Document:

Exhibit 4.5

 

WARRANT AGREEMENT

 

This WARRANT AGREEMENT
(this “Agreement”) is made as of ______, 2022 between Forest Acquisition Corp, a British Virgin Islands company,
with executive offices at 434 W. 33rd Street, Suite 700, New York, New York 10001 (the “Company”), and Computershare
Inc. (“Computershare”) and its affiliate Computershare Trust Company N.A., with offices at with office at 150 Royall
Street, Canton, MA 02021, as warrant agent (collectively as “Warrant Agent”).

 

WHEREAS, the Company
is engaged in a public offering under the Securities Act of 1933, as amended (“Public Offering”) of up to 7,590,000
units (including 990,000 units which may be issued pursuant to an overallotment option granted to the underwriters of the Public Offering),
each unit (the “Public Units”) comprised of one shares of ordinary shares, no par value (“Share”
and collectively “Shares”), one right to receive one-tenth (1/10) of an ordinary share (“Rights”)
and one redeemable warrant to purchase one half of one share of Ordinary shares, where each warrant entitles the holder to purchase one
half of one Share at a price of $11.50 per share, subject to adjustment as described herein, and, in connection therewith, will issue
and deliver up to 7,590,000 warrants (the “Public Warrants”) to the public investors in connection with the Public
Offering; and

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-265552
(“Registration Statement”) and prospectus (“Prospectus”), for the registration, under the Securities
Act of 1933, as amended (“Act”) of, among other securities, the Units, Shares and Public Warrants; and

 

WHEREAS, the Company
has a received binding commitments (“Subscription Agreements”) from the Company’s sponsor, Bit Mining Management
Corp. (the “Sponsor”), to purchase, simultaneously with the closing of the Public Offering, up to an aggregate of 251,800
units (the “Private Units”) (including 34,800 units which may be issued pursuant to an overallotment option granted
to the underwriters of the Public Offering), each containing one Share, one Right and one warrant to acquire one half of one Share (“Private
Warrants”), each exercisable to purchase one half of one Share at a price of $11.50 per share, bearing the legend set forth
in Exhibit B hereto; and

 

WHEREAS, the Company
may issue up to an additional 150,000 units (the “Working Capital Units” and together with the Public Units and the
Private Units, the “Units”) at a price of $10.00 per Working Capital Unit, with each Working Capital Unit consisting
of one Share, one Right and one warrant to acquire one half of one Share (a “Working Capital Warrant”), in satisfaction
of certain working capital loans made by the Company’s Sponsor, officers, directors, initial shareholders and their affiliates;
and

 

WHEREAS, following consummation
of the Public Offering, the Company may issue additional warrants (“Post IPO Warrants” and together with the Public
Warrants, Private Warrants, and Working Capital Warrants, the “Warrants”) in connection with, or following the consummation
by the Company of, a Business Combination (defined below), which Post IPO Warrants may be sold and issued to third party investors and
the Company’s Sponsor, officers, directors, initial shareholders and their affiliates in one or more private placement offerings
exempt from registration under the securities Act of 1933, as amended; and

 

WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance,
registration, transfer, exchange, redemption, and exercise of the Warrants; and

 

WHEREAS, the Company
desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding, and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.

 

     

     

    

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of Warrant Agent.
The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such
appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2. Warrants.

 

2.1. Form of
Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions
of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors or
Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s
seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in
which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased
to be such at the date of issuance.

 

2.2. Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be represented
by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the facilities of The
Depository Trust Company (the “Depositary”) or other book-entry depositary system, in each case as determined by the
Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall have the same terms, force and effect
as a certificated Warrant that has been duly countersigned by the Warrant Agent by either manual or facsimile signature in accordance
with the terms of this Agreement.

 

2.3. Effect of
Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned by the Warrant
Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4. Registration.

 

2.4.1. Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register
the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Warrant Agent by the Company.

 

2.4.2. Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose name such Warrant is then registered in the Warrant Register (“registered holder”) as the absolute
owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant
certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.5. Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 52nd day following
the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks
in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding Business
Day following such date, or earlier with the consent of Ladenburg Thalmann & Co. Inc. (the “Representatives”),
but in no event will the Representatives allow separate trading of the securities comprising the Units until (i) the Company has
filed a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross
proceeds of the Public Offering including the proceeds received by the Company from the exercise of the underwriters’ over-allotment
option in the Public Offering, if the over-allotment option is exercised prior to the filing of the Form 8-K, and (ii) the
Company has issued a press release and has filed a Current Report on Form 8-K announcing when such separate trading shall begin (the
“Detachment Date”).

 

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2.6. Private
Warrant and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be identical to the Public
Warrants.

 

2.7. Post IPO
Warrants. The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants except
as may be agreed upon by the Company.

  

3. Terms and Exercise of Warrants

 

3.1. Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants), entitle the registered
holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of Shares stated
therein, at the price of $11.50 per share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this
Section 3.1. The term “Warrant Price” as used in this Agreement refers to the price per share at which the Shares may
be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the
Expiration Date (as defined below) for a period of not less than twenty (20) Business Days; provided, that the Company shall provide
at least twenty (20) days’ prior written notice of such reduction to registered holders of the Warrants and, provided further
that any such reduction shall be applied consistently to all of the Warrants.

 

3.2. Duration
of Warrants. A Warrant may be exercised only during the period commencing 30 days after the consummation by the Company of a merger,
share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or
more businesses or entities (“Business Combination”) (as described more fully in the Registration Statement), and terminating
at 5:00 p.m., New York City time on the earlier to occur of (i) the date that is five (5) years after the date on which the Company
consummates a Business Combination, (ii) at 5:00 p.m., New York City time on the Redemption Date as provided in Section 6.2
of this Agreement and (iii) the liquidation of the Trust Account (defined below) (“Expiration Date”). The period
of time from the date the Warrants will first become exercisable until the expiration of the Warrants shall hereafter be referred to as
the “Exercise Period.” Except with respect to the right to receive the Redemption Price (as set forth in Section 6
hereunder), as applicable, each outstanding Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder
and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company in its
sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide
at least twenty (20) days’ prior written notice of any such extension to registered holders and, provided further that any
such extension shall be applied consistently to all of the Warrants. Notwithstanding anything to the contrary contained herein, for so
long as any Private Placement Warrant is held by LADENBURG THALMANN & CO. INC. and/or their designees, such Private Placement Warrant
may not be exercised after five (5) years from the effective date of the Registration Statement.

 

3.3. Exercise
of Warrants.

 

3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the
registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent,
in the 18 Lafayette Place, City of Woodmere, State of New York, with the subscription form, as set forth in the Warrant, duly executed
with all signatures guaranteed, and by paying in full the Warrant Price for each Ordinary Share as to which the Warrant is exercised and
any and all applicable taxes due in connection with the exercise of the Warrant, as follows:

 

(a) in lawful
money of the United States, by good certified check or good bank draft payable to the order of the Warrant Agent or wire transfer;

 

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(b) in the
event of a redemption pursuant to Section 6.1 hereof in which the Company’s management has elected to force all holders of
Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Shares equal to
the quotient obtained by dividing (x) the product of the number of Shares underlying the Warrants, multiplied by the difference between
the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value. Solely for purposes of this
Section 3.3.1(b), the “Fair Market Value” shall mean the average reported closing price of the Shares for the ten (10) trading
days ending on the third trading day prior to the date on which the notice of redemption is sent to holders of the Warrants pursuant to
Section 6 hereof; or

 

(c) in the
event the registration statement required by Section 7.4 hereof is not effective and current within ninety (90) days after the
closing of a Business Combination, by surrendering such Warrants for that number of Shares equal to the quotient obtained by dividing
(x) the product of the number of Shares underlying the Warrants, multiplied by the difference between the exercise price of the Warrants
and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted
unless the Fair Market Value is equal to or higher than the exercise price. Solely for purposes of this Section 3.3.1(c), the “Fair
Market Value” shall mean the average reported last sale price of the Shares for the ten (10) trading days ending on the trading
day prior to the date of exercise.

 

The Company shall calculate
and transmit to the Warrant Agent, and the Warrant Agent shall have no obligation under this Agreement to calculate, the cashless exercise
ratio. The number of Shares to be issued on such exercise will be determined by the Company (with written notice thereof to the Warrant
Agent) using the formula set forth in this Section 3.3.1(b), the Warrant Agent shall have no duty or obligation to investigate or confirm
whether the Company’s determination of the number of Shares to be issued on such exercise, pursuant to [this Section 3.3.1(c), is
accurate or correct.

 

3.3.2. Issuance
of Shares. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price
(if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates, or book entry position, for
the number of Shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it, and if
such Warrant shall not have been exercised in full, a new countersigned Warrant, or book entry position, for the number of shares as to
which such Warrant shall not have been exercised. Notwithstanding the foregoing, in no event will the Company be required to net cash
settle the Warrant exercise. No Warrant shall be exercisable for cash and the Company shall not be obligated to issue Shares upon exercise
of a Warrant unless the Shares issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities
laws of the state of residence of the registered holder of the Warrants. In the event that the condition in the immediately preceding
sentence is not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant for cash
and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Warrants shall have paid
the full purchase price for the Unit solely for the Shares underlying such Unit. Warrants may not be exercised by, or securities issued
to, any registered holder in any state in which such exercise or issuance would be unlawful.

 

3.3.3. Valid
Issuance. All Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully
paid and nonassessable. The Company shall provide an opinion of counsel prior to the time to set up a reserve of Warrants and related
Shares. The opinion shall state that all Warrants or Shares, as applicable, are: registered under the Act, or are exempt from such registration,
and all appropriate state securities law filings have been made with respect to the Warrants or Shares; and validly issued, fully paid
and non-assessable.

 

3.3.4. Date
of Issuance. Each person in whose name any book entry position or certificate for Shares is issued shall for all purposes be deemed
to have become the holder of record of such shares on the date on which the Warrant, or book entry position representing such Warrant,
was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the
date of such surrender and payment is a date when the share transfer books of the Company or book entry system of the Warrant Agent are
closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which
the share transfer books or book entry system are open.

 

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3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained
in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election.
If the election is made by a holder, the Warrant Agent shall not cause the exercise of the holder’s Warrant, and such holder shall
not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with such
person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 9.8% (the “Maximum
Percentage”) of the Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence,
the aggregate number of Shares beneficially owned by such person and its affiliates shall include the number of Shares issuable upon exercise
of the Warrant with respect to which the determination of such sentence is being made, but shall exclude Shares that would be issuable
upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise
or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person and its
affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on
conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this
paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act. For purposes of the Warrant,
in determining the number of outstanding Shares, the holder may rely on the number of outstanding Shares as reflected in (1) the
Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or
other public filing with the SEC as the case may be, (2) a more recent public announcement by the Company or (3) any other notice
by the Company or the Warrant Agent setting forth the number of Shares outstanding. For any reason at any time, upon the written request
of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number
of Shares then outstanding. In any case, the number of outstanding Shares shall be determined after giving effect to the conversion or
exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding Shares
was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage
applicable to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective
until the sixty-first (61st) day after such notice is delivered to the Company. 

 

4. Adjustments.

 

4.1. Stock Dividends;
Split Ups. If after the date hereof, and subject to the provisions of Section 4.6 below, the number of outstanding Shares is
increased by a stock dividend payable in Shares, or by a split up of Shares, or other similar event, then, on the effective date of such
stock dividend, split up or similar event, the number of Shares issuable on exercise of each Warrant shall be increased in proportion
to such increase in outstanding Shares.

 

4.2. Aggregation
of Shares. If after the date hereof, the number of outstanding Shares is decreased by a consolidation, combination, reverse stock
split or reclassification of Shares or other similar event, then, on the effective date of such consolidation, combination, reverse stock
split, reclassification or similar event, the number of Shares issuable on exercise of each Warrant shall be decreased in proportion to
such decrease in outstanding Shares.

