in such Demand
Registration) or (B) the withdrawal is made following the occurrence of a Material Adverse Change or pursuant to the Company’s request for suspension pursuant to Section 3(o). 

(v) The Company may include in any such Demand Registration other Company Securities for sale for its own account or for the account of any
other Person, subject to Section 2(b)(vi) and Section 2(d)(iii). 
 (vi) In the case of
a Demand Registration not being underwritten, if the Initiating Holder advises the Company that in its reasonable opinion the aggregate number of securities requested to be included exceeds the number that can be included without being likely to
have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company shall include in such Demand Registration only that number of securities that in the reasonable
opinion of the Initiating Holder will not have such adverse effect, with such number to be allocated as follows: (A) first, pro-rata among all Holders (including the Initiating Holder) that have requested
to participate in such Demand Registration based on the relative number of Registrable Securities then held by each such Holder; (B) second, if there remains availability for additional securities to be included in such Demand Registration, the
Company; and (C) third, if there remains availability for additional securities to be included in such Demand Registration, any other holders entitled to participate in such Demand Registration, if applicable, based on the relative number of
securities such holder is entitled to include in such Demand Registration. 
 (vii) The Company shall use its reasonable best efforts to
qualify for registration on Form S-3. To the extent an Automatic Shelf Registration Statement has been filed, the Company shall use commercially reasonable efforts to remain a WKSI and not become an ineligible
issuer (as defined in Rule 405 under the Securities Act) during the period during which 

  
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such Automatic Shelf Registration Statement is required to remain effective. If the Automatic Shelf Registration Statement has been outstanding for at least three years, at the end of the third
year the Company shall refile a new Automatic Shelf Registration Statement covering the Registrable Securities that remain unsold. If at any time when the Company is required to re-evaluate its WKSI status,
the Company determines that it is not a WKSI, the Company shall use commercially reasonable efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to be kept effective. Subject to the limitations contained in this Agreement, the Company
shall effect any Demand Registration on such appropriate registration form of the Commission (A) as shall be selected by the Company and (B) as shall permit the disposition of the Registrable Securities in accordance with the intended
method or methods of disposition specified in the Demand Notice; provided, that if the Company becomes, and is at the time of its receipt of a Demand Notice, a WKSI, the Demand Registration for any offering and selling of Registrable
Securities shall be effected pursuant to an Automatic Shelf Registration Statement, which shall be on Form S-3 or any equivalent or successor form under the Securities Act (if available to the Company). If at
any time a Registration Statement on Form S-3 is effective and a Holder provides written notice to the Company that it intends to effect an offering of all or part of the Registrable Securities included on
such Registration Statement, the Company will amend or supplement such Registration Statement as may be necessary in order to enable such offering to take place. 

(viii) Without limiting Section 3, in connection with any Demand Registration pursuant to and in accordance with
this Section 2(a), the Company shall (A) promptly prepare and file or cause to be prepared and filed (1) such additional forms, amendments, supplements, prospectuses, certificates, letters, opinions and other
documents, as may be necessary or advisable to register or qualify the securities subject to such Demand Registration, including under the securities laws of such jurisdictions as the Holders shall reasonably request; provided,
however, that no such qualification shall be required in any jurisdiction where, as a result thereof, the Company would become subject to general service of process or to taxation or qualification to do business in such jurisdiction solely as
a result of registration and (2) such forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents as may be necessary to apply for listing or to list the Registrable Securities subject to such Demand
Registration on the Trading Market and (B) do any and all other acts and things that may be reasonably necessary or appropriate or reasonably requested by the Holders to enable the Holders to consummate a public sale of such Registrable
Securities in accordance with the intended timing and method or methods of distribution thereof. 
 (ix) In the event a Holder Transfers
Registrable Securities included on a Registration Statement and such Registrable Securities remain Registrable Securities following such Transfer, at the request of such Holder, the Company shall amend or supplement such Registration Statement as
may be necessary in order to enable such transferee to offer and sell such Registrable Securities pursuant to such Registration Statement; provided, that in no event shall the Company be required to file a post-effective amendment to the
Registration Statement unless (A) such Registration Statement includes only Registrable Securities held by the Holder, Affiliates of the Holder or transferees of the Holder or (B) the Company has received written consent therefor from each
Person for whom Registrable Securities have been registered on (but not yet sold under) such Registration Statement, other than the Holder, Affiliates of the Holder or transferees of the Holder. 

  
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 (c) Requested Underwritten Offering. Any Sponsoring Holder then able to effectuate a
Demand Registration pursuant to the terms of Section 2(a) (or who has previously effectuated a Demand Registration pursuant to Section 2(a) but has not engaged in an Underwritten Offering in
respect of such Demand Registration) shall have the option and right, exercisable by delivering written notice to the Company of its intention to distribute Registrable Securities by means of an Underwritten Offering (an “Underwritten
Offering Notice”), to require the Company, pursuant to the terms of and subject to the limitations of this Agreement, to effectuate a distribution of any or all of its Registrable Securities by means of an Underwritten Offering pursuant
to a new Demand Registration or pursuant to an effective Registration Statement covering such Registrable Securities (a “Requested Underwritten Offering”); provided, that the dollar amount of the Registrable Securities
of such Initiating Holder requested to be included in such Requested Underwritten Offering is reasonably likely to result in gross sale proceeds at least equal to the Minimum Amount as of the date of such Underwritten Offering Notice. The
Underwritten Offering Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Requested Underwritten Offering. The managing underwriter or managing underwriters of a Requested Underwritten
Offering shall be designated by the Company; provided, however, that such designated managing underwriter or managing underwriters shall be reasonably acceptable to the Initiating Holder. Notwithstanding the foregoing, the Company is
not obligated to effect a Requested Underwritten Offering within 90 days after the closing of an Underwritten Offering. Any Requested Underwritten Offering (other than the first Requested Underwritten Offering made in respect of a prior Demand
Registration) shall constitute a Demand Registration of the Initiating Holder for purposes of Section 2(b)(iii) (it being understood that if requested concurrently with a Demand Registration then, together, such Demand
Registration and Requested Underwritten Offering shall count as one Demand Registration); provided, however, that a Requested Underwritten Offering shall not constitute a Demand Registration of the Initiating Holder for purposes of
Section 2(b)(iii) if, as a result of Section 2(d)(iii)(A), the Requested Underwritten Offering include less than the lesser of (i) Registrable Securities of the Initiating Holder having a VWAP
measured on the effective date of the related Registration Statement of $10 million and (ii) two-thirds of the number of Registrable Securities the Initiating Holder set forth in the applicable
Underwritten Offering Notice. 
 (d) Piggyback Registration and Piggyback Underwritten Offering. 

(i) If the Company shall at any time propose to file a registration statement under the Securities Act with respect to an offering of Common
Stock (other than a registration statement on Form S-4, Form S-8 or any successor forms thereto or filed solely in connection with an exchange offer or any employee
benefit or dividend reinvestment plan and other than a Demand Registration), whether or not for its own account, then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least five Business
Days, except if the registration statement will be a Shelf Registration Statement, at least two Business Days, before) the anticipated filing date (the “Piggyback Registration Notice”). The Piggyback Registration Notice shall
offer Holders the opportunity to include for registration in such registration statement the number of Registrable Securities as they may request in writing (a “Piggyback Registration”). The Company shall use commercially
reasonable efforts 

  
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to include in each such Piggyback Registration such Registrable Securities for which the Company has received written requests for inclusion therein (“Piggyback Registration
Request”) within three Business Days or, if the Piggyback Registration will be on a Shelf Registration Statement, within one Business Day, after sending the Piggyback Registration Notice. For the avoidance of doubt, the failure to
receive such notice within the aforementioned timeframes shall result in a waiver of such Holder’s participation right. Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback
Registration by giving written notice to the Company of its request to withdraw; provided, that (A) such request must be made in writing prior to the effectiveness of such registration statement and (B) such withdrawal shall be
irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the Piggyback Registration as to which such withdrawal was made. Any withdrawing Holder shall continue to have the right to
include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of Common Stock, all upon the terms and conditions set forth herein. 

