Document:

Form of Perpetual Overriding Royalty Interest Conveyance (PDP)

 Exhibit 10.3 
 PERPETUAL OVERRIDING ROYALTY INTEREST CONVEYANCE (PDP) 
 This PERPETUAL
OVERRIDING ROYALTY INTEREST CONVEYANCE (this “Conveyance”) from Chesapeake Exploration, L.L.C., an Oklahoma limited liability company, with offices at 6100 North Western Avenue, Oklahoma City, OK 73118 (“Assignor”)
to Chesapeake Granite Wash Trust, a statutory trust formed under the laws of the State of Delaware, with offices at c/o The Bank of New York Mellon Trust Company, N.A., Institutional Trust Services, 919 Congress Avenue, Suite 500, Austin, Texas
78701 (“Assignee”), dated [            ], 2011, is delivered to be effective as of 12:01 a.m., Central Time, on July 1, 2011 (the “Effective
Time”). All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in Article II below. 
 ARTICLE I 
 CONVEYANCE 

Section 1.01 The Grant. For and in consideration of good and valuable consideration paid by Assignee to Assignor, the receipt
and sufficiency of which are hereby acknowledged, Assignor does hereby BARGAIN, SELL, GRANT, CONVEY, TRANSFER, ASSIGN, SET OVER, and DELIVER unto Assignee, as a perpetual net overriding royalty interest (the “Royalty Interest”), an
undivided interest in and to the Subject Minerals sufficient to cause Assignee to receive the Assignee Minerals or proceeds thereof calculated and paid in money, in accordance with and subject to the further terms and conditions of this Conveyance.

 Section 1.02 Non-Operating, Non-Expense Bearing Interest. The Royalty Interest conveyed hereby is a
non-operating, non-expense-bearing overriding royalty interest in and to the Subject Minerals. In no event shall Assignee ever be liable or personally obligated for payment of any cost, expenses or liabilities attributable to the Subject Minerals
(or any part thereof) or incurred in connection with the production, storing, transporting, compressing or marketing of Assignee Minerals, subject, however, to Assignor’s right hereinafter provided to deduct Chargeable Costs in determining
Assignee Proceeds, which right shall be solely a matter of deduction from the gross proceeds of the sale of Assignee Minerals and not a personal obligation of Assignee. This Conveyance is a conveyance of an interest in real property. 

Section 1.03 Habendum Clause. TO HAVE AND TO HOLD the Royalty Interest, together with all and singular the rights and
appurtenances thereto in anywise belonging, unto Assignee, its successors and assigns, subject to the terms and provisions of this Conveyance. 
 Section 1.04 Warranty. 
 (a) The Warranty. Assignor warrants to
Assignee that (i) Assignor’s Net Revenue Interest in production of Minerals from each Well, determined prior to giving effect to this Conveyance and the Term PDP Conveyance, is no less than the Assignor’s Net Revenue Interest for each
Well set forth on Exhibit C, and (ii) the Royalty Interest is free of all 

 
Encumbrances, except for Permitted Encumbrances, in all cases by, through, or under Assignor and any predecessor Affiliate of Assignor, but not otherwise. 

(b) Remedies. If there is a breach of the foregoing warranty with respect to a Well, Assignee shall receive payment of Assignee
Proceeds based upon the Assignor’s Net Revenue Interest warranted in this Conveyance as to such Well. In such event Assignor’s retained net revenue interest in the Subject Minerals produced through such Well after giving effect to this
Conveyance and the Term PDP Conveyance (“Assignor Retained Minerals”) shall be reduced by the difference between the Assignor’s Net Revenue Interest warranted in this Conveyance as to such Well and the actual Assignor’s
Net Revenue Interest in such Well and Assignee shall have no further recourse for such breach of warranty. Notwithstanding the foregoing, if as a result of a breach of the foregoing warranty with respect to a Well, the actual Assignor’s Net
Revenue Interest in such Well is such that there are not sufficient Assignor Retained Minerals in such Well, Assignee’s sole remedy shall be to receive payment on each Payment Date, out of the Assignor Retained Minerals from other Wells,
without interest (except interest payable under this Conveyance on payments made after the applicable due date as described in Section 5.02 below), of an amount equal to the difference between (x) the Assignee Proceeds that Assignee would
have received with respect to such Well in the applicable Computation Period if such warranty had not been breached and (y) the Assignee Proceeds that Assignee actually received during that Computation Period with respect to such Well, and any
such amounts of Assignor Retained Minerals from other Wells shall be treated as Assignee Minerals. Assignor may not transfer, sell or otherwise dispose of any of the Subject Interests unless the acquiror thereof agrees to be bound by and assume
Assignor’s obligations under this Section 1.04(b) with respect to such Subject Interests assigned. 
 (c) Excess
Interest. In the event Assignor or Assignee determines that Assignor’s Net Revenue Interest in a Well prior to giving effect to this Conveyance and the Term PDP Conveyance is greater than the Assignor’s Net Revenue Interest warranted
in this Conveyance, (i) the Royalty Interest shall be reduced by an amount equal to 0.4500 multiplied by the difference between the actual Assignor’s Net Revenue Interest in such Well and the Assignor’s Net Revenue Interest warranted
in this Conveyance as to such Well, and such amount shall automatically and immediately revert to and revest in Assignor and (ii) the Royalty Interest and the payment of Assignee Proceeds shall be calculated based upon the Assignor’s Net
Revenue Interest warranted in this Conveyance for such Well. 
 (d) DISCLAIMER. EXCEPT FOR THE SPECIAL WARRANTY OF TITLE
GIVEN IN SECTION 1.04(a), ASSIGNOR MAKES THIS CONVEYANCE AND ASSIGNS THE ROYALTY INTEREST WITHOUT RECOURSE, COVENANT OR WARRANTY OF TITLE OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. ANY COVENANTS OR WARRANTIES IMPLIED BY STATUTE OR LAW BY THE USE
HEREIN OF THE WORDS “GRANT”, “CONVEY” OR OTHER SIMILAR WORDS ARE HEREBY EXPRESSLY DISCLAIMED, WAIVED AND NEGATED. WITHOUT LIMITING THE GENERALITY OF THE TWO PRECEDING SENTENCES, ASSIGNEE ACKNOWLEDGES THAT ASSIGNOR
HAS NOT MADE, AND ASSIGNOR HEREBY EXPRESSLY DISCLAIMS AND NEGATES, AND ASSIGNEE HEREBY EXPRESSLY WAIVES, ANY REPRESENTATION OR WARRANTY, EXPRESS, IMPLIED, AT COMMON LAW, BY STATUTE OR OTHERWISE RELATING TO (i) PRODUCTION

  
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RATES, RECOMPLETION OPPORTUNITIES, DECLINE RATES OR THE QUALITY, QUANTITY OR VOLUME OF THE RESERVES OF MINERALS, IF ANY, ATTRIBUTABLE TO THE SUBJECT INTERESTS, (ii) ANY IMPLIED OR EXPRESS
WARRANTY OF MERCHANTABILITY, (iii) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, (iv) ANY IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, AND (v) ANY AND ALL IMPLIED WARRANTIES
EXISTING UNDER ANY APPLICABLE LEGAL REQUIREMENT; IT BEING THE EXPRESS INTENTION OF BOTH ASSIGNEE AND ASSIGNOR THAT THE ROYALTY INTEREST IS HEREBY ASSIGNED TO ASSIGNEE ON AN “AS IS” AND “WHERE IS” BASIS WITH ALL FAULTS, AND THAT
ASSIGNEE HAS MADE OR CAUSED TO BE MADE SUCH INSPECTIONS AS ASSIGNEE DEEMS APPROPRIATE. ASSIGNOR AND ASSIGNEE AGREE THAT, TO THE EXTENT REQUIRED BY APPLICABLE LEGAL REQUIREMENTS TO BE EFFECTIVE, THE DISCLAIMERS OF CERTAIN WARRANTIES CONTAINED IN THIS
SECTION ARE “CONSPICUOUS” DISCLAIMERS FOR THE PURPOSES OF ANY APPLICABLE LEGAL REQUIREMENT. 
 (e) Substitution of
Warranty. This instrument is made with full substitution and subrogation of Assignee in and to all covenants of warranty by Third Persons (other than Affiliates of Assignor) heretofore given or made with respect to the Wells, the Subject
Interests or any part thereof or interest therein. 
 ARTICLE II 

DEFINITIONS 
 This Article II defines certain capitalized words, terms, and phrases used in this Conveyance. Certain other capitalized words, terms, and phrases used in this Conveyance are defined elsewhere in
this Conveyance. 
 “Affiliate” means, for any specified Person, another Person that controls, is controlled
by, or is under common control with, the specified Person. “Control”, as used in the preceding sentence, refers to the possession by one Person, directly or indirectly, of the right or power to direct or cause the direction of the
management and policies of another Person, whether through the ownership of voting securities, by contract, or otherwise. 

“AMI Area” means that area described in Exhibit D to this Conveyance, as such area may be extended pursuant to
Article III of the Development Agreement. 
 “Assignee” is defined in the introductory paragraph to this
Conveyance and also includes all permitted successors and assigns of Assignee. 
 “Assignee Minerals” is
defined in Section 3.01. 
 “Assignee Proceeds” is defined in Section 3.03. 

“Assignor” is defined in the introductory paragraph to this Conveyance and also includes all permitted successors and
assigns of Assignor. 

  
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 “Assignor Conveyances” means this Conveyance, the Term PDP Conveyance, the
Perpetual PUD Conveyance and the Term PUD Conveyance. 
 “Assignor Retained Minerals” is defined in
Section 1.04(b). 
 “Assignor’s Net Revenue Interest” means the interest, stated as a decimal, in
Subject Minerals produced from a Well attributable to the Subject Interests in that Well, net of Production Burdens. 

“Assignor’s Net Share of Minerals” means the share of Subject Minerals produced from each Well that is attributable
to Assignor’s Net Revenue Interest in that Well determined prior to giving effect to this Conveyance and the Term PDP Conveyance. 
 “Business Day” means any day that is not a Saturday, Sunday, a holiday determined by the New York Stock Exchange, Inc. as “affecting ‘ex’ dates” or any other day on
which national banking institutions in New York, New York are closed as authorized or required by law. 
 “Central
Time” means the local time on any given day in Washita County, Oklahoma. 
 “Chargeable Costs” is
defined in Section 3.02(a). 
 “Chesapeake” means Chesapeake Energy Corporation, an Oklahoma corporation.

 “Closing Time” means 12:01 a.m. Central Time, on
[            ], 2011. 
 “Computation
Period” means each calendar quarter commencing at the Effective Time, with each calendar quarter being deemed to have begun at 12:01 a.m. Central Time on the first day of such calendar quarter and to have ended at 12:00 a.m. Central Time on
the first day of the next calendar quarter, provided that the first Computation Period shall be deemed to have begun at the Effective Time and to have ended at 12:00 a.m. Central Time on the first day of the calendar quarter that immediately follows
the calendar quarter in which the Closing Time occurs. 
 “Conveyance” is defined in the introductory paragraph
to this Conveyance. 
 “Development Agreement” means that certain Development Agreement among Chesapeake,
Assignor and Assignee dated as of even date herewith. 
 “Drilling Obligation Completion Date” has the meaning
given to such term in the Development Agreement. 
 “Effective Time” is defined in the introductory paragraph
to this Conveyance. 
 “Encumbrance” means any mortgage, lien, security interest, pledge, charge, encumbrance,
preferential right to purchase, consent to assignment or burden or defect. 

  
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 “Excess Costs” means, with respect to any Computation Period, an amount
equal to the Chargeable Costs attributable to Assignee’s Minerals less the gross proceeds received by Assignor attributable to the sale of Assignee’s Minerals. Excess Costs attributable to Assignee Minerals shall bear interest at the Prime
Interest Rate from the end of the Computation Period in which such costs became due and payable to the date that Assignor recovers such amounts from Assignee Proceeds. 
 “Excluded Assets” means (a) those oil and gas wells that are the subject of the Term PUD Conveyance and the Perpetual PUD Conveyance and (b) those oil and gas wells that are
described in Exhibit B. 
 “Fair Value” means, with respect to any portion of the Royalty Interest
to be released pursuant to Section 11.02 in connection with a sale or release of any Well or Subject Interests, an amount of net proceeds which could reasonably be expected to be obtained from the sale of such portion of the Royalty Interest to
a party which is not an Affiliate of either the Assignor or Assignee on an arms’-length negotiated basis, taking into account relevant market conditions and factors existing at the time of any such proposed sale or release, such net proceeds to
be determined by deducting Assignee’s proportionate share of sales costs, commissions and brokerage fees, if any (based on the ratio of (i) the fair market value of the portion of the Royalty Interest being released to (ii) the fair
market value of the Wells and Subject Interests being transferred (including the value of the Royalty Interest being released)). 
 “Farmout Agreements” means any farmout agreement, participation agreement, exploration agreement, development agreement or any similar agreement. 

“Force Majeure” is defined in Section 12.02. 

“Gas” means natural gas and all other gaseous hydrocarbons or minerals, including helium, but specifically excluding any
Gas Liquids. 
 “Gas Liquids” means those natural gas liquids and other similar liquid hydrocarbons, including
ethane, propane, butane and natural gasoline, and mixtures thereof, that are removed from a gas stream by the liquids extraction process of any field facility or gas processing plant and delivered by the facility or plant as natural gas liquids.

 “Governmental Authority” means the United States of America, any state, commonwealth, territory, or
possession thereof, and any political subdivision of any of the foregoing, including courts, departments, commissions, boards, bureaus, agencies and other instrumentalities. 
 “Legal Requirement” means any law, statute, ordinance, decree, requirement, order, judgment, rule, or regulation of, including the terms of any license or permit issued by, any
Governmental Authority. 
 “Minerals” means Oil, Gas and Gas Liquids. 

“Mortgage” has the meaning given such term in the Development Agreement. 

  
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 “Non-Affiliate” means, for any specified Person, any other Person that is
not an Affiliate of the specified Person. 
 “Notice” means any notice, advice, invoice, demand or other
communication required or permitted by this Conveyance. 
 “Oil” means crude oil, condensate and other liquid
hydrocarbons recovered by field equipment or facilities, excluding Gas Liquids. 
 “Party,” when capitalized,
refers to Assignor or Assignee. “Parties,” when capitalized, refers to Assignor and Assignee. 

“Payment Date” is defined in Section 5.01(b). 