  

4.3 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the Shares or other shares of the Company’s capital stock into which the Warrants
are convertible (an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after
the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined by the Company’s
Board of Directors, in good faith) of any securities or other assets paid in respect of such Extraordinary Dividend divided by all outstanding
shares of the Company at such time (whether or not any shareholders waived their right to receive such dividend); provided, however, that
none of the following shall be deemed an Extraordinary Dividend for purposes of this provision: (a) any adjustment described in subsection
4.1 above, (b) any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends and
cash distributions paid on the Shares during the 365-day period ending on the date of declaration of such dividend or distribution
does not exceed $0.50 per share (taking into account all of the outstanding shares of the Company at such time (whether or not any shareholders
waived their right to receive such dividend) and as adjusted to appropriately reflect any of the events referred to in other subsections
of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the
number of Shares issuable on exercise of each Warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions
equal to or less than $0.50, (c) any payment to satisfy the conversion rights of the holders of the Shares in connection with a proposed
initial Business Combination or certain amendments to the Company’s Amended and Restated Certificate of Incorporation (as described
in the Registration Statement) or (d) any payment in connection with the Company’s liquidation and the distribution of its
assets upon its failure to consummate a Business Combination. Solely for purposes of illustration, if the Company, at a time while the
Warrants are outstanding and unexpired, pays a cash dividend of $0.35 and previously paid an aggregate of $0.40 of cash dividends and
cash distributions on the Shares during the 365-day period ending on the date of declaration of such $0.35 dividend, then the
Warrant Price will be decreased, effectively immediately after the effective date of such $0.35 dividend, by $0.25 (the absolute value
of the difference between $0.75 (the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period,
including such $0.35 dividend) and $0.50 (the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions
paid or made in such 365-day period prior to such $0.35 dividend)). Furthermore, solely for the purposes of illustration, if
following the closing of the Company’s initial Business Combination, there were 100,000,000 shares outstanding and the Company paid
a $1.00 dividend to 17,500,000 of such shares (with the remaining 82,500,000 shares waiving their right to receive such dividend), then
no adjustment to the Warrant Price would occur as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share
which is less than $0.50 per share.

 

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4.4 Adjustments
in Exercise Price. Whenever the number of Shares purchasable upon the exercise of the Warrants is adjusted, as provided in Sections
4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such
adjustment by a fraction (x) the numerator of which shall be the number of Shares purchasable upon the exercise of the Warrants immediately
prior to such adjustment, and (y) the denominator of which shall be the number of Shares so purchasable immediately thereafter.

 

4.5. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares (other than a
change covered by Section 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Shares), or in the case of any merger
or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale
or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety
in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the
basis and upon the terms and conditions specified in the Warrants and in lieu of the Shares of the Company immediately theretofore purchasable
and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property
(including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such
sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately
prior to such event. If any reclassification also results in a change in the Shares covered by Section 4.1, 4.2 or 4.3, then such
adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall
similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event will
the Warrant Price be reduced to less than the par value per share issuable upon exercise of the Warrant. Notwithstanding anything to the
contrary herein, in the event of any tender offer for shares of Shares, the offeror shall not make any tender offer for Warrants if the
effect of such offer would be to require the Warrants to be accounted for as liabilities under applicable accounting principles. 

 

4.6. Issuance
in connection with a Business Combination. If, in connection with a Business Combination, the Company (a) issues additional Shares
or equity-linked securities at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective
issue price as determined by the Company’s Board of Directors, in good faith, and in the case of any such issuance to the Company’s
initial shareholders, or their affiliates, without taking into account any founders’ shares held by them prior to such issuance),
(b) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of the Business Combination on the date of the consummation of such Business Combination (net of redemptions), and (c)
the Fair Market Value (as defined below) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest
cent) to be equal to 115% of the greater of (i) the Fair Market Value or (ii) the price at which the Company issues the Shares or equity-linked
securities, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher
of the Fair Market Value and the price at which the Company issues Shares or equity-linked securities. Solely for purposes of this Section
4.6, the “Fair Market Value” shall mean the volume weighted average reported trading price of the Shares for the twenty
(20) trading days starting on the trading day prior to the date of the consummation of the Business Combination.

 

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4.7 Notices of
Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company
shall give reasonably prompt written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting
forth in reasonable detail the method of calculation and the facts upon which such calculation is based. The Warrant Agent shall have
no obligation under any section of this Agreement to determine whether any adjustment has occurred or to calculate any of the adjustments
set forth herein. Until such notice is provided to the Warrant Agent, it may presume conclusively for all purposes that any such adjustment
has not occurred. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4, 4.5, or 4.6, then, in any such event, the
Company shall give written notice to each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the
record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity
of such event.

 

4.8. No Fractional
Warrants or Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional
shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would
be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round
up to the nearest whole number of Shares to be issued to the Warrant holder.

 

4.9. Form of
Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after
such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant
to this Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the Company
may deem appropriate and that does not affect the substance thereof or the rights or liabilities of the Warrant Agent, and any Warrant
thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as
so changed.

 

4.10 Other Events.
In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4
are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact
on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint
a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give
its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose
of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment. The Company shall adjust
the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

5. Transfer and Exchange of Warrants.

 

5.1. Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register,
upon surrender of such Warrant for transfer, properly endorsed with signatures, in the case of certificated Warrants, properly guaranteed
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number
of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants
so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request and at the Company’s sole expense. 

 

5.2. Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, either in certificated form or in book entry position,
together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more
new Warrants, or book entry positions, as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate
number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant
Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel
for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.3. Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance
of a warrant certificate or book-entry position for a fraction of a Warrant.

 

5.4. Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

    7 

     

    

 

5.5. Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign by either manual or facsimile signature and
to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5,
and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company
for such purpose.

 

5.6. Private
Warrants and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital Warrants
until after the consummation by the Company of an initial Business Combination, except for transfers (i) among the initial shareholders
or to the initial shareholders’ or the Company’s officers, directors, consultants or their affiliates, (ii) to a holder’s
shareholders or members upon the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to
a member of the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s
immediate family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant
to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of
a Business Combination, (vii) in connection with the consummation of a Business Combination by private sales at prices no greater
than the price at which the Private Warrants were originally purchased, (viii) in the event of the Company’s liquidation prior
to its consummation of an initial Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business
Combination, the Company completes a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s
shareholders having the right to exchange their Shares for cash, securities or other property, in each case (except for clauses (vi),
(viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration for transfer,
the Warrant Agent shall be presented with written documentation pursuant to which each transferee (each, a “Permitted Transferee”)
or the trustee or legal guardian for such transferee agrees to be bound by the transfer restrictions contained in this section and any
other applicable agreement the transferor is bound by.

 

5.7. Transfers
prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit
in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit.
Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such
Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer of Warrants on or after
the Detachment Date.

 

6. Redemption.

 

6.1. Redemption.
Not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at
the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $0.01 per Warrant (“Redemption
Price”), provided that the closing price of the Ordinary equals or exceeds $18.00 per share (subject to adjustment in accordance
with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading day period commencing after
the Warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption is given and provided
that there is an effective registration statement covering the Shares issuable upon exercise of the Warrants, and a current prospectus
relating thereto, available throughout the 30-day redemption or the Company has elected to require the exercise of the Warrants
on a “cashless basis” pursuant to subsection 3.3.1(b); provided, however, that if and when the Warrants become redeemable
by the Company, the Company may not exercise such redemption right if the issuance of Shares upon exercise of the Warrants is not exempt
from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification. 

 

6.2. Date Fixed
for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject to redemption,
the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first
class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date to the registered holders
of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner
herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice.

 

6.3. Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 3
of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and
prior to the Redemption Date. In the event the Company determines to require all holders of Warrants to exercise their Warrants on a “cashless
basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information necessary to calculate the number
of Shares to be received upon exercise of the Warrants, including the “Fair Market Value” in such case. On and after the Redemption
Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption
Price.

 

    8 

     

    

 

7. Other Provisions Relating to Rights
of Holders of Warrants.

 

7.1. No Rights
as Shareholder. A Warrant does not entitle the registered holder thereof to any of the rights of a shareholder of the Company, including,
without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to
receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

 

7.2. Lost, Stolen,
Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on
such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include
the surrender thereof and for those Warrants alleged to have been lost, stolen or destroyed, upon receipt by Warrant Agent of an open
penalty surety bond satisfactory to it and holding it and Company harmless), absent notice to Warrant Agent that such Warrant has been
acquired by a bona fide purchaser, issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated,
or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost,
stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3. Reservation
of Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Shares that will be sufficient
to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

7.4. Registration
of Shares. The Company agrees that as soon as practicable after the closing of its initial Business Combination, it shall use its
best efforts to file as soon as practicable, but in no event later than forty-five (45) business days after the closing of our initial
business combination, with the Securities and Exchange Commission a registration statement for the registration, under the Act, of the
Shares issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to register or qualify
for sale, in those states in which the Warrants were initially offered by the Company and in those states where holders of Warrants then
reside, the Shares issuable upon exercise of the Warrants, to the extent an exemption is not available. The Company will use its best
efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus
relating thereto, until the expiration of the Warrants in accordance with the provisions of this Agreement. If any such registration statement
has not been declared effective by the 90th day following the closing of the Business Combination, holders of the Warrants shall have
the right, during the period beginning on the 91st day after the closing of the Business Combination and ending upon such registration
statement being declared effective by the Securities and Exchange Commission, and during any other period when the Company shall fail
to have maintained an effective registration statement covering the Shares issuable upon exercise of the Warrants, to exercise such Warrants
on a “cashless basis” as determined in accordance with Section 3.3.1(c). The Company shall provide the Warrant Agent
with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the
exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not required to be registered under the Act and
(ii) the Shares issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate
(as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend.
For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company shall continue
to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4. The provisions of this
Section 7.4 may not be modified, amended, or deleted without the prior written consent of the Representatives.

  

8. Concerning the Warrant Agent and
Other Matters.

 

8.1. Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant
Agent in respect of the issuance or delivery of Shares upon the exercise of Warrants, but the Company shall not be obligated to pay any
transfer taxes in respect of the Warrants or such Shares.

 

    9 

     

    

 

8.2. Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1. Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days
after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall,
with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of
the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor
Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the
United States, in good standing and having its principal office in the United States, and authorized under such laws to exercise corporate
trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall
be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect
as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate,
the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant
Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in
and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.2.2. Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the
predecessor Warrant Agent and the transfer agent for the Shares not later than the effective date of any such appointment.

 

8.2.3. Merger
or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be consolidated or any
entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under
this Agreement without any further act.

 

8.3. Fees and
Expenses of Warrant Agent.

 

8.3.1. Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent as mutually agreed upon and
will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its
duties hereunder.

 

8.3.2. Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and
delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying
out or performing of the provisions of this Agreement.

  

8.4. Liability
of Warrant Agent.

 

8.4.1. Reliance
on Company Statement. From time to time, Company may provide Warrant Agent with instructions concerning the services performed by
the Warrant Agent hereunder. In addition, whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem
it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
and established by a statement signed by the Chief Executive Officer or Chairman of the Board of Directors of the Company and delivered
to the Warrant Agent. Warrant Agent shall not be held to have notice of any change of authority of any person, until receipt of written
notice thereof from Company. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant
to the provisions of this Agreement.

  

    10 

     

    

 

8.4.2. Indemnity.
The Warrant Agent shall be liable hereunder only for its own fraud, gross negligence, willful misconduct or bad faith (which fraud, gross
negligence, bad faith, or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).
The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, losses, costs
and reasonable counsel fees, incurred or suffered by or to which it may become subject, arising from or out of, directly or indirectly,
any claims or liability resulting from anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result
of the Warrant Agent’s fraud, gross negligence, willful misconduct, or bad faith (which fraud, gross negligence, bad faith, or willful
misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).

 

8.4.3. Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4
hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would
require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization
or reservation of any Shares to be issued pursuant to this Agreement, the Amended and Restated Memorandum and Articles of Association
of the Company, or any Warrant or as to whether any Shares will, when issued, be valid and fully paid and nonassessable.

 

8.4.4. Aggregate
Lability. Notwithstanding anything contained herein to the contrary, the Warrant Agent’s aggregate liability during any term
of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all services provided or omitted
to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid
hereunder by the Company to Warrant Agent as fees and charges, but not including reimbursable expenses, during the twelve (12) months
immediately preceding the event for which recovery from Warrant Agent is being sought.

 

8.4.5. Consequential
Damages. Neither party to this Agreement shall be liable to the other party for any consequential, indirect, special or incidental
damages under any provisions of this Agreement or for any consequential, indirect, punitive, special or incidental damages arising out
of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages.

 

8.4.6. This Section
8.4 shall survive the termination of this Agreement, the resignation, replacement or removal of the Warrant Agent and the exercise, termination
and expiration of the Warrants.

 

 

8.5. Consultation
with Counsel. Before the Warrant Agent acts or refrains from acting, the Warrant Agent may consult with legal counsel that it selects
(who may be legal counsel for the Company or an employee of the Warrant Agent), and the advice or opinion of such counsel will be full
and complete authorization and protection to the Warrant Agent, and the Warrant Agent will incur no liability for or in respect of, any
action taken, suffered or omitted to be taken by it in the absence of gross negligence, bad faith or willful misconduct (which gross negligence,
bad faith or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction) in accordance
with such advice or opinion.

