Document:

Exhibit 4.2

 

Execution
Version

  

REGISTRATION
RIGHTS AGREEMENT

 

This
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of August 23, 2018 by and among Falcon Minerals
Corporation, a Delaware corporation (the “Company”), Royal Resources L.P., a Delaware limited partnership
(“Royal LP”), Noble Royalties Acquisition Co., LP, a Delaware limited partnership (“NRAC”),
Hooks Ranch Holdings LP, a Delaware limited partnership (“Hooks Holdings”), DGK ORRI Holdings, LP, a
Delaware limited partnership (“DGK”), DGK ORRI GP LLC, a Delaware limited liability company (“DGK
GP”), Hooks Holdings Company GP, LLC, a Delaware limited liability company (“Hooks GP”,
and together with NRAC ,Hooks Holdings, DGK and DGK GP the “Contributors” and each a “Contributor”).
Royal LP, each of the Contributors and any person or entity who hereafter becomes a party to this Agreement pursuant to Section
5.02 of this Agreement, is herein referred to as a “Holder” and collectively as the “Holders”.

 

RECITALS

 

WHEREAS,
this Agreement is made and entered into in connection with the closing of the transactions (the “Transactions”)
contemplated by that certain Contribution Agreement, dated as of June 3, 2018, by and among the Company, Royal LP, Royal
Resources GP L.L.C., a Delaware limited liability company, and the Contributors (the “Contribution Agreement”);

 

WHEREAS,
the Contribution Agreement provides that the Company will contribute cash to Falcon Minerals Operating Partnership, LP, a Delaware
limited partnership (the “Partnership”), in exchange for the issuance by the Partnership to the Company
of Common Units (as defined below) and warrants in the Partnership;

 

WHEREAS,
the Contribution Agreement further provides that the Contributors will contribute the Contributed Interests (as defined below)
to the Partnership, in exchange for the issuance by the Company and the Partnership of Common Units, cash and shares of Class
C common stock, of the Company, par value $0.0001 per share (the “Class C Common Stock”);

 

WHEREAS,
immediately prior to or simultaneous with the closing of the Transactions, the Company, the Partnership and the Contributors will
enter into that certain Amended and Restated Agreement of Limited Partnership of the Partnership (such agreement, as it may be
amended, restated, amended and restated, supplemented or otherwise modified form time to time, the “LP Agreement”);

 

WHEREAS,
in connection with the closing of the Transactions, the Partnership has provided the Contributors with a redemption right pursuant
to which the Contributors may be able, at the Company’s option, to redeem or exchange their Common Units for shares of Class
A Common Stock (as defined below) on the terms set forth in the LP Agreement; and

 

WHEREAS,
the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain
registration rights with respect to certain securities of the Company, as set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows:

  

     

     

    

 

Article
I.

DEFINITIONS

 

Section
1.01 Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective
meanings set forth below:

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the good faith
judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the
Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration
Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances
under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement
were not being filed, and (iii) the Company has a bona fide business purpose for not making such information public.

 

“Agreement”
shall have the meaning given in the Preamble.

 

“Blackout
Period” shall have the meaning given in Section 3.04(b).

 

“Business
Day” shall mean any day of the year on which national banking institutions in New York are open to the public for
conducting business and are not required or authorized to close.

 

“Class
A Common Stock” shall mean the Class A common stock, par value $0.0001 per share, of the Company.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Common
Units” shall mean common units representing limited partner interests in the Partnership.

 

“Company”
shall have the meaning given in the Preamble.

 

“Contributed
Interests” means, collectively, the VickiCristina Interests, the VickiCristina GP Interests, the DGK Interests,
the DGK GP Interests, the DLG Interests, the DLG GP Interests, the EF Interests, the EF GP Interests, the Marcellus Interests
and the Marcellus GP Interests.

 

“Contribution
Agreement” shall have the meaning given in the Recitals.

 

“Contribution
Closing Date” shall mean August 23, 2018, the date on which the Transactions closed.

  

    	 	-2-	 

     

    

 

“Demanding
Holder” and “Demanding Holders” shall have the meaning given in Section 2.02(a).

 

“DGK
Interests” shall mean 100% of the limited partnership interests of DGK held by DGK.

 

“DGK
GP Interests” shall mean 100% of the general partnership interests of DGK, held by DGK GP.

 

“DLG”
shall mean Noble EF DLG LP, a Texas limited partnership.

 

“DLG
GP Interests” shall mean 100% of the membership interests of Noble EF DLG GP LLC, a Texas limited liability company
and sole general partner of DLG, held by NRAC.

 

“DLG
Interests” shall mean 100% of the limited partnership interests of DLG held by NRAC.

 

“EF”
shall mean Noble EF LP, a Texas limited partnership.

 

“EF
Interests” shall mean 100% of the limited partnership interests of EF held by NRAC.

 

“EF
GP Interests” shall mean 100% of the membership interests of Noble EF DLG GP LLC, a Texas limited liability
company and sole general partner of EF.

 

“Effectiveness
Deadline” shall have the meaning given in Section 2.01.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form
S-3” shall have the meaning given in Section 2.04.

 

“Founder
Holders” shall mean the “Holders” as defined in the Founder Registration Rights Agreement of Founder
Registrable Securities.

 

“Founder
Registrable Securities” shall mean the “Registrable Securities” as defined in the Founder Registration
Rights Agreement

 

“Founder
Registration Rights Agreement” shall mean the Registration Rights Agreement dated as of July 20, 2017, by and among
the Company and the Sponsor.

 

“Holders”
shall have the meaning given in the Preamble.

 

“LP
Agreement” shall have the meaning given in the Recitals.

 

“Marcellus”
shall mean Noble Marcellus LP, a Delaware limited partnership

 

“Marcellus
Interests” shall mean 100% of the Class A limited partnership interests of Marcellus held by NRAC.

  

    	 	-3-	 

     

    

 

“Marcellus
GP Interests” shall mean 100% of the membership interests of Noble Marcellus GP, LLC, a Delaware limited liability
company and sole general partner of Marcellus, held by NRAC.

 

“Maximum
Number of Securities” shall have the meaning given in Section 2.02(b).

 

“Minimum
Amount” shall have the meaning given in Section 2.02(a).

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances
under which they were made not misleading.

 

“Partnership”
shall have the meaning given in the Recitals.

 

“Piggyback
Registration” shall have the meaning given in Section 2.03.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as
amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Security” shall mean (a) any shares of Class A Common Stock issued by the Company in a Share Settlement (as
defined in the LP Agreement) in connection with (x) the redemption by the Partnership of Common Units owned by any Holder
or (y) at the election of the Company, a direct exchange for Common Units owned by any Holder, in each case in accordance
with the terms of the LP Agreement, and (b) any other equity security of the Company issued or issuable with respect to any
such share of Class A Common Stock by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization,
merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Security, such
securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates
for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent
public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall
have ceased to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 promulgated under
the Securities Act (or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions
or limitations); or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution
or other public securities transaction.

 

“Registration”
shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the
requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement
becoming effective.

  

    	 	-4-	 

     

    

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

		(A)	all
                                         registration and filing fees (including fees with respect to filings required to be made
                                         with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on
                                         which the Class A Common Stock is then listed;

 

		(B)	fees
                                         and expenses of compliance with securities or blue sky laws (including reasonable fees
                                         and disbursements of counsel for the Underwriters in connection with blue sky qualifications
                                         of Registrable Securities);

 

		(C)	printing,
                                         messenger, telephone and delivery expenses;

 

		(D)	reasonable
                                         fees and disbursements of counsel for the Company;

 

		(E)	reasonable
                                         fees and disbursements of all independent registered public accountants of the Company
                                         incurred specifically in connection with such Registration (including the expenses of
                                         any special audit and “comfort letters” required by or incident to such performance);
                                         and

 

		(F)	reasonable
                                         fees and expenses of one (1) legal counsel selected by the Demanding Holders in connection
                                         with an Underwritten Offering.

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions
of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Sponsor”
shall have the meaning given in Section 5.06.

 

“Suspension
Period” shall have the meaning given in Section 3.04(a).

 

“Transactions”
shall have the meaning given in the Recitals.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part
of such dealer’s market-making activities.

 

“Underwritten
Offering” shall mean an offering in which securities of the Company are sold to an Underwriter in a firm commitment
underwriting for distribution to the public.

 

“VickiCristina”
shall mean VickiCristina, L.P., a Delaware limited partnership.

 

“VickiCristina
GP Interests” shall mean the 100% of the general partnership interests of VickiCristina, held by Hooks GP.

 

“VickiCristina
Interests” shall mean 100% of the limited partnership interests of VickiCristina, L.P., a Delaware limited partnership,
held by Hooks Holdings.

  

    	 	-5-	 

     

    

 

Article
II.

REGISTRATIONS

 

Section
2.01 Registration Statement. The Company shall, as soon as practicable after the Contribution Closing Date, but in any event
within thirty (30) days after the Contribution Closing Date, file a Registration Statement under the Securities Act to permit
the public resale of all the Registrable Securities held by the Holders from time to time as permitted by Rule 415 under the Securities
Act (or any successor or similar provision adopted by the Commission then in effect) on the terms and conditions specified in
this Section 2.01 and shall use its commercially reasonable efforts to cause such Registration Statement to be declared
effective as soon as practicable after the filing thereof, but in any event no later than the earlier of (i) sixty (60) days
(or ninety (90) days if the Commission notifies the Company that it will “review” the Registration Statement) after
the Contribution Closing Date and (ii) the tenth (10th) Business Day after the date the Company is notified (orally or in
writing, whichever is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not
be subject to further review (such earlier date, the “Effectiveness Deadline”). The Registration Statement
filed with the Commission pursuant to this Section 2.01 shall be 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 any Holder to sell such Registrable Securities pursuant to Rule 415 under
the Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the
effective date for such Registration Statement. A Registration Statement filed pursuant to this Section 2.01 shall provide
for the resale pursuant to any method or combination of methods legally available to, and requested by, the Holders. The Company
shall use its reasonable best efforts to cause a Registration Statement filed pursuant to this Section 2.01 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 Holders
until all such Registrable Securities have ceased to be Registrable Securities. As soon as practicable following the effective
date of a Registration Statement filed pursuant to this Section 2.01, but in any event within three (3) Business Days of
such date, the Company shall notify the Holders of the effectiveness of such Registration Statement. When effective, a Registration
Statement filed pursuant to this Section 2.01 (including any 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
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading (in the case of any Prospectus contained in such Registration Statement, in the light of the
circumstances under which such statement is made).

  

    	 	-6-	 

     

    

 

Section
2.02 Underwritten Offering.

 

(a)
In the event that the Holders elect to dispose of Registrable Securities under a Registration Statement pursuant to an Underwritten
Offering of all or part of such Registrable Securities that are registered by such Registration Statement and reasonably expect
aggregate gross proceeds in excess of $30,000,000 (the “Minimum Amount”) from such Underwritten Offering,
then the Company shall, upon the written demand of the Holders, as the case may be (any such Holder, a “Demanding
Holder” and, collectively, the “Demanding Holders”), enter into an underwriting agreement
in a form as is customary in Underwritten Offerings of equity securities with the managing Underwriter or Underwriters selected
by the majority-in-interest of the Demanding Holders in consultation with the Company, and shall take all such other reasonable
actions as are requested by the managing Underwriter or Underwriters in order to expedite or facilitate the disposition of such
Registrable Securities. In addition, the Company shall give prompt written notice to each other Holder regarding such proposed
Underwritten Offering, and such notice shall offer such Holders the opportunity to include in the Underwritten Offering such number
of Registrable Securities as each such Holder may request. Each such Holder shall make such request in writing to the Company
within five (5) business days after the receipt of any such notice from the Company, which request shall specify the number of
Registrable Securities intended to be disposed of by such Holder. In connection with any Underwritten Offering contemplated by
this Section 2.02, the underwriting agreement into which each Demanding Holder and the Company shall enter shall contain
such representations, covenants, indemnities (subject to Article IV) and other rights and obligations as are customary
in underwritten offerings of equity securities. No Demanding Holder shall be required to make any representations or warranties
to or agreements with the Company or the Underwriters other than representations, warranties or agreements regarding such Demanding
Holder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the securities being registered
on its behalf, its intended method of distribution and any other representation required by law.

 

(b)
If the managing Underwriter or Underwriters in an Underwritten Offering, in good faith, advises the Company and the Demanding
Holders that the dollar amount or number of Registrable Securities that the Demanding Holders desire to sell, taken together with
all other shares of Class A Common Stock or other equity securities that the Company or any other Holder desires to sell and the
shares of Class A Common Stock, if any, as to which a Registration has been requested pursuant to separate written contractual
piggy-back registration rights held by any other stockholders who desire to sell, exceeds the maximum dollar amount or maximum
number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price,
the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number
of such securities, as applicable, the “Maximum Number of Securities”), then the Company shall include
in such Underwritten Offering, as follows:

 

(i)
first, the Registrable Securities of the Demanding Holders pro rata based on the respective number of Registrable Securities
that each Demanding Holder has requested be included in such Underwritten Offering and the aggregate number of Registrable Securities
that the Demanding Holders have requested be included in such Underwritten Offering that can be sold without exceeding the Maximum
Number of Securities;

 

(ii)
second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i),
shares of Class A Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding
the Maximum Number of Securities; and

  

    	 	-7-	 

     

    

 

(iii)
third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i) and
clause (ii), shares of Class A Common Stock or other equity securities of (x) other Holders who have elected to participate
in the Underwritten Offering pursuant to Section 2.02(a) or (y) persons or entities that the Company is obligated
to register in a Registration pursuant to separate written contractual arrangements with such persons, pro rata, which can be
sold without exceeding the Maximum Number of Securities.