“Permitted Encumbrances” means: 
 (a) the Production Burdens; 
 (b) contractual obligations arising under operating
agreements, Farmout Agreements, production sales contracts, gathering agreements, transportation agreements, treating agreements, processing agreements, leases, assignments and other similar agreements that may affect the Subject Interests;

 (c) pooling and unitization agreements, declarations, orders or Legal Requirements to secure payment of amounts not yet
delinquent; 
 (d) liens that arise in the normal course of operations, such as liens for unpaid taxes, statutory liens securing
unpaid suppliers and contractors, and contractual liens under operating agreements, in any case, that are not yet delinquent or, if delinquent, are being contested in good faith in the normal course of business; 

(e) conventional rights of reassignment that obligate Assignor to reassign all or part of any Subject Interest to a Third Person if
Assignor intends to release or abandon such interest before the expiration of the primary term or other termination of such interest; 
 (f) easements, rights-of-way, servitudes, permits, surface leases, surface use restrictions and other surface uses and impediments on, over or in respect of the Subject Interests that are not such as to
interfere materially with the operation, value or use of the Subject Interests; 
 (g) rights reserved to or vested in any
Governmental Authority to control or regulate any Subject Interests in any manner, and all applicable Legal Requirements; 
 (h)
the terms of the instruments creating the Subject Interests; 
 (i) all rights to consent by, required notices to, filings with
or other actions by Governmental Authorities in connection with the sale, disposition, transfer or conveyance of federal, state, tribal or other governmental oil and gas leases or interests therein or related thereto

  
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where the same are customarily obtained subsequent to the assignment, disposition or transfer of such oil and gas leases or interests therein; 

(j) required non-governmental Third Person consents to assignments which have been obtained or waived by the appropriate parties or which
need not be obtained prior to an assignment or which cannot be unreasonably withheld and preferential rights to purchase which have been waived by the appropriate parties or for which the time period for asserting such rights has expired without the
exercise of such rights; 
 (k) matters that are customarily acceptable title defects (such as, but not limited to, defects that
have been cured by possession under applicable statutes of limitation, defects in the early chain of title such as failure to recite marital status in documents, omission of heirship or succession proceedings, lack of survey, and failure to record
releases of liens, production payments or mortgages that have expired by their own terms or the enforcement of which are barred by applicable statutes of limitation) and that do not (i) result in another Person’s superior claim of title to
the relevant Subject Interest or (ii) in the aggregate, interfere materially with the operation, value or use of the Subject Interests; 
 (l) all other liens, charges, encumbrances, contracts, agreements, instruments, obligations, conditions, reservations, burdens, defects and irregularities affecting the Subject Interests that (i) do
not secure an obligation in respect of borrowed money and (ii) are not such as to (in the aggregate) interfere materially with the operation, value or use of the Subject Interests; and 

(m) the Mortgage; 
 provided
that such aforementioned encumbrances are of the type and nature customary in the oil and gas industry and do not, alone or in the aggregate, materially and adversely affect the operation, value or use of any Subject Interests, and all to the
extent, and for so long as, such Permitted Encumbrances are otherwise valid and enforceable against the Subject Interests, without recognizing, expressly or by implication, any rights or interests in any Third Person or Governmental Authority that
such Third Person or Governmental Authority does not otherwise lawfully possess. 
 “Perpetual PUD Conveyance”
means that certain Perpetual Overriding Royalty Interest Conveyance (PUD) by and between Assignor and Assignee, dated effective as of the Effective Time. 
 “Person” means any natural person, corporation, partnership, trust, estate, or other entity, organization or association. 

“Post Production Cost Charge” is defined in Section 3.02(b). 

“Prime Interest Rate” is defined in Section 5.02(b). 

“Production Burdens” means, with respect to any Subject Interests or Subject Minerals, all royalty interests, overriding
royalty interests, production payments, net profits interests and other similar interests that constitute a burden on, are measured by, or are payable 

  
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out of the production of Minerals or the proceeds realized from the sale or other disposition thereof, excluding the Royalty Interests. 

“Reasonably Prudent Operator Standard” means the standard of conduct of a reasonably prudent oil and gas operator under
the same or similar circumstances, acting with respect to its own property and disregarding the existence of the Royalty Interest as a burden on such property. 
 “Royalty Interest” is defined in Section 1.01. 

“Sales Price” means the price received by Assignor for Assignee Minerals determined in accordance with the following
provisions: 
 (a) “sale” refers to any sale, exchange or other disposition of Assignee Minerals for value, the fair
market value of such Minerals that are exchanged or otherwise disposed of for valuable consideration being the sales price that Assignor receives for any such Minerals sold pursuant to Section 4.01; 

(b) amounts of money not paid to Assignor when due by any purchaser of Assignee Minerals (for example, Taxes or other amounts withheld or
deducted by any such purchaser) shall not be included within the Sales Price until actually received by, or credited to the account of, Assignor; 
 (c) advance payments and prepayments for future deliveries of Assignee Minerals shall be included within the Sales Price, without interest, when that volume of Minerals subject to the advance payments or
prepayments is actually produced; 
 (d) loan proceeds received by Assignor shall not be treated as a component of the
applicable Sales Price; and 
 (e) if a controversy or possible controversy exists, whether by reason of any statute, order,
decree, rule, regulation, contract or otherwise, between Assignor and any purchaser of Assignee Minerals or any other Person, about the correct Sales Price of any Assignee Minerals, about deductions from the Sales Price, about Assignor’s right
to receive the proceeds of any sale of Assignee Minerals, or about any other matter, then monies withheld by the purchaser or deposited by it with an escrow agent or if Assignor receives any monies and promptly deposits such monies with a Third
Person escrow agent as a result of such controversy, such monies shall not be included within the Sales Price until received by or returned to Assignor, as applicable. 
 “Subject Interests” means Assignor’s undivided interests in the Subject Lands, as determined prior to giving effect to this Conveyance, whether as lessee under leases, as an owner of
the Subject Minerals (or the right to extract such Minerals) or otherwise, by virtue of which undivided interests Assignor has the right to conduct exploration, drilling, development and Mineral production operations on the Subject Lands, or to
cause such operations to be conducted, or to participate in such operations by paying and bearing all or any part of the costs, risks and liabilities of such operations, to drill, test, complete, equip, operate and produce wells to exploit the
Minerals. The “Subject Interests” (a) may be owned by Assignor pursuant to leases, deeds, 

  
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operating, pooling or unitization agreements, orders or any other instruments, agreements or documents, recorded or unrecorded, (b) include any and all extensions or renewals of leases
covering the Subject Lands (or any portion thereof) obtained by Assignor, or any Affiliate thereof, within six (6) months after the expiration or termination of any such lease, and (c) are subject to the Permitted Encumbrances. For the
avoidance of doubt, the “Subject Interests” do not include: (i) Assignor’s interests in the Excluded Assets; (ii) Assignor’s rights to substances other than Minerals; (iii) Assignor’s rights to Minerals (other
than Assignee Minerals) under contracts for the purchase, sale, transportation, storage, processing or other handling or disposition of Minerals; (iv) Assignor’s interests in, or rights to Minerals (other than Assignee Minerals) held in
pipelines, gathering systems, storage facilities, processing facilities or other equipment or facilities, other than Wells; or (v) any additional or enlarged interests in the Wells, Subject Lands or Subject Minerals acquired by Assignor after
the Closing Time, except (1) as may result from the operation of the terms of the instruments creating the Subject Interests or (2) as may be reflected in extensions and renewals covered by the preceding sentence. 

“Subject Lands” means the lands subject to or covered by the oil and gas leases described in Exhibit A,
insofar and only insofar as they are located within the AMI Area and cover the Target Formation, subject to the exceptions, exclusions and reservations set forth on such Exhibit A. 

“Subject Minerals” means all Minerals in and under the Subject Lands, and that may be produced, saved and sold from the
wellbore of a Well, insofar and only insofar as such Minerals are produced from the Target Formation, subject to the following exclusions: Minerals that are (a) lost in the production, gathering or marketing of Minerals; (b) used
(i) in conformity with ordinary and prudent operations on the Subject Lands, including drilling and production operations with respect to a Well or (ii) in connection with operations (whether on or off the Subject Lands) for processing or
compressing the Subject Minerals; (c) taken by a Third Person to recover costs, or some multiple of costs, paid or incurred by that Third Person under any operating agreement, pooling or unitization agreement or order or other agreement in
connection with nonconsent operations conducted (or participated in) by that Third Person; and (d) retained by a Third Person for gathering, transportation, processing or marketing services related to the Subject Minerals in lieu of or in
addition to cash payment for such services, to the extent such agreement to retain Minerals is permitted under this Conveyance; provided, however, that Subject Minerals includes Minerals not otherwise excluded above that are sold or
exchanged for other Subject Minerals or otherwise disposed of for valuable consideration. 
 “Target Formation”
means the Colony Granite Wash formation, being defined as the geologic interval between the top of the Des Moines formation (or top of the Colony Granite Wash ‘A’ formation) and the top of the Prue formation (or base of the Colony Granite
Wash ‘C’ formation) between the stratigraphic equivalent of the measured depths of 12,285 feet to 12,862 feet as encountered on the electric log of the Lee Roy 1-24H well located in Section 24, Township 11N, Range 18W in Washita
County, Oklahoma (API No. 3514921413), a portion of which log is attached hereto as Exhibit E recognizing that the actual depth of the Target Formation will vary from depths of approximately 11,500 feet to 13,000 feet across the AMI Area.

 “Taxes” is defined in Section 3.02(c). 

  
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 “Term PDP Conveyance” means that certain Term Overriding Royalty Interest
Conveyance (PDP) by and between Assignor and Chesapeake E&P Holding Corporation, an Oklahoma corporation, dated effective as of the Effective Time. 
 “Term PUD Conveyance” means that certain Term Overriding Royalty Interest Conveyance (PUD) by and between Assignor and Chesapeake E&P Holding Corporation, an Oklahoma corporation,
dated effective as of the Effective Time. 
 “Third Person” means a Person other than Assignor or Assignee.

 “Transfer” including its syntactical variants, means any assignment, sale, transfer, conveyance or
disposition of any property; provided, Transfer as used herein does not include the granting of a mortgage on or security interest in Assignor’s interest in any property, including the Wells, the Assignor’s Retained Minerals, the Subject
Interests and the Subject Lands. 
 “Trustee” means The Bank of New York Mellon Trust Company, N.A., a national
banking association organized under the laws of the United States of America with its principal place of business in New York, New York, acting not in its individual capacity but solely as trustee of Assignee. 

“Well” means the borehole of each Mineral well more particularly described in Exhibit C to this Conveyance.

 ARTICLE III 
 CALCULATION OF ASSIGNEE MINERALS 
 Section 3.01 Definition.
“Assignee Minerals” is that share of the volume of Subject Minerals produced from each Well following the Effective Time equal to (a) 0.4500 x (b) Assignor’s Net Share of Minerals. 

Section 3.02 Chargeable Costs. 
 (a) Definition. For each Computation Period, “Chargeable Costs” means the sum of (i) the Post Production Cost Charge, plus (ii) Excess Costs from prior Computation
Periods, plus (iii) Taxes incurred, accrued or paid by Assignor; provided, that such costs are actually paid by Assignor during the relevant Computation Period or paid by Assignor during a prior Computation Period and not included
in any prior Computation Period’s Chargeable Costs; provided that ad valorem and similar Taxes shall be considered Chargeable Costs for the Computation Period in which they are accrued. 

(b) Post Production Cost Charge. “Post Production Cost Charge” means those costs incurred by Assignor (including
internal costs and Third Person costs) to gather, store, transport, compress, process, treat, dehydrate and market, as applicable, the Subject Minerals, including any costs as may be required to deliver such Minerals to market; provided, with
respect to marketing costs, only Non-Affiliate marketing fees and costs shall be included, and marketing costs for marketing services provided by Assignor or its Affiliates with respect to any Subject Minerals will be specifically excluded from the
Post Production Cost Charge. Any costs, fees or expenses that are properly charged or allocated to Assignee Minerals pursuant to 

  
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another provision of this Conveyance (including, as provided for in the definition of Subject Minerals) shall not be included as part of the Post Production Cost Charge. 

(c) Taxes. “Taxes” means general property, ad valorem, production, severance, sales, windfall profit, excise and
other taxes, except income taxes, assessed or levied on or in connection with the Subject Interests, the Royalty Interest, this Conveyance, production of Subject Minerals, Assignor’s Net Share of Minerals, Assignee Minerals (or the proceeds
from the sale thereof) or facilities or equipment on the Subject Lands that are used for the production, dehydration, treatment, processing, gathering or transportation of Subject Minerals, or against Assignor as owner of the Subject Interests or
paid by Assignor on behalf of Assignee as owner of the Royalty Interest. 
 (d) Operating and Drilling Costs. For the
avoidance of doubt, all costs associated with or paid or incurred in connection with the exploration, drilling, testing, completing, maintaining, developing and operating the Wells or otherwise incurred in connection with the ownership or operation
of the Subject Interests other than Taxes and Post Production Cost Charges shall be borne solely by Assignor and shall not be included as Chargeable Costs. 
 Section 3.03 Assignee Proceeds. “Assignee Proceeds” means, for any Computation Period (a) the amount of proceeds actually received by Assignor during such Computation
Period attributable to the sale of Assignee Minerals less (b) the Chargeable Costs attributable to the Royalty Interest or Assignee Minerals. 
 ARTICLE IV 
 MARKETING OF ASSIGNEE MINERALS 

Section 4.01 Rights and Duties Regarding Sale of Assignee Minerals. Assignor shall market or shall cause to be marketed
Assignor’s Net Share of Minerals (including Assignee Minerals) in good faith and in accordance with the Reasonably Prudent Operator Standard and Section 4.02(d). Assignor shall use its commercially reasonable efforts in connection with any
sale of Assignor’s Net Share of Minerals (including Assignee Minerals) to obtain, as soon as reasonably practicable, full payment for such Minerals; provided, however, that it shall not be considered a breach of Assignor’s marketing duty
or standard of conduct for Assignor to market such Minerals to an Affiliate of Assignor, so long as Assignor does not market such Minerals at a volume-weighted average price lower than the volume-weighted average price upon which Assignor pays
royalties to the owners of the other royalty interests in the Subject Minerals during any applicable 30-day period, save and excepting Chargeable Costs provided for in Article III hereof. 

Section 4.02 Assignee’s Agent and Representative. 

(a) Appointment. Assignee appoints Assignor as Assignee’s agent and representative to market and deliver or cause to be
marketed and delivered all Assignee Minerals and to collect and receive all payments therefrom under any Minerals purchase agreement or contract without deduction (except to the extent Chargeable Costs are deducted for any Computation Period in
accordance with Section 3.02). The appointment of Assignor as Assignee’s agent and representative for such purpose is a material item of consideration to the 

  
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Parties in connection with the execution and delivery of this Conveyance. Assignee may not remove Assignor from office as Assignee’s agent and representative, except for cause upon a
material breach by Assignor of its duties to Assignee under this Conveyance. 
 (b) Duties and Powers. As Assignee’s
agent and representative, Assignor shall receive all payments for the sale of Assignee Minerals and account to Assignee, receive and make all communications with the purchaser of such Minerals, and otherwise act and speak for Assignee in connection
with the sale of Assignee Minerals. Third Persons may rely conclusively on the authority of Assignor to market Assignee Minerals, and with respect to Third Persons only, Assignee shall be conclusively bound by the acts of Assignor in connection with
the sale of Assignee Minerals. It shall not be necessary for Assignee to join Assignor in the execution of any division order, transfer order or other instrument, agreement or document relating to the sale of Assignee Minerals. Third Persons may pay
all proceeds for the sale of such Minerals directly to Assignor, without the necessity of any joinder by or consent of Assignee or any inquiry into the use or disposition of such proceeds by Assignor. In no event, however, shall the authority
granted in this Section 4.02 or elsewhere in this Conveyance relieve Assignor of any liability for breach of this Conveyance. 
 (c) Prohibited Acts. Assignor may not act for or bind Assignee on any matter, except the marketing and delivery of Assignee Minerals, receipt of proceeds and other powers granted to Assignor under
this Article IV. 
 (d) Standard of Conduct. In exercising its powers and performing its duties as Assignee’s
agent and representative, Assignor shall act in good faith and in accordance with the Reasonably Prudent Operator Standard. It shall not be a violation of such standard of conduct for Assignor (i) to sell Assignor’s Net Share of Minerals
or Assignee Minerals to an Affiliate pursuant to any purchase agreement or contract in compliance with Section 4.01 or (ii) to delegate some or all of Assignor’s duties as Assignee’s agent and representative to its Affiliates (so
long as such Affiliates perform in good faith and in accordance with the Reasonably Prudent Operator Standard), with Assignor remaining liable to Assignee for the performance of such duties. 

