Document:

Exhibit 10.1

 

 

 

 

 

 

 

 

 

 

 

 

[FORM OF]

 

CONTRIBUTION AGREEMENT

 

between

 

TEXAS PACIFIC LAND
TRUST,

and

 

TEXAS PACIFIC LAND
CORPORATION

 

Dated [●], 2021

 

 

 

 

 

 

 

     

     

    

 

CONTRIBUTION AGREEMENT

 

THIS CONTRIBUTION
AGREEMENT (this “Agreement”) is entered into and effective as of [●] a.m. (Central Time) on
[●], 2021 (the “Effective Date”), between Texas Pacific Land Trust (the “Trust”)
and Texas Pacific Land Corporation, a Delaware corporation and a wholly-owned subsidiary of the Trust (“TPL
Corp”) (each, a “Party”, and collectively, the “Parties”).

 

WITNESS:

 

WHEREAS, the
Trust is the sole holder of 100% of the outstanding limited liability company membership interests (the “Membership Interests”)
in Texas Pacific Resources LLC, a Texas limited liability company (“TPL Holdco”);

 

WHEREAS, prior
to the date hereof, the Trust formed TPL Corp under the terms of the General Corporation Law of the State of Delaware and contributed
$1,000 to TPL Corp in exchange for all 1,000 issued and outstanding shares (the “Initial Shares”) of common
stock of TPL Corp, par value $0.01 per share (the “Common Stock”);

 

WHEREAS, the
Trust intends to take steps to reorganize into a corporation, domiciled in the State of Delaware (the “Corporate Reorganization”);

 

WHEREAS, in
order to effect the Corporate Reorganization, the Trust is undertaking and causing to be undertaken a series of transactions pursuant
to which, among other things, (a) the Trust entered into that certain Contribution Agreement, dated [●], between (i) the
Trust, (ii) the Trustees of the Trust, David E. Barry and John R. Norris III, on behalf of themselves and for their predecessors
in title (the “Trustees”), and (iii) each agent, general and state agent, assistant general and state agent
or successor agent or general and state agent for the Trustees (the “Trustees’ Agents”, and collectively
with the Trustees and the Trust, the “Contributing Parties”), on the one hand, and TPL Holdco, on the other
hand, pursuant to which the Trust and each of the other Contributing Parties contributed, granted, conveyed, assigned, transferred
and delivered to TPL Holdco all of the Contributing Parties’ respective right, title and interest, in, to and under all
of the properties and assets of the Trust and all other rights, obligations and liabilities of the Trust, and (b) the Trust shall,
pursuant to this Agreement, contribute, grant, convey, assign, transfer and deliver to TPL Corp all of its right, title and interest
to, and all responsibilities and liabilities related to and arising from, (i) the Membership Interests and (ii) all of the bank
accounts, brokerage accounts, cash and cash equivalents held by the Trust (together with the Membership Interests, the “Contributed
Interests”).

 

WHEREAS, the
Common Stock has been registered with the U.S. Securities and Exchange Commission and has been approved for listing and trading
on the New York Stock Exchange;

 

    2

     

    

 

WHEREAS, the
Trust is willing and desires to contribute to TPL Corp, and TPL Corp is willing and desires to accept from the Trust, the Contributed
Interests on the terms and conditions set forth below;

 

NOW, THEREFORE,
in consideration of the promises and mutual representations, warranties and covenants in this Agreement, the Parties hereto agree
as follows:

 

Article I

DEFINITIONS

 

Section 1.1 Capitalized
terms used in this Agreement have the meanings and are subject to the rules of construction set forth in Appendix A.

 

Article II

CONTRIBUTION

 

Section 2.1 Contribution.
Subject to the terms and conditions provided for in this Agreement, the Trust hereby contributes, grants, conveys, assigns, transfers
and delivers to TPL Corp, its successors and assigns, for its and their own use forever, all of the Trust’s right, title
and interest to, and all responsibilities and liabilities related to and arising from, the Contributed Interests (such contribution
of the Contributed Interests, the “Contribution”).

 

Article III

CONSIDERATION

 

Section 3.1 Assumption
of Rights, Obligations and Liabilities. TPL Corp hereby accepts the Contribution and assumes, and agrees to be subject to,
all rights, obligations and liabilities of, and arising under, the Contributed Interests to the full extent that the Trust has
or has been subject heretofore.

 

Section 3.2 TPL
Corp Bylaws. In consideration of the Contribution, TPL Corp shall adopt, immediately following the effectiveness of this Agreement,
the amended and restated bylaws attached hereto as Appendix B.

 

Section 3.3 Share
Issuance. In consideration of the Contribution and subject to the terms and conditions provided for in this Agreement, TPL
Corp hereby issues to the Trust [●] shares of the Common Stock (the “TPL Corp Issued Shares”) and the
Trust hereby accepts the TPL Corp Issued Shares in exchange for the Contributed Interests and agrees to be subject to all rights
and obligations with respect to the TPL Corp Issued Shares.

 

    3

     

    

 

Article IV

INDEMNIFICATION

 

Section 4.1 Indemnification
by TPL Corp.

 