(ii) If the Company shall at any time propose to conduct an Underwritten Offering (including a Requested Underwritten Offering), whether or
not for its own account, then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least five Business Days, except if the Underwritten Offering will be made pursuant to a Shelf Registration
Statement, at least two Business Days, before) the commencement of the offering, which notice shall set forth the principal terms and conditions of the issuance, including the proposed offering price or range of offering prices (if known), the
anticipated filing date of the related registration statement (if applicable) and the number of shares of Common Stock that are proposed to be registered (the “Underwritten Offering Piggyback Notice”). The Underwritten
Offering Piggyback Notice shall offer Holders the opportunity to include in such Underwritten Offering (and any related registration, if applicable) the number of Registrable Securities as they may request in writing (an “Underwritten
Piggyback Offering”); provided, however, that in the event that the Company proposes to effectuate the subject Underwritten Offering pursuant to an effective Shelf Registration Statement other than an Automatic Shelf
Registration Statement, only Registrable Securities of Holders which are subject to an effective Shelf Registration Statement may be included in such Underwritten Piggyback Offering. The Company shall use commercially reasonable efforts to include
in each such Underwritten Piggyback Offering such Registrable Securities for which the Company has received written requests for inclusion therein within three Business Days or, if such Underwritten Piggyback Offering will be made pursuant to a
Shelf Registration Statement, within one Business Day after sending the Underwritten Offering Piggyback Notice. Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from an Underwritten Piggyback
Offering at any time prior to the effectiveness of the applicable registration statement, and such Holder shall continue to have the right to include any Registrable Securities in any subsequent Underwritten Offerings, all upon the terms and
conditions set forth herein. 
 (iii) If the managing underwriter or managing underwriters of an Underwritten Offering advise the Company
and the Holders that in their reasonable opinion that the inclusion of all of the Holders’ Registrable Securities requested for inclusion in the subject Underwritten Offering (and any related registration, if applicable) (and any other Common
Stock proposed to be included in such offering) exceeds the number that can be included without being likely to have a significant adverse effect on the price, timing or distribution of the securities

  
 11 

 
offered or the market for the securities offered, the Company shall include in such Underwritten Offering (and any related registration, if applicable) only that number of shares of Common Stock
proposed to be included in such Underwritten Offering (and any related registration, if applicable) that, in the reasonable opinion of the managing underwriter or managing underwriters, will not have such adverse effect, with such number to be
allocated as follows: (A) in the case of a Requested Underwritten Offering, (1) first, pro-rata among all Holders (including the Initiating Holder) that have requested to include Registrable
Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder, (2) second, if there remains availability for additional shares of Common Stock to be included in such Underwritten
Offering, the Company, and (3) third, if there remains availability for additional shares of Common Stock to be included in such Underwritten Offering, any other holders entitled to participate in such Underwritten Offering, if applicable,
based on the relative number of shares of Common Stock then held by each such holder; and (B) in the case of any other Underwritten Offerings, (x) first, to the Company, (y) second, if there remains availability for additional shares
of Common Stock to be included in such Underwritten Offering, pro-rata among all Holders desiring to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable
Securities then held by each such Holder, and (z) third, if there remains availability for additional shares of Common Stock to be included in such registration, pro-rata among any other holders entitled
to participate in such Underwritten Offering, if applicable, based on the relative number of shares of Common Stock then held by each such holder. If any Holder disapproves of the terms of any such Underwritten Offering, such Holder may elect to
withdraw therefrom by written notice to the Company and the managing underwriter(s) delivered on or prior to the time of the pricing of such offering. Any Registrable Securities withdrawn from such underwriting shall be excluded and withdrawn from
the registration. 
 (iv) The Company shall have the right to terminate or withdraw any registration initiated by it under this
Section 2(d) at any time in its sole discretion whether or not any Holder has elected to include Registrable Securities in such Registration Statement. The Registration Expenses of such withdrawn registration shall be borne
by the Company in accordance with Section 7 hereof. 
 3. Registration and Underwritten Offering
Procedures. The procedures to be followed by the Company and each Holder electing to sell Registrable Securities in a Registration Statement pursuant to this Agreement, and the respective rights and obligations of the Company and such
Holders, with respect to the preparation, filing and effectiveness of such Registration Statement and the effectuation of any Underwritten Offering, are as follows: 

(a) In connection with a Demand Registration, the Company will, at least three Business Days prior to the anticipated filing of the
Registration Statement and any related Prospectus or any amendment or supplement thereto (other than, after effectiveness of the Registration Statement, any filing made under the Exchange Act that is incorporated by reference into the Registration
Statement), (i) furnish to such Holders copies of all such documents prior to filing and (ii) use commercially reasonable efforts to address in each such document when so filed with the Commission such comments as such Holders reasonably
shall propose prior to the filing thereof. 

  
 12 

 (b) In connection with a Piggyback Registration, Underwritten Piggyback Offering or a
Requested Underwritten Offering, the Company will, at least three Business Days (or in the case of a Shelf Registration Statement or an offering that will be made pursuant to a Shelf Registration Statement, at least one Business Day) prior to the
anticipated filing of any initial Registration Statement that identifies the Holders and any related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do
nothing more than name Holders and provide information with respect thereto), as applicable, furnish to such Holders copies of any such Registration Statement or related Prospectus or amendment or supplement thereto that identify the Holders and any
related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with respect thereto). The Company
will also use commercially reasonable efforts to address in each such document when so filed with the Commission such comments as such Holders reasonably shall propose prior to the filing thereof. 

(c) The Company will use commercially reasonable efforts to, as promptly as reasonably practicable, (i) prepare and file with the
Commission such amendments (including post-effective amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith) as may be necessary under applicable law to keep such Registration Statement
continuously effective with respect to the disposition of all Registrable Securities covered thereby for its Effectiveness Period and, subject to the limitations contained in this Agreement, prepare and file with the Commission such additional
Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities held by the Holders, (ii) cause the related Prospectus to be amended or supplemented by any required prospectus supplement, and
as so supplemented or amended to be filed pursuant to Rule 424, and (iii) respond to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably practicable,
provide such Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to such Holders as selling stockholders but not any comments that would result in the disclosure to
such Holders of material and non-public information concerning the Company. 
 (d) The Company will
comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement. 

(e) The Company will notify such Holders who are included in a Registration Statement as promptly as reasonably practicable: (i)(A) when a
Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement in which such Holder is included has been filed; (B) when the Commission notifies the Company whether there will be a “review” of the
applicable Registration Statement and whenever the Commission comments in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each of such Holders that
pertain to such Holders as selling stockholders); and (C) with respect to each applicable Registration Statement or any post-effective amendment thereto, when the same has been declared effective; (ii) of any request by the Commission or
any other federal or state governmental authority for amendments or supplements to such Registration Statement or Prospectus or for additional 

  
 13 

 
information that pertains to such Holders as sellers of Registrable Securities; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration
Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that makes any statement made in
such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so
that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no notice by the Company shall be required pursuant to this clause (v) in the event that the
Company either promptly files a prospectus supplement to update the Prospectus or a Current Report on Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration
Statement, which, in either case, contains the requisite information that results in such Registration Statement no longer containing any untrue statement of material fact or omitting to state a material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. 
 (f) The Company will use commercially reasonable
efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the
Registrable Securities for sale in any jurisdiction, as promptly as reasonably practicable, or if any such order or suspension is made effective during any Blackout Period or Suspension Period, as promptly as reasonably practicable after such
Blackout Period or Suspension Period is over. 
 (g) During the Effectiveness Period, the Company will furnish to each such Holder, without
charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Holder (including those incorporated by reference) promptly after the filing of such documents with the
Commission; provided, that the Company will not have any obligation to provide any document pursuant to this clause (g) that is available on the Commission’s EDGAR system. 

(h) The Company will promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of
prospectus) authorized by the Company for use and each amendment or supplement thereto as such Holder may reasonably request during the Effectiveness Period. Subject to the terms of this Agreement, including Section 10(b),
the Company consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or
supplement thereto. 