(e) Termination of Authority. Assignor may not resign as Assignee’s agent and representative without the prior written
consent of Assignee, except that Assignor may resign as Assignee’s agent and representative without such consent with respect to any Subject Interests assigned, sold, transferred or conveyed by Assignor in accordance with the terms of this
Conveyance. If such sale is made subject to the Royalty Interest, Assignor must cause the purchaser to assume the duties of Assignee’s agent and representative with respect to the Subject Interests acquired by that purchaser and to be bound by
the provisions of this Article IV. 
 Section 4.03 Delivery of Subject Minerals. Assignor (whether or not it is
serving as Assignee’s agent and representative) shall deliver or cause to be delivered Assignor’s Net Share of Minerals (including Assignee Minerals) to the purchasers thereof. 

Section 4.04 Processing. Assignor may, or may by contract cause a Third Person to, dehydrate, separate, treat, compress or
otherwise process Assignor’s Net Share of Minerals (including Assignee Minerals) and may commit any of the Subject Interests (including 

  
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the Royalty Interest) to an agreement for processing Minerals (pursuant to which, for example, the plant owner or operator receives a portion of the Minerals or plant products therefrom or
proceeds of the sale thereof as a fee for processing), so long as (a) Assignor enters into such processing arrangements in good faith and in accordance with the Reasonably Prudent Operator Standard and (b) any such processing arrangements
entered into with Affiliates of Assignor contain rates and charges that are comparable to the prevailing charges for similar services in the applicable area. Assignee shall be bound by such arrangements and shall permit all Assignee Minerals to be
processed by Assignor or its contractor. Assignee shall not, however, be personally liable for any costs or risks associated with such processing operations, but Assignee shall indirectly suffer the energy content reduction and volume reductions
associated with processing through corresponding reductions in the content and volumes of Assignee Minerals. 
 ARTICLE V

 PAYMENT 
 Section 5.01 Obligation to Pay. 
 (a) The Obligation. After
each Computation Period and on or before the Payment Date for that Computation Period, Assignor shall tender to Assignee the Assignee Proceeds for the applicable Computation Period, plus, to the extent applicable, (i) all of the proceeds
to be paid to Assignee from the sale of Assignee Minerals produced during any prior Computation Periods, to the extent not previously paid to Assignee, (ii) any amounts payable to Assignee under Section 1.04(b) for the most recently
completed Computation Period and (iii) any amounts (including any interest earned thereon) that were previously deposited with a Third Person escrow agent in accordance with Section 5.01(d) and subsequently determined by Assignor to be
validly owing to Assignee. All such amounts shall be transmitted to Assignee by Assignor by means of wire transfer of funds to a bank account specified by Assignee pursuant to written instructions which shall remain in effect until and unless
changed by subsequent written notice to Assignor. 
 (b) Payment Date. “Payment Date” for each
Computation Period means the thirty-fifth (35th) day after the end of such Computation Period. If such day is not a Business Day, the Payment Date shall be the next Business Day. 

(c) No Segregated Account. Prior to distribution to Assignee, all amounts received by Assignor from the sale of Assignee Minerals
shall be held by Assignor in one of its general bank accounts and Assignor will not be required to maintain a segregated account for such funds or, as to disputed proceeds, deposited by Assignor with a Third Person escrow agent in accordance with
Section 5.01(d). 
 (d) Disputed Proceeds. If Assignor receives any amount of money from the sale of Assignee
Minerals that is subject to controversy or, in the good faith, reasonable opinion of Assignor, possible controversy, Assignor shall promptly deposit such money with a Third Person escrow agent in a segregated interest-bearing account. Such amount
shall not be treated as a portion of Assignee Proceeds so long as it remains with such escrow agent, but shall be treated as a portion of Assignee Proceeds, along with the accrued interest, if any, when received from such escrow agent and paid over
to Assignee. 

  
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 Section 5.02 Interest on Past Due Payments. 

(a) Obligation to Pay. Any Assignee Proceeds or other amounts of money not paid by Assignor to Assignee when due shall bear, and
Assignor will pay, interest at the Prime Interest Rate on the overdue amount commencing on the sixth (6th) day after such due date until such amount is paid. 
 (b) Definition. “Prime Interest Rate” means the lesser of (i) the rate of interest per annum publicly announced from time to time by The Bank of New York Mellon Trust Company,
N.A. as its “prime rate” in effect at its principal office in New York City, New York (each change in the Prime Rate to be effective on the date such change is publicly announced), with the understanding that such bank’s “prime
rate” may be one of several base rates, may serve as a basis upon which effective rates are from time to time calculated for loans making reference thereto, and may not be the lowest of such bank’s base rates or (ii) the maximum rate
of interest permitted under applicable Legal Requirement. 
 Section 5.03 Overpayments and Refunds. 

(a) Overpayments. If Assignor ever pays Assignee more than the amount of money then due and payable to Assignee under this
Conveyance, Assignee shall not be obligated to return the overpayment, but Assignor may at any time thereafter deduct from Assignee Proceeds and retain for its own account an amount equal to the overpayment. 

(b) Refunds. If Assignor is ever legally obligated to pay any Third Person, including any Minerals purchaser or Governmental
Authority, any refund, interest, penalty or other amount of money, because any payment of Assignee Proceeds received by Assignor for the account of Assignee exceeded, or allegedly exceeded, the amount due or lawful under any applicable contract,
Legal Requirement, or other obligation, Assignor may thereafter deduct from Assignee Proceeds and retain for its own account an amount equal to such payment. 
 Section 5.04 Protection of Assignee Proceeds. It is the intent of Assignor and Assignee that Assignee is an “interest owner” with an interest separate and distinct from that of
Assignor within the meaning and for the purposes of the Oil and Gas Owners’ Lien Act of 2010, Okla. Stat. tit. 52, § 549.1, et. seq., and that Assignee is entitled to all the benefits of such Act. 

ARTICLE VI 

RECORDS AND REPORTS 
 Section 6.01 Books, Records and Accounts. 
 (a) Obligation to
Maintain. Assignor shall maintain true and correct books, records and accounts of (i) all transactions required or permitted by this Conveyance and (ii) the financial information necessary to effect such transactions, including the
financial information needed to calculate each installment of Assignee Proceeds. 
 (b) Right of Inspection. Assignee or
its representatives, at Assignee’s expense, may inspect and copy such books, records and accounts in the offices of Assignor during normal business hours and upon reasonable notice. 

  
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 Section 6.02 Statements. 

(a) Quarterly Statements. On each Payment Date, Assignor shall deliver to Assignee a statement showing the computation of the
Assignee Proceeds for the applicable Computation Period. 
 (b) Annual Statements. On the first Payment Date after the
end of each calendar year, such statement shall also show the computation of Assignee Proceeds for the preceding calendar year. 

(c) Contents of Statements. Without limiting the generality of the foregoing provisions in this Section 6.02, each statement
delivered by Assignor to Assignee pursuant to this Section 6.02 shall state, for the relevant period, to the extent Assignor has the information necessary to determine such amounts, (i) the total volumes of Subject Minerals produced from
the Wells, (ii) the total volumes of Assignor’s Net Share of Minerals produced from each Well, (iii) the total volumes of Assignee Minerals, (iv) the applicable Sales Price, (v) the Chargeable Costs, (vi) the amount of
Assignee Proceeds due and payable for the relevant period and (vii) the amounts of money, if any, due and payable by any purchaser of Assignor’s Net Share of Minerals (including Assignee Minerals), the nonpayment of which resulted in a
reduction in Assignee Proceeds for the relevant period. If Assignor is not the operator of a Well and such information is not made available to the Assignor as a non-operator, Assignor shall use commercially reasonable efforts to exercise its
contractual rights with respect to the operator of such Well to cause such operator to provide such information to Assignor. 

Section 6.03 Assignee’s Exceptions to Quarterly Statements. If Assignee takes exception to any item or items included in
any statement required by Section 6.02, Assignee must notify Assignor in writing within sixty (60) days after Assignee’s receipt of such statement. Such Notice must set forth in reasonable detail the specific charges complained of and
to which exception is taken. Adjustments shall be made promptly for all complaints and exceptions that are justified. Notwithstanding anything to the contrary herein, all matters reflected in Assignor’s statements for the preceding calendar
year (or portion thereof) that are not objected to by Assignee in the manner provided by this Section 6.03 shall be deemed correct as rendered by Assignor to Assignee. 
 Section 6.04 Other Information. 
 (a) Disclosure. At
Assignee’s request, subject to applicable restrictions on disclosure and transfer of information, Assignor shall give Assignee and its designated representatives reasonable access in Assignor’s office during normal business hours to all
title, geological (to the extent not prohibited by any applicable license agreement), Well and production data in Assignor’s possession or Assignor’s Affiliates’ possession, relating to operations on the Subject Interests. In
addition, Assignor shall promptly provide Assignee with such other information in Assignor’s possession or Assignor’s Affiliates’ possession, relating to operations on the Subject Interests, as reasonably requested by Assignee.

 (b) Disclaimer of Warranties and Liability. Assignor makes no representations or warranties about the accuracy or
completeness of any data, reports, studies or 

  
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other information made available to Assignee and shall have no liability to Assignee or any other Person resulting from such data, studies, reports or other information. 

(c) No Attribution. Assignee shall not, in any securities filings or reports made by Assignee, attribute to Assignor or to the
consulting engineers any reports or studies made available to Assignee, or the contents thereof. 
 (d) Confidentiality.
All information furnished to Assignee and its designated representatives pursuant to this Section 6.04 is confidential and for the sole benefit of Assignee and shall not be disclosed by Assignee or its designated representatives to any other
Person, except to the extent that such information (i) is required in any report, statement or testimony submitted to any Governmental Authority having or claiming to have jurisdiction over Assignee or submitted to bank examiners or similar
organizations or their successors, (ii) is required in response to any summons or subpoena or in connection with any litigation, (iii) is reasonably believed to be required in order to comply with any applicable Legal Requirement to
Assignee, (iv) was publicly available or otherwise known to the recipient at the time of disclosure or (v) subsequently becomes publicly available other than through any act or omission of the recipient; provided, however, with respect to
the disclosures with respect to items (i), (ii) and (iii) above, Assignee will notify Assignor prior to any such disclosure in order to provide Assignor an opportunity to seek to limit any such required disclosure. In connection with the
marketing of Assignee’s assets upon termination of Assignee, Assignee and its designated representatives may, on a confidential basis in accordance with this Section 6.04(d), mutatis mutandis, provide any potential purchaser of such
assets with the same information Assignee has access to pursuant to Section 6.04. 
 ARTICLE VII 

NO LIABILITY OF ASSIGNEE 
 Assignee shall not be personally liable or responsible under this Conveyance for any cost, risk, liability or obligation associated in any way with the ownership or operation of the Subject Lands, the
Subject Interests, the Wells or the Subject Minerals. The foregoing sentence does not restrict the right of Assignor to deduct Chargeable Costs in calculating the volumes of Assignee Minerals or Assignee Proceeds. 

ARTICLE VIII 
 OPERATIONS 
 Section 8.01 Standards of Conduct. Except as
otherwise specifically provided in this Conveyance, Assignor shall (a) operate and maintain the Subject Interests and (b) make elections under each applicable lease, operating agreement, unit agreement, contract for development and other
similar instrument or agreement (including elections concerning abandonment of any Well or release of any Subject Interest) in good faith and in accordance with the Reasonably Prudent Operator Standard. Where Assignor or one of its Affiliates does
not operate the Subject Interests but Assignor has elected to participate as a non-operator in the drilling of a Well, Assignor shall use commercially reasonable efforts to exercise its contractual rights (under the applicable operating agreement or
otherwise) to cause the operators of such Subject Interests to act in accordance with the Reasonably Prudent Operator Standard. 

  
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 Section 8.02 Abandonment of Properties. Nothing in this Conveyance shall
obligate Assignor to continue to operate any Well or to operate or maintain in force or attempt to maintain in force any Subject Interest when such Well ceases to produce, or Assignor determines, in accordance with Section 8.01 above, that such
Well or Subject Interest is not capable of producing Minerals in paying quantities. The expiration of a Subject Interest in accordance with the terms and conditions applicable thereto shall not be considered to be a voluntary surrender or
abandonment thereof. 
 ARTICLE IX 
 POOLING AND UNITIZATION 
 Section 9.01 Pooling of Subject
Interests. Certain Subject Interests have been, or may have been, heretofore pooled and unitized for the production of Minerals. Such Subject Interests are and shall be subject to the terms and provisions of the applicable pooling and
unitization agreements and orders, and the Royalty Interest in each pooled or unitized Subject Interest shall apply to and affect only the Minerals produced from such units that accrues to such Subject Interest under and by virtue of the applicable
pooling and unitization agreements and orders. 
 Section 9.02 Pooling and Unitization. 

(a) Right to Pool. Assignor has the exclusive executive right and power (as between Assignor and Assignee) to pool or unitize any
Subject Interest and to alter, change, amend or terminate any pooling or unitization agreements heretofore or hereafter entered into, as to all or any part of the Subject Lands, as to any one or more of the formations or horizons, and as to any
Minerals, upon such terms and provisions as Assignor shall in its sole discretion deem appropriate. 
 (b) Effect of
Pooling. If and whenever through the exercise of such right and power, or pursuant to any Legal Requirement now existing or hereafter enacted or promulgated, any Subject Interest is pooled or unitized in any manner, the Royalty Interest, insofar
as it affects such Subject Interest, shall apply to and affect only the Minerals production that accrues to such Subject Interest under and by virtue of the applicable pooling and unitization agreement or order. It shall not be necessary for
Assignee to agree to, consent to, ratify, confirm or adopt any exercise of pooling or unitization of any Subject Interest by Assignor. 
 ARTICLE X 
 GOVERNMENT REGULATION 

Section 10.01 Legal Requirements. Except as provided in Section 10.03, all obligations of Assignor under this Conveyance
are, and shall be, subject to all applicable Legal Requirements and the instruments, documents and agreements creating the Subject Interests. 
 Section 10.02 Filings. Assignor shall use its reasonable discretion in making filings for itself and on behalf of Assignee with any Governmental Authority having jurisdiction with respect to
matters affecting the Subject Interests, the Subject Lands or the Subject Minerals. 