(a) Without
limiting any other rights that a Person may have pursuant to law or any agreement or Organizational Document in effect on the Effective
Date or otherwise, from the Effective Date, TPL Corp shall indemnify, defend and hold harmless (i) the Trust, (ii) each of the
Trustees, (iii) the heirs, legatees, devisees, successors, assigns, executors, administrators, trustees and Representatives of
each of the Trustees and (iv) each Person who is now, or has been at any time prior to the Effective Date or who was, is or becomes
prior to the Effective Date, a trustee, officer, legal agent or fiduciary of the Trust, the Trustees or any of its and their Representatives
(including, for the avoidance of doubt, the Trustees’ Agents), in each case, when acting in such capacity (each of the Persons
in clauses (i), (ii), (iii) and (iv), an “Indemnified Person” and collectively, the “Indemnified
Persons”) against all losses, claims, damages, costs, fines, penalties, expenses (including attorneys’ and other
professionals’ fees and expenses), liabilities or judgments or reasonable amounts that are paid in settlement, of or directly
or indirectly incurred in connection with any Proceeding to which such Indemnified Person is a party or is otherwise involved (including
as a witness) based, in whole or in part, on or arising, in whole or in part, out of the fact that such Person is or was a trustee,
director, officer, employee or fiduciary of the Trust or any of its Affiliates, or any of its and their Representatives (including,
for the avoidance of doubt, the Trustees’ Agents), or is or was serving at the request of the Trust or any of its Affiliates
as a trustee, director, officer, employee or fiduciary of another corporation, partnership, limited liability company, joint venture,
employee benefit plan, trust or other enterprise, as applicable, or by reason of anything done or not done by such Person in any
such capacity, this Agreement or the transactions contemplated herein and hereby, whether pertaining to any act or omission occurring
or existing prior to, at or after the Effective Date and whether asserted or claimed prior to, at or after the Effective Date (“Indemnified
Liabilities”), in each case to the fullest extent permitted under applicable law (and TPL Corp shall pay expenses incurred
in connection therewith in advance of the final disposition of any such Proceeding to each Indemnified Person to the fullest extent
permitted under applicable law). TPL Corp shall not settle any Proceeding in any manner that would impose any penalty or limitation
on an Indemnified Person without written consent from such Indemnified Person. The Indemnified Persons shall have authority to
enter reasonable settlements of any Proceeding, and neither TPL Corp nor the Indemnified Persons will unreasonably withhold their
consent to any proposed settlement. Without limiting the foregoing, in the event any such Proceeding is brought or threatened to
be brought against any Indemnified Persons (whether arising before or after the Effective Date), (A) the Indemnified Persons may
retain legal counsel at their election, and TPL Corp shall pay all reasonable fees and expenses of such counsel for the Indemnified
Persons as promptly as statements therefor are received, and (B) TPL Corp shall use its best efforts to assist in the defense
of any such matter. Any Indemnified Person wishing to claim indemnification or advancement of expenses under this Section 4.1(a),
upon learning of any such Proceeding, shall notify TPL Corp thereof (but the failure to so notify shall not relieve a Party from
any obligations that it may have under this Section 4.1(a) except to the extent such failure materially prejudices
such Party’s position with respect to such claims). With respect to any determination of whether any Indemnified Person is
entitled to indemnification by TPL Corp under this Section 4.1(a), such Indemnified Person shall have the right to
require that such determination be made by special, independent legal counsel selected by the Indemnified Person and approved by
TPL Corp (which approval shall not be unreasonably withheld or delayed), and who has not otherwise performed material services
for TPL Corp, TPL Holdco or the Indemnified Person within the last three (3) years.

 

(b) TPL
Corp shall indemnify any Indemnified Person against all reasonable costs and expenses (including reasonable attorneys’ and
professionals’ fees and expenses or reasonable amounts paid in settlement), such amounts to be payable in advance upon request
as provided in Section 4.1(a), relating to the enforcement of such Indemnified Person’s rights under this Section 4.1
or under any law, Organizational Document or contract regardless of whether such Indemnified Person is ultimately determined to
be entitled to indemnification hereunder or thereunder.

 

    4

     

    

 

(c) In
the event that TPL Corp or any of its successors or assignees (i) consolidates with or merges into any other Person and shall
not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers all or substantially
all of its properties and assets to any Person, then, in each such case, proper provisions shall be made so that the successors
and assigns of TPL Corp shall assume the obligations set forth in this Section 4.1. TPL Corp shall not sell, transfer,
distribute or otherwise dispose of any of its assets in a manner that would reasonably be expected to render TPL Corp unable to
satisfy its obligations under this Section 4.1. The provisions of this Section 4.1 are intended to be for
the benefit of, and shall be enforceable by, the Parties and each Person entitled to indemnification or insurance coverage or expense
advancement pursuant to this Section 4.1, and their respective heirs, successors, assigns and Representatives. The
rights of the Indemnified Persons under this Section 4.1 are in addition to any rights such Indemnified Persons may
have under the Organizational Documents of the Trust or TPL Corp or any of its or their Affiliates, or under any contracts or law.
TPL Corp shall pay all expenses, including attorneys’ fees, that may be incurred by any Indemnified Person in enforcing the
indemnity and other obligations provided in this Section 4.1.

 

Article V

COVENANTS

 

Section 5.1 Further
Assurances. In case at any time after the Effective Date any further action is necessary to carry out the purposes of this
Agreement, each of the Parties will take such further action as the other Parties reasonably may request.

 

Section 5.2 Tax
Covenants.

 

(a) The
Parties agree that for U.S. federal and, to the extent permitted, for state and local Tax purposes, (i) the transactions undertaken
to effect the Corporate Reorganization, including the transactions contemplated under this Agreement, will not result in a termination
of the Trust’s taxable year, (ii) the Trust’s Tax attributes enumerated in Section 381(c) of the Internal Revenue Code
of 1986, as amended (the “Code”), or any similar provision of state or local law, will be taken into account
by TPL Corp as if there had been no Corporate Reorganization, and (iii) the part of the Trust’s last taxable year that began
before the Corporate Reorganization will be included in TPL Corp’s first taxable year that ends after the Corporate Reorganization.

 

(b) All
sales, use, controlling interest, transfer, filing, recordation, registration and similar Taxes arising from or associated with
the transactions contemplated by this Agreement other than Taxes based on income or net worth (“Transaction Taxes”),
shall be borne in their entirety by TPL Corp. The Party responsible for filing Tax Returns in respect of Transaction Taxes under
applicable law shall prepare and file all such Tax Returns. The Parties shall provide such certificates and other information and
otherwise cooperate.

 

Section 5.3 Tax
Treatment of the Transaction. For U.S. federal income tax purposes, and to the extent permitted for state and local income
Tax purposes, the transactions to effect the Corporate Reorganization, including the transactions contemplated under this Agreement,
shall be treated as part of a plan of reorganization to effect a mere change in the identity, form and place of organization of
the Trust under Section 368(a)(1)(F) of the Code and the Treasury Regulations promulgated thereunder. The Parties shall not take
any position inconsistent with such treatment in notices to or filings with Governmental Authorities, in audit or other Proceedings
with respect to Taxes, or in other documents or notices relating to the transactions contemplated by this Agreement.