  
 14 

 (i) The Company will cooperate with such Holders to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities are
unregistered or unqualified for resale under the Securities Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request in
writing. In connection therewith, if required by the Company’s transfer agent, the Company will promptly, after the Effective Date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration Statement
to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without
any such legend upon sale by the Holder of such Registrable Securities under the Registration Statement. 
 (j) Upon the occurrence of any
event contemplated by Section 3(e)(v), as promptly as reasonably practicable, the Company will prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected
Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any
Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 (k) With respect to Underwritten Offerings, (i) the right of any Holder to include such Holder’s Registrable Securities in an
Underwritten Offering shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein, (ii) each Holder
participating in such Underwritten Offering agrees to enter into an underwriting agreement in customary form and sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled
to select the managing underwriter or managing underwriters hereunder and (iii) each Holder participating in such Underwritten Offering agrees to complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements
and other documents customarily and reasonably required under the terms of such underwriting arrangements. The Company hereby agrees with each Holder that, in connection with any Underwritten Offering in accordance with the terms hereof, it will
negotiate in good faith and execute all indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including using all commercially reasonable efforts to procure customary legal
opinions, auditor “comfort” letters and reports of the independent petroleum engineers of the Company relating to the oil and gas reserves of the Company included in the Registration Statement if the Company has had its reserves prepared,
audited or reviewed by an independent petroleum engineer. 
 (l) For a reasonable period prior to the filing of any Registration Statement
and throughout the Effectiveness Period, the Company will make available, upon reasonable notice at the Company’s principal place of business or such other reasonable place, for inspection during normal business hours by a representative or
representatives of the selling Holders, the managing underwriter or managing underwriters and any attorneys or accountants retained by such selling Holders or underwriters, all such financial and other information and books and records of the
Company, and cause the officers, employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary (and in the case of 

  
 15 

 
counsel, not violate an attorney-client privilege in such counsel’s reasonable belief) to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act;
provided, however, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Persons unless disclosure of such information is required by court or
administrative order or, in the opinion of counsel to such Person, law, in which case, such Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the
Company in seeking to prevent or limit the proposed disclosure. 
 (m) In connection with any Requested Underwritten Offering, the Company
will use commercially reasonable efforts to cause appropriate officers and employees to be available, on a customary basis and upon reasonable notice, to meet with prospective investors in presentations, meetings and road shows. 

(n) Each Holder agrees to furnish to the Company any other information regarding the Holder and the distribution of such securities as the
Company reasonably determines is required to be included in any Registration Statement or any Prospectus or prospectus supplement relating to an Underwritten Offering. 

(o) Notwithstanding any other provision of this Agreement, the Company shall not be required to file a Registration Statement (or any amendment
thereto) or effect a Requested Underwritten Offering (or, if the Company has filed a Shelf Registration Statement and has included Registrable Securities therein, the Company shall be entitled to suspend the offer and sale of Registrable Securities
pursuant to such Registration Statement) for a period of up to 60 days if (i) the Board determines that a postponement is in the best interest of the Company and its stockholders generally due to a pending transaction involving the Company
(including a pending securities offering by the Company), (ii) the Board determines such registration would render the Company unable to comply with applicable securities laws or (iii) the Board determines such registration would require
disclosure of material information that the Company has a bona fide business purpose for preserving as confidential (any such period, a “Blackout Period”); provided, however, that in no event shall any Blackout
Period together with any Suspension Period exceed an aggregate of 120 days in any 12-month period. 

(p) In connection with an Underwritten Offering, the Company shall use all commercially reasonable efforts to provide to each Holder named as a
selling securityholder in any Registration Statement a copy of any auditor “comfort” letters, customary legal opinions or reports of the independent petroleum engineers of the Company relating to the oil and gas reserves of the Company, in
each case that have been provided to the managing underwriter or managing underwriters in connection with the Underwritten Offering, not later than the Business Day prior to the effective date of such Registration Statement. 

4. Standstill. At any time that the Company is engaged in an Underwritten Offering of its securities (on its own behalf, on
behalf of selling Holders or both), no Holder participating in such Underwritten Offering will Transfer any Registrable Securities on any securities exchange or in the
over-the-counter or any other public trading market for whatever period of time the Company (upon the recommendation of its underwriters) requests by written notice to
the Holder; provided, however, that (excluding the Company’s initial public offering) such request shall not 

  
 16 

 
be for a period extending longer than 90 days after the later of (a) the effective date of the registration statement relating to such Underwritten Offering, and (b) the date of the
underwriting agreement relating to such Underwritten Offering, and this Section 4 shall not limit any Holder’s right to include Registrable Securities in any such Underwritten Offering pursuant to any demand or
piggyback registration rights, as applicable, that any Holder may have pursuant to this Agreement. 
 5. Merger Lockup Period.
Consistent with the provisions of the Transaction Agreement, notwithstanding anything in his Agreement to the contrary, the Schlumberger Parties shall not be entitled to the registration rights and other rights conferred by this Agreement until
following the expiration of the Lockup Period. 
 6. No Inconsistent Agreements; Additional Rights. The Company shall not
hereafter enter into, and is not currently a party to, any agreement with respect to its securities that is inconsistent in any material respect with the rights granted to the Holders by this Agreement. 

7. Registration Expenses. All Registration Expenses incident to the Parties’ performance of or compliance with their
respective obligations under this Agreement or otherwise in connection with any Demand Registration, Requested Underwritten Offering, Piggyback Registration or Underwritten Piggyback Offering (in each case, excluding any Selling Expenses) shall be
borne by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement. “Registration Expenses” shall include, without limitation, (a) all registration and filing fees (including
fees and expenses (i) with respect to filings required to be made with the Trading Market and (ii) in compliance with applicable state securities or “Blue Sky” laws), (b) printing expenses (including expenses of printing
certificates for Company Securities and of printing Prospectuses if the printing of Prospectuses is reasonably requested by a Holder of Registrable Securities included in the Registration Statement), (c) messenger, telephone and delivery
expenses, (d) fees and disbursements of counsel, auditors, accountants and independent petroleum engineers for the Company, (e) Securities Act liability insurance, if the Company so desires such insurance, (f) fees and expenses of all
other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement, (g) fees and disbursements of one counsel for the Sponsoring Holders whose Registrable Securities are included in a
Registration Statement, which counsel shall be selected by the holders of a majority of the Registrable Securities held by the Sponsoring Holders included in such Registration Statement, and (h) all expenses relating to marketing the sale of
the Registrable Securities, including expenses related to conducting a “road show.” In addition, the Company shall be responsible for all of its expenses incurred in connection with the consummation of the transactions contemplated by this
Agreement (including expenses payable to third parties and including all salaries and expenses of their officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection
with the listing of the Registrable Securities on the Trading Market. 
 8. Indemnification. 