  
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 Section 10.03 Superseding Effect. By acceptance of this Conveyance, Assignee
agrees, for itself and its successors and assigns, immediate and remote, that the timing of payment, accrual of interest and reporting requirements with respect to the Royalty Interest shall be as provided by the terms of this Conveyance and not as
prescribed by the Oklahoma Production Revenue Standards Act, as amended, codified at Title 52, Section 570.1, et seq. of the Oklahoma Statutes, and any similar Legal Requirement. 

ARTICLE XI 

ASSIGNMENT AND SALE OF SUBJECT INTERESTS 
 Section 11.01 Assignment by Assignor Subject to Royalty Interest. 

(a) Right to Sell. Assignor may not Transfer any interest in the Wells, the Subject Interests or any part thereof or any undivided
interest therein in violation of Section 11.03. Subject to Section 11.02 and 11.03, Assignor may from time to time Transfer, mortgage or pledge its interest in the Wells, the Subject Interests, or any part thereof or an undivided
interest therein, if and only if (i) such Transfer, mortgage or pledge is made expressly subject to and burdened with the Royalty Interest and this Conveyance, (ii) solely in connection with a Transfer other than a Transfer pursuant to a
foreclosure on any mortgage or security interest, Assignor has caused the assignee, purchaser, transferee or grantee of any such transaction to (A) acknowledge that the affected Subject Interests are taken subject to and burdened with the
Royalty Interest and this Conveyance and (B) assume and agree to discharge Assignor’s obligations under this Conveyance with respect to such Subject Interests from and after the actual date of any such Transfer and (iii) in connection
with any Transfer pursuant to a foreclosure on any mortgage or security interest, Assignor has used commercially reasonable efforts to cause the assignee, purchaser, transferee or grantee of any such transaction to (A) acknowledge that the
affected Subject Interests are taken subject to and burdened with the Royalty Interest and this Conveyance and (B) assume and agree to discharge Assignor’s obligations under this Conveyance with respect to such Subject Interests from and
after the actual date of any such Transfer. Any assumption and agreement to discharge shall be by appropriate written instrument for the express benefit of and enforceable by the Assignee. For avoidance of doubt, nothing in Section 11.01(a) is
intended to permit any assignee, purchaser, transferee or grantee to acquire any interest in the Wells, the Subject Interests or any part thereof or undivided interest therein without being subject to and burdened with the Royalty Interest and this
Conveyance. Assignee shall not be required to recognize any purported Transfer, mortgage or pledge not made in conformance with this Section 11.01(a) and, notwithstanding any such purported Transfer, mortgage or pledge, Assignor shall remain
obligated under this Conveyance just as if such Transfer, mortgage or pledge attempt had not been made and Assignee shall continue to deal with the Assignor to the exclusion of the purported transferee. Further, to the extent permitted by applicable
law, any purported Transfer not made in conformance with this Section 11.01(a) shall be void and of no effect. 
 (b)
Effect of Sale. From and after the actual date of any such Transfer by Assignor made in full compliance with Section 11.01(a) (and only upon such full compliance), Assignor shall be relieved of all obligations, requirements and
responsibilities arising under this Conveyance with respect to the Subject Interests Transferred, as the same pertain to Assignee Minerals produced from and after (but not prior to) said date of such Transfer. 

  
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 (c) Allocation of Consideration. Assignee is not entitled to receive any share of the
sales proceeds received by Assignor in any transaction permitted by this Section 11.01. 
 (d) Separate Interest.
Notwithstanding any provision to the contrary in Article IV, effective on the effective date of any Transfer of any Subject Interest made in full compliance with Section 11.01(a), Assignee Minerals and Assignee Proceeds shall thereafter be
computed separately with respect to such Subject Interests, and the assignee, buyer, transferee or grantee of such Subject Interests shall thereafter serve as Assignee’s agent and representative under Article IV with respect to such
interests and shall pay all corresponding Assignee Proceeds directly to Assignee. 
 Section 11.02 Sale and Release of
Properties. 
 (a) Transfer. Subject to Section 11.03, Assignor may from time to time, Transfer the Wells, the
Subject Interests, or any part thereof or undivided interest therein, free of the Royalty Interest and this Conveyance provided that the aggregate Fair Value of all Royalty Interests conveyed under (i) this Conveyance and/or (ii) any other
Assignor Conveyance, which is released during any twelve (12) month period, shall not exceed $5,000,000 in the aggregate. 

(b) Payments. In connection with any Transfer pursuant to this Section 11.02, Assignor shall remit to Assignee an amount
equal to the Fair Value of the Royalty Interest being released. Assignor shall make such payment to Assignee on the Payment Date for the Computation Period in which Assignor receives the payment with respect to any such Transfer of the Subject
Interest. 
 (c) Release. In connection with any Transfer provided for in Section 11.02(a), Assignee shall, on
request, execute, acknowledge and deliver to Assignor a recordable instrument (reasonably acceptable to Assignor) that releases the Royalty Interest with respect to the Well and the related Subject Interests and Subject Lands being Transferred.

 (d) Effect of Sale. From and after the actual date of any such Transfer by Assignor, Assignor and any assignee,
purchaser, transferee or grantee of such Subject Interest shall be relieved of all obligations, requirements and responsibilities arising under the Royalty Interest or this Conveyance with respect to the Well or Subject Interests Transferred, except
for those that accrued prior to such date. 
 Section 11.03 Transfer of Subject Interests. Assignor will not
Transfer any Well or any of the Subject Interests pursuant to Sections 11.01 and 11.02 prior to the Drilling Obligation Completion Date, and in the event of any attempted Transfer in violation of this Section 11.03, Assignor shall remain
liable and a party hereto, just as if no Transfer attempt had been made, and Assignee shall continue to deal with Assignor to the exclusion of the purported transferee. For the avoidance of doubt, nothing in this Section 11.03 shall restrict
Assignor’s ability to Transfer Subject Interests pursuant to the terms of the Development Agreement. Further, to the extent permitted by applicable law, such attempted Transfer in violation of this Section 11.03 shall be void and of no
force or effect. Assignor expressly states and recognizes 

  
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that the restrictions on transfer imposed on Assignor in this Section 11.03 and in Section 11.01(a) are made in reasonable protection of an interest of the Assignee created hereunder.

 Section 11.04 Change in Ownership. 
 (a) Obligation to Give Notice. No change of ownership or of the right to receive payment of the Royalty Interest, or of any part thereof, by Assignee, however accomplished, shall bind Assignor
until notice thereof is furnished to Assignor by the Person making the transfer and the Person claiming the benefit thereof, and then only with respect to payments made after such Notice is furnished. 

(b) Notice of Sale. Notice of sale, transfer, conveyance or assignment shall consist of a certified copy of the recorded
instrument accomplishing the same. 
 (c) Notice of Other Changes of Ownership. Notice of change of ownership or of the
right to receive payment accomplished in any other manner (e.g., by dissolution of Assignee) shall consist of certified copies of recorded documents and complete proceedings legally binding and conclusive of the rights of all Persons.

 (d) Effect of Lack of Notice. Until such Notice accompanied by such documentation is furnished to Assignor in the
manner provided above, Assignor may, at Assignor’s election, either (i) continue to pay or tender all sums payable on the Royalty Interest in the same manner provided in this Conveyance, precisely as if no such change in interest or
ownership or right to receive payment had occurred or (ii) suspend payment of Assignee Proceeds without interest until such documentation is furnished. 
 (e) Effect of Nonconforming Notices. The kinds of Notice provided by this Section 11.04 shall be exclusive, and no other kind, whether actual or constructive, shall bind Assignor. 

Section 11.05 One Payee. Assignor shall never be obligated to pay Assignee Proceeds to more than one Person. If more than one
Person is ever entitled to receive payment of any part of Assignee Proceeds, Assignor may suspend payments of all Assignee Proceeds until the concurrent owners or claimants of the Royalty Interest or the right to receive payment of Assignee Proceeds
appoint one Person in writing to receive all payments of Assignee Proceeds on their behalf. Assignor may thereafter conclusively rely upon the authority of that Person to receive payments of Assignee Proceeds and shall be under no further duty to
inquire into the authority or performance of such Person. 
 Section 11.06 Rights of Mortgagee. If Assignee executes
a mortgage or deed of trust covering all or part of the Royalty Interest, the mortgagees or trustees therein named or the holders of any obligation secured thereby shall be entitled, to the extent that such mortgage or deed of trust so provides, to
exercise the rights, remedies, powers and privileges conferred upon Assignee by this Conveyance and to give or withhold all consents required to be obtained from Assignee. This Section 11.06 shall not be deemed or construed to impose upon
Assignor any obligation or liability undertaken by Assignee under such mortgage or deed of trust or under the obligation secured thereby. 

  
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 Section 11.07 No Drainage. Assignor covenants and agrees that, prior to
June 30. 2031, neither Assignor nor any of its Affiliates shall drill any Mineral well that will have a perforated segment in the Target Formation that will be within six hundred (600) feet of any perforated interval in the Target
Formation of any Well that is producing Minerals from the Target Formation. 
 ARTICLE XII 

FORCE MAJEURE 
 Section 12.01 Nonperformance. Assignor shall not be responsible to Assignee for any loss or damage to Assignee resulting from any delay in performing or failure to perform any obligation under
this Conveyance (other than Assignor’s obligation to make payments of Assignee Proceeds to Assignee) to the extent such failure or delay is caused by Force Majeure. 
 Section 12.02 Force Majeure. “Force Majeure” means any of the following, to the extent they delay or prevent performance of Assignor’s obligations under this Conveyance
(other than Assignor’s obligation to make payments of Assignee Proceeds to Assignee) and are not caused by the breach by Assignor of its duty to perform certain obligations under this Conveyance in accordance with the Reasonably Prudent
Operator Standard: 
 (a) act of God, fire, lightning, landslide, earthquake, storm, hurricane, hurricane warning, flood, high
water, washout, tidal wave or explosion; 
 (b) strike, lockout, or other similar industrial disturbance, act of the public
enemy, war, military operation, blockade, insurrection, riot, epidemic, arrest or restraint of Governmental Authority or people, or national emergency; 
 (c) the inability of the Assignor to acquire, or the delay on the part of any Third Person (other than an Affiliate of the Assignor) in acquiring, materials, supplies, machinery, equipment, servitudes,
right-of-way grants, easements, permits, licenses, approvals or authorizations necessary to enable such Party to perform hereunder; 
 (d) any breakage of or accident to machinery, equipment or lines of pipe, the repair, maintenance, improvement, replacement, alteration to a plant or line of pipe or related facility, the testing of
machinery, equipment or line of pipe, or the freezing of a line of pipe; 
 (e) any Legal Requirement or the affected
Party’s compliance therewith; or 
 (f) any other cause, whether similar or dissimilar to the causes enumerated in
(a) through (e) above, not reasonably within the control of Assignor. 
 Section 12.03 Force Majeure
Notice. Assignor will give Assignee a Notice of each Force Majeure as soon as reasonably practicable after the occurrence of the Force Majeure. 
 Section 12.04 Remedy. Assignor will use its commercially reasonable efforts to remedy each Force Majeure and resume full performance under this Conveyance as soon as reasonably practicable,
except that the settlement of strikes, lockouts or other labor disputes shall be entirely within the discretion of Assignor. 

  
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 ARTICLE XIII 
 NOTICE 
 Section 13.01 Written Notice. Except as otherwise
provided by this Conveyance, each Notice shall be in writing. 
 Section 13.02 Methods of Giving Notice. Notice may
be given by any reasonable means, including email, telecopier, hand delivery, overnight courier or U.S. mail. 

Section 13.03 Charges. All Notices shall be properly addressed to the recipient, with all postage and other charges being
paid by the Party giving Notice. 
 Section 13.04 Effective Date. Notice shall be effective when actually received
by the Party being notified; provided, however, that Notices given by email or telecopy on any day other than a Business Day, or on a Business Day but after 5:00 p.m. local time at the location of the Party being notified, shall be deemed received
on the next Business Day, unless receipt is acknowledged prior to the next Business Day. 
 Section 13.05 Addresses.
The addresses of the Parties for purposes of Notice are the addresses in the introductory paragraph to this Conveyance. 

Section 13.06 Change of Address. Either Party may change its address to another address within the continental United States
by giving ten (10) days’ Notice to the other Party. 
 ARTICLE XIV 

OTHER PROVISIONS 
 Section 14.01 Successors and Assigns. The provisions and conditions contained in this Conveyance shall run with the land and the respective interests of Assignor and Assignee in the Subject
Minerals, and, subject to the limitation and restrictions on the assignment or delegation by the Parties of their rights and interests under this Conveyance, this Conveyance binds and inures to the benefit of Assignor, Assignee and their respective
successors, assigns and legal representatives. 
 Section 14.02 Governing Law. THIS CONVEYANCE SHALL BE CONSTRUED
UNDER AND GOVERNED BY THE LAWS OF THE STATE OF OKLAHOMA WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PRINCIPLES THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

Section 14.03 Construction of Conveyance. In construing this Conveyance, the following principles shall be followed:

 (a) no consideration shall be given to the captions of the articles, sections, subsections or clauses, which are inserted for
convenience in locating the provisions of this Conveyance and not as an aid in its construction; 

  
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 (b) no consideration shall be given to the fact or presumption that one Party had a greater
or lesser hand in drafting this Conveyance; 
 (c) the word “includes” and its syntactical variants mean
“includes, but is not limited to” and corresponding syntactical variant expressions; 
 (d) a defined term has its
defined meaning throughout this Conveyance, regardless of whether it appears before or after the place in this Conveyance where it is defined; 
 (e) the plural shall be deemed to include the singular, and vice versa, unless the content otherwise requires; and 
 (f) each exhibit, attachment and schedule to this Conveyance is a part of this Conveyance, but if there is any conflict or inconsistency between the main body of this Conveyance and any exhibit,
attachment or schedule, the provisions of the main body of this Conveyance shall prevail. 
 Section 14.04 No
Waiver. Failure of either Party to require performance of any provision of this Conveyance shall not affect either Party’s right to require full performance thereof at any time thereafter, and the waiver by either Party of a breach of any
provision hereof shall not constitute a waiver of a similar breach in the future or of any other breach or nullify the effectiveness of such provision. 
 Section 14.05 Relationship of Parties. This Conveyance does not create a partnership, mining partnership, joint venture or relationship of trust or agency (except with respect to
Assignor’s agency relationship with respect to those matters set forth in Article IV above) between the Parties. 