 

    5

     

    

 

Article VI

MISCELLANEOUS

 

Section 6.1 Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the respective Parties and their respective
successors and assigns, and for the Trustees, their respective heirs, legatees, devisees, successors, assigns, executors, administrators,
trustees and Representatives.

 

Section 6.2 Amendment.
This Agreement may not be amended or modified orally and no amendment or modification shall be valid unless in writing and signed
by the Parties.

 

Section 6.3 Rights
of Third Parties. This Agreement shall not be construed to create any security interest, lien, deed of trust, mortgage, pledge,
charge, claim, restriction, easement, encumbrance or other similar interest or right on the Contributed Interests or the TPL Corp
Issued Shares or to create any express or implied rights, benefits or remedies in, of or for any persons other than the Parties,
except as expressly provided with respect to the Indemnified Persons in Article IV. Any Indemnified Person under Article IV
shall be an express third party beneficiary of this Agreement for the purposes of enforcing its rights pursuant to Article
IV.

 

Section 6.4 Notices.
All notices to TPL Corp shall be in writing and shall be delivered or sent by first-class mail, postage prepaid, overnight courier
or by means of electronic transmission. Any such notice sent shall be addressed as follows:

 

	
         

        1700 Pacific Avenue

        Suite 2900

        Dallas, TX 75201

        Attention:
        Robert J. Packer

        Email:
[●]
	 	
        With a copy,
        which shall not constitute notice, to:

         

        George J. Vlahakos, Esq.

        1000 Louisiana Street

        Suite 5900

        Houston, TX 77002

        Email: gvlahakos@sidley.com

 

Any notice to TPL Corp required
hereunder shall be effective when sent if given in the manner set forth above; provided, however, that, with respect to
the Trust, notice shall only be deemed to have been given upon receipt of such notice by each Trustee.

 

    6

     

    

 

Section 6.5 Choice
of Law; Submission to Jurisdiction; Waiver of Jury Trial.

 

(a) THIS
AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS
AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 

 

(b) THE
PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY DISTRICT COURT OF DALLAS COUNTY IN THE STATE OF TEXAS (OR IF SUCH COURT DOES
NOT HAVE JURISDICTION, THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS IN DALLAS, TEXAS) IN CONNECTION WITH
ANY DISPUTE THAT ARISES IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT OR IN RESPECT OF THE
TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR
INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING
MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR
ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH
ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED EXCLUSIVELY BY SUCH A TEXAS STATE OR FEDERAL COURT. THE PARTIES HEREBY
CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND
AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER AS MAY BE PERMITTED
BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

(c) TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT OR THE PERFORMANCE THEREOF.

 

Section 6.6 
Disclaimer of Warranties. The Trust makes no representations or warranties whatsoever and disclaims all liability and responsibility
for any other representation, warranty, statement or information made or communicated (orally or in writing), including, without
limitation, any opinion, information or advice that may have been provided by any officer, shareholder, employee, agent or consultant
of the Trust, any of the Trustees, or any Affiliates or Representatives of the Trust or the Trustees.

 

Section 6.7 Counterpart
Execution. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall constitute one agreement.

 

[Signature page follows.]

 

    7

     

    

 

IN WITNESS WHEREOF,
each of the Parties has caused this Agreement to be executed the day and year first above written.

 

	TEXAS PACIFIC LAND TRUST
	 
	By:	 	 
	 	Name:  	John R. Norris III	 
	 	Title:	Trustee	 
	 	 	 
	By:	 	 
	 	Name:	 David E. Barry	 
	 	Title:	Trustee	 

 

[Signature Page to Contribution Agreement]

 

     

     

    

 

	TEXAS PACIFIC LAND CORPORATION
	 	 	 
	By:	      	 
	 	Name: 	[●]	 
	 	Title:	 [●]	 

 

[Signature Page to Contribution Agreement] 

 

     

     

    

 

APPENDIX A

 

DEFINITION OF TERMS

 

Introductory Note
Regarding Construction. Whenever the context requires, the gender of all words used in this Agreement includes the masculine,
feminine and neuter and terms defined in the singular have the corresponding meanings in the plural, and vice versa. Except as
this Agreement otherwise specifies, all references herein to any law, are references to that law (and any rules and regulations
promulgated thereunder), as the same may have been amended. The word “includes” or “including” means “including,
but not limited to,” unless the context otherwise requires. The words “shall” and “will” are used
interchangeably and have the same meaning. The words “this Agreement,” “hereof,” “hereby,”
“herein,” “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not any
particular Section or Article in which such words appear. If a word or phrase is defined, its other grammatical forms have a corresponding
meaning. Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless business days are
specified. Time periods within or following which any payment is to be made or an act is to be done shall be calculated by excluding
the day on which the time period commences and including the day on which the time period ends. Unless specifically provided for
in this Agreement, the term “or” shall not be deemed to be exclusive. References to a Person are also to its successors
and/or permitted assigns, if any. All references to currency in this Agreement shall be to, and all payments required under this
Agreement shall be paid in, lawful currency of the United States.

 

Definitions.

 

“Affiliate”
means, as to any specified entity, any other entity that, directly or indirectly through one or more intermediaries or otherwise,
controls, is controlled by or is under common control with the specified entity. For purposes of this definition, “control”
of an entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such entity, whether by contract or otherwise.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Code”
has the meaning set forth in Section 5.2(a).

 

“Common Stock”
has the meaning set forth in the recitals.

 

“Contributed
Interests” has the meaning set forth in the recitals.

 

“Contributing
Parties” has the meaning set forth in the recitals.

 

“Contribution”
has the meaning set forth in Section 2.1.

 

“Corporate
Reorganization” has the meaning set forth in the recitals.

 

“Declaration
of Trust” means the Declaration of Trust, dated February 1, 1881, of the Trust.

 

“Effective
Date” has the meaning set forth in the preamble.

 

    Appendix
A-1

     

    

  

“Governmental
Authority” means any federal, state, local, foreign, multi-national, supra-national, national, regional or other governmental
agency, authority, administrative agency, regulatory body, commission, board, bureau, agency, officer, official, instrumentality,
court or arbitral tribunal having governmental or quasi-governmental powers or any other instrumentality or political subdivision
thereof.

