Document:

Exhibit 10.12

   

  DIRECTOR NOMINATION AGREEMENT

   

  This Director Nomination Agreement (this “Agreement”) is made on October 26, 2021 (the “Effective Date”), by and
    among Aris Water Solutions, Inc., a Delaware corporation (the “Company”), COG Operating LLC (“COG”) and Yorktown Energy Partners XI, L.P. (“Yorktown”).

   

  RECITALS

   

  WHEREAS, the Company has agreed to permit each of COG and Yorktown to designate one director for nomination for
    election to the board of directors of the Company (the “Board”), subject to the terms and conditions set forth herein.

   

  NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and
    valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to the following:

   

  Article I

          DEFINITIONS

   

  Section 1.01 Definitions. As used in this Agreement, the following terms shall have the following meanings:

   

  “Affiliate” means, with respect to a specified Person, any other Person that directly, or
    indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, the specified Person; provided that the Company and any Person Controlled by the Company shall not be considered to be an Affiliate of
    any Major Shareholder for any purpose under this Agreement.

   

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

   

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

   

  “Board” has the meaning set forth in the Recitals.

   

  “Bylaws” means the Amended and Restated Bylaws of the Company, as amended or restated from time to
    time.

   

  “Certificate of Incorporation” means the Amended and Restated Certificate of Incorporation of the
    Company, as amended or restated from time to time.

   

  “COG” has the meaning set forth in the Preamble.

   

  “COG Designated Director” has the meaning set forth in Section 2.01(a).

   

  “Company” has the meaning set forth in the Preamble.

   

  “Control” means the possession, direct or indirect, of the power to direct or cause the direction
    of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. The terms “Controlled by” and “under common Control with” shall have correlative meanings.

   

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

   

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

   

  
   

   

  
   

  “Major Shareholders” means COG and Yorktown.

   

  “Person” means any individual, corporation, firm, partnership, joint venture, limited liability
    company, estate, trust, business association, organization, any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof or other
    entity, and also includes any managed investment account.

   

  “Proceeding” has the meaning set forth in Section 4.08.

   

  “Securities Exchange” means the national securities exchange on which the Company’s Class A common
    stock, par value $0.01 per share, is then listed.

   

  “Selected Courts” has the meaning set forth in Section 4.08.

   

  “Termination Date” means with respect to the rights of COG hereunder, the date when the Voting
    Percentage of COG and its Affiliates is less than 12.5% for the first time following the Effective Date; and with respect to the rights of Yorktown hereunder, the date when the Voting Percentage of Yorktown and its Affiliates is less than 12.5% for the
    first time following the Effective Date.

   

  “Termination Trigger” has the meaning set forth in Section 3.01.

   

  “Voting Percentage” means, with respect to any Person, the percentage voting power in the general election of directors of the
    Company represented by all shares of Voting Stock Beneficially Owned by such Person.

   

  “Voting Stock” means the Class A common stock and Class B common stock, each with par value $0.01
    per share, of the Company, as well as any other class or series of capital stock of the Company entitled to vote generally in the election of directors to the Board.

   

  “Yorktown” has the meaning set forth in the Preamble.

   

  “Yorktown Designated Director” has the meaning set forth in Section 2.01(a).

   

  Section 1.02 Other Definitional and Interpretive Provisions. The words “hereof,” “herein” and “hereunder” and words of
    like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. References in the singular or to “him,” “her,” “it,” “itself” or other like references, and references in the plural or
    the feminine or masculine reference, as the case may be, shall also, when the context so requires, be deemed to include the plural or singular, or the masculine or feminine reference, as the case may be. References to the Preamble, Recitals, Articles
    and Sections shall refer to the Preamble, Recitals, Articles and Sections of this Agreement, unless otherwise specified. The headings in this Agreement are for convenience and identification only and are not intended to describe, interpret, define or
    limit the scope, extent or intent of this Agreement or any provision thereof. References to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References to any
    agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. References to “include,” “includes” and “including” in this Agreement shall be deemed to be
    followed by the words “without limitation,” whether or not so specified. This Agreement shall be construed without regard to any presumption or other rule requiring construction against the party that drafted and caused this Agreement to be drafted.

   

  
   

   

  
   

  Article II

          NOMINATION RIGHTS

   

  Section 2.01 Board Nominees.

   

  (a) Subject to the terms and conditions of this Agreement, from and after the Effective Date until the
    Termination Date, at every meeting of the Board, or a committee thereof, at which directors of the Company are appointed by the Board or are nominated to stand for election by stockholders of the Company, the Major Shareholder shall have the right, but
    not the obligation, to nominate directors for election to the Board as follow:

   

  	
           

        	
          (i)

        	
          COG shall have the right to nominate one nominee until the first time when the Voting Percentage of COG and its Affiliates is less than
            12.5%, who shall be a Class III director (the “COG Designated Director”); and

        

   

  	
           

        	
          (ii)

        	
          Yorktown shall have the right to nominate one nominee until the first time when the Voting Percentage of Yorktown and its Affiliates is
            less than 12.5%, who shall be a Class I director (the “Yorktown Designated Director”).

        

   

  The initial COG Designated Director and Yorktown Designated Director, respectively, as of the Effective Date are Andrew
    O’Brien and W. Howard Keenan, Jr.

   

  (b) Subject to Section 2.01(c), the Company shall take all actions (to the extent such actions are permitted by
    applicable law) to (i) include each COG Designated Director and Yorktown Designated Director in the slate of director nominees for election by the Company’s stockholders and (ii) include each COG Designated Director and Yorktown Designated Director in
    the proxy statement prepared by the Company in connection with soliciting proxies for every meeting of the stockholders of the Company called with respect to the election of members of the Board, and at every adjournment or postponement thereof, and on
    every action or approval by written consent of the Board with respect to the election of members of the Board.

   

  (c) The Company’s obligations pursuant to Sections 2.01(b), (d) and (e) shall be subject to each person designated as
    a nominee or successor for the COG Designated Director and Yorktown Designated Director, as applicable, providing, fully and completely, (i) any information that is required to be disclosed in any filing or report under the listing standards of the
    Securities Exchange and applicable law or regulatory guidance or requests, (ii) any information that is required in connection with determining the independence status of the COG Designated Director and Yorktown Designated Director under the listing
    standards of the Securities Exchange and applicable law, and (iii) if required by applicable law, such individual’s written consent to being named in a proxy statement as a nominee and to serving as director if elected.

   

  (d) If a COG Designated Director or Yorktown Designated Director is not appointed, nominated or elected to the Board because
    of such person’s death, disability, disqualification, withdrawal as a nominee or for other reason, (i) the Major Shareholder who originally designated such director as a nominee shall be entitled to designate another nominee and shall do so as promptly
    as practicable following the failure of such designated director to be appointed, nominated or elected to the Board and (ii) the director position for which the original designated director was nominated shall not be filled pending such designation.

   

  (e) If a vacancy occurs because of the death, disability, disqualification, resignation or removal of a COG Designated
    Director or Yorktown Designated Director or for any other reason, the Major Shareholder who originally designated such director shall be entitled to designate such person’s successor, and the Company hereby agrees, to the fullest extent permitted by
    applicable law (including with respect to fiduciary duties under Delaware law), to promptly fill the vacancy with such successor, it being understood that any such successor designee shall serve the remainder of the term of the designated director whom
    such designee replaces. A Major Shareholder shall designate a successor pursuant to this Section 2.01(e) as promptly as practicable following any such vacancy.

   

  (f) In the event that COG or Yorktown shall cease to have the right to designate a Director hereunder, then the current COG
    Designated Director or Yorktown Designated Director, respectively, shall (i) at the request of a majority of the Directors then in office resign immediately if such resignation would not reasonably be expected to violate such director’s fiduciary
    duties under applicable law, and, upon such request by a majority of the Directors then in office, COG or Yorktown, as applicable, shall take such action as reasonably necessary to facilitate such resignation or (ii) if no such request is made,
    continue to serve until his or her term expires at the next annual meeting of stockholders of the Company.

   

  
   

   

  
   

  Article III

          EFFECTIVENESS AND TERMINATION

   

  Section 3.01 Termination. This rights of each of COG and Yorktown shall terminate upon the earlier to occur of (a) the
    Termination Date applicable to such Major Shareholder and (b) the delivery of written notice to the Company by a Major Shareholder agreeing to terminate its rights under this Agreement (each a “Termination Trigger”). This Agreement will
    terminate and be of no further force and effect once a Termination Trigger has occurred with respect to each Major Shareholder.

   

  ARTICLE IV

          MISCELLANEOUS

   

  Section 4.01 Notices. All notices, requests, consents and other communications hereunder to any party shall be in
    writing and shall be personally delivered, sent by nationally recognized overnight courier or mailed by registered or certified mail to such party at the address set forth below, or sent by e-mail transmission (or such other address or contact
    information as shall be specified by like notice):

   

  	
          If to the Company:

        	
           

        	
          Aris Water Solutions, Inc.

            Attention: Amanda M. Brock

            9811 Katy Freeway, Suite 700

            Houston, Texas 77024

            Electronic mail: amanda.brock@ariswater.com

        
	
           

        	
           

        	
           

        
	
          With copy to:

        	
           

        	
          Gibson, Dunn & Crutcher LLP

            Attention: Hillary H. Holmes

            811 Main Street, Suite 3000

            Houston, Texas 77002

            Electronic mail: hholmes@gibsondunn.com

        
	
           

        	
           

        	
           

        
	
          If to any Major Shareholder:

        	
           

        	
           

          To the address of such Major Shareholder as it appears in the applicable register for securities of the Company or such other address as may be designated
            in writing by such Major Shareholder (including on the signature pages hereto).

        
	
           

        	
           

        	
           

        
	
          And in the case of notice to COG or any Affiliate thereof, with a copy to:

        	
           

        	
          King & Spalding LLP

            1180 Peachtree Street, NE

            Atlanta, Georgia 30309

            Attention: Keith M. Townsend

            Electronic email: ktownsend@kslaw.com

        

   

  Notices will be deemed to have been given hereunder when personally delivered or when receipt of e-mail has been acknowledged by non-automated
    response, one calendar day after deposit with a nationally recognized overnight courier and five calendar days after deposit in U.S. mail.

   

  Section 4.02 Severability. The provisions of this Agreement shall be deemed severable, and the invalidity or
    unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is found to be invalid or unenforceable
    in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this
    Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or
    the application thereof, in any other jurisdiction.

   

  Section 4.03 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed
    an original and all of which, taken together, shall be considered one and the same agreement.

   

  
   

   

  
   

  Section 4.04 Entire Agreement; No Third Party Beneficiaries. This Agreement (a) constitutes the entire agreement and
    supersedes all other prior agreements, both written and oral, among the parties with respect to the subject matter hereof and (b) is not intended to confer upon any Person, other than the parties hereto, any rights or remedies hereunder.

   

  Section 4.05 Further Assurances. Each party shall execute, deliver, acknowledge and file such other documents and take
    such further actions as may be reasonably requested from time to time by the other parties hereto to give effect to and carry out the transactions contemplated herein.