 

8.6 All funds received
by Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of services (the “Funds”)
shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in
its name as agent for the Company. Until paid pursuant to the terms of this Agreement, Computershare will hold the Funds through such
accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment
grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating)
(each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds
that may result from any deposit made by Computershare in accordance with this paragraph, including any losses resulting from a default
by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings
in connection with such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any
holder or any other party.

 

    11 

     

    

 

8.7 Delivery of Exercise
Price. The Warrant Agent shall forward funds received for warrant exercises in a given month by the 5th business day of the following
month by wire transfer to an account designated by the Company.

 

Acceptance of Agency.
The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions
herein set forth.

 

9. Miscellaneous Provisions.

 

9.1. Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the
benefit of their respective successors and assigns.

 

9.2. Notices.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant
to or on the Company shall be sufficiently given (i) if by email when the email is sent, (ii) if by hand or overnight delivery, when so
delivered, or (iii) if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage
prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

 

Forest Acquisition Corp

434 W. 33rd Street, Suite 700

New York, New York 10001

Attention: Chief Executive Officer

 

Any notice, statement or demand authorized
by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently
given (i) if by email, when the email is sent, (ii) if by hand or overnight delivery, when so delivered, or (iii) if sent by certified
mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed
in writing by the Warrant Agent with the Company), as follows:

 

Computershare Inc.

Computershare Trust Company, N.A.

150 Royall Street

Canton, MA 02021

Attention: Client Services

Facsimile: (781) 575-4210

  

with a copy in each case to:

 

Becker & Poliakoff LLP

45 Broadway, 17th Floor

New York, New York 10006

New York, NY 10006

Attn: Bill Huo, Esq.

E-mail: bhuo@beckerlawyers.com

  

and

 

Christopher S. Auguste, Esq.

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of Americas

New York, NY 10036

E-Mail: cauguste@kramerlevin.com

 

    12 

     

    

 

9.3. Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the
laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in
any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for
the Southern District of New York. The Company hereby waives any objection that such courts represent an inconvenient forum. Any such
process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return
receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed
personal service and shall be legal and binding upon the Company in any action, proceeding or claim. Notwithstanding
the foregoing, this exclusive forum provision shall not apply to suits brought to enforce a duty or liability created by the Exchange
Act, any other claim for which the federal courts have exclusive jurisdiction or any complaint asserting a cause of action arising under
the Securities Act against us or any of our directors, officers, other employees or agents. Section 27 of the Exchange Act creates
exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and
regulations thereunder.

 

9.4. Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the
registered holders of the Warrants and, for the purposes of Sections 7.4, 9.4 and 9.8 hereof, the Representatives, any right, remedy,
or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The Representatives
shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 7.4, 9.4 and 9.8 hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties
hereto (and the Representatives with respect to the Sections 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of the registered
holders of the Warrants.

  

9.5. Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent designated
for such purposes, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his
Warrant for inspection by it.

 

9.6. Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes
be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

  

9.7. Effect of
Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation
thereof.

 

9.8 Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the
Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders of (i) a majority
of the then outstanding Public Warrants if such modification or amendment is being undertaken prior to, or in connection with, the consummation
of a Business Combination or (ii) a majority of the then outstanding Warrants if such modification or amendment is being undertaken
after the consummation of a Business Combination. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the
duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders. The provisions
of this Section 9.8 may not be modified, amended or deleted without the prior written consent of the Representatives. The Warrant Agent
shall duly execute and deliver any supplement or amendment hereto requested by the Company in writing upon the delivery of a certificate
from a duly authorized officer of the Company that states that the proposed supplement or amendment is in compliance with the terms of
this Section 9.8. Notwithstanding anything to the contrary in this Agreement, the Warrant Agent may, but will not be required to, execute
any supplement or amendment that adversely affects the Warrant Agent’s own rights, duties, obligations or immunities pursuant to
this Agreement.

 

    13 

     

    

 

9.9 Trust Account
Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account established
by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust Account”),
including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. In the event
that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will pursue such claim solely against the
Company and not against the property held in the Trust Account.

 

9.10 Severability.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the
validity or enforceability of this Agreement or of any other term or provision hereof, provided, however, that if such excluded provision
shall materially and adversely affect the rights, immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent
shall be entitled to resign immediately upon written notice to the Company. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

9.11 Force Majeure.
Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or failures in performance
resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns
or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties
with information storage or retrieval systems, labor difficulties, war, or civil unrest.

 

9.12. Confidentiality.
The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business of the other party, including
inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation or the
carrying out of this Agreement including the fees for services set forth in the attached schedule shall remain confidential, and shall
not be voluntarily disclosed to any other person, except as may be required by law, including, without limitation, pursuant to subpoenas
from state or federal government authorities (e.g., in divorce and criminal actions).

 

[Signature Page Follows]

 

    14 

     

    

 

       IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	FOREST ACQUISITION CORP
	 	 
	 	By:	
	 	 	Name: Ming Zhang
	 	 	Title: Chief Executive Officer

 

	 	COMPUTERSHARE INC.
    and
	 	COMPUTERSHARE TRUST COMPANY
    N.A., on behalf of both entities

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

[Signature Page to Warrant Agreement]

 

    15 

     

    

 

EXHIBIT A

 

WARRANT CERTIFICATE

  

    A-1

     

    

 

EXHIBIT B

 

LEGEND FOR PRIVATE PLACEMENT WARRANTS

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED
OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION
IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG FOREST ACQUISITION
CORP (THE “COMPANY”), LADENBURG THALMANN & CO. INC. AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED
BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES
ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE
(AS DEFINED IN SECTION 5.6 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND SHARES OF THE COMPANY
ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED
BY THE COMPANY.

 

    B-1Exhibit 4.2

 

DIAMONDBACK ENERGY, INC.,

 

as the Company

 

DIAMONDBACK E&P LLC,

 

as the Subsidiary Guarantor

 

and

 

COMPUTERSHARE
TRUST COMPANY, NATIONAL ASSOCIATION,

 

as
the Trustee

 

6.250% Senior Notes due 2033

 

 

 

SIXTH SUPPLEMENTAL INDENTURE

 

Dated as of October 28, 2022

 

to the

 

INDENTURE

 

Dated as of December 5, 2019

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article I SCOPE OF SUPPLEMENTAL INDENTURE; GENERAL; THE NOTES	2
	 	 	 	 
	 	SECTION 1.1.	Scope of Supplemental Indenture; General	2
	 	SECTION 1.2.	Applicability of Sections of the Base Indenture	3
	 	SECTION 1.3.	Form, Dating and Terms	3
	 	SECTION 1.4.	Additional Notes	6
	 	 	 	 
	Article II CERTAIN DEFINITIONS	6
	 	 	 	 
	 	SECTION 2.1.	Certain Definitions	6
	 	 	 	 
	Article III REDEMPTION	13
	 	 	 	 
	 	SECTION 3.1.	Optional Redemption	13
	 	SECTION 3.2.	Sinking Fund; Mandatory Redemption	14
	 	SECTION 3.3.	Redemption Provisions	14
	 	 	 	 
	Article IV COVENANTS	15
	 	 	 	 
	 	SECTION 4.1.	Limitation on Liens	15
	 	SECTION 4.2.	Reports	16
	 	SECTION 4.3.	Unrestricted Subsidiaries	16
	 	 	 	 
	Article V CONSOLIDATION, MERGER, SALE, CONVEYANCE, TRANSFER OR LEASE	17
	 	 	 	 
	Article VI DEFAULTS AND REMEDIES	17
	 	 	 	 
	 	SECTION 6.1.	Events of Default	17
	 	SECTION 6.2.	Acceleration of Maturity; Rescission and Annulment	19
	 	 	 	 
	Article VII SATISFACTION AND DISCHARGE; DEFEASANCE	20
	 	 	 	 
	Article VIII AMENDMENT, SUPPLEMENT AND WAIVER	20
	 	 	 	 
	 	SECTION 8.1.	Without Consent of Holders	20
	 	SECTION 8.2.	With Consent of Holders	21
	 	SECTION 8.3.	Limitations	22
	 	SECTION 8.4.	Compliance with Trust Indenture Act	22
	 	SECTION 8.5.	Revocation and Effect of Consents	22
	 	SECTION 8.6.	Notation on or Exchange of Notes	23
	 	SECTION 8.7.	Effect of Supplemental Indenture	23
	 	 	 	 
	Article IX SUBSIDIARY GUARANTEE	23
	 	 	 	 
	 	SECTION 9.1.	Release of a Guarantor	24
	 	SECTION 9.2.	Guarantee Evidenced by Indenture; No Notation of Guarantee	24
	 	 	 	 
	Article X MISCELLANEOUS	24
	 	 	 	 
	 	SECTION 10.1.	Governing Law	24

 

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	 	SECTION 10.2.	Successors	25
	 	SECTION 10.3.	Multiple Originals	25
	 	SECTION 10.4.	Paying Agent and Security Registrar	25
	 	SECTION 10.5.	Severability	25
	 	SECTION 10.6.	Trust Indenture Act Controls	25
	 	SECTION 10.7.	Table of Contents; Headings	25
	 	SECTION 10.8.	No Adverse Interpretation of Other Agreements	25
	 	SECTION 10.9.	Ratification and Incorporation of Base Indenture	26
	 	SECTION 10.10.	Benefits of Supplemental Indenture	26

 

EXHIBITS

 

EXHIBIT A Form of Note

 

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SIXTH
SUPPLEMENTAL INDENTURE dated as of October 28, 2022 (this “Supplemental Indenture”) by and among DIAMONDBACK ENERGY, INC.,
a Delaware corporation (referred to herein as the “Company”), DIAMONDBACK E&P LLC, a Delaware limited liability
company, as the Subsidiary Guarantor (as defined below), and Computershare Trust Company, National Association, as trustee (referred
to herein as the “Trustee”), supplementing the Indenture dated as of December 5, 2019, by and between the Company
and the Trustee, as successor trustee to Wells Fargo Bank, National Association (the “Base Indenture” and, as supplemented
by this Supplemental Indenture, the “Indenture”).

 

Each party agrees as follows
for the benefit of the other parties and for the equal and ratable benefit of the Holders of Notes (as such terms are defined herein):

 

WHEREAS, the Company has duly
authorized the execution and delivery of the Base Indenture to provide for the issuance from time to time of the Company’s Securities
to be issued in one or more series as provided in the Indenture;

 

WHEREAS, the Base Indenture
has been duly authorized, executed and delivered by the Company and Wells Fargo Bank, National Association (“Wells Fargo”);
and thereafter Computershare Trust Company, National Association (“Computershare”) succeeded to all or substantially
all the corporate trust business of Wells Fargo when Computershare was otherwise qualified and eligible to act as trustee under Article VI
of the Base Indenture and as a result thereof has become the “Trustee” under the Base Indenture;

 

WHEREAS, Section 901 of
the Base Indenture provides that the Company, each Guarantor (if any) and the Trustee may, without the consent of any Holder, enter into
a supplemental indenture: (i) in accordance with clause (7) thereof, to establish the form and terms of Securities of any
series and any Guarantees thereof as permitted by the Base Indenture; (ii) in accordance with clause (5) thereof, to add
to, change, or eliminate any of the provisions of the Base Indenture in respect of one or more series of Securities or any Guarantees
thereof, provided that any such addition, change, or elimination (x) will neither (A) apply to any Security of any series created
prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of
the Holder of any such Security with respect to such provision or (y) will become effective only when there is no such Security Outstanding;
and (iii) in accordance with clause (10) thereof, to add any Person as an additional Guarantor under the Base Indenture;

 

WHEREAS, the Company has duly
authorized the issue of its 6.250% Senior Notes due 2033 as a series of Securities under the Base Indenture (as they may be issued from
time to time under this Supplemental Indenture, including any Additional Notes (as defined below) issued pursuant to Section 1.4
of this Supplemental Indenture, the “Notes”); and in connection therewith, there being no Notes Outstanding at the
time of execution and delivery of this Supplemental Indenture, the Company has duly determined to make, execute and deliver this Supplemental
Indenture to establish the form and terms of the Notes and the Guarantee thereof as required by the Base Indenture, to add to, change
and eliminate certain provisions of the Base Indenture in respect of the Notes and the Guarantee thereof, and to add the Subsidiary Guarantor
as a Guarantor of the Notes;

 

     

     

    

 

WHEREAS, the Company and the
Subsidiary Guarantor have duly authorized the execution and delivery of this Supplemental Indenture, and have requested the Trustee to
join them in the execution and delivery of this Supplemental Indenture, in order to establish the form and terms of, and to provide for
the issuance by the Company of, the Notes, substantially in the form attached hereto as Exhibit A and the Guarantee thereof,
on the terms set forth herein;

 

WHEREAS, the Company now wishes
to issue $1,100,000,000 aggregate principal amount of the Notes (the “Initial Notes”), and the Subsidiary Guarantor
wishes to guarantee the payment of the Initial Notes;

 

WHEREAS, the conditions set
forth in the Base Indenture for the execution and delivery of this Supplemental Indenture have been complied with;

 

WHEREAS, all things necessary
have been done to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized Authenticating
Agent, as provided in the Base Indenture, the valid and legally binding obligations of the Company; and

 

WHEREAS, all things necessary
have been done to make this Supplemental Indenture a valid agreement of the Company, the Subsidiary Guarantor and the Trustee, in accordance
with its terms, and a valid amendment of, and supplement to, the Base Indenture.