 

(c)
A Demanding Holder shall have the right to withdraw all or any portion of its Registrable Securities included in an Underwritten
Offering pursuant to this Section 2.02 for any or no reason whatsoever upon written notification to the Company and the
Underwriter or Underwriters of its intention to withdraw from such Underwritten Offering prior to the pricing of such Underwritten
Offering and such withdrawn amount shall no longer be considered an Underwritten Offering; provided, however, that
upon the withdrawal of an amount of Registrable Securities that results in the remaining amount of Registrable Securities included
by the Holders, as the case may be, in such Underwritten Offering being less than the Minimum Amount, the Company shall cease
all efforts to complete the Underwritten Offering. Notwithstanding anything to the contrary in this Agreement, the Company shall
be responsible for the Registration Expenses incurred in connection with an Underwritten Offering prior to its withdrawal under
this Section 2.02(c).

 

Section
2.03 Piggyback Registration.

 

(a)
If at any time the Company proposes to file a Registration Statement under the Securities Act with respect to an Underwritten
Offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity
securities, for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders of
the Company including, without limitation, pursuant to Section 2.02 hereof) on a form that would permit registration of
Registrable Securities, other than a Registration Statement (i) filed in connection with any employee stock option or other
benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing stockholders, (iii) for
an offering of debt that is convertible into equity securities of the Company, (iv) for a dividend reinvestment plan or (v) on
Form S-4, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as
soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement , which
notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution,
and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the
Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders
may request in writing within five (5) days after receipt of such written notice (in the case of an “overnight” or
“bought” offering, such requests must be made by the Holders within one (1) Business Day after the delivery of any
such notice by the Company) (such Registration a “Piggyback Registration”); provided, however,
that if the Company has been advised by the managing Underwriter(s) that the inclusion of Registrable Securities for sale for
the benefit of the Holders will have an adverse effect on the price, timing or distribution of the Class A Common Stock in the
Underwritten Offering, then (A) if no Registrable Securities can be included in the Underwritten Offering in the opinion
of the managing Underwriter(s), the Company shall not be required to offer such opportunity to the Holders or (B) if any
Registrable Securities can be included in the Underwritten Offering in the opinion of the managing Underwriter(s), then the amount
of Registrable Securities to be offered for the accounts of Holders shall be determined based on the provisions of Section
2.03(b). Subject to Section 2.03(b), the Company shall, in good faith, cause such Registrable Securities to be included
in such Piggyback Registration and shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters
of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this Section
2.03 to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company
included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the
intended method(s) of distribution thereof. If no written request for inclusion from a Holder is received within the specified
time, each such Holder shall have no further right to participate in such Underwritten Offering. All such Holders proposing to
distribute their Registrable Securities through an Underwritten Offering under this Section 2.03 shall enter into an underwriting
agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

  

    	 	-8-	 

     

    

 

(b)
If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration, in good faith,
advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration that the dollar amount
or number of shares of Class A Common Stock that the Company desires to sell, taken together with (i) the shares of Class
A Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with
persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which
registration has been requested pursuant to Sections 2.02 and 2.03, and (iii) the shares of Class A Common
Stock, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights
of other stockholders of the Company, exceeds the Maximum Number of Securities, then:

 

(i)
If the Registration is undertaken for the Company’s account, the Company shall include in any such Registration (A) first,
shares of Class A Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding
the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clause (A), pro rata to (1) the Registrable Securities of Holders exercising their rights to register their
Registrable Securities pursuant to Sections 2.02 and 2.03 hereof, and (2) the Founder Registrable Securities
of Founder Holders exercising their rights to register their Founder Registrable Securities pursuant to the Founder Registration
Rights Agreement, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), shares of Class A Common
Stock, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other
stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;

  

    	 	-9-	 

     

    

 

(ii)
If the Registration is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the
Company shall include in any such Registration (A) first, shares of Class A Common Stock or other equity securities,
if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding
the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached
under the foregoing clause (A), pro rata to (1) the Registrable Securities of Holders exercising their rights to register their
Registrable Securities pursuant to Sections 2.02 and 2.03 hereof, and (2) the Founder Registrable Securities of
Founder Holders exercising their rights to register their Founder Registrable Securities pursuant to the Founder Registration
Rights Agreement, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), shares of Class A Common Stock
or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities;
and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses
(A), (B) and (C), shares of Class A Common Stock or other equity securities for the account of other persons or entities
that the Company is obligated to register pursuant to separate written contractual arrangements with such persons or entities,
which can be sold without exceeding the Maximum Number of Securities.

 

(c)
Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever
upon written notification to the Company and the Underwriter or Underwriters (if any) of its intention to withdraw from such Piggyback
Registration prior to the pricing of such Underwritten Offering. The Company (whether on its own good faith determination or as
the result of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration
Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such
Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this Section 2.03.

 

(d)
For purposes of clarity, any Registration effected pursuant to Section 2.03 hereof shall not be counted as a Registration
effected under Section 2.02 hereof.

  

    	 	-10-	 

     

    

 

Section
2.04 Registrations on Form S-3. The Holders of Registrable Securities may at any time, and from time to time, request
in writing that the Company, pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the
Commission), register the resale of any or all of their Registrable Securities on Form S-3 or similar short form registration
statement that may be available at such time (“Form S-3”); provided, however, that
the Company shall not be obligated to effect such request through an Underwritten Offering. Within five (5) days of the Company’s
receipt of a written request from a Holder or Holders of Registrable Securities for a Registration on Form S-3, the Company shall
promptly give written notice of the proposed Registration on Form S-3 to all other Holders of Registrable Securities, and each
Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities
in such Registration on Form S-3 shall so notify the Company, in writing, within ten (10) days after the receipt by the Holder
of the notice from the Company. As soon as practicable thereafter, but not more than twelve (12) days after the Company’s
initial receipt of such written request for a Registration on Form S-3, the Company shall register all or such portion of such
Holder’s Registrable Securities as are specified in such written request, together with all or such portion of Registrable
Securities of any other Holder or Holders joining in such request as are specified in the written notification given by such Holder
or Holders; provided, however, that the Company shall not be obligated to effect any such Registration pursuant
to Section 2.3 hereof if (i) a Form S-3 is not available for such offering; or (ii) the Holders of Registrable Securities,
together with the Holders of any other equity securities of the Company entitled to inclusion in such Registration, propose to
sell the Registrable Securities and such other equity securities (if any) at any aggregate price to the public of less than $30,000,000.

 

Article
III.

COMPANY PROCEDURES

 

Section
3.01 General Procedures. The Company shall use its commercially reasonable efforts to effect the Registration of Registrable
Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as expeditiously
as practicable:

 

(a)
subject to Section 2.01, prepare and file with the Commission a Registration Statement with respect to such Registrable
Securities and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective
pursuant to the terms of this Agreement until all of such Registrable Shares have been disposed of (if earlier);

 

(b)
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be required by the rules, regulations or instructions applicable to the registration form used by the
Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all of
such Registrable Shares have been disposed of (if earlier) in accordance with the intended plan of distribution set forth in such
Registration Statement or supplement to the Prospectus;

 

(c)
prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the
Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and to one legal counsel selected
by the Holders, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration
Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included
in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders
of Registrable Securities included in such Registration or the legal counsel selected by such Holders may request in order to
facilitate the disposition of the Registrable Securities owned by such Holders;

  

    	 	-11-	 

     

    

 

(d)
prior to any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify
the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such
jurisdictions in the United States as the Holders of Registrable Securities included in such Registration Statement (in light
of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities
covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary
by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable
to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such
Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify
generally to do business or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify
or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is
not then otherwise so subject;

 

(e)
use its commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange or automated
quotation system on which similar securities issued by the Company are then listed;

 

(f)
provide a transfer agent and registrar for all such Registrable Securities no later than the effective date of such Registration
Statement;

 

(g)
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the
issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or
threatening of any proceeding for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of
any stop order or to obtain its withdrawal if such stop order should be issued;

 

(h)
at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such
Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement
or Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel;

 

(i)
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the
Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as
then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.04 hereof;

  

    	 	-12-	 

     

    

 

(j)
permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter
to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney
or accountant in connection with the Registration; provided, however, that such representatives or Underwriters
enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or
disclosure of any such information;

 

(k)
obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of
an Underwritten Offering, in customary form and covering such matters of the type customarily covered by “cold comfort”
letters as the managing Underwriter may reasonably request;

 

(l)
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated as of such
date, of counsel representing the Company for the purposes of such Registration, addressed to the placement agent or sales agent,
if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion
is being given as are customarily included in such opinions and negative assurance letters;

 

(m)
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, on terms agreed
to by the Company with the managing Underwriter of such offering;

 

(n)
make available to its security holders, as soon as reasonably practicable, an earnings statement (which need not be audited) covering
the period of at least twelve (12) months beginning with the first day of the Company’s first full calendar quarter after
the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule
158 thereunder (or any successor rule promulgated thereafter by the Commission);

 

(o)
if any Underwritten Offering involves the disposition of Registrable Securities involving gross proceeds in excess of the Minimum
Amount, use its reasonable efforts to make available senior executives of the Company to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in such Underwritten Offering; and

 

(p)
otherwise, in good faith, take such customary actions necessary to effect the registration of such Registrable Shares contemplated
hereby.

 

Section
3.02 Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged
by the Holders and the Company that the Holders shall bear all incremental selling expenses relating to the sale of Registrable
Securities, such as Underwriters’ commissions and discounts, brokerage fees and, other than as set forth in the definition
of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

Section
3.03 Requirements for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for
equity securities of the Company hereunder unless such person (i) agrees to sell such person’s securities on the basis
provided in the underwriting agreement for such Underwritten Offering and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably
required under the terms of such underwriting agreement.

  

    	 	-13-	 

     

    

 

Section
3.04 Suspension of Sales; Adverse Disclosure.

 

(a)
Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the
Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended
Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement
or amendment as soon as practicable after the time of such notice), or until it is advised in writing by the Company that the
use of the Prospectus may be resumed (any such period, a “Suspension Period”).

 

(b)
If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration (including in
connection with an Underwritten Offering) at any time would require the Company to make an Adverse Disclosure or would require
the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the
Company’s control, then the Company may, upon giving prompt written notice to the Holders, delay the filing or initial effectiveness
of, or suspend use of, such Registration Statement (including in connection with an Underwritten Offering) for the shortest period
of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose
(any such period, a “Blackout Period”). In the event the Company exercises its rights under the preceding
sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus
relating to any Registration in connection with any sale or offer to sell Registrable Securities.

 

(c)
The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this
Section 3.04. Notwithstanding anything to the contrary in this Section 3.04, in no event shall any Suspension Period
or any Blackout Period continue for more than ninety (90) days in the aggregate during any 365-day period.

 

Section
3.05 Reporting Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall
be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within
the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a)
or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings (the delivery
of which will be satisfied by the Company’s filing of such reports on the Commission’s EDGAR system). The Company
further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from
time to time to enable such Holder to sell shares of Class A Common Stock held by such Holder without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated
thereafter by the Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver
to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

  

    	 	-14-	 

     

    

 

Article
IV.

INDEMNIFICATION AND CONTRIBUTION

 

Section
4.01 Indemnification.

 

(a)
The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors
and each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities
and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in
any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly
for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such
Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification
of the Holder.

 

(b)
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall
furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with
any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors
and officers and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses,
claims, damages, liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue
statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof
or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so
furnished in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify
shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of
Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable
Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their
officers, directors and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent
as provided in the foregoing with respect to indemnification of the Company.

  

    	 	-15-	 

     

    

 

(c)
Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim
with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s
right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) 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, 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 shall not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees
and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless
in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other
of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party,
consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money
(and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include
as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

 

(d)
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive
the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to
make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s
or such Holder’s indemnification is unavailable for any reason.

 

(e)
If the indemnification provided under this Section 4.01 from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The
relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether
any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the
indemnifying party’s and indemnified party’s relative intent, knowledge, access to information and opportunity to
correct or prevent such action; provided, however, that the liability of any Holder under this Section 4.01(e)
shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability.
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include,
subject to the limitations set forth in Section 4.01(a), Section 4.01(b) and Section 4.01(c) above, any legal
or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties
hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.01(e) were determined by
pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred
to in this Section 4.01(e). No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution pursuant to this Section 4.01(e) from any person who was not guilty
of such fraudulent misrepresentation.

  

    	 	-16-	 

     

    

 

Article
V.

MISCELLANEOUS

 

Section
5.01 Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United
States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested,
(ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery,
electronic mail, telecopy, or telegram. Each notice or communication that is mailed, delivered, or transmitted in the manner described
above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third Business Day
following the date on which it is mailed, in the case of notices delivered by courier service, telegram and hand delivery, at
such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) and in the case of electronic
mail and telecopy, when sent. Any notice or communication under this Agreement must be addressed, if to the Company, to: Jeffrey
Brotman, 1845 Walnut Street, 10th Floor, Philadelphia, PA 19103, and, if to any Holder, at such Holder’s address as set
forth on the signature pages hereto. Any party may change its address for notice at any time and from time to time by written
notice to the other parties hereto, and such change of address shall become effective upon receipt of such notice as provided
in this Section 5.01.