 

“Indemnified
Liabilities” has the meaning set forth in Section 4.1(a).

 

“Indemnified
Persons” and “Indemnified Person” has the meaning set forth in Section 4.1(a).

 

“Initial Shares”
has the meaning set forth in the recitals.

 

“Membership
Interests” has the meaning set forth in the recitals.

 

“Organizational
Document” means, with respect to any entity or trust, the legal organizational and governing documents of such entity
or trust, including the declaration of trust, (including the Declaration of Trust), certificate of incorporation, certificate of
formation, certificate of limited partnership, bylaws, declaration of trust, limited liability company agreement, or operating
agreement.

 

“Parties”
and “Party” have the meaning set forth in the preamble.

 

“Person”
means any natural person, business trust, corporation, general partnership, limited partnership, limited liability company, unlimited
liability corporation, proprietorship, other business organization, union, association or Governmental Authority.

 

“Proceeding”
means any actual or threatened claim (including a claim of a violation of applicable law), action, audit, demand, litigation, suit,
proceeding, investigation, grievance, citation, summons, subpoena, inquiry, hearing, originating application to a tribunal, arbitration
or other proceeding at law or in equity or order or ruling, in each case whether civil, criminal, administrative, investigative
or otherwise, whether in contract, in tort or otherwise, and whether or not such claim, action, audit, demand, litigation, suit,
proceeding, investigation grievance, citation, summons, subpoena, inquiry, hearing, originating application to a tribunal, arbitration
or other proceeding or order or ruling results in a formal civil or criminal litigation or regulatory action.

 

“Representative”
means as to any Person, its officers, agents, directors, employees, counsel, accountants, financial advisers and consultants.

 

    Appendix
A-2

     

    

 

“Tax”
means (i) any and all federal, state, provincial, county, local or foreign taxes or levies of any kind and any and all other
like assessments, customs, duties, imposts, charges or fees, including income, gross receipts, ad valorem, value added, excise,
real property, personal property, escheat, asset, sales, use, franchise, license, payroll, transaction, capital, capital gains,
net worth, withholding, estimated, social security, utility, workers’ compensation, severance, disability, wage, employment,
production, unemployment compensation, occupation, premium, windfall profits, transfer, gains, alternative or add-on minimum, stamp,
documentary, recapture, business license, business organization, environmental, profits, lease, or other taxes or other charges
imposed by or on behalf or payable to any Governmental Authority including tax liabilities arising under Treasury Regulation Section 1.1502-6
and any similar provisions from federal, state, local or foreign applicable law, together with any interest, fines, penalties,
assessments, or additions resulting from, attributable to, or incurred in connection with any of the foregoing (whether or not
disputed) and (ii) any transferee or other secondary or non-primary liability or other obligations with respect to any item
in clause (i) above, whether such liability or obligation arises by assumption, operation of law, contract, indemnity, guarantee,
as a successor or otherwise.

 

“Tax Return”
means any return, declaration, report, claim for refund, or information return or statement with respect to any Tax required to
be filed or actually filed with a Governmental Authority, including any schedule or attachment thereto, and including any amendment
thereof.

 

“TPL Corp”
has the meaning set forth in the preamble.

 

“TPL Corp
Issued Shares” has the meaning set forth in Section 3.3.

 

“TPL Holdco”
has the meaning set forth in the recitals.

 

“Transaction
Taxes” has the meaning set forth in Section 5.2(b).

 

“Trust”
has the meaning set forth in the preamble.

 

“Trustees”
has the meaning set forth in the recitals.

 

“Trustees’
Agents” has the meaning set forth in the recitals.

 

    Appendix
A-3

     

    

 

APPENDIX B

AMENDED AND RESTATED BYLAWS OF TPL CORP

 

 

 

 

Appendix

B-1Exhibit 10.2

 

[FORM OF]

 

INDEMNIFICATION AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (this “Agreement”) is entered into as of the [●] day of [●],
20[●], by and between Texas Pacific Land Corporation, a Delaware corporation (the “Company”), and [●]
(“Indemnitee”).

 

RECITALS

 

A. The Company
is aware that competent and experienced persons are increasingly reluctant to serve or continue serving as directors or officers
of companies and other entities unless they are protected by comprehensive liability insurance and adequate indemnification due
to the increased exposure to litigation costs and risks resulting from service to such companies that often bear no relationship
to the compensation of such directors or officers.

 

B. The statutes
and judicial decisions regarding the duties of directors and officers are often insufficient to provide directors and officers
with adequate, reliable knowledge of the legal risks to which they are exposed or the manner in which they are expected to execute
their fiduciary duties and responsibilities.

 

C. The Company
and Indemnitee recognize that plaintiffs often seek damages in such large amounts, and the costs of litigation may be so great
(whether or not the claims are meritorious), that the defense and/or settlement of such litigation can create an extraordinary
burden on the personal resources of directors and officers.

 

D.  The board
of directors of the Company has concluded that, to attract and retain competent and experienced persons to serve as directors and
officers of the Company, it is not only reasonable and prudent but necessary to promote the best interests of the Company and its
stockholders for the Company to contractually indemnify its directors and certain of its officers in the manner set forth herein,
and to assume for itself liability for expenses and damages in connection with claims against such directors and officers in connection
with their service to the Company as provided herein. 

 

E.  The law of
the State of Delaware permits the Company to indemnify and advance defense costs to its officers and directors and to indemnify
and advance expenses to persons who serve at the request of the Company as directors, officers, employees, or agents of other corporations
or enterprises.

 

F. The Company
desires and has requested Indemnitee to serve or continue to serve as a director and/or officer of the Company, and Indemnitee
is willing to serve, or to continue to serve, as a director and/or officer of the Company if Indemnitee is furnished the indemnity
provided for herein by the Company.

 

     

     

    

 

NOW, THEREFORE,
in consideration of the foregoing premises and the mutual covenants and agreements set forth below, the parties hereto, intending
to be legally bound, hereby agree as follows:

 

1. Definitions.
For purposes of this Agreement, the following terms shall have the corresponding meanings set forth below.