Section 14.06 Further Assurances. Each Party shall execute, acknowledge and deliver to the other Party all additional
instruments and other documents reasonably required to describe more specifically any interests subject hereto, to vest more fully in Assignee the Royalty Interest conveyed (or intended to be conveyed) by this Conveyance, or to evidence or effect
any transaction contemplated by this Conveyance. Assignor shall also execute and deliver all additional instruments and other documents reasonably required to transfer interests in state, federal or Indian lease interests in compliance with
applicable Legal Requirements or agreements. 
 Section 14.07 The 12:01 A.M. Convention. Except as otherwise
provided in this Conveyance, each calendar day, month, quarter and year shall be deemed to begin at 12:01 a.m. Central Time on the stated day or on the first day of the stated month, quarter or year, and to end at 12:00 a.m. Central Time on the next
day or on first day of the next month, quarter or year, respectively. 
 Section 14.08 Counterpart Execution. This
Conveyance may be executed in any number of counterparts, all of which are identical. Every counterpart of this Conveyance shall be deemed to be an original for all purposes, and all such counterparts together shall constitute one and the same
instrument. As between the Parties, any signature hereto delivered by a Party by 

  
 23 

 
facsimile or other electronic transmission (including scanned documents delivered by email) shall be deemed an original hereto. 

Section 14.09 Present and Absolute Conveyance. It is the express intention of Assignor and Assignee that the Royalty Interest
is, and shall be construed for all purposes as, a present, fully-vested and absolute conveyance. 
 Section 14.10
Limitation of Liability. It is expressly understood and agreed by the Parties hereto that (a) this Conveyance is executed and delivered by the Trustee not individually or personally, but solely as Trustee in the exercise of the powers and
authority conferred and vested in it, and (b) under no circumstances shall the Trustee be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by Assignee under this Conveyance. 

Section 14.11 Severability. In case any provision, covenant or obligation under this Conveyance is held to be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions, covenants or obligations of this Conveyance are declared to be severable and not in any way affected or impaired thereby. 

Section 14.12 Waiver of Damages. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, NO PARTY SHALL BE LIABLE
HEREUNDER FOR EXEMPLARY, PUNITIVE, SPECIAL, INDIRECT, CONSEQUENTIAL, REMOTE OR SPECULATIVE DAMAGES, WHETHER BASED IN CONTRACT, TORT, STRICT LIABILITY, OTHER LAW OR OTHERWISE. 

[Remainder of page intentionally left blank.] 

  
 24 

 IN WITNESS WHEREOF, each Party has caused this Conveyance to be executed in its name and
behalf and delivered on the date or dates stated in the acknowledgment certificates appended to this Conveyance, to be effective as of the Effective Time. 

 

					
	Chesapeake Exploration, L.L.C.
		
	By:	 	  

		 	Name:	 	Domenic J. Dell’Osso, Jr.
		 	Title:	 	 Executive Vice President and

Chief Financial Officer

 [Signature Page to the Perpetual Conveyance (PDP)] 

 
							
	Chesapeake Granite Wash Trust
		
	By:	 	 The Bank of New York Mellon Trust
 Company, N.A., as Trustee

			
		 	By:	 	  

		 		 	Name:	 	Michael J. Ulrich
		 		 	Title:	 	Vice President

 [Signature Page to the Perpetual Conveyance (PDP)] 

					
	STATE OF OKLAHOMA	  	§	  	
		  	§	  	
	COUNTY OF OKLAHOMA	  	§	  	

 This instrument was acknowledged before me on
                    , 2011, by Domenic J. Dell’Osso, Jr., as Executive Vice President and Chief Financial Officer of Chesapeake Exploration,
L.L.C., an Oklahoma limited liability company, on behalf of said limited liability company. 
 WITNESS my hand and official seal this
     day of                 , 2011. 
  

	
	  

	NOTARY PUBLIC,
	State of Oklahoma
	
	  

	(printed name)

  

	
	My commission expires:
	
	  

	[SEAL]

 [Acknowledgment Page to the Perpetual Conveyance (PDP)] 

					
	STATE OF TEXAS	  	§	  	
		  	§	  	
	COUNTY OF TRAVIS	  	§	  	

 This instrument was acknowledged before me on
[—], 2011, by Michael J. Ulrich, as Vice President of The Bank of New York Mellon Trust Company, N.A., a national banking association organized under the laws of the United
States of America, as Trustee of Chesapeake Granite Wash Trust, a Delaware statutory trust, on behalf of said national banking association, as trustee of said trust. 
 WITNESS my hand and official seal this [—] day of [—], 2011.

  

	
	  

	NOTARY PUBLIC,
	State of Texas
	
	  

	(printed name)

  

	
	My commission expires:
	
	  

	[SEAL]

 [Acknowledgment Page to the Perpetual Conveyance (PDP)] 

 Exhibit A 

To Perpetual Overriding Royalty Interest Conveyance (PDP) 
 (Oil and Gas Leases) 

 Exhibit B 

To Perpetual Overriding Royalty Interest Conveyance (PDP) 
 (Excluded Assets) 

 Exhibit C 

To Perpetual Overriding Royalty Interest Conveyance (PDP) 
 (Wells) 

 Exhibit D 

To Perpetual Overriding Royalty Interest Conveyance (PDP) 
 (Description of AMI Area) 

 Exhibit E 

To Perpetual Overriding Royalty Interest Conveyance (PDP) 
 (Target Formation Log) 
 See attachedForm of Perpetual Overriding Royalty Interest Conveyance (PUD)

 Exhibit 10.4 
 PERPETUAL OVERRIDING ROYALTY INTEREST CONVEYANCE (PUD) 
 This PERPETUAL
OVERRIDING ROYALTY INTEREST CONVEYANCE (this “Conveyance”) from Chesapeake Exploration, L.L.C., an Oklahoma limited liability company, with offices at 6100 North Western Avenue, Oklahoma City, OK 73118 (“Assignor”)
to Chesapeake Granite Wash Trust, a statutory trust formed under the laws of the State of Delaware, with offices at c/o The Bank of New York Mellon Trust Company, N.A., Institutional Trust Services, 919 Congress Avenue, Suite 500, Austin, Texas
78701 (“Assignee”), dated [                    ], 2011, is delivered to be effective as of 12:01 a.m., Central Time,
on July 1, 2011 (the “Effective Time”). All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in Article II below. 

ARTICLE I. 

CONVEYANCE 

Section 1.01 The Grant. For and in consideration of good and valuable consideration paid by Assignee to Assignor, the receipt
and sufficiency of which are hereby acknowledged, Assignor does hereby BARGAIN, SELL, GRANT, CONVEY, TRANSFER, ASSIGN, SET OVER, and DELIVER unto Assignee, as a perpetual net overriding royalty interest (the “Royalty Interest”), an
undivided interest in and to the Subject Minerals sufficient to cause Assignee to receive the Assignee Minerals or proceeds thereof calculated and paid in money, in accordance with and subject to the further terms and conditions of this Conveyance.

 Section 1.02 Non-Operating, Non-Expense Bearing Interest. The Royalty Interest conveyed hereby is a
non-operating, non-expense-bearing overriding royalty interest in and to the Subject Minerals. In no event shall Assignee ever be liable or personally obligated for payment of any cost, expenses or liabilities attributable to the Subject Minerals
(or any part thereof) or incurred in connection with the production, storing, transporting, compressing or marketing of Assignee Minerals, subject, however, to Assignor’s right hereinafter provided to deduct Chargeable Costs in determining
Assignee Proceeds, which right shall be solely a matter of deduction from the gross proceeds of the sale of Assignee Minerals and not a personal obligation of Assignee. This Conveyance is a conveyance of an interest in real property. 

Section 1.03 Habendum Clause. TO HAVE AND TO HOLD the Royalty Interest, together with all and singular the rights and
appurtenances thereto in anywise belonging, unto Assignee, its successors and assigns, subject to the terms and provisions of this Conveyance. 
 Section 1.04 Warranty. 
 (a) The Warranty. Assignor warrants to
Assignee that (i) Assignor’s Net Revenue Interest in production of Minerals from each Development Well, determined prior to giving effect to this Conveyance and the Term PUD Conveyance, is no less than the Assignor’s Net Revenue
Interest used to calculate the NRI Factor for such Development Well pursuant to 

 
the Development Agreement, and (ii) the Royalty Interest is free of all Encumbrances, except for Permitted Encumbrances, in all cases by, through, or under Assignor and any predecessor
Affiliate of Assignor, but not otherwise. 
 (b) Remedies. If there is a breach of the foregoing warranty with respect to
a Development Well, Assignee shall receive payment of Assignee Proceeds based upon the Assignor’s Net Revenue Interest warranted in this Conveyance as to such Development Well. In such event Assignor’s retained net revenue interest in the
Subject Minerals produced through such Development Well after giving effect to this Conveyance and the Term PUD Conveyance (“Assignor Retained Minerals”) shall be reduced by the difference between the Assignor’s Net Revenue
Interest warranted in this Conveyance as to such Development Well and the actual Assignor’s Net Revenue Interest in such Development Well and Assignee shall have no further recourse for such breach of warranty. Notwithstanding the foregoing, if
as a result of a breach of the foregoing warranty with respect to a Development Well, the actual Assignor’s Net Revenue Interest in such Development Well is less than one-half (1/2) the warranted Assignor’s Net Revenue Interest in
such Development Well, and as a result there are not sufficient Assignor Retained Minerals in such Development Well, Assignee’s sole remedy shall be to receive payment on each Payment Date, out of the Assignor Retained Minerals from other
Development Wells, without interest (except interest payable under this Conveyance on payments made after the applicable due date as described in Section 5.02 below), of an amount equal to the difference between (x) the Assignee Proceeds
that Assignee would have received with respect to such Development Well in the applicable Computation Period if such warranty had not been breached and (y) the Assignee Proceeds that Assignee actually received during that Computation Period
with respect to such Development Well, and any such amounts of Assignor Retained Minerals from other Development Wells shall be treated as Assignee Minerals. Assignor may not transfer, sell or otherwise dispose of any of the Subject Interests unless
the acquiror thereof agrees to be bound by and assume Assignor’s obligations under this Section 1.04(b) with respect to such Subject Interests assigned. 
 (c) Excess Interest. In the event Assignor or Assignee determines that Assignor’s Net Revenue Interest in a Development Well prior to giving effect to this Conveyance and the Term PUD
Conveyance is greater than the Assignor’s Net Revenue Interest used to calculate the NRI Factor for such Development Well pursuant to the Development Agreement, (i) the NRI Factor used by Assignor for such Development Well shall not be
adjusted, (ii) the Royalty Interest shall be reduced by an amount equal to 0.2500 multiplied by the difference between the actual Assignor’s Net Revenue Interest in such Development Well and the Assignor’s Net Revenue Interest used to
calculate the NRI Factor for such Development Well warranted in this Conveyance as to such Development Well, and such amount shall automatically and immediately revert to and revest in Assignor and (iii) the Royalty Interest and the payment of
Assignee Proceeds shall be calculated based upon the Assignor’s Net Revenue Interest used to calculate the NRI Factor for such Development Well pursuant to the Development Agreement. 

(d) DISCLAIMER. EXCEPT FOR THE SPECIAL WARRANTY OF TITLE GIVEN IN SECTION 1.04(a), ASSIGNOR MAKES THIS CONVEYANCE AND ASSIGNS THE
ROYALTY INTEREST WITHOUT RECOURSE, COVENANT OR WARRANTY OF TITLE OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. ANY 

  
 2 

 
COVENANTS OR WARRANTIES IMPLIED BY STATUTE OR LAW BY THE USE HEREIN OF THE WORDS “GRANT”, “CONVEY” OR OTHER SIMILAR WORDS ARE HEREBY EXPRESSLY DISCLAIMED, WAIVED
AND NEGATED. WITHOUT LIMITING THE GENERALITY OF THE TWO PRECEDING SENTENCES, ASSIGNEE ACKNOWLEDGES THAT ASSIGNOR HAS NOT MADE, AND ASSIGNOR HEREBY EXPRESSLY DISCLAIMS AND NEGATES, AND ASSIGNEE HEREBY EXPRESSLY WAIVES, ANY REPRESENTATION OR WARRANTY,
EXPRESS, IMPLIED, AT COMMON LAW, BY STATUTE OR OTHERWISE RELATING TO (i) PRODUCTION RATES, RECOMPLETION OPPORTUNITIES, DECLINE RATES OR THE QUALITY, QUANTITY OR VOLUME OF THE RESERVES OF MINERALS, IF ANY, ATTRIBUTABLE TO THE SUBJECT INTERESTS,
(ii) ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY, (iii) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, (iv) ANY IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, AND (v) ANY
AND ALL IMPLIED WARRANTIES EXISTING UNDER ANY APPLICABLE LEGAL REQUIREMENT; IT BEING THE EXPRESS INTENTION OF BOTH ASSIGNEE AND ASSIGNOR THAT THE ROYALTY INTEREST IS HEREBY ASSIGNED TO ASSIGNEE ON AN “AS IS” AND “WHERE IS” BASIS
WITH ALL FAULTS, AND THAT ASSIGNEE HAS MADE OR CAUSED TO BE MADE SUCH INSPECTIONS AS ASSIGNEE DEEMS APPROPRIATE. ASSIGNOR AND ASSIGNEE AGREE THAT, TO THE EXTENT REQUIRED BY APPLICABLE LEGAL REQUIREMENTS TO BE EFFECTIVE, THE DISCLAIMERS OF CERTAIN
WARRANTIES CONTAINED IN THIS SECTION ARE “CONSPICUOUS” DISCLAIMERS FOR THE PURPOSES OF ANY APPLICABLE LEGAL REQUIREMENT. 
 (e) Substitution of Warranty. This instrument is made with full substitution and subrogation of Assignee in and to all covenants of warranty by Third Persons (other than Affiliates of Assignor)
heretofore given or made with respect to the Development Wells, the Subject Interests or any part thereof or interest therein. 

Section 1.05 Stipulation. Following the determination of the Adjusted Development Well Amount for a Development Well,
Assignor shall execute and deliver a recordable stipulation in the form of Exhibit C attached hereto, to be acknowledged and countersigned by Assignee, identifying (i) the Development Wells drilled to date (including an API number for each such
Development Well) and (ii) Assignor’s Net Revenue Interest warranted by Assignor and used to calculate the NRI Factor for each of the Development Wells drilled to date. Each stipulation shall establish the Assignor’s Net Revenue
Interest used to calculate the NRI Factor for such Development Well pursuant to the Development Agreement for the purpose of the warranty of title provided in Section 1.04(a) of this Conveyance; provided that, such stipulation shall not waive
or otherwise limit Assignee’s rights with respect to any claim for breach of warranty regarding each Development Well or Assignor’s Net Revenue Interest therein. 
 Section 1.06 Reconveyance of Excess Acreage. After the Drilling Obligation Completion Date, Assignee shall, on request, execute, acknowledge and deliver to Assignor, a recordable instrument
(reasonably acceptable to Assignor) that reconveys to Assignor the 

  
 3 

 
Royalty Interest except with respect to all Subject Minerals in, under and that may be produced from any wellbore of any Development Well. 

ARTICLE II. 

DEFINITIONS 
 This Article II defines certain capitalized words, terms, and phrases used in this Conveyance. Certain other capitalized words, terms, and phrases used in this Conveyance are defined elsewhere in
this Conveyance. 
 “Adjusted Development Well Amount” has the meaning given such term in the Development
Agreement. 
 “Affiliate” means, for any specified Person, another Person that controls, is controlled by, or
is under common control with, the specified Person. “Control”, as used in the preceding sentence, refers to the possession by one Person, directly or indirectly, of the right or power to direct or cause the direction of the
management and policies of another Person, whether through the ownership of voting securities, by contract, or otherwise. 