 

Section
5.02 Assignment; No Third Party Beneficiaries.

 

(a)
This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company
in whole or in part.

 

(b)
This Agreement and the rights, duties and obligations of the Holders of Registrable Securities hereunder may be freely assigned
or delegated by such Holder of Registrable Securities in conjunction with and to the extent of any transfer of Registrable Securities
by any such Holder.

 

(c)
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holders.

 

(d)
This Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set
forth in this Agreement and this Section 5.02.

 

(e)
No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section
5.01 and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by
the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement).
Any transfer or assignment made other than as provided in this Section 5.02 shall be null and void.

 

Section
5.03 Counterparts. This Agreement may be executed in multiple counterparts (including electronic PDF counterparts), each of
which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need
be produced.

  

    	 	-17-	 

     

    

 

Section
5.04 Governing Law. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES
EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF DELAWARE AS APPLIED TO AGREEMENTS
AMONG DELAWARE RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN DELAWARE, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS
OF SUCH JURISDICTION.

 

Section
5.05 Amendments and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest
of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth
in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; provided,
however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely
in its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other
Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the
Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or
remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial
exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other
rights or remedies hereunder or thereunder by such party.

 

Section
5.06 Other Registration Rights. The Company represents and warrants that no person, other than (i) a Holder of Registrable
Securities and (ii) Osprey Sponsor, LLC, a Delaware limited liability company (the “Sponsor”) which
has registration rights pursuant to the Founders Registration Rights Agreement, has any right to require the Company to register
any securities of the Company for sale or to include such securities of the Company in any Registration filed by the Company for
the sale of securities for its own account or for the account of any other person. Further, the Company represents and warrants
that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions among the
parties and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement
shall prevail.

 

Section
5.07 Term. This Agreement shall terminate upon the date as of which no Holders (or permitted assignees under Section 5.02)
hold any Registrable Securities. The provisions of Section 3.05 and Article IV shall survive any termination.

 

[SIGNATURE
PAGES FOLLOW]

  

    	 	-18-	 

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	FALCON MINERALS CORPORATION
	 	 
	 	By:	/s/
    Jonathan Z. Cohen
	 	 	Name: 	Jonathan Z. Cohen
	 	 	Title:	Chief Executive Officer
	 	 
	 	HOLDERS:
	 	 
	 	ROYAL RESOURCES L.P.
	 	 
	 	By: Royal Resources GP L.L.C., its general
    partner
	 	 
	 	By:	/s/ Angelo
    Acconcia
	 	 	Name: 	Angelo G. Acconcia
	 	 	Title:	Chief Financial Officer and Treasurer

 

	 	Address:	345 Park Avenue
	 	 	New York,
    New York 10154
	 	 	Attn: Angelo
    Acconcia, Adam Jenkins

 

	 	NOBLE ROYALTIES ACQUISITION CO., L.P.
	 	 
	 	By: Noble Royalties Acquisition Co. GP, LLC,
	 	its general partner
	 	 
	 	By:	/s/ Angelo
    Acconcia
	 	 	Name: 	Angelo Acconcia
	 	 	Title:	Chief Financial Officer and Treasurer
	 	 

	 	Address:	345 Park Avenue
	 	 	New York, New York 10154
	 	 	Attn: Angelo Acconcia, Adam Jenkins

 

[Signature
Page to Registration Rights Agreement]

 

     

     

    

 

	 	HOOKS RANCH HOLDINGS LP
	 	 
	 	By: Hooks Holding Company GP, LLC,
	 	its general partner
	 	 
	 	By: Royal Resources L.P.,
	 	its sole member
	 	 
	 	By: Royal Resources GP L.L.C.,
	 	its general partner
	 	 
	 	By:	/s/ Angelo
    Acconcia
	 	 	Name: 	Angelo Acconcia
	 	 	Title:	Chief Financial Officer and Treasurer

 

	 	Address:	345 Park Avenue
	 	 	New York, New York 10154
	 	 	Attn: Angelo Acconcia, Adam Jenkins

 

	 	HOOKS HOLDING COMPANY GP, LLC
	 	 
	 	By: Royal Resources L.P.,
	 	its sole member
	 	 
	 	By: Royal Resources GP L.L.C.,
	 	its general partner
	 	 
	 	By:	/s/ Angelo
    Acconcia
	 	 	Name: 	Angelo Acconcia
	 	 	Title:	Chief Financial Officer and Treasurer
	 	 

	 	Address:	345 Park Avenue
	 	 	New York, New York 10154
	 	 	Attn: Angelo Acconcia, Adam Jenkins

 

	 	DGK ORRI HOLDINGS, LP
	 	 
	 	By: DGK ORRI GP LLC,
	 	its general partner
	 	 
	 	By Royal Resources GP L.L.C.
	 	its sole member
	 	 
	 	By:	/s/ Angelo
    Acconcia
	 	 	Name: 	Angelo Acconcia
	 	 	Title:	Chief Financial Officer and Treasurer
	 	 

	 	Address:	345 Park Avenue
	 	 	New York, New York 10154
	 	 	Attn: Angelo Acconcia, Adam Jenkins

 

[Signature
Page to Registration Rights Agreement]

 

     

     

    

 

	 	DGK ORRI GP LLC
	 	 
	 	By: Royal Resources GP L.L.C.,
	 	its sole member
	 	 
	 	By:	/s/ Angelo
    Acconcia
	 	 	Name: 	Angelo Acconcia
	 	 	Title:	Chief Financial Officer and Treasurer

 

	 	Address:	345
    Park Avenue
	 	 	New York,
    New York 10154
	 	 	Attn: Angelo
    Acconcia, Adam Jenkins

 

[Signature
Page to Registration Rights Agreement]Exhibit 10.1

 

FALCON MINERALS CORPORATION

 

 

 

2018 LONG-TERM INCENTIVE PLAN

 

 

 

Article I

PURPOSE

 

The purpose of this
Falcon Minerals Corporation 2018 Long-Term Incentive Plan is to enhance the profitability and value of the Company for the benefit
of its stockholders by enabling the Company to offer Participants cash and stock-based incentives in order to attract, retain and
reward such individuals and strengthen the mutuality of interests between such individuals and the Company’s stockholders.
The Plan is effective as of the date set forth in Article XVI.

 

Article II

DEFINITIONS

 

For purposes of the
Plan, the following terms shall have the following meanings:

 

2.1 “Affiliate”
means each of the following: (a) any Subsidiary; (b) any Parent; (c) any corporation, trade or business (including,
without limitation, a partnership or limited liability company) which is directly or indirectly controlled 50% or more (whether
by ownership of stock, assets or an equivalent ownership interest or voting interest) by the Company or one of its Affiliates;
(d) any trade or business (including, without limitation, a partnership or limited liability company) which directly or indirectly
controls 50% or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest) of the Company;
and (e) any other entity in which the Company or any of its Affiliates has a material equity interest and which is designated
as an “Affiliate” by resolution of the Committee; provided that, unless otherwise determined by the Committee,
the Common Stock subject to any Award constitutes “service recipient stock” for purposes of Section 409A of the
Code or otherwise does not subject the Award to Section 409A of the Code.

 

2.2 “Annual
Incentive Award” means a conditional right granted to a Participant under Section 11.5 hereof to receive
a cash payment, Common Stock, or other Award.

 

2.3
“Award” means any award under the Plan of any Stock Option, Stock Appreciation Right, Restricted Stock,
Restricted Stock Unit, Bonus Stock, Dividend Equivalent, Performance Award, Other Stock-Based Award or Annual Incentive Award.
All Awards shall be granted by, confirmed by, and subject to the terms of, a written agreement executed by the Company and the
Participant.

 

2.4 “Award
Agreement” means the written or electronic agreement setting forth the terms and conditions of an Award.

 

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

 

     

     

    

 

2.6 “Bonus
Stock” means Common Stock granted as a bonus pursuant to Section 11.4 hereof.

 

2.7 “Cause”
means with respect to any Participant, in the absence of an employment or other service agreement between a Participant and the
Company or its Affiliates (including Falcon Minerals Operating Partnership, LP) otherwise defining Cause, (a) the continued
failure to substantially perform such Participant’s Duties, which continues beyond ten (10) days after a written demand for
substantial performance is delivered to such Participant by the Company or its Affiliates; (b) any damage of a material nature
to the business or property of any member of the Company or its Affiliates caused by such Participant’s willful or grossly
negligent conduct; (c) deliberate misconduct that is reasonably likely to be materially damaging to the Company or its Affiliates;
(d) the conviction of, or the plea of guilty or nolo contendere or the equivalent in respect to, any felony or a misdemeanor
involving an act of dishonesty, moral turpitude, deceit or fraud by such Participant; or (e) a material breach of any non-competition,
non-solicitation, confidentiality, non-disparagement or other restrictive covenant provisions relating to the Company or its Affiliates
by which such Participant may be bound, including, without limitation, any such covenants contained in any Award Agreement, which
breach is not cured (if capable of cure) within ten (10) days following notice of such breach provided by the Company to such Participant.
In the event that there is an employment or other service agreement between such Participant and the Company or its Affiliates
defining Cause, “Cause” shall have the meaning provided in such agreement, and a Termination by the Company or its
Affiliates for Cause hereunder shall not be deemed to have occurred unless all applicable notice and cure periods in such agreement
are complied with. With respect to a Participant’s Termination of Directorship, “cause” means an act or failure
to act that constitutes cause for removal of a director under applicable Delaware law.

 

2.8 “Change
in Control” has the meaning set forth in Section 12.2.

 

2.9 “Change
in Control Price” has the meaning set forth in Section 12.1.

 

2.10 “Code”
means the Internal Revenue Code of 1986, as amended. Any reference to any section of the Code shall also be a reference to
any successor provision and any treasury regulation promulgated thereunder.

 

2.11 “Committee”
means any committee of the Board duly authorized by the Board to administer the Plan. If no committee is duly authorized by the
Board to administer the Plan, the term “Committee” shall be deemed to refer to the Board for all purposes under the
Plan.

 

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

 

2.13 “Company”
means Falcon Minerals Corporation, a Delaware corporation, and its successors by operation of law.

 

2.14 “Consultant”
means any Person who is an advisor or consultant to the Company or its Affiliates.

 

    	 	2	 

     

    

 

2.15 “Disability”
means, with respect to any Participant, in the absence of an employment or other service agreement between a Participant and the
Company or its Affiliates (including Falcon Minerals Operating Partnership, LP) otherwise defining Disability or terms of similar
import such as “permanent disability,” or as otherwise determined by the Committee in the applicable Award Agreement,
with respect to a Participant’s Termination, a permanent and total disability as defined in Section 22(e)(3) of the
Code. A Disability shall only be deemed to occur at the time of the determination by the Committee of the Disability. Notwithstanding
the foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled
under Section 409A(a)(2)(C)(i) or (ii) of the Code. In the event that there is an employment or other service agreement between
such Participant and the Company or its Affiliates defining Disability or terms of similar import such as “permanent disability,”
“Disability” shall have the meaning provided in such agreement.

 

2.16 “Dividend
Equivalent” means a right, granted to a Participant under Section 11.4 hereof, to receive cash,
Common Stock, other Awards or other property equal in value to dividends paid with respect to a specified number of shares of Common
Stock, or other periodic payments.

 

2.17 “Duties”
means the duties, responsibilities and obligations of a Participant in connection with such Participant’s employment or service
with the Company or its Affiliates.

 

2.18 “Effective
Date” means the effective date of the Plan as defined in Article XVI.

 

2.19 “Eligible
Employees” means each employee of the Company or an Affiliate.

 

2.20 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. Reference to a specific section of the Exchange Act or
regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section,
and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.

 

2.21 “Fair
Market Value” means, for purposes of the Plan, unless otherwise required by any applicable provision of the Code
or any regulations issued thereunder, as of any date and except as provided below, (a) the last sales price reported for the
Common Stock on the applicable date as reported on the principal national securities exchange in the United States on which it
is then traded or (b) if the Common Stock is not traded, listed or otherwise reported or quoted, the Committee shall determine
in good faith the Fair Market Value in whatever manner it considers appropriate taking into account the requirements of Section 409A
of the Code. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to the date
on which the Award is granted. For purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise
is received by the Committee or, if not a day on which the applicable market is open, the next day that it is open.

 

2.22 “Family
Member” means “family member” as defined in Section A.1(a)(5) of the general instructions of Form S-8.

 

2.23 “Incentive
Stock Option” means any Stock Option awarded to an Eligible Employee of the Company, its Subsidiaries and its Parents
(if any) under the Plan intended to be and designated as an “Incentive Stock Option” within the meaning of Section 422
of the Code.

 

    	 	3	 

     

    

 

2.24 “Initial
Investors” means Blackstone Management Partners, L.L.C., a Delaware limited liability company, and its Affiliates.

 

2.25 “Lock-Up
Period” has the meaning set forth in Section 15.19.

 

2.26 “Non-Employee
Director” means a director or a member of the Board of the Company or any Affiliate who is not an active employee
of the Company or any Affiliate.

 

2.27 “Non-Qualified
Stock Option” means any Stock Option awarded under the Plan that is not an Incentive Stock Option.

 

2.28 “Other
Stock-Based Award” means an Award under Article XI of the Plan that is valued in whole or in part by
reference to, or is payable in or otherwise based on, Common Stock, including, without limitation, an Award valued by reference
to an Affiliate.