(a) The Company shall indemnify and hold harmless each Holder, its Affiliates and each of their respective direct and indirect partners
(including partners of partners and stockholders and members of partners), members, stockholders, officers, directors, employees and 

  
 17 

 
any agent thereof (collectively, “Holder Indemnified Persons”), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages,
liabilities, joint or several, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys’ fees of a single counsel representing all Holder Indemnified Persons or, if the representation of all Holder
Indemnified Persons by the same counsel would be inappropriate under applicable standards of professional conduct, then as many counsel as may be needed under such standards of professional conduct to represent all Holder Indemnified Persons) and
expenses, judgments, taxes, fines, penalties, diminution in value, interest, settlements or other amounts of any kind or nature whatsoever (including all amounts paid in investigation, defense or settlement of the foregoing and consequential
damages) arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or
otherwise, under the Securities Act or otherwise (collectively, “Losses”), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement under
which any Registrable Securities were registered, in any preliminary prospectus (if the Company authorized the use of such preliminary prospectus prior to the Effective Date), or in any summary or final prospectus or free writing prospectus (if such
free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading; provided,
however, that the Company shall not be liable to any Holder Indemnified Person to the extent that any such claim arises out of, is based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such
Registration Statement, such preliminary, summary or final prospectus or free writing prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder
Indemnified Person or any underwriter specifically for use in the preparation thereof. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the
transactions contemplated by this Agreement. This indemnity shall be in addition to any liability the Company may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder
Indemnified Person or any indemnified party and shall survive the transfer of such securities by such Holder. Notwithstanding anything to the contrary herein, this Section 8 shall survive any termination or expiration of
this Agreement indefinitely. 
 (b) In connection with any Registration Statement in which a Holder participates, such Holder shall,
severally and not jointly, indemnify and hold harmless the Company, its Affiliates and each of their respective officers, directors and any agent thereof, to the fullest extent permitted by applicable law, from and against any and all Losses as
incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any such Registration Statement, in any preliminary prospectus (if used prior to the Effective Date of such Registration Statement), or in
any summary or final prospectus or free writing prospectus or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the
omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they 

  
 18 

 
were made, not misleading, but only to the extent that the same are made in reliance and in conformity with information relating to the Holder furnished in writing to the Company by such Holder
for use therein. This indemnity shall be in addition to any liability such Holder may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any indemnified party. In no event
shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds received by such Holder from the sale of the Registrable Securities giving rise to such indemnification obligation 

(c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim or there may be
reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the
indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). Failure to give
prompt written notice to an indemnifying party pursuant to this clause (c) shall not release the indemnifying party from its obligations hereunder. 

(d) If the indemnification provided for in this Section 8 is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any Losses referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or
payable by such indemnified party as a result of such Losses (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Holders, or (ii) if the allocation provided by
clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of
the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the untrue or alleged untrue statement of a material fact or the omission to state a material fact that resulted in such Losses, as well as any
other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 

9. Facilitation of Sales Pursuant to Rule 144. To the extent it shall be required to do so under the Exchange Act, the Company
shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), and shall take such
further action as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by
Rule 144. Upon the request of any Holder in connection with a sale of such Holder’s Registrable Securities pursuant to Rule 144, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements.

  
 19 

 10. Miscellaneous. 

(a) Remedies. In the event of actual or potential breach by the Company of any of its obligations under this Agreement, each Holder, in
addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not
provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate. 
 (b) Discontinued Disposition. Each Holder agrees that, upon receipt of a notice
from the Company of the occurrence of any event of the kind described in clauses (ii) through (v) of Section 3(e), such Holder will forthwith discontinue disposition of such Registrable
Securities under the Registration Statement until such Holder’s receipt of the copies of the supplemental Prospectus or amended Registration Statement as contemplated by Section 3(j) or until it is advised in writing
by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or
Registration Statement (a “Suspension Period”). The Company may provide appropriate stop orders to enforce the provisions of this Section 10(b). 

(c) Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company
and Holders that hold a majority of the Registrable Securities as of the date of such waiver or amendment; provided, that any waiver or amendment that would have a disproportionate adverse effect on a Holder relative to the other
Holders shall require the consent of such Holder. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be
deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any manner
impair the exercise of any such right. 
 (d) Notices. Any and all notices or other communications or deliveries required or permitted
to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via electronic mail as specified in this
Section 10(d) prior to 5:00 p.m. in the time zone of the receiving party on any Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via electronic mail as
specified in this Agreement later than 5:00 p.m. in the time zone of the receiving party on any date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service or (iv) upon actual
receipt by the Party to whom such notice is required to be given. The address for such notices and communications shall be as follows: 

  
 20 

			
	If to the Company:	  	Liberty Oilfield Services Inc.
		  	Attention: R. Sean Elliott
		  	950 17th Street, Suite 2000
		  	Denver, Colorado 80202
		  	E-mail: sean.elliott@libertyfrac.com
		
		  	With copy to:
		
		  	Vinson & Elkins L.L.P.
		  	 Attention: David P. Oelman

                  E. Ramey Layne

		  	1001 Fannin Street, Suite 2500
		  	Houston, Texas 77002
		  	 E-mail: doelman@velaw.com

              rlayne@velaw.com

		
	If to any Person who is then the registered Holder:	  	To the address of such Holder as indicated on the signature page of this Agreement or, if different, as it appears in the applicable register for the Registrable Securities or as may be designated in writing by such Holder in
accordance with this Section 10(d).

 (e) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties
hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns. Except as provided in this Section 10(e), this Agreement, and any rights or obligations hereunder, may
not be assigned without the prior written consent of the Company and the Holders. Notwithstanding anything in the foregoing to the contrary, the rights of a Holder pursuant to this Agreement with respect to all or any portion of its Registrable
Securities may be assigned without such consent (but only with all related obligations) with respect to such Registrable Securities (and any Registrable Securities issued as a dividend or other distribution with respect to, in exchange for or in
replacement of such Registrable Securities) by such Holder to a transferee of such Registrable Securities; provided (i) the Company is, within a reasonable time after such Transfer, furnished with written notice of the name and address
of such transferee or assignee and the Registrable Securities with respect to which such registration rights are being assigned and (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms set forth in this
Agreement. The Company may not assign its rights or obligations hereunder without the prior written consent of the Holders. 
 (f) No
Third Party Beneficiaries. Nothing in this Agreement, whether express or implied, shall be construed to give any Person, other than the parties hereto or their respective successors and permitted assigns, any legal or equitable right, remedy,
claim or benefit under or in respect of this Agreement. 
 (g) Execution and Counterparts. This Agreement may be executed in any
number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by electronic mail, such signature
shall create a valid binding obligation of the Party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such signature delivered by electronic mail were the original thereof. 

  
 21 

 (h) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement
shall be governed by, and construed in accordance with, the internal laws of the State of Delaware. Each of the Parties irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and the United States
District Court for the District of Delaware and the appellate courts therefrom for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in
connection with any such suit, action or proceeding may be served on each Party anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the Parties irrevocably waives any objection to the
laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HEREBY
WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 

(i) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 

(j) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the Parties shall use
their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of
the Parties that they would have executed the remaining terms, provisions, covenants and restrictions of this Agreement without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

(k) Entire Agreement. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and
supersedes all prior contracts or agreements with respect to the subject matter hereof and the matters addressed or governed hereby, whether oral or written. 

(l) Termination. Except for Section 8, this Agreement shall terminate as to any Holder, when all Registrable
Securities held by such Holder no longer constitute Registrable Securities. 
 [Signature pages follow.] 

 

  
 22 

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

			
	COMPANY:
	
	LIBERTY OILFIELD SERVICES INC.
		
	By:	 	/s/ R. Sean Elliott
	Name:	 	R. Sean Elliott
	Title:	 	Vice President, General Counsel and Corporate Secretary

  
  

 
 SIGNATURE PAGE TO 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

 
			
	HOLDERS:
	
	R/C IV LIBERTY HOLDINGS, L.P.
		
	By:	 	Riverstone/Carlyle Energy Partners IV, L.P., its general partner
		
	By:	 	R/C ENERGY GP IV, LLC, its general partner
		
	By:	 	/s/ Peter Haskopoulos
	Name:	 	Peter Haskopoulos
	Title:	 	Authorized Person
	
	Address for notice:
	c/o Riverstone Investment Group LLC
	Attention: General Counsel
	712 Fifth Avenue, 36th Floor
	New York, New York 10019
	
	R/C ENERGY IV DIRECT PARTNERSHIP, L.P.
		