 

“Change in Control”
means the occurrence of any of the following events:

 

(a) any Person becomes the “beneficial
owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing
30% or more of the total voting power represented by the Company’s then outstanding voting securities;

 

(b) the sale or disposition by the Company of all
or substantially all of the Company’s assets;

 

(c) the directors comprising the Incumbent Board and
any successor director (or directors) whose appointment as a director (or directors) is endorsed by the Incumbent Board or any
such duly endorsed successor director (or directors) cease to constitute a majority of the board of directors of the Company; or

 

(d) a merger or consolidation of the Company with
any other company, other than a merger or consolidation which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities
of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation;

 

The Reviewing Party shall have
full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control of
the Company has occurred pursuant to the above definition, and the date of the occurrence of such Change in Control and any incidental
matters relating thereto.

 

“Claim”
means a claim or action asserted by a Person in a Proceeding or any other written demand for relief in connection with or arising
from an Indemnification Event.

 

“Covered Entity”
means (i) the Company, (ii) any Person that was a predecessor in interest to the assets of the Company, (iii) any subsidiary of
the Company or the Trust or (iv) any other Person for which Indemnitee is or was or may be deemed to be serving at the request
of the Company or any subsidiary of the Company, as a director, officer, trustee, employee, controlling person, agent or fiduciary.

 

    2

     

    

 

“Disinterested
Director” means, with respect to any determination contemplated by this Agreement, any Person who, as of the time of
such determination, is a member of the Company’s board of directors but is not a party to any Proceeding then pending with
respect to any Indemnification Event.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Expenses”
means any and all direct and indirect fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees,
travel expenses, duplicating, printing and binding costs, telephone charges, postage and delivery service fees and all other disbursements
or expenses of any type or nature whatsoever reasonably incurred by Indemnitee (including, subject to the limitations set forth
in Section 3(c), reasonable attorneys’ fees and other professionals’ fees and expenses) in connection with
or arising from an Indemnification Event, including, without limitation: (i) the investigation or defense of a Claim; (ii) being,
or preparing to be, a witness or otherwise participating, or preparing to participate, in any Proceeding; (iii) furnishing, or
preparing to furnish, documents in response to a subpoena or otherwise in connection with any Proceeding; (iv) any appeal of any
judgment, outcome or determination in any Proceeding (including, without limitation, any premium, security for and other costs
relating to any cost bond, supersedeas bond or any other appeal bond or its equivalent); (v) establishing or enforcing any right
to indemnification under this Agreement (including, without limitation, pursuant to Section 2(c)), applicable law or
otherwise, regardless of whether Indemnitee is ultimately successful in such action, unless as a part of such action, a court of
competent jurisdiction over such action determines that each of the material assertions made by Indemnitee as a basis for such
action was not made in good faith or was frivolous; (vi) Indemnitee’s defense of any Proceeding instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the terms of this Agreement (including, without limitation,
costs and expenses incurred with respect to Indemnitee’s counterclaims and cross-claims made in such action); and (vii) any
Federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under
this Agreement, including all interest, assessments and other charges paid or payable with respect to such payments. For purposes
of clarification, Expenses shall not include Losses.

 

“Incumbent
Board” means the directors comprising the board of directors of the Company as of the effective date of this Agreement.

 

An “Indemnification
Event” shall be deemed to have occurred if Indemnitee was or is or becomes, or is threatened to be made, a party to or
witness or other participant in, or was or is or becomes obligated to furnish or furnishes documents in response to a subpoena
or otherwise in connection with, any Proceeding by reason of the fact that Indemnitee is, was, may be deemed, or may be deemed
to have been a director, officer, trustee, employee, controlling person, agent or fiduciary of any Covered Entity, or by reason
of any action or inaction on the part of Indemnitee, related to his service in any such capacity, whether or not so serving at
the time any Loss or Expense is incurred.

 

    3

     

    

 

“Independent
Legal Counsel” means an attorney or firm of attorneys that is experienced in matters of applicable law and neither presently
is, nor in the thirty-six (36) months prior to such designation has been, retained to represent: (i) the Company or Indemnitee
in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under
the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the
Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

“Losses”
means any and all losses, claims, damages, liabilities, judgments, fines, penalties, settlement payments, awards and amounts of
any type whatsoever incurred by Indemnitee in connection with or arising from an Indemnification Event. For purposes of clarification,
Losses shall not include Expenses.

 

“Organizational
Documents” means any and all organizational documents, charters or similar agreements or governing documents, including,
without limitation, (i) with respect to a corporation, its certificate of incorporation and bylaws, (ii) with respect to the
Trust, its Declaration of Trust, dated February 1, 1888, (iii) with respect to a limited liability company, its certificate of
formation and operating agreement, and (iv) with respect to a limited partnership, its partnership agreement.

 

“Permitted Courts”
means (a) the United States District Court for the Northern District of Texas in Dallas, Texas or, if such court does not have
subject matter jurisdiction, any district court of Dallas County in the State of Texas, and any appellate court from any such Federal
or state court, or (b) the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction,
the Superior Court of the State of Delaware or, if jurisdiction is vested exclusively in the Federal courts of the United States,
the Federal courts of the United States sitting in the State of Delaware, and any appellate court from any such Federal or state
court.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization or other entity or government or agency or political subdivision thereof and includes
the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

 

“Proceeding”
means any threatened, pending or completed claim, action, suit, proceeding, arbitration or alternative dispute resolution mechanism,
investigation, inquiry, administrative hearing or appeal or any other actual, threatened or completed proceeding, whether brought
in the right of a Covered Entity or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal,
administrative, internal or investigative nature and whether made pursuant to federal, state or other law.

 

    4

     

    

 

“Reviewing Party”
means, with respect to determinations contemplated by this Agreement, any one of the following: (i) a majority of the Disinterested
Directors, even if such Persons would not constitute a quorum of the Company’s board of directors; (ii) a committee
consisting solely of Disinterested Directors, even if such Persons would not constitute a quorum of the Company’s board of
directors, so long as such committee was designated by a majority of the Disinterested Directors; or (iii) subject to Section 4(d),
Independent Legal Counsel designated by the Disinterested Directors (or, if there are no Disinterested Directors, the Company’s
board of directors) (in which case, any determination shall be evidenced by the rendering of a written opinion); provided, that,
in the event that a Change in Control has occurred, the Reviewing Party shall be Independent Legal Counsel (selected by Indemnitee)
in a written opinion to the board of directors of the Company, a copy of which shall be delivered to Indemnitee.