   

  Section 4.07 Governing Law; Equitable Remedies. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
    THE LAWS OF THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF). The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance
    with its specific terms or was otherwise breached. It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable remedies to prevent breaches of this Agreement and to enforce specifically the
    terms and provisions hereof in any of the Selected Courts (as defined below), this being in addition to any other remedy to which they are entitled at law or in equity. Any requirements for the securing or posting of any bond with respect to such
    remedy are hereby waived by each of the parties hereto. Each party further agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or enforcement of specific performance, it will not assert the
    defense that a remedy at law would be adequate.

   

  Section 4.08 Consent To Jurisdiction. With respect to any suit, action or proceeding (“Proceeding”) arising out
    of or relating to this Agreement, each of the parties hereto hereby irrevocably (a) submits to the non-exclusive jurisdiction of the Court of Chancery of the State of Delaware and the United States District Court for the District of Delaware and the
    appellate courts therefrom (the “Selected Courts”) and waives any objection to venue being laid in the Selected Courts whether based on the grounds of forum non conveniens or otherwise and hereby agrees not to commence any such Proceeding other
    than before one of the Selected Courts; provided, however, that a party may commence any Proceeding in a court other than a Selected Court solely for the purpose of enforcing an order or judgment issued by one of the Selected Courts;
    (b) consents to service of process in any Proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized international express carrier or delivery service, to the Company or the Major Shareholders at
    their respective addresses referred to in Section 4.01 hereof; provided, however, that nothing herein shall affect the right of any party hereto to serve process in any other manner permitted by law; and (c) TO THE EXTENT NOT
    PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS
    AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR
    AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT AND TO HAVE ALL MATTERS RELATING TO THIS AGREEMENT BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE
    SITTING WITHOUT A JURY.

   

  Section 4.09 Amendments; Waivers.

   

  (a) No provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed, in the
    case of an amendment, by the Company and each of the Major Shareholders, or, in the case of a waiver, by each of the parties against whom the waiver is to be effective.

   

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

   

  
   

   

  
   

  Section 4.10 Assignment

   

  Neither this Agreement nor any of the rights or obligations hereunder shall be assigned by any of the parties hereto without
    the prior written consent of the other parties; provided that any Major Shareholder may assign this Agreement to any of its Affiliates with only the Company’s prior written consent, which shall not be unreasonably withheld. This Agreement will
    be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns.

   

  
   

   

  
   

  IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered, all as of the date
    first set forth above.

   

  	
           

        	
          ARIS WATER SOLUTIONS, INC.

        
	
           

        	
           

        	
           

        
	
           

        	
          By:

        	
          /s/ Amanda M. Brock

        
	
           

        	
          Name:

        	
          Amanda M. Brock

        
	
           

        	
          Title:

        	
          President and Chief Executive Officer

        

   

  [Signature Page to Director Nomination Agreement]

   

  
   

   

  
   

  	
           

        	
          MAJOR SHAREHOLDERS:

        
	
           

        	
           

        
	
           

        	
          COG OPERATING LLC

        
	
           

        	
           

        	
           

        
	
           

        	
          By:

        	
          /s/ Andy O’Brien

        
	
           

        	
          Name:

        	
          Andy O’Brien

        
	
           

        	
          Title:

        	
          Vice President Treasury

        
	
           

        	
           

        	
           

        
	
           

        	
          Address for notice:

        
	
           

        	
          One Concho Center

        
	
           

        	
          600 W. Illinois Avenue

        
	
           

        	
          Midland, Texas 79701

        

   

  [Signature Page to Director Nomination Agreement]

   

  
   

   

  
   

  	
           

        	
          YORKTOWN ENERGY PARTNERS XI, L.P.

        
	
           

        	
           

        	
           

        
	
           

        	
          By: Yorktown XI Company, LP, its general partner

        
	
           

        	
           

        	
           

        
	
           

        	
          By: Yorktown XI Associates LLC, its general partner

        
	
           

        	
           

        	
           

        
	
           

        	
          By:

        	
          /s/ W. Howard Keenan, Jr.

        
	
           

        	
          Name:

        	
          W. Howard Keenan, Jr.

        
	
           

        	
          Title:

        	
          Member

        
	
           

        	
           

        	
           

        
	
           

        	
          Address for notice:

        
	
           

        	
          410 Park Avenue, 20th Floor

        
	
           

        	
          New York, New York 10022

        

   

  [Signature Page to Director Nomination Agreement]Exhibit 10.13

   

  

  TAX
        RECEIVABLE AGREEMENT

   

  by
        and among

   

  ARIS
        WATER SOLUTIONS, INC.

   

  and

   

  THE
        TRA HOLDERS

   

  listed
        on Schedule A hereof

   

  DATED
        AS OF OCTOBER 26, 2021

   

  
     

    
      

    

  

  
   

  TAX
        RECEIVABLE AGREEMENT

   

  This
      TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of October 26, 2021, is hereby entered into by and among
      Aris Water Solutions, Inc., a Delaware corporation (the “Corporate Taxpayer”) and the TRA Holders.

   

  RECITALS

   

  WHEREAS,
      the Corporate Taxpayer is the managing member of Solaris Midstream Holdings, LLC, a Delaware limited liability company (“Solaris
        LLC”), an entity classified as a partnership for U.S. federal income tax purposes, and holds limited liability company
      interests in Solaris LLC;

   

  WHEREAS,
      Solaris LLC and each of its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes
      will have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”),
      for each Taxable Year in which an Exchange occurs, which election is expected to result, with respect to the Corporate Taxpayer,
      in an adjustment to the Tax basis of the assets owned by Solaris LLC and such Subsidiaries;

   

  WHEREAS,
      the TRA Holders currently hold (and their permitted transferees may in the future hold) Units and may transfer all or a portion
      of such Units in one or more Exchanges (as defined herein), and as a result of such Exchanges, the Corporate Taxpayer is expected
      to obtain or be entitled to certain Tax benefits as further described herein;

   

  WHEREAS,
      this Agreement is intended to set forth the agreements among the parties hereto regarding the sharing of the Tax benefits realized
      by the Corporate Taxpayer as a result of the Exchanges;

   

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

   

  Article
      I 

      DEFINITIONS

   

  Section
      1.1            Definitions.
      As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be equally
      applicable to both the singular and plural forms of the terms defined).

   

  “Actual
        Tax Liability” means, with respect to any Taxable Year, the actual liability for U.S. federal income Taxes of (i) the
      Corporate Taxpayer, and (ii) without duplication, Solaris LLC, but only with respect to Taxes imposed on Solaris LLC under Section
      6225 of the Code and allocable to the Corporate Taxpayer; provided that the actual liability for U.S. federal income Taxes
      of the Corporate Taxpayer shall be calculated assuming deductions of (and other impacts of) state and local income and franchise
      Taxes are excluded.

   

  

  
    2 

    
      

    

  

   

  “Affiliate”
      means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls,
      is Controlled by, or is under common Control with, such first Person.

   

  “Agreed
        Rate” means a per annum rate of LIBOR plus 100 basis points.

   

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

   

  “Amended
        Schedule” has the meaning set forth in Section 2.3(b) of this Agreement.

   

  “Assumed
        State and Local Tax Rate” means, with respect to any Taxable Year, (a) the sum of the products of (i) the Corporate
      Taxpayer’s income and franchise tax apportionment rate(s) for each state and local jurisdiction in which Solaris LLC or
      the Corporate Taxpayer files an income or franchise tax return for the relevant Taxable Year and (ii) the highest corporate income
      and franchise tax rate(s) for each state and local jurisdiction in which Solaris LLC or the Corporate Taxpayer files an income
      or franchise tax return for each relevant Taxable Year, reduced by (b) the product of (i) the Corporate Taxpayer’s
      marginal U.S. federal income tax rate for the relevant Taxable Year and (ii) the rate calculated under clause (a).

   

  “Attributable”
      has the meaning set forth in Section 3.1(b) of this Agreement.

   

  “Basis
        Adjustment” means any adjustment to the Tax basis of a Reference Asset (as calculated under Section 2.1 of this
      Agreement) as a result of an Exchange and the payments made pursuant to this Agreement with respect to such Exchange, including,
      but not limited to: (i) under Sections 734(b) and 743(b) of the Code (in situations where, following an Exchange, Solaris LLC
      remains classified as a partnership for U.S. federal income tax purposes); and (ii) under Sections 732(b), 734(b) and 1012 of
      the Code (in situations where, as a result of one or more Exchanges, Solaris LLC becomes an entity that is disregarded as separate
      from its owner for U.S. federal income tax purposes). Notwithstanding any other provision of this Agreement, the amount of any
      Basis Adjustment resulting from an Exchange of Units shall be determined without regard to any Pre-Exchange Transfer of such Units,
      and as if such Pre-Exchange Transfer had not occurred.

   

  “Benchmark
        Replacement Adjustment” means the spread adjustment, or method for calculating or determining such spread adjustment,
      (which may be a positive or negative value or zero) as of the reference time such replacement is first set for such interest period
      that has been selected or recommended by the Relevant Governmental Body for the corresponding tenor.

   

  “beneficially
        own” and “beneficial owner” shall be as defined in Rule 13d-3 of the rules promulgated under the
      Exchange Act.

   

  “Board”
      means the board of directors of the Corporate Taxpayer.

   

  “Business
        Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the
      United States of America or the State of Texas shall not be regarded as a Business Day.

   

  “Call
        Right” has the meaning set forth in the Solaris LLC Agreement.

   

  

  
    3 

    
      

    

  

   

  “Change
        of Control” means the occurrence of any of the following events or series of related events after the IPO Date:

   

  		(i)	any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the Exchange Act (excluding any Qualifying Owner or
            any group of Qualifying Owners acting together which would constitute a “group” for purposes of Section 13(d) of the Exchange Act, and excluding a corporation or other entity owned, directly or indirectly, by the stockholders of the Corporate
            Taxpayer in substantially the same proportions as their ownership of stock of the Corporate Taxpayer) is or becomes the beneficial owner, directly or indirectly, of securities of the Corporate Taxpayer representing more than 50% of the combined
            voting power of the Corporate Taxpayer’s then outstanding voting securities;

   

  		(ii)	there is consummated a merger or consolidation of the Corporate Taxpayer or any direct or indirect Subsidiary of the Corporate Taxpayer (including Solaris LLC) with any
            other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors
            of the company surviving the merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (y) the voting securities of the Corporate Taxpayer immediately prior to such merger or consolidation do not
            continue to represent or are not converted or exchanged into more than 50% of the combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a
            Subsidiary, the ultimate parent thereof; or

   

  		(iii)	the stockholders of the Corporate Taxpayer approve a plan of complete liquidation or dissolution of the Corporate Taxpayer or there is consummated an agreement or series
            of related agreements for the sale or other disposition, directly or indirectly, by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets, other than such sale or other disposition by the Corporate Taxpayer of
            all or substantially all of the Corporate Taxpayer’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by stockholders of the Corporate Taxpayer in substantially the same proportions as
            their ownership of the Corporate Taxpayer immediately prior to such sale.