 

2.29 “Parent”
means any parent corporation of the Company within the meaning of Section 424(e) of the Code.

 

2.30 “Participant”
means an Eligible Employee, Non-Employee Director or Consultant to whom an Award has been granted pursuant to the Plan.

 

2.31 “Performance
Award” means an Award granted to a Participant pursuant to Article X hereof contingent upon achieving
certain Performance Goals.

 

2.32 “Performance
Goals” means goals established by the Committee as contingencies for Awards to vest and/or become exercisable or
distributable.

 

2.33 “Performance
Period” means the designated period during which the Performance Goals must be satisfied with respect to the Award
to which the Performance Goals relate.

  

2.34 “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 and a government or any branch, department, agency, political subdivision or official
thereof.

 

2.35 “Plan”
means this Falcon Minerals Corporation 2018 Long-Term Incentive Plan, as amended from time to time.

 

2.36 “Proceeding”
has the meaning set forth in Section 15.8.

 

2.37 “Reorganization”
has the meaning set forth in Section 4.2(b)(ii).

 

2.38 “Restricted
Stock” means an Award of shares of Common Stock under the Plan that is subject to restrictions under Article VIII.

 

2.39 “Restricted
Stock Unit” means a right, granted to a Participant under Article IX hereof, to receive Common Stock,
cash or a combination thereof at the end of a specified period (which may or may not be coterminous with the vesting schedule of
the Award).

 

    	 	4	 

     

    

 

2.40 “Restriction
Period” has the meaning set forth in Section 8.3(a) with respect to Restricted Stock.

 

2.41 “Rule 16b-3”
means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision.

 

2.42 “Section 409A
of the Code” means Section 409A of the Code and any applicable treasury regulations and other official guidance
thereunder.

 

2.43 “Securities
Act” means the Securities Act of 1933, as amended and all rules and regulations promulgated thereunder. Reference
to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation
or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending,
supplementing or superseding such section or regulation.

 

2.44 “Stock
Appreciation Right” means the right pursuant to an Award granted under Article VII to receive an amount
in cash and/or stock equal to the difference between (a) the Fair Market Value of a share of Common Stock on the date such
right is exercised, and (b) the per share exercise price of such right.

 

2.45 “Stock
Option” or “Option” means any option to purchase shares of Common Stock granted to Participants
granted pursuant to Article VI.

 

2.46 “Subsidiary”
means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code.

 

2.47 “Substitute
Award” means an Award granted under the Plan in substitution for awards held by individuals who become eligible to
receive an Award under the Plan as a result of a merger, consolidation, or acquisition of another entity (or the assets of another
entity) by the Company or its Affiliates.

 

2.48 “Ten
Percent Stockholder” means a Person owning stock possessing more than ten percent (10%) of the total combined voting
power of all classes of stock of the Company, its Subsidiaries or its Parent.

 

2.49 “Termination”
means a Termination of Consultancy, Termination of Directorship or Termination of Employment, as applicable.

 

2.50 “Termination
of Consultancy” means: (a) that the Consultant is no longer acting as a consultant to the Company or an Affiliate
(including Falcon Minerals Operating Partnership, LP); or (b) when an entity that is retaining a Participant as a Consultant
ceases to be an Affiliate, unless the Participant otherwise is, or thereupon becomes, a Consultant to the Company or another Affiliate
at the time the entity ceases to be an Affiliate. In the event that a Consultant becomes an Eligible Employee or a Non-Employee
Director upon the termination of such Consultant’s consultancy, unless otherwise determined by the Committee, in its sole
discretion, no Termination of Consultancy shall be deemed to occur until such time as such Consultant is no longer a Consultant,
an Eligible Employee or a Non-Employee Director. Notwithstanding the foregoing, the Committee may otherwise define Termination
of Consultancy in the Award Agreement or, if no rights of a Participant are reduced, may otherwise define Termination of Consultancy
thereafter; provided that any such change to the definition of the term “Termination of Consultancy” does not
subject the applicable Award to Section 409A of the Code.

 

    	 	5	 

     

    

 

2.51 “Termination
of Directorship” means that the Non-Employee Director has ceased to be a director of the Company or Falcon Minerals
Operating Partnership, LP, except that if a Non-Employee Director becomes an Eligible Employee or a Consultant upon the termination
of such Non-Employee Director’s directorship, such Non-Employee Director’s ceasing to be a director of the Company
shall not be treated as a Termination of Directorship unless and until the Participant has a Termination of Employment or Termination
of Consultancy, as the case may be.

 

2.52 “Termination
of Employment” means: (a) a termination of employment (for reasons other than a military or personal leave of
absence granted by the Company) of a Participant from the Company and its Affiliates (including Falcon Minerals Operating Partnership,
LP); or (b) when an entity that is employing a Participant ceases to be an Affiliate, unless the Participant otherwise is,
or thereupon becomes, employed by the Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event
that an Eligible Employee becomes a Consultant or a Non-Employee Director upon the termination of such Eligible Employee’s
employment, unless otherwise determined by the Committee, in its sole discretion, no Termination of Employment shall be deemed
to occur until such time as such Eligible Employee is no longer an Eligible Employee, a Consultant or a Non-Employee Director.
Notwithstanding the foregoing, the Committee may otherwise define Termination of Employment in the Award Agreement or, if no rights
of a Participant are reduced, may otherwise define Termination of Employment thereafter, provided that any such change to the definition
of the term “Termination of Employment” does not subject the applicable Award to Section 409A of the Code.

 

2.53 “Transfer”
means: (a) when used as a noun, any direct or indirect transfer, sale, assignment, pledge, hypothecation, encumbrance or other
disposition (including the issuance of equity in any entity), whether for value or no value and whether voluntary or involuntary
(including by operation of law), and (b) when used as a verb, to directly or indirectly transfer, sell, assign, pledge, encumber,
charge, hypothecate or otherwise dispose of (including the issuance of equity in any entity) whether for value or for no value
and whether voluntarily or involuntarily (including by operation of law). “Transferred” and “Transferable”
shall have a correlative meaning.

 

Article III

ADMINISTRATION

 

3.1 The
Committee. The Plan shall be administered and interpreted by the Committee. To the extent required by applicable law, rule
or regulation, it is intended that each member of the Committee shall qualify as (a) a “non-employee director”
under Rule 16b-3 and (b) an “independent director” under the rules of any national securities exchange or national
securities association, as applicable. If it is later determined that one or more members of the Committee do not so qualify, actions
taken by the Committee prior to such determination shall be valid despite such failure to qualify.

 

    	 	6	 

     

    

 

3.2 Grants
of Awards. The Committee shall have full authority to grant, pursuant to the terms of the Plan, to Participants: (i) Stock
Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Restricted Stock Units, (v) Substitute
Awards, (vi) Bonus Stock, (vii) Performance Awards, (viii) Other Stock-Based Awards, (ix) Dividend Equivalents
and (x) Annual Incentive Awards. In particular, the Committee shall have the authority:

 

(a) to
select the eligible individuals to whom Awards may from time to time be granted hereunder;

 

(b) to
determine whether and to what extent Awards, or any combination thereof, are to be granted hereunder to one or more eligible individuals;

 

(c) to
determine the number of shares of Common Stock to be covered by each Award granted hereunder;

 

(d) to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder (including, but
not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof
or any forfeiture restrictions or waiver thereof, regarding any Award and the shares of Common Stock relating thereto, based on
such factors, if any, as the Committee shall determine, in its sole discretion);

 

(e) to
determine the amount of cash to be covered by each Award granted hereunder;

 

(f) to
determine whether, to what extent and under what circumstances grants of Awards under the Plan are to operate on a tandem basis
and/or in conjunction with or apart from other awards made by the Company outside of the Plan;

 

(g) to
determine whether and under what circumstances a Stock Option may be settled in cash, Common Stock and/or Restricted Stock;

 

(h) to
determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option;

 

(i) to
determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of shares
acquired pursuant to the exercise of an Award for a period of time as determined by the Committee, in its sole discretion, following
the date of the acquisition of such Award;

 

(j) to
modify, extend or renew an Award, subject to Article XIII and Section 6.4(l); provided, however,
that such action does not subject the Award to Section 409A of the Code without the consent of the Participant; and

 

(k) solely
to the extent permitted by applicable law, to determine whether, to what extent and under what circumstances to provide loans (which
may be on a recourse basis and shall bear interest at the rate the Committee shall provide) to Participants in order to exercise
Options under the Plan.

 

    	 	7	 

     

    

 

3.3 Guidelines.
Subject to Article XIII hereof, the Committee shall have the authority to (a) adopt, alter and repeal such administrative
rules, guidelines and practices governing the Plan or the exercise of rights granted under the Plan or an Award and (b) perform
all acts, including the delegation of its responsibilities (to the extent permitted by applicable law and applicable stock exchange
rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of the Plan and any
Award issued under the Plan (and any agreements relating thereto); and to otherwise supervise the administration of the Plan. The
Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or in any agreement relating thereto
in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of the Plan. The Committee may adopt
special guidelines and provisions for Persons who are residing in or employed in, or subject to, the taxes of, any domestic or
foreign jurisdictions to comply with applicable tax and securities laws of such domestic or foreign jurisdictions. To the extent
applicable, the Plan is intended to comply with the applicable requirements of Rule 16b-3 and the Plan shall be limited, construed
and interpreted in a manner so as to comply therewith.

 

3.4 Decisions
Final. Any decision, interpretation or other action made or taken in good faith by or at the direction of the Company,
the Board or the Committee (or any of its members) arising out of or in connection with the Plan shall be within the absolute discretion
of all and each of them, as the case may be, and shall be final, binding and conclusive on the Company and all employees and Participants
and their respective heirs, executors, administrators, successors and assigns.

 

3.5 Procedures.
If the Committee is appointed, the Board shall designate one of the members of the Committee as chairman and the Committee shall
hold meetings, subject to the By-Laws of the Company, at such times and places as it shall deem advisable, including, without limitation,
by telephone conference or by written consent to the extent permitted by applicable law. A majority of the Committee members shall
constitute a quorum. All determinations of the Committee shall be made by a majority of its members. Any decision or determination
reduced to writing and signed by all of the Committee members in accordance with the By-Laws of the Company, shall be fully effective
as if it had been made by a vote at a meeting duly called and held. The Committee shall keep minutes of its meetings and shall
make such rules and regulations for the conduct of its business as it shall deem advisable.

 

3.6 Designation
of Consultants/Liability.

 

(a) The
Committee may designate employees of the Company and professional advisors to assist the Committee in the administration of the
Plan and (to the extent permitted by applicable law and applicable exchange rules) may grant authority to officers to grant Awards
and/or execute agreements or other documents on behalf of the Committee. In the event of any designation of authority hereunder,
subject to applicable law, applicable stock exchange rules and any limitations imposed by the Committee in connection with such
designation, such designee or designees shall have the power and authority to take such actions, exercise such powers and make
such determinations that are otherwise specifically designated to the Committee hereunder.

 

(b) The
Committee may employ such legal counsel, consultants and agents as it may deem desirable for the administration of the Plan and
may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or
agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant or agent shall be paid
by the Company. The Committee, its members and any Person designated pursuant to Section 3.6(a) shall not be liable
for any action or determination made in good faith with respect to the Plan. To the maximum extent permitted by applicable law,
no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination
made in good faith with respect to the Plan or any Award granted under it.

 

    	 	8	 

     

    

 

3.7 Indemnification.
To the maximum extent permitted by applicable law and the Certificate of Incorporation and By-Laws of the Company and to the extent
not covered by insurance directly insuring such Person, each officer or employee of the Company or any Affiliate and member or
former member of the Committee or the Board shall be indemnified and held harmless by the Company against any cost or expense (including
reasonable fees of counsel reasonably acceptable to the Committee) or liability (including any sum paid in settlement of a claim
with the approval of the Committee), and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest
extent permitted, arising out of any act or omission to act in connection with the administration of the Plan, except to the extent
arising out of such officer’s, employee’s, member’s or former member’s own fraud or bad faith. Such indemnification
shall be in addition to any right of indemnification the employees, officers, directors or members or former officers, directors
or members may have under applicable law or under the Certificate of Incorporation or By-Laws of the Company or any Affiliate.
Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual
with regard to Awards granted to such individual under the Plan.

 

Article IV

SHARE LIMITATION

 

4.1 Shares.
(a) The aggregate number of shares of Common Stock that may be issued or used for reference purposes or with respect to which
Awards may be granted under the Plan shall not exceed 8,600,000 shares (subject to any increase or decrease pursuant to Section 4.2),
which may be either authorized and unissued Common Stock or Common Stock held in or acquired for the treasury of the Company or
both (the “Share Reserve”). The maximum number of shares of Common Stock with respect to which Incentive
Stock Options may be granted under the Plan shall be equal to the Share Reserve. With respect to Stock Appreciation Rights and
Options settled in Common Stock, upon settlement, only the number of shares of Common Stock delivered to a Participant shall count
against the Share Reserve. If any Award granted under the Plan expires, is forfeited, terminates or is canceled for any reason
without having been exercised or settled in full, the number of shares of Common Stock underlying the applicable portion of the
Award shall again be available for the purpose of Awards under the Plan. If any shares of Common Stock are withheld to satisfy
tax withholding obligations on an Award issued under the Plan, the number of shares of Common Stock withheld shall again be available
for purposes of Awards under the Plan. Shares used to settle a Substitute Award shall not reduce the number of shares of Common
Stock available in the Share Reserve.