 

“SEC”
means the Securities and Exchange Commission.

 

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

 

“Trust”
means Texas Pacific Land Trust (whether existing or non-existing under the laws of any jurisdiction of any state of the United
States).

 

“Trustees”
means John R. Norris III and David E. Barry.

 

2. Indemnification.

 

(a) Indemnification
of Losses and Expenses. If an Indemnification Event has occurred, then, subject to Section 9, the Company shall
indemnify, defend and hold harmless Indemnitee, to the fullest extent permitted by applicable law, as such law may be amended or
changed from time to time (but in the case of any such amendment or change, only to the extent that such amendment or change permits
the Company to provide broader indemnification rights than were permitted prior thereto), against any and all Losses and Expenses;
provided that the Company’s commitment set forth in this Section 2(a) to indemnify Indemnitee shall be subject
to the limitations and procedural requirements set forth in this Agreement.

 

(b) Partial Indemnification.
If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Losses
or Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion
thereof to which Indemnitee is entitled.

 

(c) Advancement
of Expenses. The Company shall advance Expenses to or on behalf of Indemnitee to the fullest extent permitted by applicable
law, as such law may be amended or changed from time to time (but in the case of any such amendment or change, only to the extent
that such amendment or change permits the Company to provide broader indemnification rights than were permitted prior thereto),
as soon as practicable, but in any event not later than 30 days after written request therefor by Indemnitee, which request shall
be accompanied by vouchers, invoices or similar evidence documenting in reasonable detail the Expenses incurred or to be incurred
by Indemnitee; provided, however, that Indemnitee need not submit to the Company any information that counsel for Indemnitee reasonably
deems is privileged and exempt from compulsory disclosure in any Proceeding. Execution and delivery of this Agreement by Indemnitee
constitutes an undertaking to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined that
Indemnitee is not entitled to be indemnified by the Company as authorized by this Agreement. No other form of undertaking shall
be required other than the execution of this Agreement.

 

    5

     

    

 

(d) Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred
by Indemnitee, whether for Losses or Expenses, in connection with any Proceeding relating to an Indemnification Event under this
Agreement, in such proportion as is deemed fair and reasonable by the Reviewing Party in light of all of the circumstances of such
Proceeding in order to reflect (1) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or
transaction(s) giving rise to such Proceeding; and (2) the relative fault of the Company (and its directors, officers, employees
and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

3. Indemnification
Procedures.

 

(a) Notice of
Indemnification Event. Indemnitee shall give the Company notice as soon as practicable of any Indemnification Event of which
Indemnitee becomes aware and of any request for indemnification hereunder, provided that any failure to so notify the Company shall
not relieve the Company of any of its obligations under this Agreement, except if, and then only to the extent that, such failure
increases the liability of the Company under this Agreement.

 

(b) Notice to
Insurers. The Company shall give prompt written notice of any Indemnification Event which may be covered by the Company’s
liability insurance to the insurers in accordance with the procedures set forth in each of the applicable policies of insurance.
The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such Indemnification Event in accordance with the terms of such policies; provided that nothing
in this Section 3(b) shall affect the Company’s obligations under this Agreement or the Company’s obligations
to comply with the provisions of this Agreement in a timely manner as provided.

 

(c) Selection
of Counsel. If the Company shall be obligated hereunder to pay or advance Expenses or indemnify Indemnitee with respect to
any Losses, the Company shall be entitled to assume the defense of any related Claims, with counsel selected by the Company. After
the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of
counsel subsequently incurred by Indemnitee with respect to the defense of such Claims; provided that: (i) Indemnitee shall have
the right to employ counsel in connection with any such Claim at Indemnitee’s expense; and (ii) if (A) the employment of
counsel by Indemnitee has been previously authorized by the Company, (B) counsel for Indemnitee shall have provided the Company
with written advice that there is a conflict of interest between the Company and Indemnitee in the conduct of any such defense,
or (C) the Company shall not continue to retain such counsel to defend such Claim, then the fees and expenses of Indemnitee’s
counsel shall be at the expense of the Company.

 

    6

     

    

 

4. Determination
of Right to Indemnification.

 

(a) Successful
Proceeding. To the extent Indemnitee has been successful, on the merits or otherwise, in defense of any Proceeding referred
to in Section 2(a), the Company shall indemnify Indemnitee against Losses and Expenses incurred by him in connection
therewith. If Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits or otherwise, as to one
or more but less than all Claims in such Proceeding, the Company shall indemnify Indemnitee against all Losses and Expenses actually
or reasonably incurred by Indemnitee in connection with each successfully resolved Claim.

 

(b) Other Proceedings.
In the event that Section 4(a) is inapplicable, the Company shall nevertheless indemnify Indemnitee as provided in
Section 2(a) or 2(b), as applicable, or provide a contribution payment to Indemnitee as provided in Section 2(d),
to the extent determined by the Reviewing Party.

 

(c) Determination
by Reviewing Party. A Reviewing Party shall determine whether Indemnitee is entitled to indemnification, subject to the following:

 

(i) a
Reviewing Party shall act in the utmost good faith to assure Indemnitee a complete opportunity to present to such Reviewing Party
Indemnitee’s case that Indemnitee has met the applicable standard of conduct;

 

(ii) Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of a Covered
Entity, including, without limitation, its financial statements, or on information supplied to Indemnitee by the officers or employees
of a Covered Entity in the course of their duties, or on the advice of legal counsel for a Covered Entity or on information or
records given, or reports made, to a Covered Entity by an independent certified public accountant or by an appraiser or other expert
selected with reasonable care by a Covered Entity. In addition, the knowledge and/or actions, or failure to act, of any director,
trustee, officer, agent or employee of a Covered Entity shall not be imputed to Indemnitee for purposes of determining the right
to indemnification under this Agreement. Whether or not the foregoing provisions of this Section 4(c)(ii) are satisfied,
it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company. Any Person seeking to overcome this presumption shall have the burden
of proof and the burden of persuasion, by clear and convincing evidence; and

 

(iii) if
a Reviewing Party shall not have made a determination whether Indemnitee is entitled to indemnification within thirty (30) days
after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed
to have been made and Indemnitee shall be entitled to such indemnification, absent (A) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection
with the request for indemnification, or (B) a prohibition of such indemnification under applicable law; provided, however, that
such 30 day period may be extended by the Reviewing Party for a reasonable time, not to exceed an additional fifteen (15) days,
if the Reviewing Party in good faith requires such additional time for obtaining or evaluating documentation and/or information
relating thereto.