   

  Notwithstanding
      the foregoing, except with respect to clause (ii) above, a “Change of Control” shall not be deemed to have occurred
      by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders
      of the shares of the Class A common stock and Class B common stock of Corporate Taxpayer immediately prior to such transaction
      or series of transactions continue to have substantially the same proportionate ownership in and voting control over, and own
      substantially all of the shares of, an entity which owns, either directly or through a Subsidiary, all or substantially all of
      the assets of the Corporate Taxpayer immediately following such transaction or series of transactions.

   

  

  
    4 

    
      

    

  

   

  “Class
        A Shares” means shares of Class A common stock of the Corporate Taxpayer.

   

  “Code”
      has the meaning set forth in the Recitals of this Agreement.

   

  “Control”
      means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
      whether through ownership of voting securities, by contract or otherwise.

   

  “Corporate
        Taxpayer” has the meaning set forth in the preamble to this Agreement.

   

  “Corporate
        Taxpayer Return” means the U.S. federal income Tax Return of the Corporate Taxpayer (including any consolidated group
      of which the Corporate Taxpayer is a member, as further described in Section 7.12(a) of this Agreement) filed with respect
      to Taxes of any Taxable Year.

   

  “Cumulative
        Net Realized Tax Benefit” for a Taxable Year means the cumulative amount (but not less than zero) of Realized Tax Benefits
      for all Taxable Years, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the
      same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent
      Tax Benefit Payment Schedule or Amended Schedule, if any, in existence at the time of such determination.

   

  “Daily
        Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established
      in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple
      SOFR”.

   

  “Default
        Rate” means a per annum rate of LIBOR plus 550 basis points.

   

  “Determination”
      shall have the meaning ascribed to such term in Section 1313(a) of the Code or any other event (including the execution of IRS
      Form 870-AD) that finally and conclusively establishes the amount of any liability for Tax.

   

  “Dispute”
      has the meaning set forth in Section 7.9(a) of this Agreement.

   

  “Disputing
        Party” has the meaning set forth in Section 7.10 of this Agreement.

   

  “Early
        Termination” has the meaning set forth in Section 4.1 of this Agreement.

   

  “Early
        Termination Date” means the date of an Early Termination Notice for purposes of determining the Early Termination Payment.

   

  “Early
        Termination Effective Date” has the meaning set forth in Section 4.4 of this Agreement.

   

  “Early
        Termination Notice” has the meaning set forth in Section 4.4 of this Agreement.

   

  “Early
        Termination Payment” has the meaning set forth in Section 4.5(b) of this Agreement.

   

  

  
    5 

    
      

    

  

   

  “Early
        Termination Rate” means a per annum rate of LIBOR plus 200 basis points.

   

  “Early
        Termination Schedule” has the meaning set forth in Section 4.4 of this Agreement.

   

  “Exchange”
      means any transfer of Units by a TRA Holder, or by a permitted transferee of such TRA Holder, pursuant to the Solaris LLC Agreement,
      to Solaris LLC or to the Corporate Taxpayer in connection with the IPO, or pursuant to the Redemption Right or the Call Right,
      as applicable.

   

  “Exchange
        Act” means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the same may
      be amended from time to time (or any corresponding provisions of succeeding law).

   

  “Exchange
        Date” means each date on which an Exchange occurs.

   

  “Exchange
        Notice” has the meaning given to the term “Redemption Notice” in the Solaris LLC Agreement.

   

  “Exchange
        Schedule” has the meaning set forth in Section 2.1 of this Agreement.

   

  “Expert”
      means a nationally recognized expert in the particular area of disagreement as is mutually acceptable to the parties.

   

  “Hypothetical
        Tax Liability” means, with respect to any Taxable Year, the liability for U.S. federal income Taxes of (i) the Corporate
      Taxpayer, and (ii) without duplication, Solaris LLC, but only with respect to Taxes imposed on Solaris LLC under Section 6225
      of the Code and allocable to the Corporate Taxpayer (using the same methods, elections, conventions, U.S. federal income tax rate
      and similar practices used on the relevant Corporate Taxpayer Return), but computed without taking into account (i) any Basis
      Adjustments (ii) any deduction attributable to Imputed Interest, and (iii) any Post-IPO TRA Benefits. For the avoidance of doubt,
      Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of any U.S. federal income
      Tax item (or portions thereof) that is attributable to any Basis Adjustments, any Imputed Interest, and any Post-IPO TRA Benefits.
      Furthermore, the Hypothetical Tax Liability shall be calculated assuming deductions of (and other impacts of) state and local
      income and franchise Taxes are excluded.

   

  “Imputed
        Interest” in respect of a TRA Holder shall mean any interest imputed under Section 1272, 1274 or 483 or other provision
      of the Code with respect to the Corporate Taxpayer’s payment obligations in respect of such TRA Holder under this Agreement.

   

  “Independent
        Directors” means the members of the Board who are “independent” under the standards set forth in Rule 10A-3
      promulgated under the Exchange Act, and the corresponding rules of the applicable exchange on which the Class A Shares are traded
      or quoted.

   

  “IPO”
      means the initial public offering of shares by the Corporate Taxpayer.

   

  “IPO
        Date” means the closing date of the IPO.

   

  

  
    6 

    
      

    

  

   

  “IRS”
      means the U.S. Internal Revenue Service.

   

  “Joinder”
      means a joinder to this Agreement, in form and substance substantially similar to Exhibit A to this Agreement.

   

  “LIBOR”
      means during any period, an interest rate per annum equal to the one-year LIBOR rate reported, on the date two (2) calendar days
      prior to the first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported
      on Reuters Screen page “LIBOR01” or by any other publicly available source of such market rate) for London interbank
      offered rates for United States dollar deposits for such period, provided that if one-year LIBOR ceases to be announced or available
      permanently or indefinitely, then “LIBOR” means the first alternative set forth below that can be determined by the
      parties hereto:

   

  (a)
      the sum of: (i) Term SOFR and (ii) the related Benchmark Replacement Adjustment; or

   

  (b)
      the sum of: (i) Daily Simple SOFR and (ii) the related Benchmark Replacement Adjustment.

   

  “Majority
        TRA Holders” means, at the time of any determination, TRA Holders who would be entitled to receive more than fifty percent
      (50%) of the aggregate amount of the Early Termination Payments payable to all TRA Holders hereunder (determined using such calculations
      of Early Termination Payments reasonably estimated by the Corporate Taxpayer) if the Corporate Taxpayer had exercised its right
      of early termination on such date.

   

  “Market
        Value” means the closing price of the Class A Shares on the applicable Exchange Date on the national securities exchange
      or interdealer quotation system on which such Class A Shares are then traded or listed, as reported by Bloomberg L.P.; provided,
      that if the closing price is not reported by Bloomberg L.P. for the applicable Exchange Date, then the Market Value means the
      closing price of the Class A Shares on the Business Day immediately preceding such Exchange Date on the national securities exchange
      or interdealer quotation system on which such Class A Shares are then traded or listed, as reported by Bloomberg L.P.; provided
        further that if the Class A Shares are not then listed on a national securities exchange or interdealer quotation system,
      “Market Value” means the cash consideration paid for Class A Shares, or the fair market value of the other property
      delivered for Class A Shares, as determined by the Board in good faith.

   

  “Material
        Objection Notice” has the meaning set forth in Section 4.4 of this Agreement.

   

  “Net
        Tax Benefit” has the meaning set forth in Section 3.1(b) of this Agreement.

   

  “Objection
        Notice” has the meaning set forth in Section 2.3(a) of this Agreement.

   

  “Payment
        Date” means any date on which a payment is required to be made pursuant to this Agreement.

   

  

  
    7 

    
      

    

  

   

  “Person”
      means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
      organization, governmental entity or other entity.

   

  “Pre-Exchange
        Transfer” means any transfer of one or more Units (i) that occurs prior to an Exchange of such Units, and (ii) to which
      Section 743(b) of the Code applies.

   

  “Post-IPO
        TRA” means any tax receivable agreement (or comparable agreement) entered into by the Corporate Taxpayer or any of its
      Subsidiaries pursuant to which the Corporate Taxpayer is obligated to pay over amounts with respect to tax benefits resulting
      from any net operating losses or other tax attributes to which the Corporate Taxpayer becomes entitled as a result of a transaction
      (other than any Exchanges) after the date of this Agreement.

   

  “Post-IPO
        TRA Benefits” means any tax benefits resulting from net operating losses or other tax attributes with respect to which
      the Corporate Taxpayer is obligated to make payments under a Post-IPO TRA.

   

  “Qualifying
        Owners” means any Affiliate of a TRA Holder as of the date hereof.

   

  “Realized
        Tax Benefit” means, for a Taxable Year, the sum of (i) the excess, if any, of the Hypothetical Tax Liability for such
      Taxable Year over the Actual Tax Liability for such Taxable Year and (ii) the State and Local Tax Benefit for such Taxable Year.
      If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit by the IRS of any Taxable
      Year, such liability and the corresponding Hypothetical Tax Liability shall not be included in determining the Realized Tax Benefit
      unless and until there has been a Determination with respect to such Actual Tax Liability.

   

  “Realized
        Tax Detriment” means, for a Taxable Year, the sum of (i) the excess, if any, of the Actual Tax Liability over the Hypothetical
      Tax Liability for such Taxable Year and (ii) the State and Local Tax Detriment for such Taxable Year. If all or a portion of the
      Actual Tax Liability for the Taxable Year arises as a result of an audit by the IRS of any Taxable Year, such liability and the
      corresponding Hypothetical Tax Liability shall not be included in determining the Realized Tax Detriment unless and until there
      has been a Determination with respect to such Actual Tax Liability.

   

  “Reconciliation
        Dispute” has the meaning set forth in Section 7.10 of this Agreement.

   

  “Reconciliation
        Procedures” means the procedures described in Section 7.10 of this Agreement.

   

  “Redemption
        Right” means the redemption right of holders of Units set forth in Section 4.6 of the Solaris LLC Agreement.

   

  “Reference
        Asset” means, with respect to any Exchange, an asset (other than cash or a cash equivalent) that is held by Solaris
      LLC, or any of its direct or indirect Subsidiaries that is treated as a partnership or disregarded entity for U.S. federal income
      tax purposes (but only to the extent such Subsidiaries are not held through any entity treated as a corporation for U.S. federal
      income tax purposes), at the time of such Exchange. A Reference Asset also includes any asset that is “substituted basis
      property” under Section 7701(a)(42) of the Code with respect to a Reference Asset.

   

  

  
    8 

    
      

    

  

   

  “Relevant
        Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York,
      or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve
      Bank of New York, or any successor thereto.

   

  “Schedule”
      means any of the following: (i) an Exchange Schedule, (ii) a Tax Benefit Payment Schedule, or (iii) the Early Termination Schedule.

   

  “Senior
        Obligations” has the meaning set forth in Section 5.1 of this Agreement.

   

  “SOFR”
      means a rate per annum equal to the secured overnight financing rate for such Business Day published by the Federal Reserve Bank
      of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank
      of New York, currently at http://www.newyorkfed.org (or any successor source for the secured overnight financing rate identified
      as such by the administrator of the secured overnight financing rate from time to time).