 

(b) Annual
Non-Employee Director Award Limitation. The aggregate grant date fair value (computed as of the date of grant in accordance
with applicable financial accounting rules) of all Awards granted under the Plan to any individual Non-Employee Director in any
fiscal year of the Company (excluding Awards made pursuant to deferred compensation arrangements in lieu of all or a portion of
cash retainers and any stock dividends payable in respect of outstanding Awards) shall not exceed $300,000.

 

    	 	9	 

     

    

 

4.2 Changes.

 

(a) The
existence of the Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board, the Committee
or the stockholders of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other change
in the Company’s capital structure or its business, (ii) any merger or consolidation of the Company or any Affiliate,
(iii) any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock, (iv) the
dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or part of the assets or business
of the Company or any Affiliate or (vi) any other corporate act or proceeding.

 

(b) Subject
to the provisions of Section 12.1:

 

(i) If
the Company at any time subdivides (by any split, recapitalization or otherwise) the outstanding Common Stock into a greater number
of shares of Common Stock, or combines (by reverse split, combination or otherwise) its outstanding Common Stock into a lesser
number of shares of Common Stock, then the respective exercise prices for outstanding Awards that provide for a Participant elected
exercise, the number of shares of Common Stock covered by outstanding Awards and the aggregate number or kind of securities that
thereafter may be issued under the Plan shall be appropriately adjusted by the Committee to prevent dilution or enlargement of
the rights granted to, or available for, Participants under the Plan.

 

(ii) Excepting
transactions covered by Section 4.2(b)(i), if the Company effects any merger, consolidation, statutory exchange, spin-off,
reorganization, sale or transfer of all or substantially all the Company’s assets or business, or other corporate transaction
or event in such a manner that the Company’s outstanding shares of Common Stock are converted into the right to receive (or
the holders of Common Stock are entitled to receive in exchange therefor), either immediately or upon liquidation of the Company,
securities or other property of the Company or other entity (each, a “Reorganization”), then, subject
to the provisions of Section 12.1, (A) the aggregate number or kind of securities that thereafter may be issued
under the Plan, (B) the number or kind of securities or other property (including cash) to be issued pursuant to Awards granted
under the Plan (including as a result of the assumption of the Plan and the obligations hereunder by a successor entity, as applicable),
and (C) the purchase price thereof, shall be appropriately adjusted by the Committee to prevent dilution or enlargement of
the rights granted to, or available for, Participants under the Plan.

 

(iii) If
there shall occur any change in the capital structure of the Company other than those covered by Section 4.2(b)(i)
or 4.2(b)(ii), including by reason of any extraordinary dividend (whether cash or equity), any conversion, any adjustment,
any issuance of any class of securities convertible or exercisable into, or exercisable for, any class of equity securities of
the Company, then the Committee shall adjust any Award and make such other adjustments to the Plan to prevent dilution or enlargement
of the rights granted to, or available for, Participants under the Plan.

 

(iv) Any
such adjustment determined by the Committee pursuant to this Section 4.2(b) shall be final, binding and conclusive
on the Company and all Participants and their respective heirs, executors, administrators, successors and permitted assigns. Any
adjustment to, or assumption or substitution of, an Award under this Section 4.2(b) shall be intended to comply with
the requirements of Section 409A of the Code and Treasury Regulation § 1.424-1 (and any amendments thereto), to the extent
applicable. Except as expressly provided in this Section 4.2 or in the applicable Award Agreement, a Participant shall
have no additional rights under the Plan by reason of any transaction or event described in this Section 4.2.

 

    	 	10	 

     

    

 

(v) Fractional
shares of Common Stock resulting from any adjustment in Awards pursuant to Section 4.2(a) or this Section 4.2(b)
shall be aggregated until, and eliminated at, the time of exercise or payment by rounding-down for fractions less than one-half
and rounding-up for fractions equal to or greater than one-half. No cash settlements shall be required with respect to fractional
shares eliminated by rounding. Notice of any adjustment shall be given by the Committee to each Participant whose Award has been
adjusted and such adjustment (whether or not such notice is given) shall be effective and binding for all purposes of the Plan.

 

4.3 Minimum
Purchase Price. Notwithstanding any provision of the Plan to the contrary, if authorized but previously unissued shares
of Common Stock are issued under the Plan, such shares shall not be issued for a consideration that is less than as permitted under
applicable law.

 

Article V

ELIGIBILITY

 

5.1 General
Eligibility. All current and prospective Participants are eligible to be granted Awards. Eligibility for the grant of Awards
and actual participation in the Plan shall be determined by the Committee in its sole discretion.

 

5.2 Incentive
Stock Options. Notwithstanding the foregoing, only Eligible Employees of the Company, its Subsidiaries and its Parent (if
any) are eligible to be granted Incentive Stock Options under the Plan. Eligibility for the grant of an Incentive Stock Option
and actual participation in the Plan shall be determined by the Committee in its sole discretion.

 

5.3 General
Requirement. The vesting and exercise of Awards granted to a prospective Participant are conditioned upon such individual
actually becoming an Eligible Employee, Consultant or Non-Employee Director, respectively.

 

Article VI

STOCK OPTIONS

 

6.1 Options.
Stock Options may be granted alone or in addition to other Awards granted under the Plan. Each Stock Option granted under the Plan
shall be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified Stock Option.

 

6.2 Grants.
The Committee shall have the authority to grant to any Eligible Employee one or more Incentive Stock Options, Non-Qualified Stock
Options, or both types of Stock Options. The Committee shall have the authority to grant any Consultant or Non-Employee Director
one or more Non-Qualified Stock Options. To the extent that any Stock Option does not qualify as an Incentive Stock Option (whether
because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion thereof which does
not so qualify shall constitute a separate Non-Qualified Stock Option.

 

    	 	11	 

     

    

 

6.3 Incentive
Stock Options. Notwithstanding anything in the Plan to the contrary, no term of the Plan relating to Incentive Stock Options
shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so exercised, so as to
disqualify the Plan under Section 422 of the Code.

 

6.4 Terms
of Options. Options granted under the Plan shall be subject to the following terms and conditions and shall be in such
form and contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee shall deem
desirable:

 

(a) Exercise
Price. The exercise price per share of Common Stock subject to a Stock Option shall be determined by the Committee at the time
of grant; provided that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an
Incentive Stock Option granted to a Ten Percent Stockholder, 110%) of the Fair Market Value of the Common Stock at the date of
grant.

 

(b) Stock
Option Term. The term of each Stock Option shall be fixed by the Committee; provided that no Stock Option shall be exercisable
more than 10 years after the date the Option is granted; and provided, further, that the term of an Incentive
Stock Option granted to a Ten Percent Stockholder shall not exceed five years.

 

(c) Exercisability.
Unless otherwise provided by the Committee in accordance with the provisions of this Section 6.4, Stock Options granted
under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the
Committee at the time of grant. If the Committee provides, in its discretion, that any Stock Option is exercisable subject to certain
limitations (including, without limitation, that such Stock Option is exercisable only in installments or within certain time periods),
the Committee may waive such limitations on the exercisability at any time at or after the time of grant in whole or in part (including,
without limitation, waiver of the installment exercise provisions or acceleration of the time at which such Stock Option may be
exercised), based on such factors, if any, as the Committee shall determine, in its sole discretion.

 

(d) Method
of Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 6.4(c),
to the extent vested, Stock Options may be exercised in whole or in part at any time during the Option term, by giving written
notice of exercise to the Company specifying the number of shares of Common Stock to be purchased. Such notice shall be accompanied
by payment in full of the purchase price as follows: (i) in cash or by check, bank draft or money order payable to the order
of the Company; (ii) solely to the extent permitted by applicable law, if the Common Stock is traded on a national securities
exchange, and the Committee authorizes, through a procedure whereby the Participant delivers irrevocable instructions to a broker
reasonably acceptable to the Committee to deliver promptly to the Company an amount equal to the purchase price; (iii) having
the Company withhold shares of Common Stock issuable upon exercise of the Stock Option, or by payment in full or in part in the
form of Common Stock owned by the Participant, based on the Fair Market Value of the Common Stock on the payment date as determined
by the Committee; or (iv) on such other terms and conditions as may be acceptable to the Committee. No shares of Common Stock
shall be issued until payment therefor has been made or provided for in accordance with this Section 6.4(d).

 

    	 	12	 

     

    

 

(e) Non-Transferability
of Options. No Stock Option shall be Transferable by the Participant other than by will or by the laws of descent and distribution,
and all Stock Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the
foregoing, the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option
that is otherwise not Transferable pursuant to this Section is Transferable to a Family Member in whole or in part and in such
circumstances, and under such conditions, as specified by the Committee; provided that, the transferor remains liable for
all obligations under the Plan related to such Transferred Stock Options and any Award Agreement in respect of such Transferred
Stock Options; and provided, further, that the transferor retains rights of notice with respect to such Transferred
Stock Option, as applicable. A Non-Qualified Stock Option that is Transferred to a Family Member pursuant to the preceding sentence
(i) may not be subsequently Transferred other than by will or by the laws of descent and distribution and (ii) remains
subject to the terms of the Plan and the applicable Award Agreement. Any shares of Common Stock acquired upon the exercise of a
Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to
a Transfer after the exercise of the Non-Qualified Stock Option shall be subject to the terms of the Plan and the applicable Award
Agreement.

 

(f) Termination
by Death or Disability. Unless otherwise determined by the Committee at the time of grant, or if no rights of the Participant
are reduced, thereafter, if a Participant’s Termination is by reason of death or Disability, all Stock Options that are held
by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the
Participant (or in the case of the Participant’s death, by the legal representative of the Participant’s estate) at
any time within a period of one (1) year from the date of such Termination, but in no event beyond the expiration of the stated
term of such Stock Options; provided, however, that, in the event of a Participant’s Termination by reason
of Disability, if the Participant dies within such exercise period, all unexercised Stock Options held by such Participant shall
thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one (1) year from
the date of such death, but in no event beyond the expiration of the stated term of such Stock Options.

 

(g) Involuntary
Termination Without Cause. Unless otherwise determined by the Committee at the time of grant, or if no rights of the Participant
are reduced, thereafter, if a Participant’s Termination is by involuntary termination by the Company without Cause, all Stock
Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may
be exercised by the Participant at any time within a period of ninety (90) days from the date of such Termination, but in no event
beyond the expiration of the stated term of such Stock Options.

 

(h) Voluntary
Resignation. Unless otherwise determined by the Committee at the time of grant, or if no rights of the Participant are reduced,
thereafter, if a Participant’s Termination is voluntary (other than a voluntary termination described in Section 6.4(i)(y)
hereof), all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s
Termination may be exercised by the Participant at any time within a period of ninety (90) days from the date of such Termination,
but in no event beyond the expiration of the stated term of such Stock Options.

 

    	 	13	 

     

    

 

(i) Termination
for Cause. Unless otherwise determined by the Committee at the time of grant, or if no rights of the Participant are reduced,
thereafter, if a Participant’s Termination (x) is for Cause or (y) is a voluntary Termination (as provided in Section 6.4(h))
after the occurrence of an event that would be grounds for a Termination for Cause, all Stock Options, whether vested or not vested,
that are held by such Participant shall thereupon terminate and expire as of the date of such Termination.

 

(j) Unvested
Stock Options. Unless otherwise determined by the Committee at the time of grant, or if no rights of the Participant are reduced,
thereafter, Stock Options that are not vested as of the date of a Participant’s Termination for any reason shall terminate
and expire as of the date of such Termination.

 

(k) Incentive
Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Common
Stock with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar
year under the Plan and/or any other stock option plan of the Company, any Subsidiary or any Parent exceeds $100,000, such Options
shall be treated as Non-Qualified Stock Options. In addition, if an Eligible Employee does not remain employed by the Company,
any Subsidiary or any Parent at all times from the time an Incentive Stock Option is granted until three months prior to the date
of exercise thereof (or such other period as required by applicable law), such Stock Option shall be treated as a Non-Qualified
Stock Option. Should any provision of the Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options,
or should any additional provisions be required, the Committee may amend the Plan accordingly, without the necessity of obtaining
the approval of the stockholders of the Company.

 

(l) Form,
Modification, Extension and Renewal of Stock Options. Subject to the terms and conditions and within the limitations of the
Plan, Stock Options shall be evidenced by such form of agreement or grant as is approved by the Committee, and the Committee may
(i) modify, extend or renew outstanding Stock Options granted under the Plan; provided that the rights of a Participant
are not reduced without such Participant’s consent; and provided, further, that such action does not subject
the Stock Options to Section 409A of the Code without the consent of the Participant; and (ii) accept the surrender of
outstanding Stock Options (to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution
therefor (to the extent not theretofore exercised). Notwithstanding the foregoing, an outstanding Option may not be modified to
reduce the exercise price thereof nor may a new Option at a lower price be substituted for a surrendered Option (other than adjustments
or substitutions in accordance with Section 4.2), unless such action is approved by the stockholders of the Company.

 

(m) Deferred
Delivery of Common Stock. The Committee may in its discretion permit Participants to defer delivery of Common Stock acquired
pursuant to a Participant’s exercise of an Option in accordance with the terms and conditions established by the Committee
in the applicable Award Agreement, which shall be intended to comply with the requirements of Section 409A of the Code.