	By:	 	Riverstone/Carlyle Energy Partners IV, L.P., its general partner
		
	By:	 	R/C ENERGY GP IV, LLC, its general partner
		
	By:	 	/s/ Peter Haskopoulos
	Name:	 	Peter Haskopoulos
	Title:	 	Authorized Person
	
	Address for notice:
	c/o Riverstone Investment Group LLC
	Attention: General Counsel
	712 Fifth Avenue, 36th Floor
	New York, New York 10019

  
 SIGNATURE
PAGE TO 
 AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

 
			
	SCHLUMBERGER TECHNOLOGY CORPORATION
		
	By:	 	/s/ James David Lacy
	Name:	 	James David Lacy
	Title:	 	Attorney in Fact
	
	Address for notice:
	
	3600 Briarpark Drive
	Houston, Texas 77042
	Attention: General Counsel
	Email: slaureles@slb.com

  
  
  

 
 SIGNATURE PAGE TO 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

 
			
	LAUREL ROAD, LLC
		
	By:	 	/s/ Robert Miller
	Name:	 	Robert Miller
	Title:	 	Managing Director
	
	Address for notice:
	
	865 S. Figueroa St, #700
	Los Angeles, California 90017

  
  

 
 SIGNATURE PAGE TO 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

 
			
	LAUREL ROAD II, LLC
		
	By:	 	/s/ Robert Miller
	Name:	 	Robert Miller
	Title:	 	Managing Director
	
	Address for notice:
	
	865 S. Figueroa St, #700
	Los Angeles, California 90017

  
  

 
 SIGNATURE PAGE TO 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

 
	
	 /s/ Christopher A. Wright

	Christopher A. Wright
	
	Address for Notice:
	
	950 17th Street, Suite 200
	Denver, Colorado 80202

  
  

 
  

SIGNATURE PAGE TO 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

 
	
	 /s/ Leen Weijers

	Leen Weijers
	
	Address for Notice:

  
  

 
  

SIGNATURE PAGE TO 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

  

	
	 /s/ Jim Brady

	Jim Brady
	
	Address for Notice:
	
	950 17th Street, Suite 200
	Denver, Colorado 80202

  
  

 
  

SIGNATURE PAGE TO 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

 
	
	 /s/ Michael Stock

	Michael Stock
	
	Address for Notice:
	
	950 17th Street, Suite 200
	Denver, Colorado 80202

  
  

 
  

SIGNATURE PAGE TO 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

 
	
	 /s/ Ron Gusek

	Ron Gusek
	
	Address for Notice:
	
	950 17th Street, Suite 200
	Denver, Colorado 80202

  
  

 
  

SIGNATURE PAGE TO 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

 SCHEDULE I 

EXISTING HOLDERS 
 Parties to the Original
Agreement who continue to own Registrable Securities and their permitted assignees 
  
  

 
  
  

SCHEDULE IExhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT
AGREEMENT, effective as of the Effective Date (as hereinafter defined) between POSTAL REALTY TRUST, INC., a Maryland corporation
(the "Company"), and Robert B. Klein (the "Executive"), recites and provides
as follows:

 

WHEREAS, the
Company desires to employ the Executive as its Chief Financial Officer, subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive
hereby agree as follows:

 

1. Employment and
Duties.

 

(a) General. The
Company shall employ the Executive, and the Executive agrees to be so employed, in the capacity of the Company’s Chief Financial
Officer to serve for the Term (as hereinafter defined) hereof, subject to earlier termination as hereinafter provided. The Executive
shall have such duties and responsibilities commensurate with such title and as the Board or the Chief Executive Officer may designate
from time to time.  The Executive shall report to the Chief Executive Officer. The Executive shall be based at the Company’s
corporate headquarters in Cedarhurst, New York, unless and until the corporate headquarters are moved to another location, which
will then be the location where the Executive is based.

 

(b) Exclusive Services.
The Executive shall devote substantially all of the Executive’s business time, attention and effort to the Company’s
affairs. Notwithstanding the foregoing, the Executive may (i) serve on corporate boards, provided the Executive receives prior
permission from the Board; and (ii) serve on corporate, civic and children sports organizations or charitable boards or engage
in charitable activities without remuneration therefor, provided that such activity does not contravene the first sentence of this
Section.

 

(c)
Dodd-Frank, Sarbanes-Oxley and Other Applicable Law Requirements. The Executive agrees (i) to abide by any compensation
recovery, recoupment, anti-hedging or other policy applicable to executives of the Company and its affiliates that is hereafter
adopted by the Board or a duly authorized committee thereof to comply with applicable law as required by the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (the "Dodd-Frank
Act"), the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley"),
or other applicable law; and (ii) that the terms and conditions of this Agreement shall be deemed automatically and unilaterally
amended to the minimum extent necessary to ensure compliance by the Executive and this Agreement with such policies, the Dodd-Frank
Act, Sarbanes-Oxley, and any other applicable law. 

 

2.
Term. The Initial Term of the Executive’s employment hereunder (the "Initial
Term") shall be for a period of two (2) years commencing
on January 1, 2021 (the "Effective Date"),
and continuing until the second (2nd) anniversary of the Effective Date. The term of this Agreement shall be extended
automatically for up to two (2), successive twelve (12) month periods, beginning on the last day of the Initial Term and each twelve
(12) month renewal period thereafter unless the Company or the Executive has provided the other with written notice of an intention
to terminate this Agreement at least ninety (90) days before the end of the Initial Term (or any subsequent renewal period).
For purposes of this Agreement, the word "Term"
means the Initial Term and any renewal period pursuant to the preceding
sentence and any extension pursuant to clause (ii) of the following sentence. Notwithstanding the preceding sentences, this
Agreement may be terminated earlier as provided herein.

 

    -1-

     

    

 

3. Compensation
and Benefits.

 

(a)
Base Salary. During the Term, the Company will pay the Executive a base salary of $275,000 per year ("Base
Salary"), less payroll deductions and all required
withholdings, payable in accordance with the Company's payroll practices and prorated for any partial month of employment. The
annual base salary may be increased, but not decreased, by the Compensation Committee of the Board of Directors of the Company
(the "Compensation Committee")
in its discretion pursuant to the Company's policies as in effect from time to time, and such increased amount thereafter will
be the Executive’s base salary per year for purposes of this Agreement.

 

(b) Annual Bonus.
The Executive shall also be eligible to receive an annual incentive bonus for each calendar year ending during the Term with a
target bonus of 110% of Base Salary, with the actual amount of such bonus to be determined by the Compensation Committee, using
such performance measures as the Compensation Committee deems to be appropriate.  Such bonus, if any, shall be paid to the
Executive in the form of a lump sum no later than sixty (60) days after the end of the year to which the bonus relates.  Except
as otherwise provided in Section 4: (i) the annual bonus will be subject to the terms of any Company bonus plan under
which it is granted and (ii) in order to be eligible to receive an annual bonus, the Executive must be employed by the Company
on the last day of the calendar year to which the performance relates.

 

(c) Long-Term Incentives.
During the Term of this Agreement, the Executive shall be eligible to participate in the Company's 2019 Equity Incentive Plan (or
any other equity compensation plan adopted by the Company) with a target award approximately equal to 115% of Base Salary, subject
to the terms and conditions set forth in the applicable agreements and subject to approval of the Compensation Committee.

 

(d) Health Insurance
and Medical Exam. During the Term of this Agreement, the Company shall provide the Executive and his dependents with health
insurance, life insurance and disability coverage no less favorable than that made available to other key executives.

 

(e)
Paid Time Off.  During the Term of this Agreement, the Executive shall be entitled to paid time off ("PTO")
in accordance with the Company’s PTO policy, as it may be amended from time to time, but in no event shall it be less than
four weeks per year.

 

(f) Business Expenses. 
The Executive shall be entitled to reimbursement of business expenses that are incurred in the ordinary course of business, in
accordance with the applicable expense reimbursement policies and procedures of the Company as in effect from time to time.

 

    -2-

     

    

 

(g) Other Benefits.
In addition to the benefits provided pursuant to the preceding paragraphs of this Section 3, the Executive shall be
eligible to participate in such other executive compensation and retirement plans of the Company as are applicable generally to
other executive officers, and in such welfare plans, programs, practices and policies of the Company as are generally applicable
to other executive officers, unless such participation would duplicate, directly or indirectly, benefits already accorded to the
Executive. The Executive is eligible to participate in the Company's 2019 employee stock purchase plan attached hereto as Exhibit
A.