“AMI Area” means that area described in Exhibit D to this Conveyance, as such area may be extended pursuant to
Article III of the Development Agreement. 
 “Assignee” is defined in the introductory paragraph to this
Conveyance and also includes all permitted successors and assigns of Assignee. 
 “Assignee Minerals” is
defined in Section 3.01. 
 “Assignee Proceeds” is defined in Section 3.03. 

“Assignor” is defined in the introductory paragraph to this Conveyance and also includes all permitted successors and
assigns of Assignor. 
 “Assignor Conveyances” means this Conveyance, the Term PDP Conveyance, the Perpetual
PDP Conveyance and the Term PUD Conveyance. 
 “Assignor Retained Minerals” is defined in Section 1.04(b).

 “Assignor’s Net Revenue Interest” means the interest, stated as a decimal, in Subject Minerals produced
from a Development Well attributable to the Subject Interests in that Development Well, net of Production Burdens. 

“Assignor’s Net Share of Minerals” means the share of Subject Minerals produced from each Development Well that is
attributable to Assignor’s Net Revenue Interest in that Development Well determined prior to giving effect to this Conveyance and the Term PUD Conveyance. 
 “Business Day” means any day that is not a Saturday, Sunday, a holiday determined by the New York Stock Exchange, Inc. as “affecting ‘ex’ dates” or any other day on

  
 4 

 
which national banking institutions in New York, New York are closed as authorized or required by law. 
 “Central Time” means the local time on any given day in Washita County, Oklahoma. 
 “Chargeable Costs” is defined in Section 3.02(a). 

“Chesapeake” means Chesapeake Energy Corporation, an Oklahoma corporation. 

“Closing Time” means 12:01 a.m. Central Time, on
[                    ], 2011. 
 “Computation Period” means each calendar quarter commencing at the Effective Time, with each calendar quarter being deemed to have begun at 12:01 a.m. Central Time on the first day of
such calendar quarter and to have ended at 12:00 a.m. Central Time on the first day of the next calendar quarter, provided that the first Computation Period shall be deemed to have begun at the Effective Time and to have ended at 12:00 a.m. Central
Time on the first day of the calendar quarter that immediately follows the calendar quarter in which the Closing Time occurs. 

“Conveyance” is defined in the introductory paragraph to this Conveyance. 

“Development Agreement” means that certain Development Agreement among Chesapeake, Assignor and Assignee dated as of
even date herewith. 
 “Development Well” has the meaning given such term in the Development Agreement.

 “Drilling Obligation Completion Date” has the meaning given to such term in the Development Agreement.

 “Effective Time” is defined in the introductory paragraph to this Conveyance. 

“Encumbrance” means any mortgage, lien, security interest, pledge, charge, encumbrance, preferential right to purchase,
consent to assignment or burden or defect. 
 “Excess Costs” means, with respect to any Computation Period, an
amount equal to the Chargeable Costs attributable to Assignee’s Minerals less the gross proceeds received by Assignor attributable to the sale of Assignee’s Minerals. Excess Costs attributable to Assignee Minerals shall bear interest at
the Prime Interest Rate from the end of the Computation Period in which such costs became due and payable to the date that Assignor recovers such amounts from Assignee Proceeds. 

“Excluded Assets” means (a) those oil and gas wells that are the subject of the Term PDP Conveyance and the
Perpetual PDP Conveyance and (b) those oil and gas wells that are described in Exhibit B. 
 “Fair
Value” means, with respect to any portion of the Royalty Interest to be released pursuant to Section 11.02 in connection with a sale or release of any Development Well 

  
 5 

 
or Subject Interests, an amount of net proceeds which could reasonably be expected to be obtained from the sale of such portion of the Royalty Interest to a party which is not an Affiliate of
either the Assignor or Assignee on an arms’-length negotiated basis, taking into account relevant market conditions and factors existing at the time of any such proposed sale or release, such net proceeds to be determined by deducting
Assignee’s proportionate share of sales costs, commissions and brokerage fees, if any (based on the ratio of (i) the fair market value of the portion of the Royalty Interest being released to (ii) the fair market value of the
Development Wells and Subject Interests being transferred (including the value of the Royalty Interest being released)). 

“Farmout Agreements” means any farmout agreement, participation agreement, exploration agreement, development agreement
or any similar agreement. 
 “Force Majeure” is defined in Section 12.02. 

“Gas” means natural gas and all other gaseous hydrocarbons or minerals, including helium, but specifically excluding any
Gas Liquids. 
 “Gas Liquids” means those natural gas liquids and other similar liquid hydrocarbons, including
ethane, propane, butane and natural gasoline, and mixtures thereof, that are removed from a gas stream by the liquids extraction process of any field facility or gas processing plant and delivered by the facility or plant as natural gas liquids.

 “Governmental Authority” means the United States of America, any state, commonwealth, territory, or
possession thereof, and any political subdivision of any of the foregoing, including courts, departments, commissions, boards, bureaus, agencies and other instrumentalities. 
 “Legal Requirement” means any law, statute, ordinance, decree, requirement, order, judgment, rule, or regulation of, including the terms of any license or permit issued by, any
Governmental Authority. 
 “Minerals” means Oil, Gas and Gas Liquids. 

“Mortgage” has the meaning given such term in the Development Agreement. 

“Non-Affiliate” means, for any specified Person, any other Person that is not an Affiliate of the specified Person.

 “Notice” means any notice, advice, invoice, demand or other communication required or permitted by this
Conveyance. 
 “NRI Factor” has the meaning given such term in the Development Agreement. 

“Oil” means crude oil, condensate and other liquid hydrocarbons recovered by field equipment or facilities, excluding
Gas Liquids. 

  
 6 

 “Party,” when capitalized, refers to Assignor or Assignee.
“Parties,” when capitalized, refers to Assignor and Assignee. 
 “Payment Date” is defined in
Section 5.01(b). 
 “Permitted Encumbrances” means: 

(a) the Production Burdens; 
 (b) contractual obligations arising under operating agreements, Farmout Agreements, production sales contracts, gathering agreements, transportation agreements, treating agreements, processing agreements,
leases, assignments and other similar agreements that may affect the Subject Interests; 
 (c) pooling and unitization
agreements, declarations, orders or Legal Requirements to secure payment of amounts not yet delinquent; 
 (d) liens that arise
in the normal course of operations, such as liens for unpaid taxes, statutory liens securing unpaid suppliers and contractors, and contractual liens under operating agreements, in any case, that are not yet delinquent or, if delinquent, are being
contested in good faith in the normal course of business; 
 (e) conventional rights of reassignment that obligate Assignor to
reassign all or part of any Subject Interest to a Third Person if Assignor intends to release or abandon such interest before the expiration of the primary term or other termination of such interest; 

(f) easements, rights-of-way, servitudes, permits, surface leases, surface use restrictions and other surface uses and impediments on,
over or in respect of the Subject Interests that are not such as to interfere materially with the operation, value or use of the Subject Interests; 
 (g) rights reserved to or vested in any Governmental Authority to control or regulate any Subject Interests in any manner, and all applicable Legal Requirements; 

(h) the terms of the instruments creating the Subject Interests; 

(i) all rights to consent by, required notices to, filings with or other actions by Governmental Authorities in connection with the sale,
disposition, transfer or conveyance of federal, state, tribal or other governmental oil and gas leases or interests therein or related thereto where the same are customarily obtained subsequent to the assignment, disposition or transfer of such oil
and gas leases or interests therein; 
 (j) required non-governmental Third Person consents to assignments which have been
obtained or waived by the appropriate parties or which need not be obtained prior to an assignment or which cannot be unreasonably withheld and preferential rights to purchase which have been waived by the appropriate parties or for which the time
period for asserting such rights has expired without the exercise of such rights; 

  
 7 

 (k) matters that are customarily acceptable title defects (such as, but not limited to,
defects that have been cured by possession under applicable statutes of limitation, defects in the early chain of title such as failure to recite marital status in documents, omission of heirship or succession proceedings, lack of survey, and
failure to record releases of liens, production payments or mortgages that have expired by their own terms or the enforcement of which are barred by applicable statutes of limitation) and that do not (i) result in another Person’s superior
claim of title to the relevant Subject Interest or (ii) in the aggregate, interfere materially with the operation, value or use of the Subject Interests; 
 (l) all other liens, charges, encumbrances, contracts, agreements, instruments, obligations, conditions, reservations, burdens, defects and irregularities affecting the Subject Interests that (i) do
not secure an obligation in respect of borrowed money and (ii) are not such as to (in the aggregate) interfere materially with the operation, value or use of the Subject Interests; and 

(m) the Mortgage; 
 provided
that such aforementioned encumbrances are of the type and nature customary in the oil and gas industry and do not, alone or in the aggregate, materially and adversely affect the operation, value or use of any Subject Interests, and all to the
extent, and for so long as, such Permitted Encumbrances are otherwise valid and enforceable against the Subject Interests, without recognizing, expressly or by implication, any rights or interests in any Third Person or Governmental Authority that
such Third Person or Governmental Authority does not otherwise lawfully possess. 
 “Perpetual PDP Conveyance”
means that certain Perpetual Overriding Royalty Interest Conveyance (PDP) by and between Assignor and Assignee, dated effective as of the Effective Time. 
 “Person” means any natural person, corporation, partnership, trust, estate, or other entity, organization or association. 

“Post Production Cost Charge” is defined in Section 3.02(b). 

“Prime Interest Rate” is defined in Section 5.02(b). 

“Production Burdens” means, with respect to any Subject Interests or Subject Minerals, all royalty interests, overriding
royalty interests, production payments, net profits interests and other similar interests that constitute a burden on, are measured by, or are payable out of the production of Minerals or the proceeds realized from the sale or other disposition
thereof, excluding the Royalty Interests. 
 “Reasonably Prudent Operator Standard” means the standard of
conduct of a reasonably prudent oil and gas operator under the same or similar circumstances, acting with respect to its own property and disregarding the existence of the Royalty Interest as a burden on such property. 

“Royalty Interest” is defined in Section 1.01. 

  
 8 

 “Sales Price” means the price received by Assignor for Assignee Minerals
determined in accordance with the following provisions: 
 (a) “sale” refers to any sale, exchange or other
disposition of Assignee Minerals for value, the fair market value of such Minerals that are exchanged or otherwise disposed of for valuable consideration being the sales price that Assignor receives for any such Minerals sold pursuant to
Section 4.01; 
 (b) amounts of money not paid to Assignor when due by any purchaser of Assignee Minerals (for example,
Taxes or other amounts withheld or deducted by any such purchaser) shall not be included within the Sales Price until actually received by, or credited to the account of, Assignor; 

(c) advance payments and prepayments for future deliveries of Assignee Minerals shall be included within the Sales Price, without
interest, when that volume of Minerals subject to the advance payments or prepayments is actually produced; 
 (d) loan proceeds
received by Assignor shall not be treated as a component of the applicable Sales Price; and 
 (e) if a controversy or possible
controversy exists, whether by reason of any statute, order, decree, rule, regulation, contract or otherwise, between Assignor and any purchaser of Assignee Minerals or any other Person, about the correct Sales Price of any Assignee Minerals, about
deductions from the Sales Price, about Assignor’s right to receive the proceeds of any sale of Assignee Minerals, or about any other matter, then monies withheld by the purchaser or deposited by it with an escrow agent or if Assignor receives
any monies and promptly deposits such monies with a Third Person escrow agent as a result of such controversy, such monies shall not be included within the Sales Price until received by or returned to Assignor, as applicable. 

“Subject Interests” means Assignor’s undivided interests in the Subject Lands, as determined prior to giving effect
to this Conveyance (or as may be made part of the Subject Interests pursuant to Section 3.1 or 3.2 of the Development Agreement), whether as lessee under leases, as an owner of the Subject Minerals (or the right to extract such Minerals) or
otherwise, by virtue of which undivided interests Assignor has the right to conduct exploration, drilling, development and Mineral production operations on the Subject Lands, or to cause such operations to be conducted, or to participate in such
operations by paying and bearing all or any part of the costs, risks and liabilities of such operations, to drill, test, complete, equip, operate and produce wells to exploit the Minerals. The “Subject Interests” (a) may be owned by
Assignor pursuant to leases, deeds, operating, pooling or unitization agreements, orders or any other instruments, agreements or documents, recorded or unrecorded, (b) include any and all extensions or renewals of leases covering the Subject
Lands (or any portion thereof) obtained by Assignor, or any Affiliate thereof, within six (6) months after the expiration or termination of any such lease, and (c) are subject to the Permitted Encumbrances. For the avoidance of doubt, the
“Subject Interests” do not include: (i) Assignor’s interests in the Excluded Assets; (ii) Assignor’s rights to substances other than Minerals; (iii) Assignor’s rights to Minerals (other than Assignee Minerals)
under contracts for the purchase, sale, transportation, storage, 

  
 9 

 
processing or other handling or disposition of Minerals; (iv) Assignor’s interests in, or rights to Minerals (other than Assignee Minerals) held in pipelines, gathering systems, storage
facilities, processing facilities or other equipment or facilities, other than Development Wells; or (v) any additional or enlarged interests in the Development Wells, Subject Lands or Subject Minerals acquired by Assignor after the Closing
Time, except (1) to the extent any such additional or enlarged interest becomes a part of the Subject Interests by amendment to this Conveyance pursuant to Section 3.1 or 3.2 of the Development Agreement, (2) as may result from the
operation of the terms of the instruments creating the Subject Interests, or (3) as may be reflected in extensions and renewals covered by the preceding sentence. 
 “Subject Lands” means the lands subject to or covered by the oil and gas leases described in Exhibit A, insofar and only insofar as they are located within the AMI Area and
cover the Target Formation, subject to the exceptions, exclusions and reservations set forth on such Exhibit A. 

“Subject Minerals” means all Minerals in and under the Subject Lands, and that may be produced, saved and sold from the
wellbore of a Development Well, insofar and only insofar as such Minerals are produced from the Target Formation, subject to the following exclusions: Minerals that are (a) lost in the production, gathering or marketing of Minerals;
(b) used (i) in conformity with ordinary and prudent operations on the Subject Lands, including drilling and production operations with respect to a Development Well or (ii) in connection with operations (whether on or off the Subject
Lands) for processing or compressing the Subject Minerals; (c) taken by a Third Person to recover costs, or some multiple of costs, paid or incurred by that Third Person under any operating agreement, pooling or unitization agreement or order
or other agreement in connection with nonconsent operations conducted (or participated in) by that Third Person; and (d) retained by a Third Person for gathering, transportation, processing or marketing services related to the Subject Minerals
in lieu of or in addition to cash payment for such services, to the extent such agreement to retain Minerals is permitted under this Conveyance; provided, however, that Subject Minerals includes Minerals not otherwise excluded above
that are sold or exchanged for other Subject Minerals or otherwise disposed of for valuable consideration. 
 “Target
Formation” means the Colony Granite Wash formation, being defined as the geologic interval between the top of the Des Moines formation (or top of the Colony Granite Wash ‘A’ formation) and the top of the Prue formation (or base of
the Colony Granite Wash ‘C’ formation) between the stratigraphic equivalent of the measured depths of 12,285 feet to 12,862 feet as encountered on the electric log of the Lee Roy 1-24H well located in Section 24, Township 11N, Range
18W in Washita County, Oklahoma (API No. 3514921413), a portion of which log is attached hereto as Exhibit E, recognizing that the actual depth of the Target Formation will vary from depths of approximately 11,500 feet to 13,000 feet across
the AMI Area. 
 “Taxes” is defined in Section 3.02(c). 