 

    	 	14	 

     

    

 

(n) Early
Exercise. The Committee may provide that a Stock Option include a provision whereby the Participant may elect at any time before
the Participant’s Termination to exercise the Stock Option as to any part or all of the shares of Common Stock subject to
the Stock Option prior to the full vesting of the Stock Option and such shares shall be subject to the provisions of Article VIII
and be treated as Restricted Stock. Unvested shares of Common Stock so purchased may be subject to a repurchase option in favor
of the Company or to any other restriction the Committee determines to be appropriate.

 

(o) Other
Terms and Conditions. The Committee may include a provision in an Award Agreement providing for the automatic exercise of a
Non-Qualified Stock Option on a cashless basis on the last day of the term of such Option if the Participant has failed to exercise
the Non-Qualified Stock Option as of such date, with respect to which the Fair Market Value of the shares of Common Stock underlying
the Non-Qualified Stock Option exceeds the exercise price of such Non-Qualified Stock Option on the date of expiration of such
Option, subject to Section 15.4. Stock Options may contain such other provisions, which shall not be inconsistent with
any of the terms of the Plan, as the Committee shall deem appropriate.

 

Article VII

STOCK APPRECIATION RIGHTS

 

7.1 Stock
Appreciation Rights. Stock Appreciation Rights may be granted alone or in addition to other Awards granted under the Plan.

 

7.2 Terms
and Conditions of Stock Appreciation Rights. Stock Appreciation Rights granted hereunder shall be subject to such terms
and conditions, not inconsistent with the provisions of the Plan, as shall be determined from time to time by the Committee, and
the following:

 

(a) Exercise
Price. The exercise price per share of Common Stock subject to a Stock Appreciation Right shall be determined by the Committee
at the time of grant; provided that the per share exercise price of a Stock Appreciation Right shall not be less than 100%
of the Fair Market Value of the Common Stock at the time of grant.

 

(b) Term.
The term of each Stock Appreciation Right shall be fixed by the Committee, but shall not be greater than 10 years after the
date the right is granted.

 

(c) Exercisability.
Unless otherwise provided by the Committee in accordance with the provisions of this Section 7.2, Stock Appreciation
Rights granted under the Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined
by the Committee at the time of grant. If the Committee provides, in its discretion, that any such right is exercisable subject
to certain limitations (including, without limitation, that it is exercisable only in installments or within certain time periods),
the Committee may waive such limitations on the exercisability at any time at or after grant in whole or in part (including, without
limitation, waiver of the installment exercise provisions or acceleration of the time at which such right may be exercised), based
on such factors, if any, as the Committee shall determine, in its sole discretion.

 

(d) Method
of Exercise. Subject to whatever installment exercise and waiting period provisions apply under Section 7.2(c),
Stock Appreciation Rights may be exercised in whole or in part at any time in accordance with the applicable Award Agreement, by
giving written notice of exercise to the Company specifying the number of Stock Appreciation Rights to be exercised.

 

    	 	15	 

     

    

 

(e) Payment.
Upon the exercise of a Stock Appreciation Right, a Participant shall be entitled to receive, for each right exercised, up to, but
no more than, an amount in cash and/or Common Stock (as chosen by the Committee in its sole discretion) equal in value to the excess
of the Fair Market Value of one share of Common Stock on the date that the right is exercised over the Fair Market Value of one
share of Common Stock on the date that the right was awarded to the Participant.

 

(f) Termination.
Unless otherwise determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, subject to the
provisions of the applicable Award Agreement and the Plan, upon a Participant’s Termination for any reason, Stock Appreciation
Rights will remain exercisable following a Participant’s Termination on the same basis as Stock Options would be exercisable
following a Participant’s Termination in accordance with the provisions of Sections 6.4(f) through 6.4(j).

 

(g) Non-Transferability.
No Stock Appreciation Rights shall be Transferable by the Participant other than by will or by the laws of descent and distribution,
and all such rights shall be exercisable, during the Participant’s lifetime, only by the Participant.

 

7.3 Other
Terms and Conditions. The Committee may include a provision in an Award Agreement providing for the automatic exercise
of a Stock Appreciation Right on a cashless basis on the last day of the term of such Stock Appreciation Right if the Participant
has failed to exercise the Stock Appreciation Right as of such date, with respect to which the Fair Market Value of the shares
of Common Stock underlying the Stock Appreciation Right exceeds the exercise price of such Stock Appreciation Right on the date
of expiration of such Stock Appreciation Right, subject to Section 15.4. Stock Appreciation Rights may contain such
other provisions, which shall not be inconsistent with any of the terms of the Plan, as the Committee shall deem appropriate.

 

Article VIII

RESTRICTED STOCK

 

8.1 Awards
of Restricted Stock. Shares of Restricted Stock may be issued either alone or in addition to other Awards granted under
the Plan. The Committee shall determine the Participants, to whom, and the time or times at which, grants of Restricted Stock shall
be made, the number of shares to be awarded, the price (if any) to be paid by the Participant (subject to Section 8.2),
the time or times within which such Awards may be subject to forfeiture, the vesting schedule and rights to acceleration thereof,
and all other terms and conditions of the Awards. The Committee may condition the grant or vesting of Restricted Stock upon the
attainment of specified performance targets (including the Performance Goals) or such other factor as the Committee may determine
in its sole discretion.

 

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8.2 Awards
and Certificates. Participants selected to receive Restricted Stock shall not have any right with respect to such Award,
unless and until such Participant has delivered a fully executed copy of the agreement evidencing the Award to the Company, to
the extent required by the Committee, and has otherwise complied with the applicable terms and conditions of such Award. Further,
such Award shall be subject to the following conditions:

 

(a) Purchase
Price. The purchase price of Restricted Stock shall be fixed by the Committee. Subject to Section 4.3, the purchase
price for shares of Restricted Stock may be zero to the extent permitted by applicable law, and, to the extent not so permitted,
such purchase price may not be less than par value.

 

(b) Acceptance.
Awards of Restricted Stock must be accepted within a period of 60 days (or such shorter period as the Committee may specify
at grant) after the grant date, by executing a Restricted Stock Award Agreement and by paying whatever price (if any) the Committee
has designated thereunder.

 

(c) Legend.
Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock,
unless the Committee elects to use another system, such as book entries by the transfer agent, as evidencing ownership of shares
of Restricted Stock. Such certificate shall be registered in the name of such Participant, and shall, in addition to such legends
required by applicable securities laws, bear an appropriate legend referring to the terms, conditions, and restrictions applicable
to such Award, substantially in the following form:

 

“The anticipation, alienation,
attachment, sale, transfer, assignment, pledge, encumbrance or charge of the shares of stock represented hereby are subject to
the terms and conditions (including forfeiture) of the Falcon Minerals Corporation (the “Company”) 2018 Long-Term
Incentive Plan (the “Plan”) and an Agreement entered into between the registered owner and the Company dated [___].
Copies of such Plan and Agreement are on file at the principal office of the Company.”

 

(d) Custody.
If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates
evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition
of any grant of Restricted Stock, the Participant shall have delivered a duly signed stock power or other instruments of assignment
(including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the
Company, which would permit transfer to the Company of all or a portion of the shares subject to the Restricted Stock Award in
the event that such Award is forfeited in whole or part.

 

8.3 Restrictions
and Conditions. The shares of Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions
and conditions:

 

(a) Restriction
Period. (i) The Participant shall not be permitted to Transfer shares of Restricted Stock awarded under the Plan during
the period or periods set by the Committee (the “Restriction Period”) commencing on the date of such
Award, as set forth in the Restricted Stock Award Agreement and such agreement shall set forth a vesting schedule and any event
that would accelerate vesting of the shares of Restricted Stock. Within these limits, based on service, attainment of Performance
Goals pursuant to Section 8.3(a)(ii) and/or such other factors or criteria as the Committee may determine in its sole
discretion, the Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in
part, or may accelerate the vesting of all or any part of any Restricted Stock Award and/or waive the deferral limitations for
all or any part of any Restricted Stock Award.

 

    	 	17	 

     

    

 

(ii) If
the grant of shares of Restricted Stock or the lapse of restrictions is based on the attainment of Performance Goals, the Committee
shall establish the objective Performance Goals and the applicable vesting percentage of the Restricted Stock applicable to each
Participant or class of Participants in writing prior to the beginning of the applicable fiscal year or at such later date as otherwise
determined by the Committee and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals
may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including,
without limitation, dispositions and acquisitions) and other similar type events or circumstances.

 

(b) Rights
as a Stockholder. Except as provided in Section 8.3(a) and this Section 8.3(b) or as otherwise
determined by the Committee in an Award Agreement, the Participant shall have, with respect to the shares of Restricted Stock,
all of the rights of a holder of shares of Common Stock of the Company, including, without limitation, the right to receive dividends,
the right to vote such shares and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to
tender such shares. The Committee may, in its sole discretion, determine at the time of grant that the payment of dividends shall
be deferred until, and conditioned upon, the expiration of the applicable Restriction Period.

 

(c) Termination.
Unless otherwise determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, subject to the
applicable provisions of the Award Agreement and the Plan, upon a Participant’s Termination for any reason during the relevant
Restriction Period, all Restricted Stock still subject to restriction will be forfeited in accordance with the terms and conditions
established by the Committee at grant or thereafter.

 

(d) Lapse
of Restrictions. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates
for such shares shall be delivered to the Participant. All legends shall be removed from said certificates at the time of delivery
to the Participant, except as otherwise required by applicable law or other limitations imposed by the Committee.

 

Article IX

RESTRICTED STOCK UNITS

 

9.1 Restricted
Stock Units. The Committee is authorized to grant Restricted Stock Units to Participants, subject to the following terms
and conditions:

 

(a) Award
and Restrictions. Restricted Stock Units shall be subject to such restrictions (which may include a risk of forfeiture) as
the Committee may impose, if any, which restrictions may lapse at the expiration of the deferral period or at earlier specified
times (including, without limitation, based on achievement of one or more Performance Goals and/or future service requirements),
separately or in combination, in installments or otherwise, as the Committee may determine.

 

    	 	18	 

     

    

 

(b) Dividend
Equivalents. Unless otherwise determined by the Committee at date of grant, Dividend Equivalents on the specified number of
shares of Common Stock covered by an Award of Restricted Stock Units shall be either (i) paid with respect to such Restricted
Stock Units on the dividend payment date in cash or in shares of unrestricted Stock having a Fair Market Value equal to the amount
of such dividends, or (ii) deferred with respect to such Restricted Stock Units and the amount or value thereof automatically
deemed reinvested in additional Restricted Stock Units.

 

(c) Settlement.
Settlement of vested Restricted Stock Units shall occur upon expiration of the deferral period specified for such Restricted Stock
Units by the Committee (or, if permitted by the Committee, as elected by the Participant). Settlement of Restricted Stock Units
shall be made by delivery of (i) a number of shares of Common Stock equal to the number of Restricted Stock Units for which
settlement is due, (ii) cash in an amount equal to the Fair Market Value of the specified number of shares of Common Stock
covered by such Restricted Stock Units, or (iii) a combination thereof, as determined by the Committee at the date of grant
or thereafter.

 

Article X

PERFORMANCE AWARDS

 

10.1 Performance
Awards. The Committee may grant a Performance Award to a Participant payable upon the attainment of specific Performance
Goals. If the Performance Award is payable in shares of Common Stock, such shares shall be transferable to the Participant upon
attainment of the relevant Performance Goal in accordance with Article VIII. If the Performance Award is payable in
cash, it will be paid upon the attainment of the relevant Performance Goals in cash or, to the extent provided in an Award Agreement,
in shares of Common Stock or Restricted Stock (based on the then current Fair Market Value of such shares). Each Performance Award
shall be evidenced by an Award Agreement in such form that is not inconsistent with the Plan and that the Committee may from time
to time approve.

 

10.2 Terms
and Conditions. Performance Awards awarded pursuant to this Article X shall be subject to the following terms
and conditions:

 

(a) Earning
of Performance Award. At the expiration of the applicable Performance Period, the Committee shall determine the extent to which
the Performance Goals are achieved and the percentage of each Performance Award that has been earned.

 

(b) Non-Transferability.
Subject to the applicable provisions of the Award Agreement and the Plan, Performance Awards may not be Transferred during the
Performance Period.

 

(c) Dividends.
Unless otherwise determined by the Committee at the time of grant, amounts equal to dividends declared during the Performance Period
with respect to the number of shares of Common Stock covered by a Performance Award will not be paid to the Participant.

 

(d) Payment.
Following the Committee’s determination in accordance with Section 10.2(a), the Company shall settle Performance
Awards, in such form (including, without limitation, in shares of Common Stock or in cash) as determined by the Committee, in an
amount equal to such Participant’s earned Performance Awards.

 

    	 	19	 

     

    

 

(e) Termination.
Subject to the applicable provisions of the Award Agreement and the Plan, upon a Participant’s Termination for any reason
during the Performance Period for a given Performance Award, the Performance Award in question will vest or be forfeited in accordance
with the terms and conditions established by the Committee at grant.

 

(f) Accelerated
Vesting. Based on service, performance and/or such other factors or criteria, if any, as the Committee may determine, the Committee
may, at or after grant, accelerate the vesting of all or any part of any Performance Award.