 

(h) Indemnification.
To the fullest extent permitted by the indemnification provisions of the articles of incorporation (or similar document) and Bylaws
of the Company in effect from time to time and the indemnification provisions of the corporate statute of the jurisdiction of the
Company’s incorporation in effect from time to time (collectively the "Indemnification Provisions"),
and in each case subject to the conditions thereof, the Company shall (i) indemnify the Executive, as a director and officer
of the Company or a trustee or fiduciary of an employee benefit plan of the Company against all liabilities and reasonable expenses
that the Executive may incur in any threatened, pending, or completed action, suit or proceeding, whether civil, criminal or administrative,
or investigative and whether formal or informal, because the Executive is or was a director or officer of the Company or a trustee
or fiduciary of such employee benefit plan, and against which the Executive may be indemnified by the Company, and (ii) pay
for or reimburse the reasonable expenses incurred by the Executive in the defense of any proceeding to which the Executive is a
party because the Executive is or was a director or officer of the Company or a trustee or fiduciary of such employee benefit plan.
The rights of the Executive under the Indemnification Provisions shall survive the termination of the employment of the Executive
by the Company. Additionally, to the extent that the Company maintains a directors’ and officers’ liability insurance
policy (or policies), or an errors and omissions liability insurance policy (or policies), in place covering individuals who are
current or former officers or directors of the Company, the Executive shall be entitled to coverage under such policies on the
same terms and conditions (including, without limitation, with respect to scope, exclusions, amounts and deductibles) as are available
to other senior executives of the Company, while the Executive is employed with the Company and thereafter until the sixth anniversary
of the Executive’s termination date. Nothing in this Agreement shall require the Company to purchase or maintain any such
insurance policy.

 

    -3-

     

    

 

4. Payments Upon
Termination of Employment.

 

(a) Termination by
the Company without Cause, or Termination by the Executive for Good Reason, or Termination Due to the Executive’s Death or
Disability.  If during the Term of this Agreement the Executive’s employment is terminated (i) by the Company without
Cause or (ii) by the Executive for Good Reason or (iii) due to the Executive’s death or Disability, then the Executive shall
be entitled to the following from the Company: (1) Base Salary accrued through the date of termination, based on the number
of days in such year that had elapsed as of the termination date; (2) any accrued but unpaid PTO through the date of termination;
(3) any bonuses earned but unpaid with respect to fiscal years or other completed bonus periods preceding the termination date;
(4) any vested benefits due to the Executive under the terms of any deferred compensation, incentive or other benefit plans
maintained by the Company, payable in accordance with the terms of the applicable plan; (5)  any expenses owed to the Executive
under Sections 3(f), or 3(g); and (6) accelerated vesting of unvested equity awards that were granted to
the Executive pursuant to, and in exchange for his participation under, the Company's Alignment of Interest Program. In addition
to the foregoing subsections 4(a)(1)-(6), if during the Term of this Agreement the Executive’s employment is terminated
(iv) by the Company without Cause any time after the audit of the Company's financial statements for fiscal year end December
31, 2021 is completed or (v) by the Executive for Good Reason any time after the renewal of the Term upon the expiration of the
Initial Term, then the Executive shall be entitled to the following from the Company: (7) all of the Executive's outstanding stock
options, restricted stock or other equity awards with time-based vesting shall become fully vested, which may be settled in stock
at the sole discretion of the Board or Compensation Committee, and, in the case of stock options, exercisable in full; (8) a lump
sum payment equal to the sum of: (A) six months' Base Salary and (B) 50% of the Executive's target bonus opportunity for the year
within which his employment is terminated (however, if such target opportunity has not been set by the Board or the Compensation
Committee as of the Executive's termination, then this subsection 4(a)(8)(B) shall be equal to 50% of the Executive's Base
Salary), which sum may be settled in stock at the sole discretion of the Board or the Compensation Committee; and (9) a lump sum
amount equal to six months of the monthly premium payment to continue the Executive's (and the Executive's family's) existing group
health, dental coverage and vision, calculated under the applicable provisions of Section 4980B of the Code, and calculated without
regard to whether the Executive actually elects such continuation coverage. Notwithstanding the foregoing, the treatment of all
of the Executive's outstanding stock options, restricted stock, restricted stock units or other equity awards with performance-based
vesting shall be determined in accordance with the equity incentive plan, and any other plans, pursuant to which such awards were
granted and the applicable award agreement. All payments required to be made pursuant to this Section 4(a) shall be made
to the Executive within sixty (60) days following the date of such termination of employment and within any shorter time period
required by law.

 

(i) For purposes
of this Agreement, "Cause" shall mean: (1) the Executive’s failure to perform a material duty as
directed by the Board or the Chief Executive Officer (other than a failure to perform by reason of the Executive’s death
or Disability); (2) the Executive’s material breach of an obligation in this Agreement or a breach of a material written
policy of the Company; (3) the Executive’s breach of a material duty to the Company; (4) intentional conduct by the
Executive that is demonstrably and material injurious to the Company; or (5) the Executive’s conviction of, or plea of guilty
or nolo contender to, (y) a felony or (z) a crime involving moral turpitude or fraud involving the assets of the Company.
Notwithstanding anything in this Section 4(a)(i) to the contrary, no event or condition described in the foregoing (1) through
(4) shall constitute Cause unless (x) within ninety (90) days from the Board first acquiring actual knowledge of the existence
of the Cause condition, the Board provides the Executive written notice of its intention to terminate the Executive’s employment
for Cause and the grounds for such termination; (y) such grounds for termination (if susceptible to correction) are not corrected
by the Executive within thirty (30) days of the Executive’s receipt of such notice (or, in the event that such grounds cannot
be corrected within such thirty-day (30 period, the Executive has not taken all reasonable steps within such thirty-day (30) period
to correct such grounds as promptly as practicable thereafter); and (z) the Board terminates the Executive’s employment with
the Company immediately following expiration of such thirty-day (30) period.  For purposes of the foregoing, any attempt by
the Executive to correct a stated Cause shall not be deemed an admission by the Executive that the Board’s assertion of Cause
is valid.

 

    -4-

     

    

 

(ii) For purposes of
this Agreement, "Good Reason" shall mean: (1)  the assignment of duties materially inconsistent with
the Executive’s title and position; (2) a material diminution in the Executive’s annual Base Salary or annual bonus
opportunity; (3) a material diminution in the Executive’s authority, duties or responsibilities (e.g., such material
diminution includes the Company ceasing to be a reporting company under the Securities Exchange Act of 1934), or the Company or
the Board prevents the Executive from fulfilling or exercising such authority, duties or responsibilities; (4) a material breach
by the Company of this Agreement, (5) this Agreement is not assumed by the successor to the Company in a Change in Control transaction
or (6) the Company requiring the Executive to be based at any office or location more than fifty miles from Cedarhurst, New York,
however, notwithstanding the foregoing to the contrary, any relocation required of the Executive due to the Company relocating
its headquarters shall not be deemed to violate this subsection 4(a)(ii)(6) or provide the Executive with rights to Good
Reason under this Agreement. No event or condition described in the foregoing shall constitute Good Reason unless, (x) within ninety
(90) days from the Executive first acquiring actual knowledge of the existence of the Good Reason condition described in the foregoing,
the Executive provides the Board written notice of the Executive’s intention to terminate the Executive’s employment
for Good Reason and the grounds for such termination; (y) such grounds for termination (if susceptible to correction) are not corrected
by the Board within thirty (30) days of the Board’s receipt of such notice (or, in the event that such grounds cannot be
corrected within such thirty-day (30) period, the Board has not taken all reasonable steps within such thirty-day (30) period to
correct such grounds as promptly as practicable thereafter); and (z) the Executive terminates the Executive’s employment
with the Company immediately following expiration of such thirty-day (30) period. For purposes of the foregoing, any attempt by
the Board to correct a stated Good Reason shall not be deemed an admission by the Board that the Executive’s assertion of
Good Reason is valid.

 

(iii) For purposes
of this Agreement, "Disability" shall mean that the Executive has been unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death
or which has lasted or can be expected to last for a continuous period of not less than 12 months, and the permanence and degree
of which shall be supported by medical evidence satisfactory to the Board. The determination of a Disability for purposes of this
Agreement shall be made by the Board in its sole and absolute discretion.