 

NOW, THEREFORE:

 

In consideration of the premises
and the purchase and acceptance of the Notes by the Holders, the Company and the Subsidiary Guarantor covenant and agree with the Trustee,
for the equal and ratable benefit of the Holders of the Notes, that the Base Indenture is supplemented and amended, to the extent expressed
herein, as follows:

 

Article I

 

SCOPE OF SUPPLEMENTAL INDENTURE; GENERAL; THE
NOTES

 

SECTION 1.1.       Scope
of Supplemental Indenture; General. This Supplemental Indenture supplements, and to the extent inconsistent therewith, replaces, the
provisions of the Base Indenture, to which provisions reference is hereby made.

 

The changes, modifications and
supplements to the Base Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and govern the terms
of, and shall be deemed expressly included in this Supplemental Indenture solely for the benefit of, the Notes (which shall be initially
in the aggregate principal amount of $1,100,000,000) and shall not apply to any other series of Securities that have been or may be issued
under the Base Indenture unless a supplemental indenture with respect to such other series of Securities specifically incorporates such
changes, modifications and supplements.

 

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SECTION 1.2.       Applicability
of Sections of the Base Indenture. Except as expressly specified hereby, each of the provisions of the Base Indenture shall apply
to the Notes. The First Supplemental Indenture, dated as of December 5, 2019, the Second Supplemental Indenture, dated as of May 26,
2020, the Third Supplemental Indenture, dated as of March 24, 2021, the Fourth Supplemental Indenture, dated as of June 30,
2021 and the Fifth Supplemental Indenture, dated as of March 17, 2022, in each case, to the Base Indenture shall not be applicable
with respect to, and shall not govern the terms of, the Notes.

 

SECTION 1.3.       Form,
Dating and Terms.

 

(a)            General.
The aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture is unlimited. The aggregate principal
amount of the Initial Notes initially authorized for authentication and delivery pursuant to this Supplemental Indenture is limited to
$1,100,000,000 (except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other
Notes pursuant to Section 1.3(b), 1.3(c) and 8.6 of this Supplemental Indenture and Sections 304,
305, 306 and 1107 of the Base Indenture). Pursuant to this Supplemental Indenture, there is hereby created and designated one series
of Securities under the Indenture entitled “6.250% Senior Notes due 2033.”

 

In addition, with respect to
the Notes, the Company may issue, from time to time subsequent to the Issue Date in accordance with the provisions of the Indenture, additional
Securities (such Securities, the “Additional Notes”) of the same series as the Notes.

 

The Initial Notes and the Additional
Notes shall be considered collectively as a single class for all purposes of the Indenture. Holders of the Initial Notes and the Additional
Notes shall vote and consent together on all matters to which such Holders are entitled to vote or consent as one series of Securities,
and none of the Holders of the Initial Notes or the Additional Notes shall have the right to vote or consent as a separate class or series
on any matter to which such Holders are entitled to vote or consent.

 

Initial Notes and Additional
Notes shall be initially issued in the form of one or more permanent Global Securities substantially in the form of Exhibit A
(each, a “Global Note”), duly executed by the Company and authenticated by the Trustee as provided in the Base Indenture.
The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records
of the Trustee and the Depositary or its nominee.

 

The Notes may have such letters,
numbers or other marks of identification and such notations, legends or endorsements as the officers executing the same may approve (execution
thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Supplemental Indenture or
the Base Indenture or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any
rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance,
or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject.

 

The terms and provisions contained
in the form of Note attached as Exhibit A hereto shall constitute, and are hereby expressly made, a part of this Supplemental
Indenture, and the Company, the Subsidiary Guarantor and the Trustee, by their execution and delivery of this Supplemental Indenture,
expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

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The Company shall pay principal
of, premium, if any, and interest on the Notes at the office or agency designated by the Company, which is initially the corporate trust
office of the Trustee in Minneapolis, Minnesota. The Company shall pay principal of, premium, if any, and interest on the Global Notes
registered in the name of or held by the Depositary or its nominee in immediately available funds to the Depositary or its nominee, as
the case may be, as the registered holder of such Global Note. The Company shall make all payments in respect of a Definitive Note by
mailing a check to the registered address of each Holder thereof as such address shall appear in the Security Registrar’s books;
provided, however, that payments on the Notes represented by Definitive Notes may also be made, in the case of a Holder
of at least $1,000,000 aggregate principal amount of Notes represented by Definitive Notes, by wire transfer to a U.S. dollar account
maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the
Trustee or the Paying Agent in accordance with the terms of the Indenture.

 

(b)           Book-Entry
Provisions. Except as otherwise stated in this Section 1.3(b) and Section 1.3(c) below, the last
two paragraphs of Section 305 of the Base Indenture will apply to the Notes.

 

(i)           This
Section 1.3(b) shall apply only to Global Notes deposited with the Notes Custodian with respect to such Notes (as appointed
by the Depositary), or any successor Person thereto, which shall initially be the Trustee.

 

(ii)          Each
Global Note initially shall (x) be registered in the name of the Depositary for such Global Note or the nominee of such Depositary,
(y) be delivered to the Notes Custodian for such Depositary and (z) bear the legend set forth in Exhibit A.

 

(iii)         Members
of, or participants in, the Depositary (“Agent Members”) shall have no rights under the Indenture with respect to any
Global Note held on their behalf by the Depositary or by the Trustee as the custodian of the Depositary or under such Global Note, and
the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global
Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of
the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or
impair, as between the Depositary and its Agent Members, the operation of customary practices of the Depositary governing the exercise
of the rights of a Holder of a beneficial interest in any Global Note.

 

(iv)         The
registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action which a Holder is entitled to take under the Indenture or the Notes.

 

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(v)          In
connection with the transfer of an entire Global Note to beneficial owners pursuant to Section 1.3(c) of this Supplemental
Indenture, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the
Trustee shall authenticate and deliver, to each beneficial owner identified by the Depositary in exchange for its beneficial interest
in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations.

 

(vi)         Any
Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note may
be effected only through a book-entry system maintained by (a) the Holder of such Global Note (or its agent) or (b) any Holder
of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be
reflected in a book entry.

 

(c)            Definitive
Notes. Except as provided in the Indenture, owners of beneficial interests in Global Notes shall not be entitled to receive Definitive
Notes. Definitive Notes shall be delivered to all beneficial owners in exchange for their beneficial interests in a Global Note if (i) the
Depositary notifies the Company that it is unwilling or unable to continue as depositary for such Global Note or the Depositary ceases
to be a clearing agency registered under the Exchange Act at a time when the Depositary is required to be so registered in order to act
as Depositary, and, in each case, a successor depositary is not appointed by the Company within 90 days of such notice or (ii) an
Event of Default has occurred and is continuing and the Security Registrar has received a request from the Depositary to deliver Definitive
Notes to all beneficial owners in exchange for their beneficial interests in such Global Note. Definitive Notes may not be exchanged for
beneficial interests in any Global Note unless the transferor first delivers to the Trustee a written certificate to the effect that such
transfer will comply with any appropriate transfer restrictions applicable to such Notes.

 

(d)           Initial
Notes. The Initial Notes may forthwith be executed by the Company and delivered, together with a Company Order, to the Trustee for
authentication and delivery by the Trustee for original issue in accordance with the provisions of Section 303 of the Base Indenture.

 

(e)           Additional
Notes. At any time and from time to time after the issuance of the Initial Notes, the Trustee shall authenticate and deliver any Additional
Notes for original issue in accordance with the provisions of Section 303 of the Base Indenture in an aggregate principal amount
determined at the time of issuance and specified in a Company Order which shall be accompanied with the Officers’ Certificate or
supplemental indenture, as applicable, in respect thereof specified in Section 1.4 of this Supplemental Indenture. Such Company
Order shall specify the principal amount of the Additional Notes to be authenticated and the date on which the original issue of such
Additional Notes is to be authenticated.

 

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SECTION 1.4.       Additional
Notes. With respect to any Additional Notes, there shall be set forth or determined in an Officers’ Certificate delivered to
the Trustee or established in one or more indentures supplemental to the Indenture, prior to the issuance of such Additional Notes:

 

(a)            the
aggregate principal amount of such Additional Notes to be authenticated and delivered; and

 

(b)           the
issue price and the issue date of such Additional Notes, including the date from which interest shall accrue and the first interest payment
date therefor.

 

Article II

 

CERTAIN DEFINITIONS

 

SECTION 2.1.       Certain
Definitions. Section 101 of the Base Indenture is hereby amended by adding the following definitions in their proper alphabetical
order which, in the event of a conflict with the definition of terms in the Base Indenture, shall supersede and replace the corresponding
definitions in the Base Indenture. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Base
Indenture. The rules of construction set forth in Section 101 of the Base Indenture shall be applied hereto as if set forth
in full herein, except that unless the context indicates otherwise, references in this Supplemental Indenture to an Article or Section refer
to an Article or Section of this Supplemental Indenture, as the case may be.

 

“Bankruptcy Law”
means Title 11 of the United States Code or any similar federal, state or foreign law for the relief of debtors.

 

“Capital Stock”
of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests
in (however designated) equity of such Person, including, without limitation, any preferred stock and limited liability company or partnership
interests (whether general or limited) of such Person, but excluding any debt securities convertible or exchangeable into such equity.

 

“Code” means
the Internal Revenue Code of 1986, as amended.

 

“Consolidated Net Tangible
Assets” means at any date of determination, the total amount of assets of the Company and its Restricted Subsidiaries (less
applicable depreciation and valuation reserves and other reserves and items deductible from the gross book value of specific asset accounts
under GAAP) after deducting therefrom:

 

(1)            all
current liabilities (excluding (A) any current liabilities that by their terms are extendable or renewable at the option of the obligor
thereon to a time more than 12 months after the time as of which the amount thereof is being computed, and (B) current maturities
of Funded Debt); and

 

(2)            the
value of all goodwill, trade names, trademarks, patents, and other like intangible assets, all as set forth on the Company’s consolidated
balance sheet as of a date no earlier than the date of the Company’s latest available annual or quarterly consolidated financial
statements prepared in accordance with GAAP.

 

“Custodian”
means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.

 

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“Customary Recourse
Exceptions” means with respect to any Non-Recourse Debt, exclusions from the exculpation provisions with respect to such Non-Recourse
Debt for the voluntary bankruptcy of a Person, fraud, misapplication of cash, environmental claims, waste, willful destruction and other
circumstances customarily excluded by lenders from exculpation provisions or included in separate indemnification agreements in non-recourse
financings.

 

“Default”
means any event which is, or after notice or passage of time or both would be, an Event of Default.

 

“Definitive Notes”
means Notes issued in the form of one or more certificated Notes substantially in the form of Exhibit A.

 

“Depositary”
means The Depository Trust Company, its nominees and their respective successors and assigns, or such other depository institution hereinafter
appointed by the Company.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Funded Debt”
means, in respect of any Person, all Indebtedness Incurred by such Person that matures, or is renewable by such Person to a date, more
than one year after the date as of which Funded Debt is being determined.

 

“GAAP” means
generally accepted accounting principles in the United States of America as in effect as of the Issue Date, including those set forth
in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements
and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant
segment of the accounting profession.

 

“guarantee”
means any obligation, contingent or otherwise, of any Person guaranteeing any Indebtedness of any other Person and any obligation, direct
or indirect, contingent or otherwise, of such Person to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets,
goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise). The term “guarantee”
will not include endorsements for collection or deposit in the ordinary course of business. The term “guarantee” used as a
verb has a corresponding meaning.