“Term PDP Conveyance” means that certain Term Overriding Royalty Interest Conveyance (PDP) by and between Assignor and
Chesapeake E&P Holding Corporation, an Oklahoma corporation, dated effective as of the Effective Time. 

  
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 “Term PUD Conveyance” means that certain Term Overriding Royalty Interest
Conveyance (PUD) by and between Assignor and Chesapeake E&P Holding Corporation, an Oklahoma corporation, dated effective as of the Effective Time. 
 “Third Person” means a Person other than Assignor or Assignee. 

“Transfer” including its syntactical variants, means any assignment, sale, transfer, conveyance or disposition of any
property; provided, Transfer as used herein does not include the granting of a mortgage on or security interest in Assignor’s interest in any property, including the Development Wells, the Assignor’s Retained Minerals, the Subject
Interests and the Subject Lands. 
 “Trustee” means The Bank of New York Mellon Trust Company, N.A., a national
banking association organized under the laws of the United States of America with its principal place of business in New York, New York, acting not in its individual capacity but solely as trustee of Assignee. 

ARTICLE III. 
 CALCULATION OF ASSIGNEE MINERALS 
 Section 3.01 Definition.
“Assignee Minerals” is that share of the volume of Subject Minerals produced from each Development Well following the Effective Time equal to (a) 0.2500 x (b) Assignor’s Net Share of Minerals. 

Section 3.02 Chargeable Costs. 
 (a) Definition. For each Computation Period, “Chargeable Costs” means the sum of (i) the Post Production Cost Charge, plus (ii) Excess Costs from prior Computation
Periods, plus (iii) Taxes incurred, accrued or paid by Assignor; provided, that such costs are actually paid by Assignor during the relevant Computation Period or paid by Assignor during a prior Computation Period and not included
in any prior Computation Period’s Chargeable Costs; provided that ad valorem and similar Taxes shall be considered Chargeable Costs for the Computation Period in which they are accrued. 

(b) Post Production Cost Charge. “Post Production Cost Charge” means those costs incurred by Assignor (including
internal costs and Third Person costs) to gather, store, transport, compress, process, treat, dehydrate and market, as applicable, the Subject Minerals, including any costs as may be required to deliver such Minerals to market; provided, with
respect to marketing costs, only Non-Affiliate marketing fees and costs shall be included, and marketing costs for marketing services provided by Assignor or its Affiliates with respect to any Subject Minerals will be specifically excluded from the
Post Production Cost Charge. Any costs, fees or expenses that are properly charged or allocated to Assignee Minerals pursuant to another provision of this Conveyance (including, as provided for in the definition of Subject Minerals) shall not be
included as part of the Post Production Cost Charge. 
 (c) Taxes. “Taxes” means general property, ad
valorem, production, severance, sales, windfall profit, excise and other taxes, except income taxes, assessed or levied on or in connection with the Subject Interests, the Royalty Interest, this Conveyance, production

  
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of Subject Minerals, Assignor’s Net Share of Minerals, Assignee Minerals (or the proceeds from the sale thereof) or facilities or equipment on the Subject Lands that are used for the
production, dehydration, treatment, processing, gathering or transportation of Subject Minerals, or against Assignor as owner of the Subject Interests or paid by Assignor on behalf of Assignee as owner of the Royalty Interest. 

(d) Operating and Drilling Costs. For the avoidance of doubt, all costs associated with or paid or incurred in connection with the
exploration, drilling, testing, completing, maintaining, developing and operating the Development Wells or otherwise incurred in connection with the ownership or operation of the Subject Interests other than Taxes and Post Production Cost Charges
shall be borne solely by Assignor and shall not be included as Chargeable Costs. 
 Section 3.03 Assignee Proceeds.
“Assignee Proceeds” means, for any Computation Period (a) the amount of proceeds actually received by Assignor during such Computation Period attributable to the sale of Assignee Minerals less (b) the Chargeable
Costs attributable to the Royalty Interest or Assignee Minerals. 
 ARTICLE IV. 

MARKETING OF ASSIGNEE MINERALS 
 Section 4.01 Rights and Duties Regarding Sale of Assignee Minerals. Assignor shall market or shall cause to be marketed Assignor’s Net Share of Minerals (including Assignee Minerals) in
good faith and in accordance with the Reasonably Prudent Operator Standard and Section 4.02(d). Assignor shall use its commercially reasonable efforts in connection with any sale of Assignor’s Net Share of Minerals (including Assignee
Minerals) to obtain, as soon as reasonably practicable, full payment for such Minerals; provided, however, that it shall not be considered a breach of Assignor’s marketing duty or standard of conduct for Assignor to market such Minerals to an
Affiliate of Assignor, so long as Assignor does not market such Minerals at a volume-weighted average price lower than the volume-weighted average price upon which Assignor pays royalties to the owners of the other royalty interests in the Subject
Minerals during any applicable 30-day period, save and excepting Chargeable Costs provided for in Article III hereof. 

Section 4.02 Assignee’s Agent and Representative. 

(a) Appointment. Assignee appoints Assignor as Assignee’s agent and representative to market and deliver or cause to be
marketed and delivered all Assignee Minerals and to collect and receive all payments therefrom under any Minerals purchase agreement or contract without deduction (except to the extent Chargeable Costs are deducted for any Computation Period in
accordance with Section 3.02). The appointment of Assignor as Assignee’s agent and representative for such purpose is a material item of consideration to the Parties in connection with the execution and delivery of this Conveyance.
Assignee may not remove Assignor from office as Assignee’s agent and representative, except for cause upon a material breach by Assignor of its duties to Assignee under this Conveyance. 

  
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 (b) Duties and Powers. As Assignee’s agent and representative, Assignor shall
receive all payments for the sale of Assignee Minerals and account to Assignee, receive and make all communications with the purchaser of such Minerals, and otherwise act and speak for Assignee in connection with the sale of Assignee Minerals. Third
Persons may rely conclusively on the authority of Assignor to market Assignee Minerals, and with respect to Third Persons only, Assignee shall be conclusively bound by the acts of Assignor in connection with the sale of Assignee Minerals. It shall
not be necessary for Assignee to join Assignor in the execution of any division order, transfer order or other instrument, agreement or document relating to the sale of Assignee Minerals. Third Persons may pay all proceeds for the sale of such
Minerals directly to Assignor, without the necessity of any joinder by or consent of Assignee or any inquiry into the use or disposition of such proceeds by Assignor. In no event, however, shall the authority granted in this Section 4.02 or
elsewhere in this Conveyance relieve Assignor of any liability for breach of this Conveyance. 
 (c) Prohibited Acts.
Assignor may not act for or bind Assignee on any matter, except the marketing and delivery of Assignee Minerals, receipt of proceeds and other powers granted to Assignor under this Article IV. 

(d) Standard of Conduct. In exercising its powers and performing its duties as Assignee’s agent and representative, Assignor
shall act in good faith and in accordance with the Reasonably Prudent Operator Standard. It shall not be a violation of such standard of conduct for Assignor (i) to sell Assignor’s Net Share of Minerals or Assignee Minerals to an Affiliate
pursuant to any purchase agreement or contract in compliance with Section 4.01 or (ii) to delegate some or all of Assignor’s duties as Assignee’s agent and representative to its Affiliates (so long as such Affiliates perform in
good faith and in accordance with the Reasonably Prudent Operator Standard), with Assignor remaining liable to Assignee for the performance of such duties. 
 (e) Termination of Authority. Assignor may not resign as Assignee’s agent and representative without the prior written consent of Assignee, except that Assignor may resign as Assignee’s
agent and representative without such consent with respect to any Subject Interests assigned, sold, transferred or conveyed by Assignor in accordance with the terms of this Conveyance. If such sale is made subject to the Royalty Interest, Assignor
must cause the purchaser to assume the duties of Assignee’s agent and representative with respect to the Subject Interests acquired by that purchaser and to be bound by the provisions of this Article IV. 

Section 4.03 Delivery of Subject Minerals. Assignor (whether or not it is serving as Assignee’s agent and
representative) shall deliver or cause to be delivered Assignor’s Net Share of Minerals (including Assignee Minerals) to the purchasers thereof. 
 Section 4.04 Processing. Assignor may, or may by contract cause a Third Person to, dehydrate, separate, treat, compress or otherwise process Assignor’s Net Share of Minerals (including
Assignee Minerals) and may commit any of the Subject Interests (including the Royalty Interest) to an agreement for processing Minerals (pursuant to which, for example, the plant owner or operator receives a portion of the Minerals or plant products
therefrom or proceeds of the sale thereof as a fee for processing), so long as (a) Assignor enters into such processing arrangements in good faith and in accordance with the Reasonably Prudent Operator

  
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Standard and (b) any such processing arrangements entered into with Affiliates of Assignor contain rates and charges that are comparable to the prevailing charges for similar services in the
applicable area. Assignee shall be bound by such arrangements and shall permit all Assignee Minerals to be processed by Assignor or its contractor. Assignee shall not, however, be personally liable for any costs or risks associated with such
processing operations, but Assignee shall indirectly suffer the energy content reduction and volume reductions associated with processing through corresponding reductions in the content and volumes of Assignee Minerals. 

ARTICLE V. 

PAYMENT 

Section 5.01 Obligation to Pay. 
 (a) The Obligation. After each Computation Period and on or before the Payment Date for that Computation Period, Assignor shall tender to Assignee the Assignee Proceeds for the applicable
Computation Period, plus, to the extent applicable, (i) all of the proceeds to be paid to Assignee from the sale of Assignee Minerals produced during any prior Computation Periods, to the extent not previously paid to Assignee,
(ii) any amounts payable to Assignee under Section 1.04(b) for the most recently completed Computation Period and (iii) any amounts (including any interest earned thereon) that were previously deposited with a Third Person escrow
agent in accordance with Section 5.01(d) and subsequently determined by Assignor to be validly owing to Assignee. All such amounts shall be transmitted to Assignee by Assignor by means of wire transfer of funds to a bank account specified by
Assignee pursuant to written instructions which shall remain in effect until and unless changed by subsequent written notice to Assignor. 
 (b) Payment Date. “Payment Date” for each Computation Period means the thirty-fifth (35th) day after the end of such Computation Period. If such day is not a Business Day, the
Payment Date shall be the next Business Day. 
 (c) No Segregated Account. Prior to distribution to Assignee, all amounts
received by Assignor from the sale of Assignee Minerals shall be held by Assignor in one of its general bank accounts and Assignor will not be required to maintain a segregated account for such funds or, as to disputed proceeds, deposited by
Assignor with a Third Person escrow agent in accordance with Section 5.01(d). 
 (d) Disputed Proceeds. If Assignor
receives any amount of money from the sale of Assignee Minerals that is subject to controversy or, in the good faith, reasonable opinion of Assignor, possible controversy, Assignor shall promptly deposit such money with a Third Person escrow agent
in a segregated interest-bearing account. Such amount shall not be treated as a portion of Assignee Proceeds so long as it remains with such escrow agent, but shall be treated as a portion of Assignee Proceeds, along with the accrued interest, if
any, when received from such escrow agent and paid over to Assignee. 
 Section 5.02 Interest on Past Due Payments.

 (a) Obligation to Pay. Any Assignee Proceeds or other amounts of money not paid by Assignor to Assignee when due
shall bear, and Assignor will pay, interest at the 

  
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Prime Interest Rate on the overdue amount commencing on the sixth (6th) day after such due date until such amount is paid. 

(b) Definition. “Prime Interest Rate” means the lesser of (i) the rate of interest per annum publicly
announced from time to time by The Bank of New York Mellon Trust Company, N.A. as its “prime rate” in effect at its principal office in New York City, New York (each change in the Prime Rate to be effective on the date such change is
publicly announced), with the understanding that such bank’s “prime rate” may be one of several base rates, may serve as a basis upon which effective rates are from time to time calculated for loans making reference thereto, and may
not be the lowest of such bank’s base rates or (ii) the maximum rate of interest permitted under applicable Legal Requirement. 
 Section 5.03 Overpayments and Refunds. 
 (a) Overpayments. If
Assignor ever pays Assignee more than the amount of money then due and payable to Assignee under this Conveyance, Assignee shall not be obligated to return the overpayment, but Assignor may at any time thereafter deduct from Assignee Proceeds and
retain for its own account an amount equal to the overpayment. 
 (b) Refunds. If Assignor is ever legally obligated to
pay any Third Person, including any Minerals purchaser or Governmental Authority, any refund, interest, penalty or other amount of money, because any payment of Assignee Proceeds received by Assignor for the account of Assignee exceeded, or
allegedly exceeded, the amount due or lawful under any applicable contract, Legal Requirement, or other obligation, Assignor may thereafter deduct from Assignee Proceeds and retain for its own account an amount equal to such payment. 

Section 5.04 Protection of Assignee Proceeds. It is the intent of Assignor and Assignee that Assignee is an “interest
owner” with an interest separate and distinct from that of Assignor within the meaning and for the purposes of the Oil and Gas Owners’ Lien Act of 2010, Okla. Stat. tit. 52, § 549.1, et. seq., and that Assignee is
entitled to all the benefits of such Act. 
 ARTICLE VI. 

RECORDS AND REPORTS 
 Section 6.01 Books, Records and Accounts. 
 (a) Obligation to
Maintain. Assignor shall maintain true and correct books, records and accounts of (i) all transactions required or permitted by this Conveyance and (ii) the financial information necessary to effect such transactions, including the
financial information needed to calculate each installment of Assignee Proceeds. 
 (b) Right of Inspection. Assignee or
its representatives, at Assignee’s expense, may inspect and copy such books, records and accounts in the offices of Assignor during normal business hours and upon reasonable notice. 

  
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 Section 6.02 Statements. 

(a) Quarterly Statements. On each Payment Date, Assignor shall deliver to Assignee a statement showing the computation of the
Assignee Proceeds for the applicable Computation Period. 
 (b) Annual Statements. On the first Payment Date after the
end of each calendar year, such statement shall also show the computation of Assignee Proceeds for the preceding calendar year. 