 

(b) Termination of
the Executive’s Employment by the Company for Cause, or by the Executive without Good Reason, or Upon Expiration of the Term.
If the Executive’s employment is terminated by the Company for Cause or by the Executive without Good Reason or upon expiration
of the Term without this Agreement being renewed, then the Executive shall only be entitled to the payments set forth in subsections
4(a)(1)-(5). All payments required to be made pursuant to this subsection 4(b) shall be made to the Executive within
sixty (60) days following the date of such termination of employment and within any shorter time period required by law.

 

    -5-

     

    

 

(c) Waiver and Release.
Notwithstanding any other provisions of this Agreement to the contrary, the Company shall not make or provide for the payments
in Section 4(a) unless the Executive timely executes and delivers to the Company a general release (which shall be
provided by the Company not later than five (5) days from the date on which the Executive’s employment is terminated
and be substantially in the form attached hereto as Exhibit B, the "Waiver and Release"),
and such Waiver and Release remains in full force and effect, has not been revoked and is no longer subject to revocation, within
sixty (60) calendar days after the date of termination. If the requirements of this Section 4(c) are not satisfied by the
Executive (or the Executive’s estate or legally appointed personal representative), then no payments pursuant to Section
4(a) shall be due to the Executive (or the Executive’s estate) pursuant to this Agreement. The foregoing payments subject
to this Section 4(c) shall not be paid until the first scheduled payment date following the date the Waiver and Release
is executed and no longer subject to revocation; provided, that if the period during which the Executive has discretion
to execute or revoke the Waiver and Release straddles two calendar years, then the payments subject to this Section 4(c)
shall be paid or commence being paid, as applicable, in the second calendar year, with the first such payment being in an amount
equal to the total amount to which the Executive would otherwise have been entitled during the period following the date of termination
if such deferral had not been required.

 

(d) Resignation from
Directorships, Officerships and Fiduciary Titles. The termination of the Executive’s employment for any reason shall
constitute the Executive’s immediate resignation from (i) any officer or employee position the Executive has with the Company,
unless mutually agreed upon by the Executive and the Board; (ii) any position on the Board; and (iii) all fiduciary positions (including
as a trustee) the Executive holds with respect to any employee benefit plans or trusts established by the Company. The Executive
agrees that this Agreement shall serve as written notice of resignation in this circumstance.

 

5. Section 280G.
Notwithstanding anything else in this Agreement to the contrary, in the event that it shall be determined that any payments or
distributions by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant
to the terms of this Agreement or otherwise (together, the "Payments") would constitute "parachute
payments" within the meaning of Section 280G of the Code, then the Payments shall be payable either in (i) full or (ii) as
to such lesser amount which would result in no portion of such Payments being subject to the excise tax imposed under Section 4999
of the Code, such that the Executive shall receive the greater, on an after-tax basis, of either (i) or (ii) above, as determined
by an independent accountant or tax advisor ("Independent Tax Advisor") selected by the Company. 
In the event that the Payments are to be reduced pursuant to this Section 5, such Payments shall be reduced as determined
by the Independent Tax Advisor such that the reduction of compensation to be provided to or for the benefit of the Executive as
a result of this Section 5 is minimized and to effectuate that, Payments shall be reduced (i) by first reducing
or eliminating the portion of such Payments which is not payable in cash (other than that portion of such payments that is subject
to clause (iii) below), (ii) then by reducing or eliminating cash Payments (other than that portion of such Payments subject to
clause (iii) below) and (iii) then by reducing or eliminating the portion of such Payments (whether or not payable in cash) to
which Treas. Reg. §1.280G-1 Q/A 24(c) (or any successor provision thereto) applies, in each case in reverse order beginning
with Payments which are to be paid the farthest in time from the date of the transaction constituting a change in ownership of
the Company within the meaning of Section 280G of the Code.  Any reductions made pursuant to this Section 5 shall
be made in a manner consistent with the requirements of Section 409A and where two economically equivalent amounts are subject
to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero. If any dispute
arises between the Company (or any successor) and the Executive regarding the Executive’s right to payments under this Section
5, the Executive shall be entitled to recover his attorneys’ fees and costs incurred in connection with such dispute
if the Executive is determined to be the prevailing party.  The following additional terms and conditions shall apply to the
reimbursement of any attorneys’ fees and costs: (i) the attorneys’ fees and costs must be incurred by the Executive
within five years following the date of the Executive’s termination or resignation; (ii) the attorneys’ fees and costs
shall be paid by the Company by the end of the taxable year following the year in which the attorneys’ fees and costs were
incurred; (iii) the amount of any attorneys’ fees and costs paid by the Company in one taxable year shall not affect the
amount of any attorneys’ fees and costs to be paid by the Company in any other taxable year; and (iv) the Executive’s
right to receive attorneys’ fees and costs may not be liquidated or exchanged for any other benefit.

 

    -6-

     

    

 

6. Withholding and
Section 409A Compliance.

 

(a) Withholding.
The Company shall, to the fullest extent not prohibited by law, have the right to withhold and deduct from any payment hereunder
any federal, state or local taxes of any kind required by law to be withheld with respect to any such payment.

 

(b) Section 409A of
the Code. This Agreement is intended to comply with the requirements of Section 409A of the Code or an exemption thereunder,
and shall be interpreted and construed consistently with such intent.  The payments to the Executive pursuant to this Agreement
are intended to be exempt from Section 409A of the Code to the maximum extent possible, under the separation pay exemption, as
short-term deferrals, or otherwise.  For purposes of Section 409A of the Code, each installment payment provided under this
Agreement shall be treated as a separate payment.  In the event the terms of this Agreement would subject the Executive to
additional income taxes, interest or penalties under Section 409A of the Code ("409A Penalties"), the Company
and the Executive shall cooperate diligently to amend the terms of this Agreement to avoid such 409A Penalties, to the extent possible. 
To the extent any amounts under this Agreement are payable by reference to the Executive’s "termination," "termination
of employment," or similar phrases, such term shall be deemed to refer to the Executive’s "separation from service"
(as defined in Section 409A of the Code).  Notwithstanding any other provision in this Agreement, including but not limited
to Sections 4 and 5, if the Executive is a "specified employee" (as defined in Section 409A(a)(2)(b)(i)),
then to the extent any amount payable under this Agreement (i) constitutes the payment of nonqualified deferred compensation, within
the meaning of Section 409A of the Code, (ii) is payable upon the Executive’s separation from service, and (iii) under the
terms of this Agreement would be payable prior to the six-month anniversary of the Executive’s separation from service, such
payment shall be delayed and paid to the Executive, on the first day of the first calendar month beginning at least six months
following the date of termination, or, if earlier, within ninety (90) days following the Executive’s death to the Executive’s
surviving spouse (or such other beneficiary as the Executive may designate in writing).  Any reimbursement or advancement
payable to the Executive pursuant to this Agreement shall be conditioned on the submission by the Executive of all expense reports
reasonably required by the Company under any applicable expense reimbursement policy, and shall be paid to the Executive within
thirty (30) days following receipt of such expense reports, but in no event later than the last day of the calendar year following
the calendar year in which the Executive incurred the reimbursable expense.  Any amount of expenses eligible for reimbursement,
or in-kind benefit provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind
benefit to be provided, during any other calendar year.  The right to any reimbursement or in-kind benefit pursuant to this
Agreement shall not be subject to liquidation or exchange for any other benefit.