 

    7

     

    

 

(d) Selection
of Independent Legal Counsel. If Independent Legal Counsel is to serve as the Reviewing Party, the Company shall give written
notice to Indemnitee advising Indemnitee of the identity of the Independent Legal Counsel so selected. Indemnitee may, within fifteen
(15) days after receiving written notice of selection from the Company, deliver to the Company a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Legal Counsel so selected does not
satisfy the criteria set forth in the definition of “Independent Legal Counsel” in Section 1, and the objection
shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the Person or Persons
so selected shall act as Independent Legal Counsel. If such written objection is properly and timely made and substantiated, then:
(i) the Independent Legal Counsel so selected may not serve as Independent Legal Counsel unless and until such objection is withdrawn
or a court has determined that such objection is without merit; and (ii) Indemnitee may, at its option, recommend to the Company
alternative Independent Legal Counsel and give written notice to the Company advising the Company of the identity of any alternative
Independent Legal Counsel so recommended, in which case the Company may select such Person or Persons to act as the Independent
Legal Counsel and the procedures required by this Section 4(d) shall apply as to such subsequent selection and notice.
If no Independent Legal Counsel that is permitted under the foregoing provisions of this Section 4(d) shall have been
selected within forty-five (45) days after the Company gives its initial notice pursuant to the first sentence of this Section 4(d),
either the Company or Indemnitee may petition a Permitted Court to resolve any objection which shall have been made by the Company
or Indemnitee to the other’s selection or recommendation of Independent Legal Counsel and/or to appoint as Independent Legal
Counsel a person to be selected by the court or such other person as the court shall designate, and the Person or Persons with
respect to whom all objections are so resolved or the Person or Persons so appointed will act as Independent Legal Counsel. In
all events, the Company shall pay all of the reasonable fees and expenses of the Independent Legal Counsel incurred in connection
with the Independent Legal Counsel’s determination as the Reviewing Party.

 

(e) Appeal to
Court. Notwithstanding a determination by a Reviewing Party that Indemnitee is not entitled to indemnification with respect
to a specific Claim or Proceeding (an “Adverse Determination”), Indemnitee shall have the right to apply to
the court in which that Claim or Proceeding is or was pending or any other court of competent jurisdiction for the purpose of enforcing
Indemnitee’s right to indemnification pursuant to this Agreement, provided that Indemnitee shall commence any such Proceeding
seeking to enforce Indemnitee’s right to indemnification within one (1) year following the date upon which Indemnitee is
notified in writing by the Company of the Adverse Determination. In the event of any dispute between the parties concerning their
respective rights and obligations hereunder, the Company shall have the burden of proving that the Company is not obligated to
make the payment or advance claimed by Indemnitee.

 

    8

     

    

 

(f) Presumption
of Success. The Company acknowledges that a settlement or other disposition short of final judgment shall be deemed a successful
resolution for purposes of Section 4(a) if it permits a party to avoid expense, delay, distraction, disruption or uncertainty.
In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against
Indemnitee (including, without limitation, settlement of such Proceeding with or without payment of money or other consideration),
it shall be presumed that Indemnitee has been successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome
this presumption shall have the burden of proof and the burden of persuasion, by clear and convincing evidence.

 

(g) Settlement
of Claims. The Company shall not be liable to indemnify Indemnitee under this Agreement or otherwise for any amounts paid in
settlement of any Proceeding effected without the Company’s written consent. The Company shall indemnify Indemnitee under
this Agreement or otherwise for any amounts paid in the reasonable settlement of any Indemnification Event. The Company shall not
settle any Proceeding in any manner that would impose any penalty or limitation on Indemnitee without Indemnitee’s written
consent. Further, the Company shall not agree to a settlement of any Proceeding without Indemnitee’s written consent unless
a full release is provided to Indemnitee as a condition of settlement. Neither the Company nor Indemnitee will unreasonably withhold
their consent to any proposed settlement. The Company shall not be liable to indemnify Indemnitee under this Agreement with regard
to any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense
of such action; the Company’s liability hereunder shall not be excused if participation in the Proceeding by the Company
was barred by this Agreement.

 

5. Additional
Indemnification Rights; Non-exclusivity.

 

(a) Scope.
The Company hereby agrees to indemnify Indemnitee to the fullest extent permitted by law, even if such indemnification is not specifically
authorized by the other provisions of this Agreement or any other agreement, the Organizational Documents of any Covered Entity
or by applicable law. In the event of any change after the date of this Agreement in any applicable law (including common law),
statute or rule that expands the right of a Delaware corporation to indemnify a member of its board of directors or an officer,
trustee, employee, controlling person, agent or fiduciary, it is the intent of the parties hereto that Indemnitee shall enjoy by
this Agreement the greater benefits afforded by such change. In the event of any change in any applicable law (including common
law), statute or rule that narrows the right of a Delaware corporation to indemnify a member of its board of directors or an officer,
employee, controlling person, agent or fiduciary, such change, to the extent not otherwise required by such law, statute or rule
to be applied to this Agreement, shall have no effect on this Agreement or the parties rights and obligations hereunder except
as set forth in Section 9(a) hereof.

 

(b) Non-exclusivity.
The rights to indemnification, contribution and advancement of Expenses provided in this Agreement shall not be deemed exclusive
of, but shall be in addition to, any other rights to which Indemnitee may at any time be entitled under the Organizational Documents
of any Covered Entity, any other agreement, any vote of stockholders or Disinterested Directors, applicable law or otherwise. Furthermore,
no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy
shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion of any other
right or remedy. The rights to indemnification, contribution and advancement of Expenses provided in this Agreement shall continue
as to Indemnitee for any action Indemnitee took or did not take while serving in an indemnified capacity even though Indemnitee
may have ceased to serve in such capacity at the time of any Claim or Proceeding.