 

Article XI

OTHER AWARDS

 

11.1 Other
Stock-Based Awards. The Committee is authorized to grant to Participants Other Stock-Based Awards that are payable in,
valued in whole or in part by reference to, or otherwise based on or related to shares of Common Stock, including, but not limited
to, shares of Common Stock awarded purely as a bonus and not subject to restrictions or conditions, shares of Common Stock in payment
of the amounts due under an incentive or performance plan sponsored or maintained by the Company or an Affiliate, stock equivalent
units and Awards valued by reference to book value of shares of Common Stock. Other Stock-Based Awards may be granted either alone
or in addition to or in tandem with other Awards granted under the Plan.

 

11.2 Subject
to the provisions of the Plan, the Committee shall have authority to determine the Participants, to whom, and the time or times
at which, such Awards shall be made, the number of shares of Common Stock to be awarded pursuant to such Awards and all other conditions
of the Awards. The Committee may also provide for the grant of Common Stock under such Awards upon the completion of a specified
Performance Period. The Committee may condition the grant or vesting of Other Stock-Based Awards upon the attainment of specified
Performance Goals as the Committee may determine, in its sole discretion. Such Performance Goals may incorporate provisions for
disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions
and acquisitions) and other similar type events or circumstances.

 

11.3 Terms
and Conditions. Other Stock-Based Awards made pursuant to this Article XI shall be subject to the following
terms and conditions:

 

(a) Non-Transferability.
Subject to the applicable provisions of the Award Agreement and the Plan, shares of Common Stock subject to Awards made under this
Article XI may not be Transferred prior to the date on which the shares are issued, or, if later, the date on which
any applicable restriction, performance or deferral period lapses.

 

(b) Dividends.
Unless otherwise determined by the Committee at the time of Award, subject to the provisions of the Award Agreement and the Plan,
the recipient of an Award under this Article XI shall not be entitled to receive, currently or on a deferred basis,
dividends or dividend equivalents in respect of the number of shares of Common Stock covered by the Award.

 

(c) Vesting.
Any Award under this Article XI and any Common Stock covered by any such Award shall vest or be forfeited to the extent
so provided in the Award Agreement, as determined by the Committee, in its sole discretion.

 

    	 	20	 

     

    

 

(d) Price.
Common Stock issued on a bonus basis under this Article XI may be issued for no cash consideration. Common Stock purchased
pursuant to a purchase right awarded under this Article XI shall be priced, as determined by the Committee in its sole
discretion.

 

11.4 Bonus
Stock. The Committee is authorized to grant Common Stock as a bonus, or to grant Common Stock or other Awards in lieu of
obligations to pay cash or deliver other property under the Plan or under other plans or compensatory arrangements; provided
that, in the case of Participants subject to Section 16 of the Exchange Act, the amount of such grants remains within the
discretion of the Committee to the extent necessary to ensure that acquisitions of Common Stock or other Awards are exempt from
liability under Section 16(b) of the Exchange Act. Common Stock or Awards granted hereunder shall be subject to such other
terms as shall be determined by the Committee.

 

11.5 Dividend
Equivalents. The Committee is authorized to grant Dividend Equivalents to a Participant, entitling the Participant to receive
cash, Common Stock, other Awards, or other property equal in value to dividends paid with respect to a specified number of shares
of Common Stock or other periodic payments. Dividend Equivalents may be awarded on a free-standing basis or in connection with
another Award other than an Award of Restricted Stock). The Committee may provide that Dividend Equivalents shall be paid or distributed
when accrued or shall be deemed to have been reinvested in additional Common Stock, Awards or other investment vehicles, and subject
to such restrictions on transferability and risks of forfeiture, as the Committee may specify.

 

11.6 Annual
Incentive Awards. The Committee is authorized to grant Annual Incentive Awards under the Plan.

 

(a) Potential
Annual Incentive Awards. The Committee shall determine the Participants who will potentially receive Annual Incentive Awards,
and the amounts potentially payable thereunder, for that fiscal year, either out of an Annual Incentive Award pool established
by such date under Section 11.5(b) hereof or as individual Annual Incentive Awards. The amount potentially payable,
with respect to Annual Incentive Awards, shall be based upon the achievement of a performance goal or goals based on one or more
of the business criteria set forth in Article X hereof in the given performance year, as specified by the Committee,
in accordance with Section 11.5(b) hereof.

 

(b) Annual
Incentive Award Pool. The Committee may establish an Annual Incentive Award pool, which shall be an unfunded pool, for purposes
of measuring performance of the Company in connection with Annual Incentive Awards. The amount of such Annual Incentive Award pool
shall be based upon the achievement of a Performance Goal or Performance Goals during the given performance period, as specified
by the Committee in accordance with Article X hereof. The Committee may specify the amount of the Annual Incentive
Award pool as a percentage of any of such business criteria, a percentage thereof in excess of a threshold amount or as another
amount which need not bear a strictly mathematical relationship to such business criteria.

 

    	 	21	 

     

    

 

(c) Payout
of Annual Incentive Awards. After the end of each applicable performance period, the Committee shall determine the amount,
if any, of (i) the Annual Incentive Award pool, and the maximum amount of the potential Annual Incentive Award payable to
each Participant in the Annual Incentive Award pool, or (ii) the amount of the Annual Incentive Award payable to each Participant.
To the extent provided in an Award Agreement, the Committee may, in its discretion, determine that the amount payable to any Participant
as a final Annual Incentive Award shall be reduced from the amount of his or her potential Annual Incentive Award, including a
determination to make no final Award whatsoever. The Committee shall specify the circumstances in which an Annual Incentive Award
shall be paid or forfeited in the event of termination of employment by the Participant prior to the end of the applicable year
or settlement of such Annual Incentive Award.

 

11.7 Substitute
Awards; No Re-Pricing. Awards may be granted under the Plan in substitution for similar awards held by individuals who
become Participants as a result of a merger, consolidation or acquisition of another entity or the assets of another entity by
or with the Company or an Affiliate of the Company. Such Substitute Awards referred to in the immediately preceding sentence that
are Options or Stock Appreciation Rights may have an exercise price that is less than the Fair Market Value of a share of Stock
on the date of the substitution. Except as provided in this Section 11.6 or in Article XII, the terms of
outstanding Awards may not be amended to reduce the exercise price or grant price of outstanding Options or Stock Appreciation
Rights or to cancel outstanding Options and Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation
Rights with an exercise price or grant price that is less than the exercise price or grant price of the original Options or Stock
Appreciation Rights without the approval of the stockholders of the Company.

 

Article XII

CHANGE IN CONTROL PROVISIONS

 

12.1 Benefits.
In the event of a Change in Control of the Company (as defined below), and except as otherwise provided by the Committee in an
Award Agreement, a Participant’s unvested Award shall not vest automatically and a Participant’s Award shall be treated
in accordance with one or more of the following methods as determined by the Committee:

 

(a) Awards,
whether or not then vested, shall be continued, assumed, or have new rights substituted therefor, as determined by the Committee
in a manner consistent with the requirements of Section 409A of the Code, and restrictions to which shares of Restricted Stock
or any other Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and the Restricted
Stock or other Award shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Common
Stock on such terms as determined by the Committee; provided that the Committee may decide to award additional Restricted
Stock or other Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive
Stock Options, any assumed or substituted Stock Option shall comply with the requirements of Treasury Regulation § 1.424-1.

 

(b) The
Committee, in its sole discretion, may provide for the purchase of any Awards by the Company or an Affiliate for an amount of cash
equal to the excess (if any) of the Change in Control Price (as defined below) of the shares of Common Stock covered by such Awards,
over the aggregate exercise price of such Awards. For purposes hereof, “Change in Control Price” shall
mean the highest price per share of Common Stock paid in any transaction related to a Change in Control of the Company.

 

    	 	22	 

     

    

 

(c) The
Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options, Stock Appreciation Rights or any
Other Stock-Based Award that provides for a Participant elected exercise, effective as of the date of the Change in Control, by
delivering notice of termination to each Participant at least twenty (20) days prior to the date of consummation of the Change
in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation
of the Change in Control, each such Participant shall have the right to exercise in full all of such Participant’s Awards
that are then outstanding (without regard to any limitations on exercisability otherwise contained in the Award Agreements), but
any such exercise shall be contingent on the occurrence of the Change in Control; provided that, if the Change in Control
does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant
thereto shall be null and void.

 

(d) Notwithstanding
any other provision herein to the contrary, the Committee may, in its sole discretion, provide for accelerated vesting or lapse
of restrictions, of an Award at any time.

 

12.2 Change
in Control. Unless otherwise determined by the Committee in the applicable Award Agreement or other written agreement with
a Participant approved by the Committee, a “Change in Control” shall mean the first (and only the first)
to occur of the following:

 

(a) the
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act of
direct or indirect beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than
50% of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election
of directors (the “Outstanding Company Voting Securities”); provided, however, that the
following acquisitions (collectively, the “Excluded Acquisitions”) shall not constitute a Change in Control
(it being understood that shares acquired in an Excluded Acquisition may nevertheless be considered in determining whether any
subsequent acquisition by such individual, entity or group (other than an Excluded Acquisition) constitutes a Change in Control):
(i) any acquisition by the Company or any of its Subsidiaries; (ii) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any of its Subsidiaries; (iii) any acquisition by an underwriter
temporarily holding Company securities pursuant to an offering of such securities; or (iv) any acquisition in connection with
a Business Combination (as hereinafter defined) which, pursuant to subparagraph (c) below, does not constitute a Change in
Control;

 

(b) individuals
who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date
hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least two-thirds
of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an
actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation
of proxies or consents by or on behalf of an individual, entity or group other than the Board;

 

    	 	23	 

     

    

 

(c) consummation
of a reorganization, merger, consolidation or other business combination (any of the foregoing, a “Business Combination”)
of the Company or any direct or indirect Subsidiary of the Company with any entity, in any case unless:

 

(i) the
Outstanding Company Voting Securities outstanding immediately prior to such Business Combination, immediately following such Business
Combination, continue to represent (either by remaining outstanding or being converted into voting securities of the resulting
or surviving entity or any ultimate parent thereof) two-thirds or more of the outstanding common stock and of the then outstanding
voting securities entitled to vote generally in the election of directors of the Company (or its successor) or any ultimate parent
thereof;

 

(ii) after
such Business Combination, no Person has direct or indirect beneficial ownership of more than 50% of either (A) the then outstanding
shares of common stock of the ultimate parent company of the company surviving such Business Combination or (B) the combined
voting power of the then outstanding voting securities of the ultimate parent company of the company surviving such Business Combination;
and

 

(iii) at
least a majority of the members of the board of directors of the Company (or its successor) or any ultimate parent thereof in such
Business Combination consists of individuals (“Continuing Directors”) who were members of the Incumbent
Board immediately prior to consummation of such Business Combination (excluding from Continuing Directors for this purpose, however,
any individual whose election or appointment to the Board was at the request, directly or indirectly, of the entity which entered
into the definitive agreement with the Company or any subsidiary of the Company providing for such Business Combination);

 

(d) consummation
of a sale or other disposition of all or substantially all of the assets of the Company, other than to a corporation with respect
to which, following such sale or other disposition, at least two-thirds of, respectively, the then outstanding shares of common
stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled
to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all
of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Voting Securities immediately
prior to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale
or other disposition, of the Outstanding Company Voting Securities; or

 

(e) shareholder
approval of a complete liquidation or dissolution of the Company.

 

The term “the sale or disposition
by the Company of all or substantially all of the assets of the Company” shall mean a sale or other disposition transaction
or series of related transactions involving assets of the Company or of any direct or indirect subsidiary of the Company (including
the stock of any direct or indirect subsidiary of the Company) in which the value of the assets or stock being sold or otherwise
disposed of (as measured by the purchase price being paid therefore or by such other method as the Board determines is appropriate
in a case where there is no readily ascertainable purchase price) constitutes more than two-thirds of the fair market value of
the Company (as hereinafter defined). The “fair market value of the Company” shall be the aggregate market value of
the then Outstanding Company Voting Securities (on a fully diluted basis) plus the aggregate market value of the Company’s
other outstanding equity securities. The aggregate market value of the shares of Outstanding Company Voting Securities shall be
determined by multiplying the number of shares of Outstanding Company Voting Securities (on a fully diluted basis) outstanding
on the date of the execution and delivery of a definitive agreement with respect to the transaction or series of related transactions
(the “Transaction Date”) by the average closing price of the shares of Outstanding Company Voting Securities
for the ten trading days immediately preceding the Transaction Date. The aggregate market value of any other equity securities
of the Company shall be determined in a manner similar to that prescribed in the immediately preceding sentence for determining
the aggregate market value of the shares of Outstanding Company Voting Securities or by such other method as the Board shall determine
is appropriate.

 

    	 	24	 

     

    

 

Notwithstanding the foregoing, with respect
to any Award that is characterized as “nonqualified deferred compensation” within the meaning of Section 409A
of the Code, an event shall not be considered to be a Change in Control under the Plan for purposes of payment of such Award unless
such event is also a “change in ownership,” a “change in effective control” or a “change in the ownership
of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code.