   

  “Solaris
        LLC” has the meaning set forth in the Recitals of this Agreement.

   

  “Solaris
        LLC Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of Solaris LLC, as amended
      from time to time.

   

  “State
        and Local Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual
      Tax Liability; provided that, for purposes of determining the State and Local Tax Benefit, each of the Hypothetical Tax
      Liability and the Actual Tax Liability shall be calculated using the Assumed State and Local Tax Rate instead of the rate applicable
      for U.S. federal income tax purposes.

   

  “State
        and Local Tax Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical
      Tax Liability; provided that, for purposes of determining the State and Local Tax Detriment, each of the Actual Tax Liability
      and the Hypothetical Tax Liability shall be calculated using the Assumed State and Local Tax Rate instead of the rate applicable
      for U.S. federal income tax purposes.

   

  “Subsidiaries”
      means, with respect to any Person, as of any date of determination, any other Person as to which such Person, owns, directly or
      indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest
      or managing member or similar interest of such Person.

   

  “Tax
        Benefit Payment” has the meaning set forth in Section 3.1(b) of this Agreement.

   

  “Tax
        Benefit Payment Schedule” has the meaning set forth in Section 2.2 of this Agreement.

   

  “Tax
        Proceeding” has the meaning set forth in Section 6.1 of this Agreement.

   

  

  
    9 

    
      

    

  

   

  “Tax
        Receivable Agreements” means this Agreement and any Post-IPO TRA.

   

  “Tax
        Return” means any return, declaration, report or similar statement filed or required to be filed with respect to Taxes
      (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and
      declaration of estimated Tax.

   

  “Taxable
        Year” means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code (which, for the avoidance
      of doubt, may include a period of less than twelve (12) months for which a Tax Return is made), ending on or after the IPO Date.

   

  “Taxes”
      means any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or measured with respect
      to net income or profits, and any interest related to such Tax.

   

  “Taxing
        Authority” means the IRS and any federal, national, state, county or municipal or other local government, any subdivision,
      agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority
      exercising Tax regulatory authority.

   

  “Term
        SOFR” means, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been selected
      or recommended by the Relevant Governmental Body.

   

  “TRA
        Holder” means each of those Persons set forth on Schedule A and their respective successors and permitted assigns
      pursuant to Section 7.6(a).

   

  “TRA
        Party Representative” means a nationally recognized accounting firm selected by a majority vote of the TRA Holders.

   

  “Transferor”
      has the meaning set forth in Section 7.12(b) of this Agreement.

   

  “Treasury
        Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time (including
      corresponding provisions and succeeding provisions) as in effect for the relevant Taxable Year.

   

  “Units”
      has the meaning set forth in the Solaris LLC Agreement.

   

  “Valuation
        Assumptions” means, as of an Early Termination Date, the assumptions that:

   

  (i)            in each Taxable Year ending on or after such Early Termination Date,
      the Corporate Taxpayer will have taxable income sufficient
      to fully utilize the deductions arising from all Basis Adjustments and Imputed Interest, during such Taxable Year or future Taxable
      Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit
      Payments that would be paid in accordance with the Valuation Assumptions, further assuming such future Tax Benefit Payments would
      be paid on the due date, including all valid extensions, for filing the Corporate Taxpayer Return for the applicable Taxable Year)
      in which such deductions would become available;

   

  

  
    10 

    
      

    

  

   

  (ii)           all taxable income of the Corporate Taxpayer will be subject to the
      maximum applicable tax rates throughout the relevant period;
      provided, the combined tax rate for U.S. state and local income taxes (but not, for the avoidance of doubt, federal income
      taxes) shall be the Assumed State and Local Tax Rate;

   

  (iii)          any loss or credit carryovers generated by deductions or losses
      arising from any Basis Adjustment and any Imputed Interest (including
      such Basis Adjustment or Imputed Interest generated as a result of payments under this Agreement) that are available in the Taxable
      Year that includes the Early Termination Date will be utilized by the Corporate Taxpayer ratably in each Taxable Year over the
      five Taxable years beginning with the Taxable Year that includes the Early Termination Date;

   

  (iv)          the U.S. federal, state and local income and franchise tax rates that
      will be in effect for each Taxable Year ending on or after
      such Early Termination Date will be those specified for each such Taxable Year by the Code and other law as in effect on the Early
      Termination Date;

   

  (v)           any non-amortizable Reference Assets to which any Basis Adjustment is
      attributable will be disposed of in a fully taxable transaction
      for U.S. federal income tax purposes on the fifteenth anniversary of the Early Termination Date for an amount sufficient to fully
      utilize the Basis Adjustment with respect to such non-amortizable Reference Asset; provided, that in the event of a Change
      of Control which includes a taxable sale of such non-amortizable Reference Asset (including the sale of all of the equity interests
      in an entity classified as a partnership or disregarded entity that directly or indirectly owns such non-amortizable Reference
      Asset), such non-amortizable Reference Asset shall be deemed disposed of at the time of the Change of Control; and

   

  (vi)          if, at the Early Termination Date, there are Units that have not been
      transferred in an Exchange, then all Units shall be deemed
      to be transferred pursuant to the Redemption Right effective on the Early Termination Date.

   

  Section
      1.2            Other
        Definitional and Interpretative Provisions. The words “hereof,” “herein” and “hereunder”
      and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
      this Agreement. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of
      this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated
      in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but
      not otherwise defined therein, shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall
      be deemed to include the plural, and any plural term the singular. Whenever the words “include,” “includes”
      or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation,”
      whether or not they are in fact followed by those words or words of like import. “Writing,” “written”
      and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible
      form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time
      to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of that Person.
      References from or through any date mean, unless otherwise specified, from and including or through and including, respectively.
      Unless otherwise expressly provided herein, (a) references to organization documents (including the Solaris LLC Agreement), agreements
      (including this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments, restatements,
      extensions, supplements and other modifications thereto; and (b) references to any law (including the Code and the Treasury Regulations)
      shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law.

   

  

  
    11 

    
      

    

  

   

  Article
      II 

      DETERMINATION OF CERTAIN REALIZED TAX BENEFITS

   

  Section
      2.1            Exchange
        Schedules. Within ninety (90) calendar days after the filing of the Corporate Taxpayer Return for each Taxable Year in which
      any Exchange has been effected by a TRA Holder, the Corporate Taxpayer shall deliver to each TRA Holder a schedule (the “Exchange
        Schedule”) that shows, in reasonable detail necessary to perform the calculations required by this Agreement, including
      with respect to each TRA Holder participating in any Exchange during such Taxable Year, (i) the Basis Adjustments with respect
      to the Reference Assets as a result of the Exchanges effected by such TRA Holder in such Taxable Year, (ii) the period (or periods)
      over which such Basis Adjustments are amortizable and/or depreciable, and (iii) the portion of any Tax Benefit Payment with respect
      to such TRA Holder that the Corporate Taxpayer intends to treat as Imputed Interest.

   

  Section
      2.2            Tax
        Benefit Payment Schedules.

   

  (a)          Within ninety (90) calendar days after the filing
      of the Corporate Taxpayer Return for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the
      Corporate Taxpayer shall provide to each TRA Holder: (i) a schedule showing, in reasonable detail, (A) the calculation of the
      Realized Tax Benefit or Realized Tax Detriment for such Taxable Year, (B) the portion of the Net Tax Benefit, if any, that is
      Attributable to such TRA Holder who has participated in any Exchange, and (C) the Tax Benefit Payment due, if any, to such TRA
      Holder (a “Tax Benefit Payment Schedule”), (ii) a reasonably detailed calculation by the Corporate Taxpayer
      of the Hypothetical Tax Liability, (iii) a reasonably detailed calculation by the Corporate Taxpayer of the Actual Tax Liability,
      (iv) a copy of the Corporate Taxpayer Return for such Taxable Year, and (v) any other work papers reasonably requested by such
      TRA Holder. The Tax Benefit Payment Schedule will become final as provided in Section 2.3(a) and may be amended as provided
      in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)).

   

  (b)          For purposes of calculating the Realized Tax
      Benefit or Realized Tax Detriment for any Taxable Year, carryovers or carrybacks of any U.S. federal income Tax item attributable
      to the Basis Adjustments, any Imputed Interest, and any Post-IPO TRA Benefits shall be considered to be subject to the rules of
      the Code and the Treasury Regulations, as applicable, governing the use, limitation and expiration of carryovers or carrybacks
      of the relevant type. If a carryover or carryback of any U.S. federal income Tax item includes a portion that is attributable
      to the Basis Adjustment, any Imputed Interest, or any Post-IPO TRA Benefits and another portion that is not so attributable, such
      respective portions shall be considered to be used in accordance with the “with and without” methodology. The parties
      agree that (i) any payment under this Agreement (to the extent permitted by law) will be treated as a subsequent upward adjustment
      to the purchase price of the relevant Units and will have the effect of creating additional Basis Adjustments to Reference Assets
      for the Corporate Taxpayer in the year of payment, and (ii) as a result, such additional Basis Adjustments will be incorporated
      into the current year calculation and into future year calculations, as appropriate.

   

  

  
    12 

    
      

    

  

   

  Section
      2.3            Procedure;
        Amendments.

   

  (a)          An applicable Schedule or amendment thereto shall
      become final and binding on all parties thirty (30) calendar days from the first date on which each TRA Holder has received the
      applicable Schedule or amendment thereto unless (i) the TRA Party Representative provides the Corporate Taxpayer with notice of
      a material objection to such Schedule (“Objection Notice”) made in good faith or (ii) the TRA Party Representative
      provides a written waiver of such right of any Objection Notice within the period described in clause (i) above, in which case
      such Schedule or amendment thereto becomes binding on the date waivers from the TRA Party Representative has been received by
      the Corporate Taxpayer. If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable to successfully
      resolve the issues raised in an Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of such
      Objection Notice, the Corporate Taxpayer and the TRA Party Representative, on behalf of the TRA Holders, shall employ the Reconciliation
      Procedures under Section 7.10 or Resolution of Disputes procedures under Section 7.9, as applicable.

   

  (b)          The applicable Schedule for any Taxable Year
      may be amended from time to time by the Corporate Taxpayer (i) in connection with a Determination affecting such Schedule, (ii)
      to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a
      Taxable Year after the date the Schedule was provided to the TRA Holders, (iii) to comply with the Expert’s determination
      under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable
      Year attributable to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in
      the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Corporate Taxpayer Return
      filed for such Taxable Year or (vi) to adjust an Exchange Schedule to take into account payments made pursuant to this Agreement
      (any such Schedule, an “Amended Schedule”). The Corporate Taxpayer shall provide an Amended Schedule to the
      TRA Holders within sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through (vi) of the preceding
      sentence. For the avoidance of doubt, in the event a Schedule is amended after such Schedule becomes final pursuant to Section
        2.3(a), the Amended Schedule shall not be taken into account in calculating any Tax Benefit Payment in the Taxable Year to
      which the amendment relates but instead shall be taken into account in calculating the Cumulative Net Realized Tax Benefit for
      the Taxable Year in which the amendment actually occurs.