 

    9

     

    

 

6. No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment of any amount otherwise
indemnifiable hereunder, or for which advancement is provided hereunder, if and to the extent Indemnitee has otherwise actually
received such payment, whether pursuant to any insurance policy, the Organizational Documents of any Covered Entity or otherwise.

 

7. Mutual
Acknowledgment. Both the Company and Indemnitee acknowledge that, in certain instances, Federal law or public policy may
override applicable state law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise.
For example, the Company and Indemnitee acknowledge that the SEC has taken the position that indemnification is not permissible
for liabilities arising under certain Federal securities laws, and Federal legislation prohibits indemnification for certain violations
of the Employee Retirement Income Security Act of 1979, as amended. Indemnitee understands and acknowledges that the Company has
undertaken, or may be required in the future to undertake, with the SEC to submit the question of indemnification to a court in
certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee, and any right
to indemnification hereunder shall be subject to, and conditioned upon, any such required court determination.

 

8. Liability
Insurance. The Company shall maintain liability insurance applicable to directors and officers of the Company and former
trustees, officers, employees and agents of the Trust and shall cause Indemnitee to be named as an insured in such a manner as
to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s officers
and directors (other than in the case of an independent director liability insurance policy if Indemnitee is not an independent
or outside director). For the duration of Indemnitee’s service as a director or officer of the Company, and thereafter for
so long as Indemnitee shall be subject to any pending Claim relating to an Indemnification Event, the Company shall use commercially
reasonable efforts (taking into account the scope and amount of coverage available relative to the cost thereof) to continue to
maintain in effect policies of directors’ and officers’ liability insurance providing coverage that is at least substantially
comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’
liability insurance. The Company shall advise Indemnitee as to the general terms of, and the amounts of coverage provide by, any
liability insurance policy described in this Section 8 and shall promptly notify Indemnitee if, at any time, any such
insurance policy is terminated or expired without renewal or if the amount of coverage under any such insurance policy will be
decreased.

 

9. Exceptions.
Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement
to indemnify Indemnitee:

 

(a) against any
Losses or Expenses, or advance Expenses to Indemnitee, with respect to Claims initiated or brought voluntarily by Indemnitee, and
not by way of defense (including, without limitation, affirmative defenses and counter-claims), except (i) Claims to establish
or enforce a right to indemnification, contribution or advancement with respect to an Indemnification Event, whether under this
Agreement, any other agreement or insurance policy, the Company’s Organizational Documents or those of any Covered Entity,
applicable law or otherwise, or (ii) if the Company’s board of directors has approved specifically the initiation or bringing
of such Claim;

 

    10

     

    

 

(b) against any
Losses or Expenses, or advance Expenses to Indemnitee, with respect to Claims arising (i) with respect to an accounting of profits
made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b)
of the Exchange Act or any similar successor statute or (ii) pursuant to Sections 304 or 306 of the Sarbanes-Oxley Act of
2002, as amended, or any rule or regulation promulgated pursuant thereto; or

 

(c) if, and to the
extent, that a court of competent jurisdiction renders a final, unappealable decision that such indemnification is not lawful.

 

10. Notices.
All notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given (a) when delivered by hand, with written confirmation of receipt; (b) upon
sending if sent by electronic mail to the electronic mail addresses below, with confirmation of receipt from the receiving party
by electronic mail; (c) one (1) business day after being sent by a nationally recognized overnight carrier to the addresses set
forth below; or (d) when actually delivered if sent by any other method that results in delivery, with written confirmation of
receipt:

 

If to the Company:

Texas Pacific Land Corporation

1700 Pacific Avenue, Suite 2900

Dallas, TX 75201

Attn: General Counsel

 

If to Indemnitee:

[●]

[●]

[●]

Email: [●] 

 

11. Miscellaneous.

 

(a) Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall constitute an original.

 

(b) Binding Effect;
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors and assigns (including with respect to the Company, any direct or indirect successor by
purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company) and with
respect to Indemnitee, his or her spouse, heirs, legatees, devisees, successors, assigns, executors, administrators, trustees and
personal and legal representatives. The Company shall require and cause any successor or assign (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of
the Company, to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession or assignment had taken place. This Agreement shall continue in effect with respect to
Claims relating to Indemnification Events regardless of whether Indemnitee continues to serve as a director, officer, employee,
controlling person, agent or fiduciary of any Covered Entity.

 

    11

     

    

 

(c) Enforceability.
This Agreement is a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its
terms.

 

(d) Consent to
Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction and venue of the Permitted Courts
for all purposes in connection with any Proceeding which arises out of or relates to this Agreement, and agree that any Proceeding
instituted under this Agreement shall be commenced, prosecuted and continued only in the Permitted Courts.

 

(e) Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within
a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable,
and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent
possible, the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision
held to be invalid, void or otherwise unenforceable that is not itself invalid, void or unenforceable) shall be construed so as
to give effect to the extent manifested by the provision held invalid, illegal or unenforceable.

 

(f) Choice of
Law. This Agreement shall be governed by and its provisions shall be construed and enforced in accordance with, the laws of
the State of Delaware, without regard to the conflict of laws principles thereof.

 

(g) Subrogation.
In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of Indemnitee who shall execute all documents required and shall do all acts that may be necessary to
secure such rights and to enable the Company effectively to bring suit to enforce such rights.

 

(h) Amendment
and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is
in a writing signed by the parties to be bound thereby. Notice of same shall be provided to all parties hereto. No waiver of any
of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not
similar) nor shall such waiver constitute a continuing waiver.

 

(i) No Construction
as Employment Agreement. This Agreement is not an employment agreement between the Company and Indemnitee and nothing contained
in this Agreement shall be construed as giving Indemnitee any right to be retained or continue in the employ or service of any
Covered Entity.

 

[Remainder of Page Intentionally Left
Blank; Signature Page Follows]

 

    12

     

    

 

In
Witness Whereof, the parties hereto have executed this Agreement on and as of the day and year first above written.

 

	 	COMPANY
	 	 
	 	  	                   
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

	 	INDEMNITEE
	 	 
	 	 

 

 

13

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