 

“Holder”
means a Person in whose name a Note is registered on the Security Registrar’s books.

 

“Incur” means
issue, create, assume, guarantee, incur or otherwise become liable for. Any Indebtedness of a Person existing at the time such Person
becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be deemed to be Incurred by such Subsidiary at
the time it becomes a Subsidiary. The terms “Incurred” and “Incurrence” have meanings correlative to the foregoing.

 

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“Indebtedness”
means, with respect to any Person on any date of determination, any obligation of such Person, whether contingent or otherwise, for the
repayment of borrowed money and any guarantee thereof.

 

“Issue Date”
means October 28, 2022, the date the Initial Notes are first issued under the Indenture.

 

“Lien” means,
with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security interest, preference,
priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law,
including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell
or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent
statutes) of any jurisdiction. For the avoidance of doubt, (1) an operating lease shall be deemed not to constitute a Lien and (2) a
contract that would not be considered a capital lease pursuant to GAAP prior to the effectiveness of Accounting Standards Codification
842 shall be deemed not to constitute a Lien.

 

“Non-Recourse Debt”
means Indebtedness as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable as
a guarantor or otherwise except, in each case for (i) Customary Recourse Exceptions and (ii) the pledge of (or a guarantee limited
in recourse solely to) the Capital Stock of such Unrestricted Subsidiary.

 

“Notes Custodian”
means the custodian with respect to the Global Notes (as appointed by the Depositary), or any successor Person thereto, and shall initially
be the Trustee.

 

“Officers’ Certificate”
means a certificate signed by two Officers of the Company.

 

“Opinion of Counsel”
means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to
the Company or the Trustee.

 

“Par Call Date”
means December 15, 2032.

 

“Permitted Liens”
means, with respect to any Person:

 

(1)            any
Lien in favor of the Trustee for the benefit of the Trustee or the Holders of the Notes or otherwise securing the Notes, a Guarantee or
other obligations under the Indenture;

 

(2)            Liens
securing hedging obligations or obligations with regard to treasury management arrangements;

 

(3)            Liens
in favor of the Company or a Restricted Subsidiary;

 

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(4)            Liens
on property of a Person existing at the time such Person becomes a Restricted Subsidiary of the Company or is merged with or into or consolidated
with the Company or any Restricted Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of
such Person becoming a Restricted Subsidiary;

 

(5)            Liens
on property existing at the time of acquisition of the property by the Company or any Restricted Subsidiary of the Company; provided that
such Liens were in existence prior to such acquisition and not Incurred in contemplation of such acquisition;

 

(6)            Liens
to secure the performance of statutory or regulatory obligations, insurance, surety or appeal bonds, workers’ compensation obligations,
bid, plugging and abandonment and performance bonds or other obligations of a like nature incurred in the ordinary course of business
(including Liens to secure letters of credit issued to assure payment of such obligations);

 

(7)            Liens
to secure Indebtedness represented by capital lease obligations, finance lease obligations, mortgage financings or purchase money obligations
or other Indebtedness, in each case, incurred for the purpose of financing all or any part of the purchase price, other acquisition cost
or cost of design, construction, installation, development, repair or improvement of property, plant or equipment used in the business
of the Company or any of its Restricted Subsidiaries, and all refinancing indebtedness Incurred to renew, refund, refinance, replace,
defease, discharge or otherwise retire for value, in whole or in part, such Indebtedness, covering only the assets acquired with or financed
by such Indebtedness;

 

(8)            Liens
existing on the date hereof;

 

(9)            filing
of Uniform Commercial Code financing statements as a precautionary measure in connection with operating leases;

 

(10)          bankers’
Liens, rights of setoff, rights of revocation, refund or chargeback with respect to money or instruments of the Company or any Restricted
Subsidiary, Liens arising out of judgments or awards and notices of lis pendens and associated rights related to litigation being
contested in good faith by appropriate proceedings and for which adequate reserves have been made;

 

(11)          Liens
in respect of Production Payments and Reserve Sales; provided, that such Liens are limited to the property that is subject to such Production
Payments and Reserve Sales;

 

(12)          Liens
arising under oil and gas leases or subleases, assignments, farm-out agreements, farm-in agreements, division orders, contracts for the
sale, purchase, exchange, transportation, gathering or processing of hydrocarbons, unitizations and pooling designations, declarations,
orders and agreements, development agreements, joint venture agreements, partnership agreements, operating agreements, royalties, working
interests, net profits interests, joint interest billing arrangements, participation agreements, production sales contracts, area of mutual
interest agreements, gas balancing or deferred production agreements, injection, repressuring and recycling agreements, salt water or
other disposal agreements, seismic or geophysical permits or agreements, licenses, sublicenses and other agreements that are customary
in the oil and gas business; provided, however, in all instances that such Liens are limited to the assets that are the
subject of the relevant agreement, program, order or contract;

 

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(13)          Liens
imposed by law or ordinary course of business contracts, including, without limitation, carriers’, warehousemen’s, suppliers’,
mechanics’, materialmen’s, repairmen’s and similar Liens;

 

(14)          Liens
in favor of issuers of surety or performance bonds or letters of credit or bankers’ acceptances issued pursuant to the request of
and for the account of such Person in the ordinary course of its business;

 

(15)          survey
exceptions, encumbrances, ground leases, easements, restrictions, servitudes, permits, conditions, covenants, exceptions or reservations
of, or rights of others for, licenses, rights-of-way, roads, pipelines, transmission liens, transportation liens, distribution lines for
the removal of gas, oil, coal or other minerals or timber, sewers, electric lines, telegraph and telephone lines and other similar purposes,
or for the joint or common use of real estate, rights of way, facilities and equipment, Liens related to surface leases and surface operations,
or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances)
as to the use of real properties or Liens incidental to the conduct of the business of the Company or any Restricted Subsidiary of the
Company or to the ownership of its properties that do not in the aggregate materially adversely affect the value of said properties or
materially impair their use in the operation of the business of the Company or any Restricted Subsidiary of the Company;

 

(16)          leases,
licenses, subleases and sublicenses of assets that do not materially interfere with the ordinary conduct of the business of the Company
or any Restricted Subsidiary of the Company;

 

(17)          any
interest or title of a lessor under any operating lease;

 

(18)          Liens
on pipelines or pipeline facilities that arise by operation of law;

 

(19)          Liens
on, or related to, properties or assets to secure all or part of the costs incurred in the ordinary course of business for the exploration,
drilling, development, production, processing, gathering, transportation, marketing or storage, plugging, abandonment or operation thereof;

 

(20)          Liens
under industrial revenue, municipal or similar bonds; and

 

(21)          any
Lien renewing, extending, refinancing, replacing or refunding a Lien permitted by this definition, provided that (a) the principal
amount of the Indebtedness secured by such Lien is not increased except by an amount equal to accrued interest and any premium or other
amount paid, and fees, costs and expenses incurred, in connection therewith and by an amount equal to any existing commitments unutilized
thereunder and (b) no assets are encumbered by any such Lien other than the assets permitted to be encumbered immediately prior to
such renewal, extension, refinancing, replacement or refunding.

 

     10

     

    

 

In each case set forth above,
notwithstanding any stated limitation on the assets or property that may be subject to such Lien, a Permitted Lien on a specified asset
or property or group or type of assets or property may include Liens on all improvements, additions, repairs, attachments and accessions
thereto, construction thereon, assets and property affixed or appurtenant thereto, parts, replacements and substitutions therefor and
all products and proceeds thereof, including dividends, distributions, interest and increases in respect thereof.

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited
liability company or government or other entity.

 

“Principal Property”
means all property interests in oil and gas reserves located in the United States capable of producing hydrocarbon substances in paying
quantities, the net book value of which exceeds 2% of Consolidated Net Tangible Assets, other than: (1) property not of material
importance to the business of the Company and its Subsidiaries, taken as a whole; (2) assets used in midstream operations; (3) accounts
receivable; and (4) production or proceeds from the production of hydrocarbons.

 

“Production Payments
and Reserve Sales” means the grant or transfer by the Company or any of its Restricted Subsidiaries to any Person of a royalty,
overriding royalty, net profits interest, production payment, partnership or other interest in oil and gas properties, reserves or the
right to receive all or a portion of the production or the proceeds from the sale of production attributable to such properties where
the holder of such interest has recourse solely to such production or proceeds of production, subject to the obligation of the grantor
or transferor to operate and maintain, or cause the subject interests to be operated and maintained, in a reasonably prudent manner or
other customary standard or subject to the obligation of the grantor or transferor to indemnify for environmental, title or other matters
customary in the oil and gas business, including any such grants or transfers pursuant to incentive compensation programs on terms that
are reasonably customary in the oil and gas business for geologists, geophysicists or other providers of technical services to the Company
or any of its Restricted Subsidiaries.

 

“Restricted Subsidiary”
of any Person means any Subsidiary of the Person that is not an Unrestricted Subsidiary.

 

“SEC” means
the United States Securities and Exchange Commission.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 

“Stated Maturity”
means, with respect to any security or Indebtedness, the date specified in such security or Indebtedness as the fixed date on which the
payment of principal of such security or Indebtedness is due and payable, including, without limitation, pursuant to any mandatory redemption
provision, but shall not include any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally
scheduled for the payment thereof.

 

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“Subsidiary”
with respect to any Person, means any (i) corporation, limited liability company or other entity (other than a partnership) of which
the outstanding Capital Stock having a majority of the votes entitled to be cast in the election of directors, managers or trustees of
such entity under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person or any other Person of which
a majority of the voting interests under ordinary circumstances is at the time, directly or indirectly, owned by such Person or (ii) partnership
(a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the
only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

“Treasury Rate”
means, with respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

 

The Treasury Rate shall be determined
by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the
Board of Governors of the Federal Reserve System), on the third Business Day preceding the redemption date based upon the yield or yields
for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors
of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or
publication) (“H.15”) under the caption “U.S. government securities—Treasury constant maturities—Nominal”
(or any successor caption or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as
applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the
Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal
to the Remaining Life, the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than
and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life—and shall interpolate
to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal
places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for
the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant
maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable,
of such Treasury constant maturity from the redemption date.

 

If on the third Business Day
preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum
equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such redemption
date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there
is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a
maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date
following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call
Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities
meeting the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities
the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United
States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph,
the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked
prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and
rounded to three decimal places.

 

     12

     

    

 

“Unrestricted
Subsidiary” means (1) Viper Energy Partners GP LLC, (2) Viper Energy Partners LP, (3) Viper Energy Partners LLC,
(4) Rattler Midstream GP LLC, (5) Rattler Midstream LP, (6) Rattler Midstream Operating LLC, (7) Tall City Towers
LLC, (8) Rattler OMOG LLC, (9) Rattler Ajax Processing LLC, (10) Rattler WTG LLC, (11) Rattler Holdings LLC, (12) Rattler
BANGL LLC, (13) any other Subsidiary of the Company designated as such pursuant to and in compliance with the Indenture and (14) any Subsidiary
of an Unrestricted Subsidiary. Notwithstanding the foregoing, if OMOG JV LLC shall constitute a Subsidiary of the Company, it shall
constitute an Unrestricted Subsidiary.

 

In addition to the terms defined
above, the following terms are defined in this Supplemental Indenture where indicated below:

 

	
    Term
	 	
    Defined in

    Section

	“Additional Notes”	 	1.3(a)
	“Agent Members”	 	1.3(b)(iii)
	“Base Indenture”	 	Preamble
	“Event of Default”	 	6.1(a)
	“Global Note”	 	1.3(a)
	“Indenture”	 	Preamble
	“Initial Notes”	 	Recitals
	“Notes”	 	Recitals
	“payment default”	 	6.1(a)(5)(A)
	“Subsidiary Credit Facility”	 	9.1
	“Subsidiary Guarantee”	 	Article IX
	“Subsidiary Guarantor”	 	Article IX
	“Supplemental Indenture”	 	Preamble

 

Article III

 

REDEMPTION

 

SECTION 3.1.       Optional
Redemption.

 

(a)            Prior
to the Par Call Date, the Company may redeem the Notes at its option, in whole or in part, at any time and from time to time, at a Redemption
Price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (1) (a) the
sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed discounted to the
Redemption Date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 35 basis points less (b) interest accrued to the Redemption Date, and (2) 100% of the
principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to but not including the Redemption
Date.

 

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(b)           On
or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a Redemption
Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to but not including
the Redemption Date.

 

(c)            The
Company’s actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent
manifest error.