   

  Section
      2.4            Section
        754 Election. In its capacity as the sole managing member of Solaris LLC, the Corporate Taxpayer will ensure that, on and
      after the date hereof and continuing throughout the term of this Agreement, Solaris LLC and any of its eligible Subsidiaries will
      have in effect an election pursuant to Section 754 of the Code (and under any similar provisions of applicable U.S. state or local
      law).

   

  

  
    13 

    
      

    

  

   

  Article
      III 

      TAX BENEFIT PAYMENTS

   

  Section
      3.1            Payments.

   

  (a)          Within fifteen (15) Business Days after a Tax
      Benefit Payment Schedule delivered to the TRA Holders becomes final in accordance with Section 2.3(a), the Corporate Taxpayer
      shall pay to each TRA Holder the Tax Benefit Payment in respect of such TRA Holder determined pursuant to Section 3.1(b)
      for such Taxable Year. Each such payment shall be made by check, by wire transfer of immediately available funds to the bank account
      previously designated by such TRA Holder to the Corporate Taxpayer, or as otherwise agreed by the Corporate Taxpayer and such
      TRA Holder. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated Tax payments, including,
      without limitation, U.S. federal or state estimated income Tax payments.

   

  (b)          A “Tax Benefit Payment” in
      respect of a TRA Holder for a Taxable Year means an amount, not less than zero, equal to the sum of the portion of the Net Tax
      Benefit Attributable to such TRA Holder. A Net Tax Benefit is “Attributable” to a TRA Holder to the extent
      that it is derived from any Basis Adjustment that is attributable to the Units acquired or deemed acquired by the Corporate Taxpayer
      or an Exchange undertaken by or with respect to such TRA Holder and any Imputed Interest. Subject to Section 3.3, the “Net
        Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative Net Realized
      Tax Benefit as of the end of such Taxable Year over the sum of (i) the total amount of payments previously made under this Section
        3.1 and (ii) the total amount of tax benefit payments previously made under the corresponding provision of any Post-IPO TRA;
      provided, for the avoidance of doubt, that no TRA Holder shall be required to return any portion of any previously made
      Tax Benefit Payment.

   

  (c)          If a TRA Holder elects for the provisions of
      this Section 3.1(c) to apply to an Exchange, by notifying the Corporate Taxpayer in writing on or before the due date for
      providing the Exchange Notice with respect to such Exchange (or, with respect to an Exchange in connection with the IPO, on or
      before the IPO Date), the aggregate Tax Benefit Payments to be made to such TRA Holder with respect to such Exchange shall be
      limited to (i) 50%, or such other percentage such TRA Holder elects to apply by notifying the Corporate Taxpayer in writing on
      or before the due date for providing the Exchange Notice with respect to such Exchange (or, with respect to an Exchange in connection
      with the IPO, on or before the IPO Date), of (ii) the amount equal to the sum of (A) any cash, excluding any Tax Benefit Payments,
      received by such TRA Holder in such Exchange and (B) the aggregate Market Value of the Class A Shares received by such TRA Holder
      in such Exchange. Notwithstanding any other provision of this Agreement, this Section 3.1(c) shall not apply to a TRA Holder
      unless such TRA Holder elects for the provisions of this Section 3.1(c) to apply, as provided herein.

   

  Section
      3.2            No
        Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount
      (including interest) required under the Tax Receivable Agreements. It is also intended that the provisions of the Tax Receivable
      Agreements will result in 85% of the Cumulative Net Realized Tax Benefit being paid to the Persons to whom payments are due pursuant
      to the Tax Receivable Agreements. The provisions of this Agreement shall be construed in the appropriate manner to achieve these
      fundamental results.

   

  

  
    14 

    
      

    

  

   

  Section
      3.3            Pro
        Rata Payments; Coordination of Benefits with Other Tax Receivable Agreements.

   

  (a)          Notwithstanding anything in Section 3.1
      to the contrary, to the extent that the aggregate amount of the Corporate Taxpayer’s tax benefit subject to the Tax Receivable
      Agreements is limited in a particular Taxable Year because the Corporate Taxpayer does not have sufficient taxable income to fully
      utilize available deductions and other attributes, the limitation on the tax benefit for the Corporate Taxpayer shall be allocated
      as follows: (i) first among any Post-IPO TRAs (and among all Persons eligible for payments thereunder in the manner set forth
      in such Post-IPO TRAs) and (ii) to the extent of any remaining limitation on tax benefit for the Corporate Taxpayer after the
      application of clause (i), to this Agreement (and among all Persons eligible for payments hereunder). For the avoidance of doubt,
      for purposes of this Section 3.3(a), it is intended that in calculating the Corporate Taxpayer’s tax benefit subject
      to the Tax Receivable Agreements, any available taxable income of the Corporate Taxpayer be first allocated to this Agreement
      and any remaining available taxable income will then be allocated to any Post-IPO TRA.

   

  (b)          After taking into account Section 3.3(a),
      if for any reason the Corporate Taxpayer does not fully satisfy its payment obligations to make all Tax Benefit Payments due under
      the Tax Receivable Agreements in respect of a particular Taxable Year, then, (i) the Corporate Taxpayer will pay the same proportion
      of each Tax Benefit Payment due to each Person to whom a payment is due under each of the Tax Receivable Agreements in respect
      of such Taxable Year, without favoring one obligation over the other, and (ii) no Tax Benefit Payment shall be made in respect
      of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full.

   

  (c)          To the extent the Corporate Taxpayer makes a
      payment to a TRA Holder in respect of a particular Taxable Year under Section 3.1(a) of this Agreement (taking into account
      Section 3.3(a) and Section 3.3(b)) in an amount in excess of the amount of such payment that should have been made
      to such TRA Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments under Section
        3.1(a) until such TRA Holder has foregone an amount of payments equal to such excess and (ii) the Corporate Taxpayer will
      pay the amount of such TRA Holder’s foregone payments to the other Persons to whom a payment is due under the Tax Receivable
      Agreements in a manner such that each such Person to whom a payment is due under the Tax Receivable Agreements, to the maximum
      extent possible, receives aggregate payments under Section 3.1(a) or the comparable section of the other Tax Receivable
      Agreement(s), as applicable (in each case, taking into account Section 3.3(a) and Section 3.3(b) or the comparable
      section of the other Tax Receivable Agreement(s) in the amount it would have received if there had been no excess payment to such
      TRA Holder.

   

  

  
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  (d)          The parties hereto agree that the parties to
      any Post-IPO TRA are expressly made third party beneficiaries of the provisions of this Section 3.3.

   

  (e)          A Post-IPO TRA shall be included in the definition
      of Tax Receivable Agreements for purposes of this Section 3.3 only if such Post-IPO TRA does not provide otherwise.

   

  Article
      IV 

      TERMINATION

   

  Section
      4.1            Early
        Termination at Election of the Corporate Taxpayer. The Corporate Taxpayer may terminate this Agreement at any time by paying
      to each TRA Holder the Early Termination Payment due to such TRA Holder pursuant to Section 4.5(b) (such termination, an
      “Early Termination”); provided that the Corporate Taxpayer may withdraw any notice of exercise of its
      termination rights under this Section 4.1 prior to the time at which any Early Termination Payment has been paid. Upon
      payment of the Early Termination Payments by the Corporate Taxpayer, neither the TRA Holders nor the Corporate Taxpayer shall
      have any further payment obligations under this Agreement, other than for any Tax Benefit Payment previously due and payable but
      unpaid as of the Early Termination Notice and, except to the extent included in the Early Termination Payment, any Tax Benefit
      Payment due for any Taxable Year ending prior to, with or including the Early Termination Date. Upon payment of all amounts provided
      for in this Section 4.1, this Agreement shall terminate.

   

  Section
      4.2            Early
        Termination upon Change of Control. In the event of a Change of Control, all obligations hereunder shall be accelerated and
      such obligations shall be calculated as if an Early Termination Notice had been delivered on the closing date of the Change of
      Control and shall include, but not be limited to the following: (a) payment of the Early Termination Payment calculated as if
      an Early Termination Notice had been delivered on the effective date of a Change of Control, (b) payment of any Tax Benefit Payment
      in respect of a TRA Holder agreed to by the Corporate Taxpayer and such TRA Holder as due and payable but unpaid as of the Early
      Termination Notice, and (c) except to the extent included in the Early Termination Payment, payment of any Tax Benefit Payment
      due for any Taxable Year ending prior to, with or including the effective date of a Change of Control. In the event of a Change
      of Control, the Early Termination Payment shall be calculated utilizing the Valuation Assumptions and by substituting in each
      case the terms “the closing date of a Change of Control” for an “Early Termination Date.”

   

  Section
      4.3            Breach
        of Agreement.

   

  (a)          In the event that the Corporate Taxpayer breaches
      any of its material obligations under this Agreement, whether as a result of failure to make any payment within three (3) months
      of the date when due, as a result of failure to honor any other material obligation required hereunder or by operation of law
      as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then if the Majority
      TRA Holders so elect, such breach shall be treated as an Early Termination. Upon such election, all obligations hereunder shall
      be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such
      breach and shall include, but shall not be limited to, (i) the Early Termination Payment calculated as if an Early Termination
      Notice had been delivered on the date of a breach, (ii) any Tax Benefit Payment previously due and payable but unpaid as of the
      date of the breach, and (iii) except to the extent included in the Early Termination Payment, any Tax Benefit Payment due for
      any Taxable Year ending prior to, with or including the Early Termination Date. Notwithstanding the foregoing, in the event that
      the Corporate Taxpayer breaches this Agreement, if the Majority TRA Holders do not elect to treat such breach as an Early Termination
      pursuant to this Section 4.3(a), the TRA Holders shall be entitled to seek specific performance of the terms hereof.

   

  

  
    16 

    
      

    

  

   

  (b)          The parties agree that the failure of the Corporate
      Taxpayer to make any payment due pursuant to this Agreement within three (3) months of the date such payment is due shall be deemed
      to be a breach of a material obligation under this Agreement for all purposes of this Agreement, and that it shall not be considered
      to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three (3)
      months of the date such payment is due. Notwithstanding anything in this Agreement to the contrary, except in the case of an Early
      Termination Payment or any payment treated as an Early Termination Payment, it shall not be a breach of this Agreement if the
      Corporate Taxpayer fails to make any Tax Benefit Payment when due to the extent that the Corporate Taxpayer has insufficient funds
      to make such payment; provided that the interest provisions of Section 5.2 shall apply to such late payment unless
      the Corporate Taxpayer does not have sufficient cash to make such payment as a result of limitations imposed by any existing credit
      agreement to which Solaris LLC or any subsidiary of Solaris LLC is a party, in which case Section 5.2 shall apply, but
      the Default Rate shall be replaced by the Agreed Rate; and provided further that it shall be a breach of this Agreement,
      and the provisions of Section 4.3(a) shall apply as of the original due date of the Tax Benefit Payment, if the Corporate
      Taxpayer makes any distribution of cash or other property to its stockholders while any Tax Benefit Payment is due and payable
      but unpaid.