 

Article XIII

TERMINATION OR AMENDMENT OF PLAN

 

Notwithstanding any
other provision of the Plan, the Board may at any time, and from time to time, amend, in whole or in part, any or all of the provisions
of the Plan (including any amendment deemed necessary to ensure that the Company may comply with any regulatory requirement referred
to in Article XV or Section 409A of the Code), or suspend or terminate it entirely, retroactively or otherwise;
provided, however, that, unless otherwise required by law or specifically provided herein, the rights of a Participant
with respect to Awards granted prior to such amendment, suspension or termination, may not be impaired without the consent of such
Participant; and provided, further, that without the approval of the holders of the Company’s Common Stock
entitled to vote in accordance with applicable law, no amendment may be made that would (a) increase the aggregate number
of shares of Common Stock that may be issued under the Plan (except by operation of Section 4.2); (b) change the
classification of individuals eligible to receive Awards under the Plan; (c) decrease the minimum option price of any Stock
Option or Stock Appreciation Right; (d) extend the maximum option period under Section 6.4; (e) award any
Stock Option or Stock Appreciation Right in replacement of a canceled Stock Option or Stock Appreciation Right with a higher exercise
price than the replacement award; or (f) require stockholder approval in order for the Plan to continue to comply with the
applicable provisions of Section 422 of the Code to the extent applicable to Incentive Stock Options. In no event may the
Plan be amended without the approval of the stockholders of the Company in accordance with the applicable laws of the State of
Delaware to increase the aggregate number of shares of Common Stock that may be issued under the Plan, decrease the minimum exercise
price of any Award, or to make any other amendment that would require stockholder approval under Financial Industry Regulatory
Authority (FINRA) rules and regulations or the rules of any exchange or system on which the Company’s securities are listed
or traded at the request of the Company. Notwithstanding anything herein to the contrary, the Board may amend the Plan or any Award
Agreement at any time without a Participant’s consent to comply with applicable law including Section 409A of the Code.
The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV
or as otherwise specifically provided herein, no such amendment or other action by the Committee shall impair the rights of any
holder without the holder’s consent.

 

    	 	25	 

     

    

 

Article XIV

UNFUNDED STATUS OF PLAN

 

The Plan is intended
to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payment as to which a
Participant has a fixed and vested interest but which are not yet made to a Participant by the Company, nothing contained herein
shall give any such Participant any right that is greater than those of a general unsecured creditor of the Company.

 

Article XV

GENERAL PROVISIONS

 

15.1 Legend.
The Committee may require each Person receiving shares of Common Stock pursuant to a Stock Option or other Award under the Plan
to represent to and agree with the Company in writing that the Participant is acquiring the shares without a view to distribution
thereof. In addition to any legend required by the Plan, the certificates for such shares may include any legend that the Committee
deems appropriate to reflect any restrictions on Transfer. All certificates for shares of Common Stock delivered under the Plan
shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations
and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed
or any national securities exchange system upon whose system the Common Stock is then quoted, any applicable federal or state securities
law, and any applicable corporate law, and the Committee may cause a legend or legends to be put on any such certificates to make
appropriate reference to such restrictions.

 

15.2 Other
Plans. Nothing contained in the Plan shall prevent the Board from adopting other or additional compensation arrangements,
subject to stockholder approval if such approval is required, and such arrangements may be either generally applicable or applicable
only in specific cases.

 

15.3 No
Right to Employment/Directorship/Consultancy. Neither the Plan nor the grant of any Option or other Award hereunder shall
give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment,
consultancy or directorship by the Company or any Affiliate, nor shall there be a limitation in any way on the right of the Company
or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate such employment,
consultancy or directorship at any time.

 

    	 	26	 

     

    

 

15.4 Withholding
of Taxes. The Company, or an Affiliate, as applicable, shall have the right to deduct from any payment to be made pursuant
to the Plan, or to otherwise require, prior to the issuance or delivery of shares of Common Stock or the payment of any cash hereunder,
payment by the Participant of, any federal, state or local taxes required by law to be withheld. Upon the vesting of Restricted
Stock (or other Award that is taxable upon vesting), or upon making an election under Section 83(b) of the Code, a Participant
shall pay all required withholding to the Company. Any minimum statutorily required withholding obligation with regard to any Participant
may be satisfied, subject to the consent of the Committee, by reducing the number of shares of Common Stock otherwise deliverable
or by delivering shares of Common Stock already owned. Furthermore, at the discretion of the Committee, any additional tax obligations
of a Participant with respect to an Award may be satisfied by further reducing the number of shares of Common Stock, otherwise
deliverable with respect to such Award, to the extent that such reductions do not result in any adverse accounting implications
to the Company, as determined by the Committee. Any fraction of a share of Common Stock required to satisfy any such tax obligations
shall be disregarded and the amount due shall be paid instead in cash by the Participant.

 

15.5 No
Assignment of Benefits. No Award or other benefit payable under the Plan shall, except as otherwise specifically provided
by law or permitted by the Committee, be Transferable in any manner, and any attempt to Transfer any such benefit shall be void,
and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements or torts
of any Person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such
Person.

 

15.6 Listing
and Other Conditions.

 

(a) Unless
otherwise determined by the Committee, as long as the Common Stock is listed on a national securities exchange or system sponsored
by a national securities association, the issuance of shares of Common Stock pursuant to an Award shall be conditioned upon such
shares being listed on such exchange or system. The Company shall have no obligation to issue such shares unless and until such
shares are so listed, and the right to exercise any Option or other Award with respect to such shares shall be suspended until
such listing has been effected.

 

(b) If
at any time counsel to the Company shall be of the opinion that any sale or delivery of shares of Common Stock pursuant to an Option
or other Award is or may in the circumstances be unlawful under the statutes, rules or regulations of any applicable jurisdiction,
the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any
qualification or registration under the Securities Act or otherwise, with respect to shares of Common Stock or Awards, and the
right to exercise any Option or other Award shall be suspended until, in the opinion of said counsel, such sale or delivery shall
be lawful or will not result in the imposition of excise taxes on the Company.

 

(c) Upon
termination of any period of suspension under this Section 15.6, any Award affected by such suspension that shall not
then have expired or terminated shall be reinstated as to all shares available before such suspension and as to shares which would
otherwise have become available during the period of such suspension, but no such suspension shall extend the term of any Award.

 

15.7 Governing
Law. The Plan and actions taken in connection herewith shall be governed and construed in accordance with the laws of the
State of Delaware (regardless of the law that might otherwise govern under applicable Delaware principles of conflict of laws).

 

    	 	27	 

     

    

 

15.8 Jurisdiction;
Waiver of Jury Trial. Any suit, action or proceeding with respect to the Plan or any Award Agreement, or any judgment entered
by any court of competent jurisdiction in respect of any thereof, shall be resolved only in the courts of the State of Delaware
or the United States District Court for the District of Delaware and the appellate courts having jurisdiction of appeals in such
courts. In that context, and without limiting the generality of the foregoing, the Company and each Participant shall irrevocably
and unconditionally (a) submit in any proceeding relating to the Plan or any Award Agreement, or for the recognition and enforcement
of any judgment in respect thereof (a “Proceeding”), to the exclusive jurisdiction of the courts of the
State of Delaware, the court of the United States of America for the District of Delaware, and appellate courts having jurisdiction
of appeals from any of the foregoing, and agree that all claims in respect of any such Proceeding shall be heard and determined
in such Delaware State court or, to the extent permitted by law, in such federal court, (b) consent that any such Proceeding
may and shall be brought in such courts and waives any objection that the Company and each Participant may now or thereafter have
to the venue or jurisdiction of any such Proceeding in any such court or that such Proceeding was brought in an inconvenient court
and agree not to plead or claim the same, (c) waive all right to trial by jury in any Proceeding (whether based on contract,
tort or otherwise) arising out of or relating to the Plan or any Award Agreement, (d) agree that service of process in any
such Proceeding may be effected by mailing a copy of such process by registered or certified mail (or any substantially similar
form of mail), postage prepaid, to such party, in the case, of a Participant, at the Participant’s address shown in the books
and records of the Company or, in the case of the Company, at the Company’s principal offices, attention General Counsel,
and (e) agree that nothing in the Plan shall affect the right to effect service of process in any other manner permitted by
the laws of the State of Delaware.

 

15.9 Construction.
Wherever any words are used in the Plan in the masculine gender they shall be construed as though they were also used in the feminine
gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed
as though they were also used in the plural form in all cases where they would so apply.

 

15.10 Other
Benefits. No Award granted or paid out under the Plan shall be deemed compensation for purposes of computing benefits under
any retirement plan of the Company or its Affiliates nor affect any benefit under any other benefit plan now or subsequently in
effect under which the availability or amount of benefits is related to the level of compensation.

 

15.11 Costs.
The Company shall bear all expenses associated with administering the Plan, including expenses of issuing Common Stock pursuant
to Awards hereunder.

 

15.12 No
Right to Same Benefits. The provisions of Awards need not be the same with respect to each Participant, and such Awards
to individual Participants need not be the same in subsequent years.

 

15.13 Death;
Disability. The Committee may in its discretion require the transferee of a Participant to supply it with written notice
of the Participant’s death or Disability and to supply it with a copy of the will (in the case of the Participant’s
death) or such other evidence as the Committee deems necessary to establish the validity of the transfer of an Award. The Committee
may also require that the agreement of the transferee to be bound by all of the terms and conditions of the Plan.

 

    	 	28	 

     

    

 

15.14 Section 16(b)
of the Exchange Act. All elections and transactions under the Plan by Persons subject to Section 16 of the Exchange Act
involving shares of Common Stock are intended to comply with any applicable exemptive condition under Rule 16b-3. The Committee
may establish and adopt written administrative guidelines, designed to facilitate compliance with Section 16(b) of the Exchange
Act, as it may deem necessary or proper for the administration and operation of the Plan and the transaction of business thereunder.

 

15.15 Section 409A
of the Code. The Plan is intended to be exempt from, or comply with, the applicable requirements of Section 409A of
the Code and shall be limited, construed and interpreted in accordance with such intent. To the extent that any Award is subject
to Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A of the Code, including proposed,
temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with
respect thereto. Notwithstanding anything herein to the contrary, any provision in the Plan that is inconsistent with Section 409A
of the Code shall be deemed to be amended to comply with Section 409A of the Code and to the extent such provision cannot
be amended to comply therewith, such provision shall be null and void. The Company shall have no liability to a Participant, or
any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or
compliant or for any action taken by the Committee or the Company and, in the event that any amount or benefit under the Plan becomes
subject to penalties under Section 409A of the Code, responsibility for payment of such penalties shall rest solely with the affected
Participants and not with the Company. Notwithstanding any contrary provision in the Plan or Award Agreement, any payment(s) of
“nonqualified deferred compensation” (within the meaning of Section 409A of the Code) that are otherwise required
to be made under the Plan to a “specified employee” (as defined under Section 409A of the Code) as a result of
such employee’s separation from service (other than a payment that is not subject to Section 409A of the Code) shall
be delayed for the first six (6) months following such separation from service (or, if earlier, the date of death of the specified
employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period.

 

15.16 Successor
and Assigns. The Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation,
the estate of such Participant and the executor, administrator or trustee of such estate.

 

15.17 Severability
of Provisions. If any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability
shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included.

 

15.18 Payments
to Minors, Etc. Any benefit payable to or for the benefit of a minor, an incompetent Person or other Person incapable of
receipt thereof shall be deemed paid when paid to such Person’s guardian or to the party providing or reasonably appearing
to provide for the care of such Person, and such payment shall fully discharge the Committee, the Board, the Company, its Affiliates
and their employees, agents and representatives with respect thereto.

 

    	 	29	 

     

    

 

15.19 Lock-Up
Agreement. As a condition to the grant of an Award, if requested by the Company, a Participant shall irrevocably
agree not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale
of, pledge or otherwise transfer or dispose of, any interest in any Common Stock or any securities convertible into, derivative
of, or exchangeable or exercisable for, or any other rights to purchase or acquire Common Stock (except Common Stock included in
a public offering or acquired on the public market after such offering) during such period of time that the the Company shall specify
(the “Lock-Up Period”); provided, however, that such Lock-Up Period shall not exceed or
be greater than any Lock-Up Period imposed upon on Falcon Minerals Operating Partnership, LP, any Initial Investor or any Affiliate
of The Blackstone Group L.P. that holds Common Stock, with respect to such Common Stock or pursuant to any related arrangement.
The Participant shall further agree to sign such documents as may be requested by the Company to effect the foregoing and agree
that the Company may impose stop-transfer instructions with respect to Common Stock acquired pursuant to an Award until the end
of such Lock-Up Period. Notwithstanding Section 15.4, during any Lock-Up Period with respect to a Participant, such
Participant may elect to satisfy any tax withholding obligations that arise by requiring the Company to reduce the number of shares
of Common Stock otherwise deliverable.

 

15.20 Headings
and Captions. The headings and captions herein are provided for reference and convenience only, shall not be considered
part of the Plan, and shall not be employed in the construction of the Plan.

 

15.21 Company
Recoupment of Awards. A Participant’s rights with respect to any Award hereunder shall in all events be subject to
(a) any right that the Company may have under any Company recoupment policy or other agreement or arrangement with a Participant,
or (b) any right or obligation that the Company may have regarding the clawback of “incentive-based compensation”
under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to
time by the U.S. Securities and Exchange Commission.

 

Article XVI

EFFECTIVE DATE OF PLAN

 

The Plan shall become
effective on August 23, 2018, which is the date of its adoption by the Board, subject to the approval of the Plan by the stockholders
of the Company in accordance with the requirements of the laws of the State of Delaware.

 

Article XVII

TERM OF PLAN

 

No Award shall be granted
pursuant to the Plan on or after the tenth anniversary of the earlier of the date that the Plan is adopted or the date of stockholder
approval, but Awards granted prior to such tenth anniversary may extend beyond that date.

 

Article XVIII

NAME OF PLAN

 

The Plan shall be known
as the “Falcon Minerals Corporation 2018 Long-Term Incentive Plan.”

 

 

30

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