 

    -7-

     

    

 

7. Protection of
Confidential Information. The Executive hereby agrees that, during his employment with the Company and thereafter, he shall
not, directly or indirectly, disclose or make available to any person, firm, Company, association or other entity for any reason
or purpose whatsoever, any Confidential Information (defined below).  The Executive further agrees that, upon the date of
the Executive’s termination, all Confidential Information in his possession that is in written or other tangible form shall
be returned to the Company and shall not be retained by the Executive or furnished to any third party, in any form except as provided
herein.  Notwithstanding the foregoing, this Section 7 shall not apply to Confidential Information that (i) was
publicly known at the time of disclosure to the Executive, (ii) becomes publicly known or available thereafter other than by any
means in violation of this Agreement or any other duty owed to the Company by the Executive, (iii) is lawfully disclosed to the
Executive by a third party, or (iv) is required to be disclosed by law or by any court, arbitrator or administrative or legislative
body with actual or apparent jurisdiction to order the Executive to disclose or make accessible any information.  As used
in this Agreement, Confidential Information means, without limitation, any non-public confidential or proprietary information disclosed
to the Executive or known by the Executive as a consequence of or through the Executive’s relationship with the Company,
in any form, including electronic media.  Confidential Information also includes, but is not limited to the Company’s
business plans and financial information, marketing plans, and business opportunities.  Nothing herein shall limit in any
way any obligation the Executive may have relating to Confidential Information under any other agreement or promise to the Company.

 

The Executive specifically
acknowledges that all such Confidential Information, whether reduced to writing, maintained on any form of electronic media, or
maintained in the mind or memory of the Executive and whether compiled by the Company, and/or the Executive, derives independent
economic value from not being readily known to or ascertainable by proper means by others who can obtain economic value from its
disclosure or use, that reasonable efforts have been made by the Company to maintain the secrecy of such information, that such
information is the sole property of the Company and that any retention and use of such information by the Executive during his
employment with the Company (except in the course of performing his duties and obligations to the Company) or after the termination
of his employment shall constitute a misappropriation of the Company’s trade secrets.

 

    -8-

     

    

 

The Executive agrees
that Confidential Information gained by the Executive during the Executive’s association with the Company, has been developed
by the Company through substantial expenditures of time, effort and money and constitute valuable and unique property of the Company. 
The Executive recognizes that because his work for the Company will bring him into contact with confidential and proprietary information
of the Company, the restrictions of this Section 7 are required for the reasonable protection of the Company and
its investments and for the Company’s reliance on and confidence in the Executive.  The Executive further understands
and agrees that the foregoing makes it necessary for the protection of the Company’s business that the Executive not compete
with the Company during his employment with the Company and not compete with the Company for a reasonable period thereafter, as
further provided in the following Section 8.

 

8. Covenant Not
to Compete. The Executive hereby agrees that he will not, either during the Term or at all times until the earlier of twenty-four
(24) months from the time his employment ceases or a Change in Control of the Company (such earlier of being, the "Restricted
Period"), engage in the (i) ownership or operation of post office facilities; (ii) investment in or lending to post
office facilities; (iii) management of post office facilities; or (iv) provision of any planning, development or executive services
for post office facilities.  The Executive will be deemed to be engaged in such competitive business activities if he participates
in such a business enterprise as an employee, officer, director, consultant, agent, partner, proprietor, or other participant;
provided that the ownership of no more than two percent (2%) of the stock of a publicly traded Company engaged in a competitive
business shall not be deemed to be engaging in competitive business activities.

 

During the Restricted
Period, the Executive will be prohibited, to the fullest extent allowed by applicable law, from directly or indirectly, individually
or on behalf of any person or entity, encouraging, inducing, attempting to induce, recruiting, attempting to recruit, soliciting
or attempting to solicit or participating in the recruitment for employment, contractor or consulting opportunities anyone who
is employed at that time by the Company or any subsidiary or affiliate.

 

During his employment
with the Company and thereafter, the Executive will not make or authorize anyone else to make on the Executive’s behalf any
disparaging or untruthful remarks or statements, whether oral or written, about the Company, its operations or its products, services,
affiliates, officers, directors, employees, or agents, or issue any communication that reflects adversely on or encourages any
adverse action against the Company.  The Executive will not make any direct or indirect written or oral statements to the
press, television, radio or other media or other external persons or entities concerning any matters pertaining to the business
and affairs of the Company, its affiliates or any of its officers or directors.

 

While employed by the
Company and during the Restricted Period, the Executive will communicate the contents of this Section 8 to any
person, firm, association, partnership, Company or other entity that the Executive intends to be employed by, associated with,
or represent.

 

9. Injunctive Relief.
The Executive acknowledges and agrees that it would be difficult to fully compensate the Company for damages resulting from the
breach or threatened breach of the covenants set forth in Sections 7 and 8  of this Agreement and accordingly
agrees that the Company shall be entitled to temporary and injunctive relief, including temporary restraining orders, preliminary
injunctions and permanent injunctions, without the need to post any bond, to enforce such provisions in any action or proceeding
instituted in any court in the State of New York having subject matter jurisdiction.  This provision with respect to injunctive
relief shall not, however, diminish the Company’s right to claim and recover damages.

 

    -9-

     

    

 

10. Notices.
All notices or communications hereunder shall be in writing and sent by overnight courier, certified mail, or registered mail (return
receipt requested), postage prepaid, addressed as follows (or to such other address as such party may designate in writing from
time to time):

 

If to the Company:

 

Postal Realty Trust, Inc.

75 Columbia Ave.

Cedarhurst, NY 11516

Attention:  Chief Executive Officer and Chairman of the Compensation Committee

 

If to the Executive,
at the address on file with the Company’s Human Resources department.

 

The actual date of
mailing, as shown by a mailing receipt therefor, shall determine the time at which notice was given.

 

11. Separability.
If any provision of this Agreement shall be declared to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability
shall not affect the remaining provisions hereof which shall remain in full force and effect. It is expressly understood and agreed
that although the parties consider the restrictions contained in this Agreement to be reasonable, if a court determines that
the time or territory or any other restriction contained in this Agreement is an unenforceable restriction on the activities of
the Executive, no such provision of this Agreement shall be rendered void but shall be deemed amended to apply as to such maximum
time and territory and to such extent as such court may judicially determine or indicate to be reasonable.

 

12. Assignment.
This Agreement shall be binding upon and inure to the benefit of the heirs and representatives of the Executive and the assigns
and successors of the Company, but neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise
subject to hypothecation by the Executive.

 

13. Entire Agreement.
This Agreement represents the entire agreement of the parties and shall supersede any and all previous contracts, arrangements
or understandings between the Company and the Executive.  This Agreement may be amended at any time by mutual written agreement
of the parties hereto.

 

14. Governing Law
and Arbitration. This Agreement shall be construed, interpreted, and governed in accordance with the laws of the State of New
York, without regard to principles of conflicts of laws. Any dispute, controversy or claim arising out of or related to this Agreement
or any breach of this Agreement shall be submitted to and decided by binding arbitration. Arbitration shall be administered exclusively
by the American Arbitration Association and shall be conducted in accordance with the National Rules for the Resolution of Employment
Disputes. Any arbitral award determination shall be final and binding upon the parties. Judgment may be entered in any court having
jurisdiction. Notwithstanding the foregoing, the Company shall be entitled to seek a restraining order or injunction in any court
of competent jurisdiction to prevent any continuation of any violation of Sections 7 or 8 hereof.

 

15. Survival.
Subject to any limits on applicability contained therein, Sections 7 through 10, Section 12, and Section 14
hereof shall survive and continue in full force in accordance with their terms notwithstanding any termination of the Term or this
Agreement.

 

[SIGNATURES ON NEXT PAGE]

 

    -10-

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be duly executed, and the Executive has hereunto set his hand, as of the day and year
first above written.

 

	POSTAL REALTY TRUST, INC.	 	EXECUTIVE

 

	By:	/s/ Jeremy Garber	 	 	/s/ Robert B. Klein
	 	 	 	 	 
	Its:	Jeremy Garber, President	 	Name:	Robert B. Klein
	 	 	 	 	 
	Dated:	12/30/20	 	Dated:	12/30/20

 

 

    -11-

     

    

 

EXHIBIT A

EMPLOYMENT AGREEMENT

 

2019 Employee Stock Purchase Plan 

 

[Attach a Copy]

 

    -12-

     

    

 

EXHIBIT B

EMPLOYMENT AGREEMENT

 

Waiver and Release

 

[Attach a Copy]

 

 

-13-

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