   

  Section
      4.4            Early
        Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early termination under Section 4.1
      above, the Corporate Taxpayer shall deliver to the TRA Holders notice of such intention to exercise such right (the “Early
        Termination Notice”). Upon delivery of the Early Termination Notice or the occurrence of an event described in Section
        4.2 or Section 4.3(a), the Corporate Taxpayer shall deliver (i) a schedule showing in reasonable detail the calculation
      of the Early Termination Payment (the “Early Termination Schedule”) and (ii) any other work papers reasonably
      requested by the TRA Holders. The Early Termination Schedule shall become final and binding on all parties thirty (30) calendar
      days from the first date on which the TRA Holders have received such Schedule or amendment thereto unless (x) the TRA Party Representative
      provides the Corporate Taxpayer with notice of a material objection to such Schedule made in good faith (“Material Objection
        Notice”) or (y) the TRA Party Representative, on behalf of the TRA Holders, provides a written waiver of such right
      of a Material Objection Notice within the period described in clause (x) above, in which case such Schedule becomes binding on
      the date waivers from the TRA Holders have been received by the Corporate Taxpayer (the “Early Termination Effective
        Date”). If the Corporate Taxpayer and the TRA Party Representative, for any reason, are unable to successfully resolve
      the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of the Material Objection
      Notice, the Corporate Taxpayer and the TRA Party Representative, on behalf of the TRA Holders, shall employ the Reconciliation
      Procedures under Section 7.10 or Resolution of Disputes procedures under Section 7.9, as applicable.

   

  

  
    17 

    
      

    

  

   

  Section
      4.5            Payment
        upon Early Termination.

   

  (a)          Subject to its right to withdraw any notice of
      Early Termination pursuant to Section 4.1, within three (3) calendar days after the Early Termination Effective Date, the
      Corporate Taxpayer shall pay to each TRA Holder its Early Termination Payment. Each such payment shall be made by check, by wire
      transfer of immediately available funds to a bank account or accounts designated by such TRA Holder, or as otherwise agreed by
      the Corporate Taxpayer and such TRA Holder.

   

  (b)          A TRA Holder’s “Early Termination
        Payment” as of the Early Termination Date shall equal the present value, discounted at the Early Termination Rate as
      of the Early Termination Effective Date, of all Tax Benefit Payments that would be required to be paid by the Corporate Taxpayer
      to such TRA Holder beginning from the Early Termination Date and assuming that the Valuation Assumptions are applied.

   

  Article
      V 

      SUBORDINATION AND LATE PAYMENTS

   

  Section
      5.1            Subordination.
      Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment, Early Termination Payment or any
      payment pursuant to Section 4.2 resulting from a Change of Control or any payment pursuant to Section 5.2 shall rank subordinate
      and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations in respect
      of indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (such obligations, “Senior Obligations”)
      and shall rank pari passu with all current or future unsecured obligations of the Corporate Taxpayer that are not Senior Obligations.
      For the avoidance of doubt, notwithstanding the above, the determination of whether it is a breach of this Agreement if the Corporate
      Taxpayer fails to make any Tax Benefit Payment when due is governed by Section 4.3. To the extent that any payment under
      this Agreement is not permitted to be made at the time payment is due as a result of this Section 5.1 and the terms of
      the agreements governing Senior Obligations, such payment obligation nevertheless shall accrue for the benefit of the TRA Holders
      and the Corporate Taxpayer shall make such payments at the first opportunity that such payments are permitted to be made in accordance
      with the terms of the Senior Obligations.

   

  Section
      5.2            Late
        Payments by the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit Payment, Early Termination Payment
      or any other payment under this Agreement not made to any TRA Holder when due under the terms of this Agreement, whether as a
      result of Section 5.1 and the terms of the Senior Obligations or otherwise, shall be payable together with any interest
      thereon, computed at the Default Rate (or, if so provided in Section 4.3(b), at the Agreed Rate) and commencing from the
      date on which such Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement was due and payable.

   

  

  
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  Article
      VI 

      NO DISPUTES; CONSISTENCY; COOPERATION

   

  Section
      6.1            Participation
        in the Corporate Taxpayer’s and Solaris LLC’s Tax Matters. Except as otherwise provided herein or in the Solaris
      LLC Agreement, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning
      the Corporate Taxpayer and Solaris LLC, including without limitation preparing, filing or amending any Tax Return and defending,
      contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, in the event a Taxing Authority initiates
      any audit, examination, or any other administrative or judicial proceeding (a “Tax Proceeding”) of the Corporate
      Taxpayer or Solaris LLC any portion of the outcome of which is reasonably expected to affect the rights and obligations of the
      TRA Holders under this Agreement and the TRA Holders elect a TRA Party Representative, then the Corporate Taxpayer (i) shall notify
      the TRA Party Representative of, and keep the TRA Party Representative reasonably informed with respect to, the relevant portion
      of such Tax Proceeding (ii) shall provide the TRA Party Representative with reasonable opportunity to provide information and
      other input to the Corporate Taxpayer, Solaris LLC and their respective advisors concerning the conduct of any such portion of
      a Tax Proceeding; provided further, that the Corporate Taxpayer and Solaris LLC shall not be required to take any action,
      or refrain from taking any action, that is inconsistent with any provision of the Solaris LLC Agreement.

   

  Section
      6.2            Consistency.
      Unless there is a Determination to the contrary, the Corporate Taxpayer and each of the TRA Holders agree to report, and to cause
      their respective Subsidiaries to report, for all purposes, including U.S. federal, state and local Tax purposes and financial
      reporting purposes, all Tax-related items (including, without limitation, the Basis Adjustments, Imputed Interest, and each Tax
      Benefit Payment), but, for financial reporting purposes, only in respect of items that are not explicitly characterized as “deemed”
      or in a similar manner by the terms of this Agreement, in a manner consistent with the description of any Tax characterization
      herein (including as set forth in Section 2.2(b) and Section 3.1(b) and any Schedule required to be provided by
      or on behalf of the Corporate Taxpayer under this Agreement, as finally determined pursuant to Section 2.3. If the Corporate
      Taxpayer and any TRA Holder, for any reason, are unable to successfully resolve any disagreement concerning such treatment within
      thirty (30) calendar days, the Corporate Taxpayer and such TRA Holder shall employ the Reconciliation Procedures under Section
        7.10 or Resolution of Disputes procedures under Section 7.9, as applicable.

   

  Section
      6.3            Cooperation.
      Each TRA Holder shall (i) furnish to the Corporate Taxpayer in a timely manner such information, documents and other materials
      as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary or appropriate
      under this Agreement, preparing any Tax Return or contesting or defending any Tax Proceeding, (ii) make itself available to the
      Corporate Taxpayer and its representatives to provide explanations of documents and materials and such other information as the
      Corporate Taxpayer or its representatives may reasonably request in connection with any of the matters described in clause (i)
      above, and (iii) reasonably cooperate in connection with any such matter. The Corporate Taxpayer shall reimburse each TRA Holder
      for any reasonable third-party costs and expenses incurred pursuant to this Section 6.3.

   

  

  
    19 

    
      

    

  

   

  Article
      VII 

      MISCELLANEOUS

   

  Section
      7.1            Notices.
      All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed duly given and
      received (i) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s
      fax machine if sent on a Business Day (or otherwise on the next Business Day) or (ii) on the first Business Day following the
      date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth
      below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

   

  If
      to the Corporate Taxpayer, to:

   

  Aris
      Water Solutions, Inc.

      9811 Katy Freeway, Suite 700

      Houston, Texas 77024

      Attention: Brenda Schroer

   

  with
      a copy (which shall not constitute notice to the Corporate Taxpayer) to:

   

  Gibson,
      Dunn & Crutcher LLP

      811 Main St. Ste. 3000

      Houston, Texas 77002

      Facsimile: (346) 718-6902

      Attention: Hillary Holmes

   

  If
      to a TRA Holder, other than the TRA Party Representative, that is or was a partner in Solaris LLC, to:

   

  The
      address set forth in the records of Solaris LLC.

   

  Any
      party may change its address or fax number by giving the other party written notice of its new address or fax number in the manner
      set forth above.

   

  Section
      7.2            Counterparts.
      This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
      become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it
      being understood that all parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement
      by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

   

  Section
      7.3            Entire
        Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements
      and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be
      binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing
      in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any
      nature whatsoever under or by reason of this Agreement, except as expressly provided in Section 3.3.

   

  

  
    20 

    
      

    

  

   

  Section
      7.4            Governing
        Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance
      with, the law of the State of Delaware, without regard to the conflicts of laws principles thereof that would mandate the application
      of the laws of another jurisdiction.

   

  Section
      7.5            Severability.
      If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy,
      all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or
      legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such
      determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate
      in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable
      manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

   

  Section
      7.6            Successors;
        Assignment.

   

  (a)          No TRA Holder may assign this Agreement to any
      Person without the prior written consent of the Corporate Taxpayer; provided, however, that:

   

  (i)            to the extent Units are transferred in accordance
      with the terms of the Solaris LLC Agreement, the transferring TRA Holder shall have the option to assign to the transferee of
      such Units the transferring TRA Holder’s rights under this Agreement with respect to such transferred Units as long as (A)
      such transferee has executed and delivered, or, in connection with such transfer, executes and delivers, a Joinder, agreeing to
      become a “TRA Holder” for all purposes of this Agreement, and (B) the assigning party represents to the Corporate
      Taxpayer that such assignment will be made in accordance with all applicable securities laws, and

   

  (ii)           the right to receive any and all payments payable
      or that may become payable to a TRA Holder pursuant to this Agreement that, once an Exchange has occurred, arise with respect
      to the Units transferred in such Exchange, may be assigned to any Person or Persons as long as (A) any such Person has executed
      and delivered, or, in connection with such assignment, executes and delivers, a Joinder, agreeing to be bound by Section 7.13
      and acknowledging specifically the terms of Section 7.6(b), and (B) the assigning party represents to the Corporate
      Taxpayer that such assignment will be made in accordance with all applicable securities laws.

   

  For
      the avoidance of doubt, if a TRA Holder transfers Units but does not assign to the transferee of such Units the rights of such
      TRA Holder under this Agreement with respect to such transferred Units, such TRA Holder shall continue to be entitled to receive
      the Tax Benefit Payments, if any, due hereunder with respect to, including any Tax Benefit Payments arising in respect of a subsequent
      Exchange of, such Units.

   

  (b)         
      Notwithstanding the foregoing provisions of this Section 7.6, no assignee described in Section 7.6(a)(ii) shall
      have any rights under this Agreement except for the right to enforce its right to receive payments under this
      Agreement.

   

    

  
    21 

    
      

    

  

   

  

  (c)          The Person designated as the TRA Party Representative
      may not be changed without the prior written consent of the Corporate Taxpayer and the Majority TRA Holders.

   

  (d)          Except as otherwise specifically provided herein,
      all of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable
      by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The
      Corporate Taxpayer shall cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all
      or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree
      to perform this Agreement in the same manner and to the same extent that the Corporate Taxpayer would be required to perform if
      no such succession had taken place.