 

(d)           In
the case of a partial redemption, selection of the Notes for redemption will be made pro rata, by lot or by such other method as the Trustee
in its sole discretion deems appropriate and fair, subject to the last sentence of this Section 3.1(d). No Notes of a principal amount
of $2,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to the Note
will state the portion of the principal amount of the Note to be redeemed. A new Note in a principal amount equal to the unredeemed portion
of the Note will be issued in the name of the Holder of the Note upon surrender for cancellation of the original Note. For so long as
the Notes are held by the Depositary, the redemption of the Notes shall be done in accordance with the policies and procedures of such
Depositary.

 

(e)            Unless
the Company defaults in payment of the Redemption Price or any conditions precedent described in the notice of redemption are not satisfied
and therefore the notice of redemption is deemed rescinded, on and after the Redemption Date interest will cease to accrue on the Notes
or portions thereof called for redemption.

 

SECTION 3.2.       Sinking
Fund; Mandatory Redemption. The Company is not required to make mandatory redemption payments or sinking fund payments with respect
to the Notes. Accordingly, Article XII of the Base Indenture shall not apply to the Notes.

 

SECTION 3.3.       Redemption
Provisions.

 

(a)            The
first sentence of Section 1104 of the Base Indenture shall not apply to the Notes, and in lieu thereof, the following sentence shall
be deemed included in the Indenture for the benefit of the Notes:

 

Notice of redemption shall be given
in the manner provided in Section 106 of the Base Indenture at least 10 but not more than 60 days prior to the Redemption Date (or
within such period as otherwise specified in this Supplemental Indenture), to each Holder of Notes to be redeemed, at such Holder’s
address appearing in the Security Register; provided, however, notice of redemption may be given more than 60 days prior to the Redemption
Date (i) when Notes are to be redeemed pursuant to Article IV of the Base Indenture or (ii) as specified in Section 3.3(b) of
this Supplemental Indenture.

 

(b)           Notwithstanding
anything herein to the contrary, notices may be sent more than 60 days prior to a Redemption Date if the notice is issued in connection
with a Covenant Defeasance or Defeasance with respect to the Notes or a satisfaction and discharge of the Indenture with respect to the
Notes.

 

     14

     

    

 

(c)            Notice
of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent. If a redemption is subject to
satisfaction of one or more conditions precedent, the Redemption Date may be delayed up to 10 Business Days at the Company’s election.
If such conditions precedent are not satisfied within 10 Business Days after the proposed Redemption Date, such redemption shall not occur
and the notice thereof shall be deemed rescinded. If the conditions precedent are satisfied, the Company shall provide written notice
to the Trustee of the satisfaction of such conditions as soon as practicable following occurrence of the conditions.

 

(d)            A
notice of redemption need not set forth the exact Redemption Price but only the manner of calculation thereof.

 

(e)            Except
as otherwise stated in this Article III or to the extent inconsistent with this Article III, Article XI of
the Base Indenture shall apply to the Notes.

 

Article IV

 

COVENANTS

 

Articles VII and X of the Base
Indenture shall apply to the Notes, and the covenants in such Articles shall be deemed included in the Indenture for the benefit of the
Notes, except that Section 704 of the Base Indenture shall not apply to the Notes, and the covenants in Section 704 of the Base
Indenture shall be deemed included in the Indenture solely for the benefit of series of Securities other than the Notes.

 

In addition, the following covenants
in this Article IV shall apply to the Notes and shall be deemed included in the Indenture solely for the benefit of the Notes:

 

SECTION 4.1.       Limitation
on Liens. The Company will not, and will not permit any of its Restricted Subsidiaries to, create, Incur, or suffer or permit
to exist, any Lien securing Funded Debt (other than Permitted Liens) upon any Principal Property, whether owned on the Issue Date or acquired
after that date, unless the Indebtedness due under the Indenture, the Notes and the Subsidiary Guarantee (if any) is secured equally and
ratably with (or senior in priority to in the case of Liens with respect to Funded Debt that is expressly subordinated to the Notes or
the Subsidiary Guarantee) the Funded Debt secured by such Lien for so long as such Funded Debt is so secured.

 

Notwithstanding the preceding
paragraph, the Company may, and may permit any Restricted Subsidiary of the Company to, create, Incur, or suffer or permit to exist,
any Lien securing Funded Debt upon any Principal Property without securing the Indebtedness due under the Indenture, the Notes and the
Subsidiary Guarantee if the aggregate principal amount of such Funded Debt secured by such Lien upon such Principal Property, together
with the aggregate outstanding principal amount of all other Funded Debt of the Company and of any Restricted Subsidiary of the Company
secured by any Liens (other than Permitted Liens) upon Principal Property, does not at the time such Funded Debt is created, Incurred
or assumed (or, if later, at the time such Lien is created, Incurred or assumed) exceed the greater of (i) 15% of Consolidated
Net Tangible Assets at such time and (ii) $3,350,000,000.

 

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SECTION 4.2.       Reports.

 

(a)            The
Company will furnish or file with the Trustee, within 15 days after it files the same with the SEC, copies of the annual reports and the
information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations
prescribe) that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. If the Company
is not subject to the requirements of Section 13 or 15(d) of the Exchange Act, the Company will furnish to all Holders of the
Notes and prospective purchasers of the Notes designated by the Holders of the Notes, promptly on their request, the information required
to be delivered pursuant to Rule 144A(d)(4) promulgated under the Securities Act. For purposes of this Section 4.2,
the Company will be deemed to have furnished such reports and information to, or filed such reports and information with, the Trustee
and the Holders of Notes and prospective purchasers as required by this Section 4.2 if it has filed such reports or information
with the SEC via the EDGAR filing system or otherwise made such reports or information publicly available on a freely accessible page on
the Company’s website. The Trustee shall have no obligation whatsoever to determine whether or not such reports and information
have been filed or have been posted on such website.

 

(b)            The
Company also shall furnish to the Trustee, annually, a brief certificate from the principal executive officer, principal financial officer
or principal accounting officer as to his or her knowledge of the Company’s compliance with all conditions and covenants under the
Indenture.

 

(c)            The
Company will deliver to the Trustee, within 30 days after the occurrence thereof, written notice of any events that would constitute an
Event of Default, unless such Event of Default has been cured or waived before the end of such 30-day period, their status and what action
the Company is taking or proposing to take in respect thereof.

 

(d)            Delivery
of any reports, information and documents to the Trustee pursuant to paragraphs (a) and (b) above is for informational purposes
only and the Trustee’s receipt of such shall not constitute notice, constructive or otherwise, of any information contained therein
or determinable from information contained therein, including the compliance by the Company with any of the Company’s covenants
(as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

 

SECTION 4.3
Unrestricted Subsidiaries.

 

(a)            The
Board of Directors of the Company may after the Issue Date designate any Subsidiary as an “Unrestricted Subsidiary” if: (1) no
Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such designation; and (2) such
Subsidiary has no Indebtedness other than Non-Recourse Debt.

 

(b)            The
Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company.
Any such designation will be deemed to be an incurrence of Funded Debt and Liens by a Restricted Subsidiary of the Company of any outstanding
Funded Debt and Liens, respectively, of such Unrestricted Subsidiary, and such designation will only be permitted if no Default or Event
of Default would be in existence following such designation.

 

     16

     

    

 

Article V

 

CONSOLIDATION, MERGER, SALE, CONVEYANCE, TRANSFER
OR LEASE

 

Sections 801 and 802 of the
Base Indenture shall apply to the Notes, and the covenants therein shall be deemed included in the Indenture for the benefit of the Notes.

 

Article VI

 

DEFAULTS AND REMEDIES

 

Sections 501 and 502
of the Base Indenture shall not apply to the Notes, and shall be deemed not to be included in the Indenture for the benefit of the Notes.

 

Sections
6.1 and 6.2 below shall apply to the Notes and shall be deemed to be included in the Indenture solely for the benefit of the
Notes:

 

SECTION 6.1.       Events
of Default.

 

(a)            Each
of the following is an “Event of Default” with respect to the Notes:

 

(1)          default
in any payment of interest on any Note when due, continued for 30 days;

 

(2)          default
in the payment of principal of or premium, if any, on any Note when due at its Stated Maturity, upon optional redemption, upon acceleration
or otherwise;

 

(3)          failure
by the Company to comply for 180 days after notice as provided below with Section 4.2 of this Supplemental Indenture;

 

(4)          failure
by the Company to comply for 90 days after notice as provided below with its agreements (other than the agreements that are the subjects
of clauses (1)-(3) above) contained in the Indenture or the Notes;

 

(5)          default
under any mortgage, indenture or similar instrument under which there is issued or by which there is secured or evidenced any Indebtedness
for money borrowed by the Company or the Subsidiary Guarantor (or the payment of which is guaranteed by the Company or the Subsidiary
Guarantor), other than Indebtedness owed to a Subsidiary, whether such Indebtedness or guarantee now exists or is created after the Issue
Date, which default:

 

     17

     

    

 

(A)            is
caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period
provided in such Indebtedness (“payment default”); or

 

(B)            results
in the acceleration of such Indebtedness prior to its maturity;

 

and, in each case, the principal amount
of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there is an outstanding uncured
payment default or the maturity of which has been and remains so accelerated, aggregates $150.0 million or more;

 

(6)            the
Company, pursuant to or within the meaning of any Bankruptcy Law:

 

(A)           commences
a voluntary case or voluntary proceeding;

 

(B)            consents
to the entry of a judgment, decree or order for relief against it in an involuntary case or involuntary proceeding;

 

(C)            consents
to the appointment of a Custodian of it or for any substantial part of its property;

 

(D)            makes
a general assignment of substantially all of its property for the benefit of its creditors; or

 

(E)            transmits
its written consent to or acquiescence in the institution of a bankruptcy proceeding or other collective proceeding for relief by or against
its creditors generally;

 

(7)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)           is
for relief in an involuntary case against the Company, pursuant to or within the meaning of the Bankruptcy Law;

 

(B)           appoints
a Custodian for all or substantially all of the property of the Company, pursuant to or within the meaning of the Bankruptcy Law; or

 

(C)            orders
the winding up or liquidation of the Company, pursuant to or within the meaning of the Bankruptcy Law; and

 

in case of (A), (B) or (C), the
order or decree remains unstayed or not dismissed and in effect for 60 days following the entry, issuance or effective date thereof; or

 

     18

     

    

 

(8)          the
Subsidiary Guarantee ceases to be in full force and effect (except as contemplated by the terms of the Indenture) or is declared null
and void in a judicial proceeding or the Subsidiary Guarantor denies or disaffirms its obligations under the Indenture or the Subsidiary
Guarantee, in each case unless the Subsidiary Guarantee has been released pursuant to the terms of the Indenture.

 

(b)           Notwithstanding
Section 6.1(a), a default under Section 6.1(a)(3) or Section 6.1(a)(4) will not constitute
an Event of Default until the Trustee or the Holders of at least 25% in principal amount of the then Outstanding Notes notify the Company
in writing of the Default and the Company does not cure such Default within the time specified in Section 6.1(a)(3) or
Section 6.1(a)(4) after receipt of such notice. Such notice must specify the Default, demand that it be remedied, and
state that such notice is a “Notice of Default.”

 

SECTION 6.2.       Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default (other
than an Event of Default described in Section 6.1(a)(6) or (7)) occurs and is continuing, the Trustee by written
notice to the Company, or Holders of at least 25% in principal amount of the then outstanding Notes by written notice to the Company and
the Trustee, may, and the Trustee at the request of Holders of at least 25% in principal amount of the then Outstanding Notes shall, declare
the principal, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable. Such notice must specify
the Event of Default and state that such notice is a “Notice of Acceleration.” Upon such a declaration, such principal, premium,
if any, and accrued and unpaid interest will be due and payable immediately.

 

In the event of a declaration
of acceleration of the Notes because an Event of Default described in Section 6.1(a)(5) has occurred and is continuing,
the declaration of acceleration of the Notes shall be automatically annulled if the Default triggering such Event of Default pursuant
to Section 6.1(a)(5) shall be remedied or cured by the Company or waived by the Holders of the relevant Indebtedness
within 20 days after the written notice of declaration of acceleration of the Notes with respect thereto is received by the Company and
if (1) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction
and (2) all existing Events of Default, except nonpayment of principal, premium, if any, or interest on the Notes that became due
solely because of the acceleration of the Notes, have been cured or waived.

 

If an Event of Default pursuant
to Section 6.1(a)(6) or (7) occurs, the principal, premium, if any, and accrued and unpaid interest on all
the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders.