   

  Section
      7.7            Amendments;
        Waivers. No provision of this Agreement may be amended unless such amendment is approved in writing by each of the Corporate
      Taxpayer and the Majority TRA Holders; provided, however, that no such amendment shall be effective if such amendment would
      have a disproportionate effect on the payments certain TRA Holders will or may receive under this Agreement unless all such disproportionately
      affected TRA Holders consent in writing to such amendment; and provided, further, that amendment of the definition of Change
      of Control will also require the written approval of a majority of the Independent Directors. No provision of this Agreement may
      be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective.

   

  Section
      7.8            Titles
        and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are
      not to be considered in construing this Agreement.

   

  Section
      7.9            Resolution
        of Disputes.

   

  (a)          Any and all disputes which are not governed by
      Section 7.10, including any ancillary claims of any party, arising out of, relating to or in connection with the validity,
      negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability
      of this Section 7.9 and Section 7.10) (each a “Dispute”) shall be governed by this Section
        7.9. The parties hereto shall attempt in good faith to resolve all Disputes by negotiation. If a Dispute between the parties
      hereto cannot be resolved in such manner, such Dispute shall be finally settled by arbitration conducted by a single arbitrator
      in accordance with the then-existing rules of arbitration of the American Arbitration Association. If the parties to the Dispute
      fail to agree on the selection of an arbitrator within ten (10) calendar days of the receipt of the request for arbitration, the
      American Arbitration Association shall make the appointment. The arbitrator shall be a lawyer admitted to the practice of law
      in a U.S. state, or a nationally recognized expert in the relevant subject matter, and shall conduct the proceedings in the English
      language. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. In addition
      to monetary damages, the arbitrator shall be empowered to award equitable relief, including an injunction and specific performance
      of any obligation under this Agreement. The arbitrator is not empowered to award damages in excess of compensatory damages, and
      each party hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any Dispute.
      The award shall be the sole and exclusive remedy between the parties regarding any claims, counterclaims, issues, or accounting
      presented to the arbitral tribunal. Judgment upon any award may be entered and enforced in any court having jurisdiction over
      a party or any of its assets.

   

  

  
    22 

    
      

    

  

   

  (b)          Notwithstanding the provisions of Section
        7.9(a), the Corporate Taxpayer may bring an action or special proceeding in any court of competent jurisdiction for the purpose
      of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing
      an arbitration award and, for the purposes of this Section 7.9(b), the TRA Party Representative and each TRA Holder (i)
      expressly consents to the application of Section 7.9(c) to any such action or proceeding, (ii) agrees that proof shall
      not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that
      remedies at law would be inadequate, and (iii) irrevocably appoints the Corporate Taxpayer as agent of such party for service
      of process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall promptly
      advise such party in writing of any such service of process, shall be deemed in every respect effective service of process upon
      such party in any such action or proceeding.

   

  (c)          EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE
      JURISDICTION OF ANY FEDERAL COURT OF THE DISTRICT OF DELAWARE OR THE DELAWARE COURT OF CHANCERY FOR THE PURPOSE OF ANY JUDICIAL
      PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS SECTION 7.9 OR ANY JUDICIAL PROCEEDING ANCILLARY
      TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial
      proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in
      aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the fora designated by this Section 7.9(c)
      have a reasonable relation to this Agreement, and to the parties’ relationship with one another.

   

  (d)          The parties hereby waive, to the fullest extent
      permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue
      of any such ancillary suit, action or proceeding brought in any court referred to in Section 7.9(c) and such parties agree
      not to plead or claim the same.

   

  

  
    23 

    
      

    

  

   

  Section
      7.10        Reconciliation.
      In the event that the TRA Party Representative or any TRA Holder (as applicable, the “Disputing Party”) and
      the Corporate Taxpayer are unable to resolve a disagreement with respect to the calculations required to produce the schedules
      described in Section 2.3, Section 4.4 and Section 6.2 (but not, for the avoidance doubt, with respect to
      any legal interpretation with respect to such provisions or schedules) within the relevant period designated in this Agreement
      (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to the Expert.
      The Expert shall be a partner or principal in a nationally recognized accounting or law firm, and unless the Corporate Taxpayer
      and the Disputing Party agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material
      relationship with the Corporate Taxpayer or the Disputing Party or other actual or potential conflict of interest. If the parties
      are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation
      Dispute, the Expert shall be appointed by the American Arbitration Association. The Expert shall resolve (a) any matter relating
      to the Exchange Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30)
      calendar days, (b) any matter relating to a Tax Benefit Payment Schedule or an amendment thereto within fifteen (15) calendar
      days , and (c) any matter related to treatment of any tax-related item as contemplated in Section 6.2 within fifteen (15)
      calendar days, or, in each case, as soon thereafter as is reasonably practicable after such matter has been submitted to the Expert
      for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of
      a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is
      due, any portion of such payment that is not under dispute shall be paid on the date prescribed by this Agreement and such Tax
      Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses
      relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporate Taxpayer except as provided
      in the next sentence. The Corporate Taxpayer and the Disputing Party shall each bear its own costs and expenses of such proceeding,
      unless (i) the Expert adopts such Disputing Party’s position, in which case the Corporate Taxpayer shall reimburse such
      Disputing Party for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the Expert adopts the Corporate
      Taxpayer’s position, in which case such Disputing Party shall reimburse the Corporate Taxpayer for any reasonable out-of-pocket
      costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this
      Section 7.10 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations
      of the Expert pursuant to this Section 7.10 shall be binding on the Corporate Taxpayer and its Subsidiaries and the Disputing
      Party and may be entered and enforced in any court having jurisdiction.

   

  Section
      7.11        Withholding.
      The Corporate Taxpayer shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts
      as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any
      provision of U.S. federal, state, local or non-U.S. tax law; provided, that, the Corporate Taxpayer shall use commercially
      reasonable efforts to notify any applicable TRA Holder of its intent to withhold at least ten (10) Business Days prior to withholding
      such amounts. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer,
      such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the relevant TRA Holder. The
      Corporate Taxpayer shall provide evidence of such payment to the relevant TRA Holder upon such TRA Holder’s written request,
      to the extent that such evidence is available.

   

  Section
      7.12        Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate
        Assets.

   

  (a)          If the Corporate Taxpayer is or becomes a member
      of a combined, consolidated, affiliated or unitary group that files a consolidated, combined or unitary income Tax Return pursuant
      to Sections 1501 et seq. of the Code or any corresponding provisions of U.S. state or local Tax law, then: (i) the provisions
      of this Agreement shall be applied with respect to the relevant group as a whole; and (ii) Tax Benefit Payments, Early Termination
      Payments and other applicable items hereunder shall be computed with reference to the consolidated (or combined or unitary, where
      applicable) taxable income, gain, loss, deduction and attributes of the relevant group as a whole.

   

  

  
    24 

    
      

    

  

   

  (b)          If the Corporate Taxpayer (or any other entity
      that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder), Solaris LLC or any of Solaris LLC’s
      direct or indirect Subsidiaries that is treated as a partnership or disregarded entity for U.S. federal income tax purposes (but
      only to the extent such Subsidiaries are not held through any entity treated as a corporation for U.S. federal income tax purposes)
      (a “Transferor”) transfers one or more Reference Assets to a corporation (or a Person classified as a corporation
      for U.S. federal income tax purposes) with which the Transferor does not file a consolidated Tax Return pursuant to Section 1501
      of the Code, the Transferor, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment (e.g.,
      calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated
      as having disposed of such Reference Assets in a fully taxable transaction on the date of such contribution. The consideration
      deemed to be received by the Transferor shall be equal to the fair market value of the transferred Reference Assets, plus, without
      duplication, (i) the amount of debt to which any such Reference Asset is subject, in the case of a transfer of an encumbered Reference
      Asset or (ii) the amount of debt allocated to any such Reference Asset, in the case of a contribution of a partnership interest.
      For purposes of this Section 7.12(b), a transfer of a partnership interest shall be treated as a transfer of the Transferor’s
      share of each of the assets and liabilities of that partnership.

   

  Section
      7.13        Confidentiality.

   

  (a)          Each TRA Holder and each of such TRA Holder’s
      assignees acknowledges and agrees that the information of the Corporate Taxpayer is confidential and, except in the course of
      performing any duties as necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce
      the terms of this Agreement, such Person shall keep and retain in the strictest confidence and not disclose to any Person any
      confidential matters, acquired pursuant to this Agreement, of the Corporate Taxpayer and its Affiliates and successors, concerning
      Solaris LLC and its Affiliates and successors or the TRA Holders, learned by any TRA Holder heretofore or hereafter. This Section
        7.13 shall not apply to (i) any information that has been made publicly available by the Corporate Taxpayer or any of its
      Affiliates, becomes public knowledge (except as a result of an act of a TRA Holder in violation of this Agreement) or is generally
      known to the business community and (ii) the disclosure of information (A) as may be proper in the course of performing such TRA
      Holder’s obligations, or monitoring or enforcing such TRA Holder’s rights, under this Agreement, (B) as part of such
      TRA Holder’s normal reporting, rating or review procedure (including normal credit rating and pricing process), or in connection
      with such TRA Holder’s or such TRA Holder’s Affiliates’ normal fund raising, marketing, informational or reporting
      activities, or to such TRA Holder’s (or any of its Affiliates’) Affiliates, auditors, accountants, or attorneys, (C)
      to any bona fide prospective assignee of such TRA Holder’s rights under this Agreement, or prospective merger or other business
      combination partner of such TRA Holder, provided that such assignee or merger partner agrees to be bound by the provisions
      of this Section 7.13, (D) as is required to be disclosed by order of a court of competent jurisdiction, administrative
      body or governmental body, or by subpoena, summons or legal process, or by law, rule or regulation; provided that any TRA
      Holder required to make any such disclosure to the extent legally permissible shall provide the Corporate Taxpayer prompt notice
      of such disclosure, or to regulatory authorities or similar examiners conducting regulatory reviews or examinations (without any
      such notice to the Corporate Taxpayer), or (E) to the extent necessary for a TRA Holder to prepare and file its Tax Returns, to
      respond to any inquiries regarding such Tax Returns from any Taxing Authority or to prosecute or defend any Tax Proceeding with
      respect to such Tax Returns. Notwithstanding anything to the contrary herein, each TRA Holder and each of its assignees (and each
      employee, representative or other agent of such TRA Holder or its assignees, as applicable) may disclose to any and all Persons,
      without limitation of any kind, the Tax treatment and Tax structure of the Corporate Taxpayer, Solaris LLC, the TRA Holders and
      their Affiliates, and any of their transactions, and all materials of any kind (including opinions or other Tax analyses) that
      are provided to any TRA Holder relating to such Tax treatment and Tax structure.

   

  

  
    25 

    
      

    

  

   

  (b)         If a TRA Holder or an assignee commits a breach,
      or threatens to commit a breach, of any of the provisions of this Section 7.13, the Corporate Taxpayer shall have the right
      and remedy to have the provisions of this Section 7.13 specifically enforced by injunctive relief or otherwise by any court
      of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such
      breach or threatened breach shall cause irreparable injury to the Corporate Taxpayer or any of its Subsidiaries or the TRA Holders
      and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition
      to, and not in lieu of, any other rights and remedies available at law or in equity.