 

At any time after a declaration
of acceleration, but before a judgment or decree for the payment of the money due has been obtained by the Trustee, the Holders of a majority
in principal amount of the Outstanding Notes may by notice to the Trustee and the Company (including, without limitation, waivers and
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes) waive all past defaults (except with
respect to nonpayment of principal, premium, if any, or interest) and rescind any such acceleration with respect to the Notes and its
consequences if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all
existing Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes that have become
due solely by such declaration of acceleration, have been cured or waived.

 

     19

     

    

 

Article VII

 

SATISFACTION AND DISCHARGE; DEFEASANCE

 

The satisfaction and discharge
and Defeasance and Covenant Defeasance provisions in Articles IV and XIII of the Base Indenture shall be applicable to the Notes and any
Guarantee thereof.

 

In
the case of a Covenant Defeasance, (i) the Company will be released from its obligations to comply with Sections 4.1 and 4.2
of this Supplemental Indenture (for the benefit of Holders of Notes) and Section 1004 of the Base Indenture (for the benefit of Holders
of Notes) and Section 801 of the Base Indenture (other than Section 8.01(2)) and (ii) the events described in Section 6.1(a),
clauses (3), (4), (5) and (8) of this Supplemental Indenture shall no longer constitute Events of Default with respect
to Notes.

 

If the Company exercises its
Defeasance or its Covenant Defeasance option or satisfies and discharges the Indenture with respect to the Notes, in each case all Guarantees
(if any are in effect at such time) will terminate.

 

Article VIII

 

AMENDMENT, SUPPLEMENT AND WAIVER

 

Article IX of the Base
Indenture shall not apply to the Notes, provided that nothing in this Supplemental Indenture shall limit or affect the provisions of Article IX
of the Base Indenture (including Section 901(5) and Section 901(7) thereof) insofar as relating to any amendment or
waiver in respect of any series of Securities other than the Notes.

 

SECTION 8.1.       Without
Consent of Holders. Notwithstanding Section 8.2 and Section 8.3, without the consent of any Holder of Notes,
the Company and the Trustee may amend or supplement this Supplemental Indenture, the Base Indenture as it relates to the Notes (including
the Subsidiary Guarantee) and the Notes to:

 

(1)          cure
any ambiguity, omission, defect or inconsistency;

 

(2)          provide
for the assumption by a successor entity of the obligations of the Company under this Supplemental Indenture, the Base Indenture (as it
relates to the Notes) or the Notes in accordance with Section 801 and Section 802 of the Base Indenture;

 

(3)          provide
for or facilitate the issuance of uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Code);

 

(4)          add
Guarantees with respect to the Notes, evidence the release of a Guarantor from its Guarantee or provide for the assumption by a successor
entity of the obligations of a Guarantor in accordance with the applicable provisions of the Indenture;

 

     20

     

    

 

(5)          secure
the Notes or any Guarantee thereof;

 

(6)          add
covenants of the Company or other obligor under the Indenture or the Notes or any Guarantees, as the case may be, or Events of Default
for the benefit of the Holders of the Notes or the Guarantee or to make other changes that would provide additional rights to the Holders
of the Notes or to surrender any right or power conferred upon the Company or other such obligor;

 

(7)          make
any change that does not adversely affect the legal or contractual rights of any Holder under the Indenture or the Notes;

 

(8)          evidence
and provide for the acceptance of an appointment under the Indenture of a successor trustee; provided that the successor trustee
is otherwise qualified and eligible to act as such under the terms of the Indenture;

 

(9)          provide
for the issuance of Additional Notes permitted to be issued under the Indenture;

 

(10)        comply
with the rules of any applicable securities depositary; or

 

(11)        conform
the text of this Supplemental Indenture, the Base Indenture (as it relates to the Notes and the Subsidiary Guarantee), the Notes or the
Guarantee to any provision of the section of the Company’s Prospectus Supplement dated October 17, 2022 entitled “Description
of Notes” or the “Description of Debt Securities” set forth in the accompanying base prospectus to the extent that such
provision in the “Description of Notes” or the “Description of Debt Securities” was intended to be a verbatim
recitation of a provision of the Indenture, the Notes or the Guarantee, which intent shall be established by an Officers’ Certificate.

 

After an amendment, supplement
or waiver under the Indenture becomes effective, the Company is required to send to the Holders a notice briefly describing such amendment,
supplement or waiver. However, the failure to give such notice to all the Holders, or any defect in the notice, will not impair or affect
the validity of any amendment, supplement or waiver.

 

SECTION 8.2.       With
Consent of Holders. Except as set forth in Section 8.1 and Section 8.3, the Company and the Trustee may amend
or supplement this Supplemental Indenture, the Base Indenture (as it relates to the Notes) and the Notes with the consent of the Holders
of a majority in principal amount of the Notes then Outstanding voting as a single class (including, without limitation, consents obtained
in connection with a purchase of, or tender offer or exchange offer for, Notes) and any past default or compliance with any provisions
of this Supplemental Indenture, the Base Indenture (as it relates to the Notes) and the Notes may be waived with the consent of the Holders
of a majority in principal amount of the Notes then Outstanding voting as a single class (including, without limitation, consents obtained
in connection with a purchase of, or tender offer or exchange offer for, Notes).

 

The consent of the Holders is
not necessary under the Indenture to approve the particular form of any proposed amendment, supplement or waiver. It is sufficient if
such consent approves the substance of the proposed amendment, supplement or waiver. A consent to any amendment, supplement or waiver
under the Indenture by any Holder of Notes given in connection with a tender of such Holder’s Notes will not be rendered invalid
by such tender.

 

     21

     

    

 

SECTION 8.3.       Limitations.
Notwithstanding Section 8.2, without the consent of each Holder of an Outstanding Note affected, no amendment, supplement
or waiver may (with respect to any Notes held by a non-consenting Holder):

 

(1)          reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;

 

(2)          reduce
the stated rate of interest or extend the stated time for payment of interest on any Note;

 

(3)          reduce
the principal of or extend the Stated Maturity of any Note;

 

(4)          waive
a Default or Event of Default in the payment of principal of, premium, if any, or interest on the Notes (except a rescission of acceleration
of the Notes by Holders of a majority in aggregate principal amount of the then outstanding Notes with respect to a nonpayment default
and a waiver of the payment default that resulted from such acceleration);

 

(5)          reduce
the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed as described under Article III,
whether through an amendment or waiver of Article III, related definitions or otherwise;

 

(6)          make
any Note payable in money other than that stated in the Note;

 

(7)          impair
the right of any Holder to receive payment of principal, premium, if any, and interest on such Holder’s Notes on or after the due
dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes;

 

(8)          modify
the Subsidiary Guarantee of the Notes in any manner adverse to the Holders of the Notes; or

 

(9)          make
any change in the amendment or waiver provisions that require each Holder’s consent.

 

SECTION 8.4.       Compliance
with Trust Indenture Act. Every amendment to this Supplemental Indenture, the Base Indenture (as it relates to the Notes) or the Notes
shall be set forth in a supplemental indenture hereto that complies with the Trust Indenture Act as then in effect. The Trustee shall
have no responsibility or liability for whether this Supplemental Indenture, the Base Indenture, the Notes, or any amendment to any of
them complies with the Trust Indenture Act or the Company’s compliance with the Trust Indenture Act.

 

SECTION 8.5.       Revocation
and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of Notes is a continuing
consent by the Holder and every subsequent Holder of the Notes or portion of such Notes that evidences the same debt as the consenting
Holder’s Note or Notes, even if notation of the consent is not made on any such Note. However, any such Holder or subsequent Holder
may revoke the consent as to its Notes or portion of such Notes if the Trustee receives the notice of revocation before the date the amendment
or waiver becomes effective.

 

     22

     

    

 

Any amendment or waiver in respect
of the Notes once effective shall bind every Holder of Notes affected by such amendment or waiver unless it is of the type described in
any of the clauses of Section 8.3. In that case, the amendment or waiver shall bind each Holder of a Note who has consented
to it and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note.

 

The Company may, but shall not
be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any other action
described above or required or permitted to be taken pursuant to this Supplemental Indenture in respect of the Notes or the Base Indenture
(as it relates to the Notes). If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were
Holders of Notes at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent
or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders of Notes after
such record date.

 

SECTION 8.6.       Notation
on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment or waiver on the Notes. The Company in exchange
for the Notes may issue and the Trustee shall authenticate upon written request new Notes that reflect the amendment or waiver.

 

SECTION 8.7.       Effect
of Supplemental Indenture. Upon the execution of any supplemental indenture under this Article VIII, the Indenture (including
this Supplemental Indenture) shall be modified in accordance therewith, and such supplemental indenture shall form a part of the Indenture
for all purposes; and, subject to Section 8.3, every Holder of Notes theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.

 

Article IX

 

SUBSIDIARY GUARANTEE

 

Article XIV of the Base
Indenture shall apply to the Notes, except as described in this Article IX. The Notes will be fully and unconditionally Guaranteed
(such Guarantee, the “Subsidiary Guarantee”) by Diamondback E&P LLC (such entity during the period (and only during
such period) that the Subsidiary Guarantee is in effect, the “Subsidiary Guarantor”) as a “Guarantor” as
defined in the Base Indenture.

 

     23

     

    

 

SECTION 9.1.       Release
of a Guarantor. Solely with respect to the Notes, the ninth paragraph of Section 1401 of the Base Indenture shall not apply to
the Notes and instead the following shall apply:

 

The Subsidiary Guarantor shall
be released and discharged automatically and unconditionally from all its obligations under the Indenture and its Guarantee with respect
to the Notes, and will cease to be a Guarantor with respect to the Notes, without any further action required on the part of the Trustee
or any Holder, (a) upon the release or discharge of the Company’s Guarantee of the Subsidiary Guarantor’s obligations
under its revolving credit facility (as amended, modified, restated, amended and restated or otherwise replaced or refinanced from time
to time, the “Subsidiary Credit Facility”), (b) upon the release or discharge of the Subsidiary Guarantor’s
obligations under the Subsidiary Credit Facility, (c) in connection with any Covenant Defeasance or Defeasance pursuant to Article XIII
of the Base Indenture as to the Notes or satisfaction and discharge of the Notes pursuant to Article IV of the Base Indenture and
Article VII of this Supplemental Indenture, or (d) if no Event of Default has occurred and is then continuing, upon the
liquidation or dissolution of the Subsidiary Guarantor.

 

In the event the Subsidiary
Guarantor is sold or disposed of (whether by merger, consolidation, the sale of a sufficient amount of its (or an intermediate holding
company’s) Capital Stock so that the Subsidiary Guarantor no longer constitutes a Subsidiary of the Company or the sale of all or
substantially all of its assets (other than by lease)), and whether or not the Subsidiary Guarantor is the surviving entity in such transaction,
to a Person that is not (and does not thereupon become) the Company or a Subsidiary of the Company, the Subsidiary Guarantor will be released
and discharged automatically and unconditionally from all its obligations under the Subsidiary Guarantee and will cease to be the Subsidiary
Guarantor, without any further action required on the part of the Trustee or any Holder.

 

Upon delivery by the Company
to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that any of the conditions described above has
occurred, the Trustee shall execute any supplemental indenture or other documents reasonably requested by the Company in order to evidence
the release of the Subsidiary Guarantor from its obligations under the Subsidiary Guarantee and the Indenture as to the Notes.

 

SECTION 9.2.       Guarantee
Evidenced by Indenture; No Notation of Guarantee.

 

(a)            The
Subsidiary Guarantee of the Subsidiary Guarantor shall be evidenced solely by its execution and delivery of this Supplemental Indenture
and not by an endorsement on, or attachment to, any Note or any Guarantee or notation thereof.

 

(b)            The
delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee
as to the Notes set forth in this Supplemental Indenture on behalf of the Subsidiary Guarantor as to the Notes.

 

Article X

 

MISCELLANEOUS

 

SECTION 10.1.       Governing
Law. This Supplemental Indenture, the Indenture, the Notes and any Guarantees shall be governed by, and construed in accordance with,
the laws of the State of New York.

 

     24

     

    

 

EACH OF THE COMPANY, THE SUBSIDIARY
GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE (AS IT RELATES TO THE NOTES), THE
NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

SECTION 10.2.       Successors.
All agreements of the Company and the Subsidiary Guarantor in this Supplemental Indenture and the Notes shall bind their respective successors.
All agreements of the Trustee in this Supplemental Indenture shall bind its successors.

 

SECTION 10.3.       Multiple
Originals. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all
of them together represent the same agreement. One signed copy is enough to prove this Supplemental Indenture. The exchange of copies
of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery
of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original instrument for all purposes. Signature
pages of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

SECTION 10.4.       Paying
Agent and Security Registrar. The Company initially appoints the Trustee as Paying Agent and Security Registrar with respect to any
Global Notes.