   

  Section
      7.14        No
        More Favorable Terms. None of the Corporate Taxpayer nor any of its Subsidiaries shall enter into any additional agreement
      providing rights similar to this Agreement to any Person (including any agreement pursuant to which the Corporate Taxpayer is
      obligated to pay amounts with respect to tax benefits resulting from any net operating losses or other tax attributes to which
      the Corporate Taxpayer becomes entitled as a result of a transaction) if such agreement provides terms that are more favorable
      to the counterparty under such agreement than those provided to the TRA Holders under this Agreement; provided, however,
      that the Corporate Taxpayer (or any of its Subsidiaries) may enter into such an agreement if this Agreement is amended to make
      such more favorable terms available to the TRA Holders.

   

  Section
      7.15        Change
        in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in law, a TRA
      Holder reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of
      a payment under this Agreement) recognized by such TRA Holder upon any Exchange to be treated as ordinary income rather than capital
      gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or would have other material adverse tax
      consequences to such TRA Holder and/or its direct or indirect owners, then at the election of such TRA Holder and to the extent
      specified by such TRA Holder, this Agreement (i) shall cease to have further effect, (ii) shall not apply to an Exchange by such
      TRA Holder occurring after a date specified by it, or (iii) shall otherwise be amended in a manner determined by such TRA Holder
      to waive any benefits to which such TRA Holder would otherwise be entitled under this Agreement, provided that such amendment
      shall not result in an increase in or acceleration of payments under this Agreement at any time as compared to the amounts and
      times of payments that would have been due in the absence of such amendment.

   

  

  
    26 

    
      

    

  

   

  Section
      7.16        Independent Nature of TRA Holders’ Rights and Obligations.  The
        rights and obligations of each TRA Holder are independent of the rights and obligations of any other TRA Holder. No TRA Holder
        shall be responsible in any way for the performance of the obligations of any other TRA Holder, nor shall any TRA Holder have
        the right to enforce the rights or obligations of any other TRA Holder. The obligations of each TRA Holder are solely for the
        benefit of, and shall be enforceable solely by, the Corporate Taxpayer. The decision of each TRA Holder to enter into this Agreement
        has been made by such TRA Holder independently of any other TRA Holder. Nothing contained herein or in any other agreement or
        document delivered at any closing (other than the Solaris LLC Agreement), and no action taken by any TRA Holder pursuant hereto
        or thereto, shall be deemed to constitute the TRA Holders as a partnership, an association, a joint venture or any other kind
        of entity, or create a presumption that the TRA Holders are in any way acting in concert or as a group with respect to such rights
        or obligations or the transactions contemplated hereby, and the Corporate Taxpayer acknowledges that the TRA Holders are not acting
        in concert or as a group and will not assert any such claim with respect to such rights or obligations or the transactions contemplated
        hereby.

   

  [Signature
        Page Follows]

   

  
    27 

    
      

    

  

   

  IN
      WITNESS WHEREOF, the Corporate Taxpayer and the TRA Holders have duly executed this Agreement as of the date first written above.

   

  

  	 	CORPORATE TAXPAYER:
	 	 	 	 
	 	ARIS WATER SOLUTIONS, INC.
	 	 
	 	By:	      /s/ Amanda M. Brock
	 	 	Name:  Amanda M. Brock
	 	 	Title:  President and Chief Executive Officer

   

  [The
        signatures of the TRA Holders are attached in Schedule A.]

   

  

  Signature
      Page to Tax Receivable Agreement 

   

  
     

    
      

    

  

   

  SCHEDULE
        A

      TRA HOLDERS

   

  

  	 	COG OPERATING LLC
	 	 	 
	 	By:	/s/ Andy O’Brien
	 	Name:	Andy O’Brien
	 	Title:	Vice President Treasury

    

  Signature
      Page to Tax Receivable Agreement 

   

  
     

    
      

    

  

   

  

  	 	YORKTOWN ENERGY PARTNERS XI, L.P.
	 	 	 
	 	By: Yorktown XI Company, LP, its general partner
	 	 	 
	 	By: Yorktown XI Associates LLC, its general partner
	 	 	 
	 	By:	/s/ W. Howard Keenan, Jr.
	 	Name:	W. Howard Keenan, Jr.
	 	Title:	Member

    

  Signature
        Page to Tax Receivable Agreement 

   

  
     

    
      

    

  

   

  

  	 	HBC WATER RESOURCES LP
	 	 	 	 
	 	By: HBC Water Resources GP LP, its general partner
	 	 	 	 
	 	By:	/s/ Joseph Colonnetta
	 	Name:	Joseph Colonnetta
	 	Title:	Member
	 	 	 	 
	 	HBC WATER RESOURCES II LP
	 	 
	 	By: HBC Water Resources II GP LP, its general partner
	 	 	 	 
	 	By:	/s/ Joseph Colonnetta
	 	Name:	Joseph Colonnetta
	 	Title:	Member

   

  Signature
          Page to Tax Receivable Agreement 

   

  
     

    
      

    

  

   

  

  	 	VISION RESOURCES, INC.
	 	 	 	 
	 	By:	/s/ David Maley
	 	Name:	David Maley
	 	Title:	President
	 	 	 	 
	 	SOLARIS MIDSTREAM INVESTMENT, LLC
	 	 	 	 
	 	By:	/s/ William A. Zartler
	 	Name:	William A. Zartler
	 	Title:	Chief Executive Officer

   

  Signature
            Page to Tax Receivable Agreement 

   

  
     

    
      

    

  

   

  

  	 	FREEBIRD PARTNERS LP
	 	 	 
	 	By: Freebird Investments LLC, its general partner
	 	 	 
	 	By:	/s/ Curtis W. Huff
	 	Name:	Curtis W. Huff
	 	Title:	President
	 	 	 
	 	MURCHISON CAPITAL PARTNERS, L.P.
	 	 	 
	 	By: Murchison Management Corp., G.P., its general partner
	 	 	 
	 	By:	/s/ Robert F. Murchison
	 	Name:	Robert F. Murchison
	 	Title:	President
	 	 	 
	 	GRELSI COMPANY, LLC
	 	 	 
	 	By:	/s/ Grant Harvey
	 	Name:	Grant Harvey
	 	Title:	Managing Member
	 	 	 
	 	GRELLA LAS, LLC
	 	 	 
	 	By:	/s/ Michael J. Grella
	 	Name:	Michael J. Grella
	 	Title:	Member

  

   

  Signature
            Page to Tax Receivable Agreement 

   

  

  
     

    
      

    

  

   

  

  	 	BAM PERMIAN OPERATING, LLC
	 	 	 
	 	By:	/s/ Blake Morphew
	 	Name:	Blake Morphew
	 	Title:	Managing Member
	 	 	 
	 	H. BAIRD WHITEHEAD, LLC
	 	 	 
	 	By:	/s/ H. Baird Whitehead
	 	Name:	H. Baird Whitehead
	 	Title:	Member
	 	 	 
	 	FIRST TRUST CAPITAL PARTNERS, LLC
	 	 	 
	 	By:	/s/ James A. Bowen
	 	Name:	James A. Bowen
	 	Title:	Chairman
	 	 	 
	 	VOLANT CAPITAL MANAGEMENT LLC
	 	 	 
	 	By:	/s/ Scott Brown
	 	Name:	Scott Brown

  

   

  Signature
            Page to Tax Receivable Agreement 

   

  

  
     

    
      

    

  

   

  

  	 	PRIVATEER ENERGY SERVICES, LLC
	 	 	 
	 	By:	/s/ Greg Garcia
	 	Name:	Greg Garcia
	 	Title:	Managing Member
	 	 	 
	 	By:	/s/ Jeffrey Jordan
	 	Name:	Jeffrey Jordan
	 	Title:	Managing Member
	 	 	 
	 	TINER FAMILY PARTNERSHIP
	 	 	 
	 	By:	/s/ Michael L. Tiner
	 	Name:	Michael L. Tiner
	 	Title:	Managing Member
	 	 	 
	 	SOONER SR LLC
	 	 	 
	 	By:	/s/ Greg A. Lanham
	 	Name:	Greg A. Lanham
	 	Title:	Managing Partner

  

   

  Signature
            Page to Tax Receivable Agreement 

   

  

  
     

    
      

    

  

   

  

  	 	By:	/s/ Carlos Fierro
	 	Name:	Carlos Fierro
	 	 	 
	 	By:	/s/ Tim Harrington
	 	Name:	Tim Harrington
	 	 	 
	 	By:	/s/ Joe Rothbauer
	 	Name:	Joe Rothbauer
	 	 	 
	 	By:	/s/ Chris Work
	 	Name:	Chris Work

  

   

  Signature
            Page to Tax Receivable Agreement 

   

  

  
     

    
      

    

  

   

  

  	 	MANAGING MEMBER:
	 	 	 
	 	ARIS WATER SOLUTIONS, INC.
	 	 	 
	 	By:	/s/ Amanda M. Brock
	 	Name:	Amanda M. Brock
	 	Title:	President and Chief Executive Officer

   

  Signature
            Page to Tax Receivable Agreement 

   

  

  
     

    
      

    

  

  

  

   

  

  EXHIBIT
          A

   

  FORM
        OF JOINDER AGREEMENT

   

  This
      JOINDER AGREEMENT, dated as of  , 20 (this “Joinder”), is delivered pursuant to that certain Tax
      Receivable Agreement, dated as of October 26, 2021 (as amended, restated, amended and restated, supplemented or otherwise modified
      from time to time, the “Tax Receivable Agreement”) by and among Aris Water Solutions, Inc., a Delaware corporation
      (the “Corporation”), and the TRA Holders from time to time party thereto. Capitalized terms used but not otherwise
      defined herein have the respective meanings set forth in the Tax Receivable Agreement.

   

  		1.	Joinder to the Tax Receivable Agreement. The undersigned hereby represents and warrants to the Corporate Taxpayer that, as of the date hereof, the undersigned has
            been assigned an interest in the Tax Receivable Agreement from a TRA Holder and [•](1).

   

  		2.	Joinder to the Tax Receivable Agreement. Upon the execution of this Joinder by the undersigned and delivery hereof to the Corporate Taxpayer, the undersigned
            hereby is and hereafter will be a TRA Holder under the Tax Receivable Agreement and a party thereto, with all the rights, privileges and responsibilities of a TRA Holder thereunder. The undersigned hereby agrees that it shall comply with and be
            fully bound by the terms of the Tax Receivable Agreement as if it had been a signatory thereto as of the date thereof.

   

  		3.	Incorporation by Reference. All terms and conditions of the Tax Receivable Agreement are hereby incorporated by reference in this Joinder as if set forth herein in
            full.

   

  		4.	Address. All notices under the Tax Receivable Agreement to the undersigned shall be direct to:

   

  [Name] 

  [Address] 

  [City,
      State, Zip Code] 

  Attn: 

  Facsimile: 

  E-mail:

   

  IN
      WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day and year first above written.

   

  

  
  
     

  

  
  

   

  (1)
      Language to be added as applicable.

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