 

SECTION 10.5.       Severability.
In case any provision in this Supplemental Indenture, the Indenture, the Notes or the Subsidiary Guarantee shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 10.6.       Trust
Indenture Act Controls. If any provision of the Indenture limits, qualifies, or conflicts with another provision that is required
or deemed to be included in the Indenture by the Trust Indenture Act, such required or deemed provision shall control. If any provision
of the Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the provision of the
Trust Indenture Act shall be deemed to apply to the Indenture as so modified or shall be excluded, as the case may be.

 

SECTION 10.7.       Table
of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Supplemental
Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or
restrict any of the terms or provisions hereof.

 

SECTION 10.8.       No
Adverse Interpretation of Other Agreements. The Indenture insofar as relating to the Notes may not be used to interpret any other
indenture, loan or debt agreement (including the Indenture (including any other supplemental indenture thereto) insofar as relating to
any series of Securities other than the Notes) of the Company or any Subsidiaries or of any other Person. Any such indenture, loan or
debt agreement (including the Indenture (including any other supplemental indenture thereto) insofar as relating to any series of Securities
other than the Notes) may not be used to interpret the Indenture insofar as relating to the Notes.

 

     25

     

    

 

SECTION 10.9.       Ratification
and Incorporation of Base Indenture. As supplemented hereby, the Base Indenture is in all respects ratified and confirmed, and the
Base Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument. This Supplemental Indenture
shall form a part of the Indenture for all purposes (as it relates to the Notes), and every Holder of Notes shall be bound hereby.

 

SECTION 10.10.       Benefits
of Supplemental Indenture. Nothing in this Supplemental Indenture or the Base Indenture (as it relates to the Notes) or in the Notes,
express or implied, shall give to any Person, other than the parties to this Supplemental Indenture and their successors hereunder and
the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture as it relates
to the Notes or the Indenture.

 

     26

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Supplemental Indenture to be duly executed, all as of the date first above written.

 

	 	DIAMONDBACK ENERGY, INC., as the Company
	 	 	 
	 	By:	/s/ Teresa L. Dick
	 	Name:	Teresa L. Dick
	 	Title:	Executive Vice President, Chief Accounting Officer and Assistant Secretary
	 	 	 
	 	DIAMONDBACK E&P LLC, as Subsidiary Guarantor
	 	 	 
	 	By:	/s/ Teresa L. Dick
	 	Name:	Teresa L. Dick
	 	Title:	Executive Vice President, Chief Accounting Officer and Assistant Secretary

 

[Signature Page to the Sixth Supplemental
Indenture]

 

     

     

    

 

	 	TRUSTEE:
	 	 	 
	 	COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ Xis Toni Vwj
	 	Name:	 Xis Toni Vwj
	 	Title:	Assistant Vice President

 

[Signature Page to the Sixth Supplemental
Indenture]

 

     

     

    

 

EXHIBIT A

 

FORM OF
FACE OF NOTE

 

[THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR DEPOSITARY.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE “DEPOSITARY”) TO THE NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.](1)

 

 

(1)            Depositary
legend, if applicable.

 

     A-1

     

    

 

	No.	Principal Amount $                    
	 	[as revised by the Schedule of Increases
	 	and Decreases in the Global Note attached hereto]1

 

CUSIP
NO. 25278X AV1

ISIN
US25278XAV10

 

diamondback
ENERGY, inc.

 

6.250%
Senior Note due 2033

 

Diamondback Energy, Inc.,
a Delaware corporation, promises to pay to [Cede & Co.]1 or registered assigns, the principal sum of [                                    ] Dollars,
[as revised by the Schedule of Increases and Decreases in the Global Note attached hereto]1, on March 15, 2033.

 

Interest Payment Dates: March 15
and September 15, commencing March 15, 2023.

 

Regular Record Dates: March 1
and September 1.

 

Additional provisions of this
Note are set forth on the other side of this Note.

 

 

1
For Global Notes.

 

     A-2

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Note to be signed manually or by facsimile by its duly authorized officers.

 

	 	DIAMONDBACK ENERGY, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     A-3

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

Dated:

 

[____________________],

as Trustee, certifies that this is one of the
Notes referred to in the Indenture.

 

	By:	 	 
	 	Authorized Signatory	 

 

     A-4

     

    

 

FORM OF
REVERSE SIDE OF NOTE

 

6.250%
Senior Note due 2033

 

1.            Interest

 

Diamondback Energy, Inc.,
a Delaware corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called
the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above.

 

The Company shall pay interest
semiannually on March 15 and September 15 of each year, commencing March 15, 2023. Interest on the Notes shall accrue from
the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from October 28, 2022. The Company
shall pay interest on overdue principal or premium, if any (plus interest on overdue installments of interest to the extent lawful), at
the rate borne by the Notes to the extent lawful. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day
months.

 

2.            Method
of Payment

 

By
no later than 12:30 p.m. (New York City time) on the date on which any principal of, premium, if any, or interest on any Note is
due and payable, the Company shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal, premium,
if any, or interest. The Company shall pay interest (except Defaulted Interest) to the Persons who are registered Holders at the close
of business on the March 1 or September 1 immediately preceding the interest payment date even if the Notes are cancelled or
repurchased after the Regular Record Date and on or before the Interest Payment Date. Holders must surrender the Notes to a Paying Agent
to collect principal payments. The Company shall pay principal of, premium, if any, and interest on the Notes in money of the United States
that at the time of payment is legal tender for payment of public and private debts. The Company shall pay principal of, premium, if any,
and interest on the Notes at the office or agency designated by the Company, which is initially the corporate trust office of the
Trustee in Minneapolis, Minnesota. The Company shall pay principal of, premium, if any, and interest on the Global Notes registered in
the name of or held by the Depositary or its nominee in immediately available funds to the Depositary or its nominee, as the case may
be, as the registered holder of such Global Note. The Company shall make all payments in respect of a Definitive Note by mailing a check
to the registered address of each Holder thereof as such address shall appear on the Security Registrar’s books; provided,
however, that payments on the Notes represented by Definitive Notes may also be made, in the case of a Holder of at least $1,000,000
aggregate principal amount of Notes represented by Definitive Notes, by wire transfer to a U.S. dollar account maintained by the payee
with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying
Agent in accordance with the terms of the Indenture.

 

     A-5

     

    

 

3.            Paying
Agent and Security Registrar

 

Initially,
Computershare Trust Company, National Association, the trustee under the Indenture (such corporation, and its successors and assigns
under the Indenture hereinafter referred to, being herein called the “Trustee”), shall act as Paying Agent and Security
Registrar. The Company may appoint and change any Paying Agent or Security Registrar without notice to any Holder. The Company or any
of its Subsidiaries may act as Paying Agent or Security Registrar.

 

4.            Indenture

 

The Company issued the Notes
as a series of Securities under the Indenture dated as of December 5, 2019 (the “Base Indenture”) between the
Company and Wells Fargo Bank, National Association, as predecessor trustee to the Trustee under the Base Indenture, as supplemented by
the Sixth Supplemental Indenture dated as of October 28, 2022 (the “Supplemental Indenture” and, together with
the Base Indenture and any one or more additional supplemental indentures thereto, herein called the “Indenture”) among
the Company, Diamondback E&P LLC, a Delaware limited liability company (the “Subsidiary Guarantor”), and the Trustee.
The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act. Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to
all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of those terms. In the event of
any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control.

 

The aggregate principal amount
of Notes that may be authenticated and delivered under the Indenture is unlimited. This Note is one of the 6.250% Senior Notes due 2033
referred to in the Indenture. The Notes include (i) $1,100,000,000 aggregate principal amount of the Company’s 6.250% Senior
Notes due 2033 issued under the Indenture on October 28, 2022 in an offering registered under the Securities Act (the “Initial
Notes”), and (ii) if and when issued, an unlimited principal amount of additional 6.250% Senior Notes due 2033 that may
be issued from time to time, under the Indenture, subsequent to October 28, 2022 (the “Additional Notes” and,
together with the Initial Notes, the “Notes”). The Initial Notes and the Additional Notes shall be considered collectively
as a single series of Securities for all purposes of the Indenture.

 

5.            Redemption

 

(a)            Prior
to December 15, 2032 (the “Par Call Date”), the Company may redeem the Notes at its option, in whole or in part,
at any time and from time to time, at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places)
equal to the greater of (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest
on the Notes to be redeemed discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points less (b) interest accrued
to the Redemption Date, and (2) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid
interest thereon to but not including the Redemption Date.

 

(b)            On
or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a Redemption
Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to but not including
the Redemption Date.

 

     A-6

     

    

 

6.            Denominations;
Transfer; Exchange

 

The Notes are in registered
form without coupons in denominations of principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. A Holder may
transfer or exchange Notes in accordance with the Indenture. The Security Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents. No service charge will be imposed by the Company, the Trustee or the
Security Registrar for any registration of transfer or exchange of the Notes, but the Company may require a Holder to pay a sum sufficient
to cover any transfer tax or other governmental taxes and fees required by law or permitted by the Indenture. The Company is not required
to transfer or exchange any Note selected for redemption or any Note for a period of 15 days before a selection of the Notes to be redeemed.

 

7.            Persons
Deemed Owners

 

The registered Holder of this
Note shall be treated as the owner of it for all purposes.

 

8.            Unclaimed
Money

 

If money for the payment of
the principal of, or premium, if any, or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back
to the Company at its written request unless an abandoned property law designates another Person. After any such payment, Holders entitled
to the money must look only to the Company and not to the Trustee or the Paying Agent for payment.

 

9.            Defeasance

 

Subject to certain conditions
set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if
the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal, premium, if any, and interest
on the Notes to Stated Maturity or a specified redemption date.

 

10.            Amendment,
Supplement and Waiver

 

The Supplemental Indenture,
the Base Indenture (as it relates to the Notes) and the Notes may be amended or supplemented and certain provisions may be waived as provided
in the Indenture.

 

11.            Defaults
and Remedies

 

The Events of Default as to
the Notes are defined in Section 6.1 of the Supplemental Indenture. Upon the occurrence of an Event of Default, the rights and obligations
of the Company, the Subsidiary Guarantor, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture.

 

     A-7

     

    

 

12.            Trustee
Dealings with the Company

 

Subject to certain limitations
set forth in the Indenture, the Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the
Company or the Subsidiary Guarantor, in its individual or any other capacity, may become the owner or pledgee of the Notes and may otherwise
deal with the Company or the Subsidiary Guarantor with the same rights it would have if it were not Trustee, Authenticating Agent, Paying
Agent, Security Registrar or such other agent.

 

13.            No
Recourse Against Others

 

No past, present or future director,
officer, employee, manager, member, partner, incorporator or stockholder of the Company or the Subsidiary Guarantor, as such, will have
any liability for any obligations of the Company or the Subsidiary Guarantor, respectively, under the Notes or the Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives
and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

14.            Authentication

 

This Note shall not be valid
until an authorized signatory of the Trustee (or an Authenticating Agent acting on its behalf) manually signs the certificate of authentication
on the other side of this Note.

 

15.            Abbreviations

 

Customary abbreviations may
be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint
tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to Minors Act).

 

16.            CUSIP
Numbers

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the
Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other
identification numbers placed thereon.

 

17.            Governing
Law

 

This Note shall be governed
by, and construed in accordance with, the laws of the State of New York.

 

     A-8

     

    

 

ASSIGNMENT
FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

		 	 

(Print or type assignee’s name, address and
zip code)

 

		 	 

(Insert assignee’s soc. sec. or tax I.D.
No.)

 

and irrevocably appoint _______________ agent
to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

	 

 

	Date:	 	 	Your Signature:	 

 

	Signature Guarantee:	 	 	 
	 	 	(Signature must be guaranteed)

 

Sign exactly as your name appears on the other
side of this Note.

 

The signature(s) should be guaranteed by
an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15.

 

     A-9

     

    

 

[TO BE
ATTACHED TO GLOBAL NOTES]

 

SCHEDULE
OF INCREASES AND DECREASES IN GLOBAL NOTE(4)

 

The following increases or decreases in this Global
Note have been made:

 

	
    Date of

    Increase /

 Decrease
	 	
    Amount of

    decrease in

 Principal 

Amount of this

 Global Note
	 	
    Amount of

    increase in

 Principal Amount

 of this Global

 Note
	 	
    Principal
    Amount

 of this Global

 Note following

 such decrease or

 increase
	 	
    Signature
    of

 authorized 

signatory of 

Trustee or Notes

 Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

 

(4)            For
Global Notes.

 

     A-10

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