(c) Contents of Statements. Without limiting the generality of the foregoing provisions in this Section 6.02, each statement
delivered by Assignor to Assignee pursuant to this Section 6.02 shall state, for the relevant period, to the extent Assignor has the information necessary to determine such amounts, (i) the total volumes of Subject Minerals produced from
the Development Wells, (ii) the total volumes of Assignor’s Net Share of Minerals produced from each Development Well, (iii) the total volumes of Assignee Minerals, (iv) the applicable Sales Price, (v) the Chargeable Costs,
(vi) the amount of Assignee Proceeds due and payable for the relevant period and (vii) the amounts of money, if any, due and payable by any purchaser of Assignor’s Net Share of Minerals (including Assignee Minerals), the nonpayment of
which resulted in a reduction in Assignee Proceeds for the relevant period. If Assignor is not the operator of a Development Well and such information is not made available to the Assignor as a non-operator, Assignor shall use commercially
reasonable efforts to exercise its contractual rights with respect to the operator of such Development Well to cause such operator to provide such information to Assignor. 
 Section 6.03 Assignee’s Exceptions to Quarterly Statements. If Assignee takes exception to any item or items included in any statement required by Section 6.02, Assignee must notify
Assignor in writing within sixty (60) days after Assignee’s receipt of such statement. Such Notice must set forth in reasonable detail the specific charges complained of and to which exception is taken. Adjustments shall be made promptly
for all complaints and exceptions that are justified. Notwithstanding anything to the contrary herein, all matters reflected in Assignor’s statements for the preceding calendar year (or portion thereof) that are not objected to by Assignee in
the manner provided by this Section 6.03 shall be deemed correct as rendered by Assignor to Assignee. 

Section 6.04 Other Information. 
 (a) Disclosure. At Assignee’s request, subject to applicable restrictions on disclosure and transfer of information, Assignor shall give Assignee and its designated representatives reasonable
access in Assignor’s office during normal business hours to all title, geological (to the extent not prohibited by any applicable license agreement), Development Well and production data in Assignor’s possession or Assignor’s
Affiliates’ possession, relating to operations on the Subject Interests. In addition, Assignor shall promptly provide Assignee with such other information in Assignor’s possession or Assignor’s Affiliates’ possession, relating to
operations on the Subject Interests, as reasonably requested by Assignee as well as provide such documentation as the Trustee may reasonably request to confirm the satisfaction of the Assignor’s drilling obligation under the Development
Agreement. 

  
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 (b) Disclaimer of Warranties and Liability. Assignor makes no representations or
warranties about the accuracy or completeness of any data, reports, studies or other information made available to Assignee and shall have no liability to Assignee or any other Person resulting from such data, studies, reports or other information.

 (c) No Attribution. Assignee shall not, in any securities filings or reports made by Assignee, attribute to Assignor
or to the consulting engineers any reports or studies made available to Assignee, or the contents thereof. 
 (d)
Confidentiality. All information furnished to Assignee and its designated representatives pursuant to this Section 6.04 is confidential and for the sole benefit of Assignee and shall not be disclosed by Assignee or its designated
representatives to any other Person, except to the extent that such information (i) is required in any report, statement or testimony submitted to any Governmental Authority having or claiming to have jurisdiction over Assignee or submitted to
bank examiners or similar organizations or their successors, (ii) is required in response to any summons or subpoena or in connection with any litigation, (iii) is reasonably believed to be required in order to comply with any applicable
Legal Requirement to Assignee, (iv) was publicly available or otherwise known to the recipient at the time of disclosure or (v) subsequently becomes publicly available other than through any act or omission of the recipient; provided,
however, with respect to the disclosures with respect to items (i), (ii) and (iii) above, Assignee will notify Assignor prior to any such disclosure in order to provide Assignor an opportunity to seek to limit any such required disclosure.
In connection with the marketing of Assignee’s assets upon termination of Assignee, Assignee and its designated representatives may, on a confidential basis in accordance with this Section 6.04(d), mutatis mutandis, provide any
potential purchaser of such assets with the same information Assignee has access to pursuant to Section 6.04. 
 ARTICLE
VII. 
 NO LIABILITY OF ASSIGNEE 
 Assignee shall not be personally liable or responsible under this Conveyance for any cost, risk, liability or obligation associated in any way with the ownership or operation of the Subject Lands, the
Subject Interests, the Development Wells or the Subject Minerals. The foregoing sentence does not restrict the right of Assignor to deduct Chargeable Costs in calculating the volumes of Assignee Minerals or Assignee Proceeds. 

ARTICLE VIII. 
 OPERATIONS 
 Section 8.01 Standards of Conduct. Except as otherwise
specifically provided in this Conveyance, Assignor shall (a) operate and maintain the Subject Interests and (b) make elections under each applicable lease, operating agreement, unit agreement, contract for development and other similar
instrument or agreement (including elections concerning abandonment of any Development Well or release of any Subject Interest) in good faith and in accordance with the Reasonably Prudent Operator Standard. Where Assignor or one of its Affiliates
does not operate the Subject Interests but Assignor has elected to participate as a non-operator in the drilling of a Development Well, Assignor shall use commercially reasonable 

  
 17 

 
efforts to exercise its contractual rights (under the applicable operating agreement or otherwise) to cause the operators of such Subject Interests to act in accordance with the Reasonably
Prudent Operator Standard. 
 Section 8.02 Abandonment of Properties. Nothing in this Conveyance shall obligate
Assignor to continue to operate any Development Well or to operate or maintain in force or attempt to maintain in force any Subject Interest when such Development Well ceases to produce, or Assignor determines, in accordance with Section 8.01
above, that such Development Well or Subject Interest is not capable of producing Minerals in paying quantities. The expiration of a Subject Interest in accordance with the terms and conditions applicable thereto shall not be considered to be a
voluntary surrender or abandonment thereof. 
 ARTICLE IX. 

POOLING AND UNITIZATION 
 Section 9.01 Pooling of Subject Interests. Certain Subject Interests have been, or may have been, heretofore pooled and unitized for the production of Minerals. Such Subject Interests are and
shall be subject to the terms and provisions of the applicable pooling and unitization agreements and orders, and the Royalty Interest in each pooled or unitized Subject Interest shall apply to and affect only the Minerals produced from such units
that accrues to such Subject Interest under and by virtue of the applicable pooling and unitization agreements and orders. 

Section 9.02 Pooling and Unitization. 
 (a) Right to Pool. Assignor has the exclusive executive right and power (as between Assignor and Assignee) to pool or unitize any Subject Interest and to alter, change, amend or terminate any
pooling or unitization agreements heretofore or hereafter entered into, as to all or any part of the Subject Lands, as to any one or more of the formations or horizons, and as to any Minerals, upon such terms and provisions as Assignor shall in its
sole discretion deem appropriate. 
 (b) Effect of Pooling. If and whenever through the exercise of such right and power,
or pursuant to any Legal Requirement now existing or hereafter enacted or promulgated, any Subject Interest is pooled or unitized in any manner, the Royalty Interest, insofar as it affects such Subject Interest, shall apply to and affect only the
Minerals production that accrues to such Subject Interest under and by virtue of the applicable pooling and unitization agreement or order. It shall not be necessary for Assignee to agree to, consent to, ratify, confirm or adopt any exercise of
pooling or unitization of any Subject Interest by Assignor. 

  
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 ARTICLE X. 
 GOVERNMENT REGULATION 
 Section 10.01 Legal Requirements.
Except as provided in Section 10.03, all obligations of Assignor under this Conveyance are, and shall be, subject to all applicable Legal Requirements and the instruments, documents and agreements creating the Subject Interests. 

Section 10.02 Filings. Assignor shall use its reasonable discretion in making filings for itself and on behalf of Assignee
with any Governmental Authority having jurisdiction with respect to matters affecting the Subject Interests, the Subject Lands or the Subject Minerals. 
 Section 10.03 Superseding Effect. By acceptance of this Conveyance, Assignee agrees, for itself and its successors and assigns, immediate and remote, that the timing of payment, accrual of
interest and reporting requirements with respect to the Royalty Interest shall be as provided by the terms of this Conveyance and not as prescribed by the Oklahoma Production Revenue Standards Act, as amended, codified at Title 52,
Section 570.1, et seq. of the Oklahoma Statutes, and any similar Legal Requirement. 
 ARTICLE XI. 

ASSIGNMENT AND SALE OF SUBJECT INTERESTS 
 Section 11.01 Assignment by Assignor Subject to Royalty Interest. 

(a) Right to Sell. Assignor may not Transfer any interest in the Development Wells, the Subject Interests or any part thereof or
any undivided interest therein in violation of Section 11.04. Subject to Section 11.02 and 11.04, Assignor may from time to time Transfer, mortgage or pledge its interest in the Development Wells, the Subject Interests, or any part
thereof or an undivided interest therein, if and only if (i) such Transfer, mortgage or pledge is made expressly subject to and burdened with the Royalty Interest and this Conveyance, (ii) solely in connection with a Transfer other than a
Transfer pursuant to a foreclosure on any mortgage or security interest, Assignor has caused the assignee, purchaser, transferee or grantee of any such transaction to (A) acknowledge that the affected Subject Interests are taken subject to and
burdened with the Royalty Interest and this Conveyance and (B) assume and agree to discharge Assignor’s obligations under this Conveyance with respect to such Subject Interests from and after the actual date of any such Transfer and
(iii) in connection with any Transfer pursuant to a foreclosure on any mortgage or security interest, Assignor has used commercially reasonable efforts to cause the assignee, purchaser, transferee or grantee of any such transaction to
(A) acknowledge that the affected Subject Interests are taken subject to and burdened with the Royalty Interest and this Conveyance and (B) assume and agree to discharge Assignor’s obligations under this Conveyance with respect to
such Subject Interests from and after the actual date of any such Transfer. Any assumption and agreement to discharge shall be by appropriate written instrument for the express benefit of and enforceable by the Assignee. For avoidance of doubt,
nothing in Section 11.01(a) is intended to permit any assignee, purchaser, transferee or grantee to acquire any interest in the Development Wells, the Subject Interests or any part thereof or undivided interest therein without being subject to
and burdened with the Royalty Interest and this Conveyance. Assignee shall not be required to recognize any purported Transfer, mortgage or pledge not made in conformance with this Section 11.01(a) and,

  
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notwithstanding any such purported Transfer, mortgage or pledge, Assignor shall remain obligated under this Conveyance just as if such Transfer, mortgage or pledge attempt had not been made and
Assignee shall continue to deal with the Assignor to the exclusion of the purported transferee. Further, to the extent permitted by applicable law, any purported Transfer not made in conformance with this Section 11.01(a) shall be void and of
no effect. 
 (b) Effect of Sale. From and after the actual date of any such Transfer by Assignor made in full compliance
with Section 11.01(a) (and only upon such full compliance), Assignor shall be relieved of all obligations, requirements and responsibilities arising under this Conveyance with respect to the Subject Interests Transferred, as the same pertain to
Assignee Minerals produced from and after (but not prior to) said date of such Transfer. 
 (c) Allocation of
Consideration. Assignee is not entitled to receive any share of the sales proceeds received by Assignor in any transaction permitted by this Section 11.01. 
 (d) Separate Interest. Notwithstanding any provision to the contrary in Article IV, effective on the effective date of any Transfer of any Subject Interest made in full compliance with
Section 11.01(a), Assignee Minerals and Assignee Proceeds shall thereafter be computed separately with respect to such Subject Interests, and the assignee, buyer, transferee or grantee of such Subject Interests shall thereafter serve as
Assignee’s agent and representative under Article IV with respect to such interests and shall pay all corresponding Assignee Proceeds directly to Assignee. 
 Section 11.02 Sale and Release of Properties. 
 (a) Transfer.
Subject to Section 11.04, Assignor may from time to time, Transfer the Development Wells, the Subject Interests, or any part thereof or undivided interest therein, free of the Royalty Interest and this Conveyance provided that the aggregate
Fair Value of all Royalty Interests conveyed under (i) this Conveyance and/or (ii) any other Assignor Conveyance, which is released during any twelve (12) month period, shall not exceed $5,000,000 in the aggregate. 

(b) Payments. In connection with any Transfer pursuant to this Section 11.02, Assignor shall remit to Assignee an amount
equal to the Fair Value of the Royalty Interest being released. Assignor shall make such payment to Assignee on the Payment Date for the Computation Period in which Assignor receives the payment with respect to any such Transfer of the Subject
Interest. 
 (c) Release. In connection with any Transfer provided for in Section 11.02(a), Assignee shall, on
request, execute, acknowledge and deliver to Assignor a recordable instrument (reasonably acceptable to Assignor) that releases the Royalty Interest with respect to the Development Well and the related Subject Interests and Subject Lands being
Transferred. 
 (d) Effect of Sale. From and after the actual date of any such Transfer by Assignor, Assignor and any
assignee, purchaser, transferee or grantee of such Subject Interest shall be relieved of all obligations, requirements and responsibilities arising under the Royalty 

  
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Interest or this Conveyance with respect to the Development Well or Subject Interests Transferred, except for those that accrued prior to such date. 

Section 11.03 Farmouts. 
 (a) Farmout. Assignor may from time to time enter into Farmout Agreements farming out to Third Persons Assignor’s interest in the Subject Interests. In the event that Assignor enters into any
such Farmout Agreement with a Third Person, (i) the Royalty Interest and this Conveyance shall only burden Assignor’s retained interest in the Subject Interest after giving effect to any interest in the Subject Interest that a counterparty
to the Farmout Agreement may earn under such Farmout Agreement and (ii) only the Assignor’s retained interest in the Subject Interest will count towards Assignor’s obligation to drill Development Wells under the Development Agreement.

 (b) Release. In connection with Assignor entering into any Farmout Agreement as a farmor, Assignee shall, upon request
of Assignor, execute, acknowledge and deliver to Assignor a recordable instrument (reasonably acceptable to Assignor) that releases the Royalty Interest and this Conveyance with respect to the Subject Interests being transferred pursuant to such
Farmout Agreement; provided, the Royalty Interest shall still burden the Subject Interest retained by Assignor. 

Section 11.04 Transfer of Subject Interests. Assignor will not Transfer any Development Well or any of the Subject Interests
pursuant to Sections 11.01 and 11.02 prior to the Drilling Obligation Completion Date, and in the event of any attempted Transfer in violation of this Section 11.04, Assignor shall remain liable and a party hereto, just as if no Transfer
attempt had been made, and Assignee shall continue to deal with Assignor to the exclusion of the purported transferee. For the avoidance of doubt, nothing in this Section 11.04 shall restrict Assignor’s ability to Transfer Subject
Interests pursuant to the terms of the Development Agreement. Further, to the extent permitted by applicable law, such attempted Transfer in violation of this Section 11.04 shall be void and of no force or effect. Assignor expressly states and
recognizes that the restrictions on transfer imposed on Assignor in this Section 11.04 and in Section 11.01(a) are made in reasonable protection of an interest of the Assignee created hereunder. 

Section 11.05 Change in Ownership. 
 (a) Obligation to Give Notice. No change of ownership or of the right to receive payment of the Royalty Interest, or of any part thereof, by Assignee, however accomplished, shall bind Assignor
until notice thereof is furnished to Assignor by the Person making the transfer and the Person claiming the benefit thereof, and then only with respect to payments made after such Notice is furnished. 

(b) Notice of Sale. Notice of sale, transfer, conveyance or assignment shall consist of a certified copy of the recorded
instrument accomplishing the same. 
 (c) Notice of Other Changes of Ownership. Notice of change of ownership or of the
right to receive payment accomplished in any other manner (e.g., by dissolution of 

  
 21 

 
Assignee) shall consist of certified copies of recorded documents and complete proceedings legally binding and conclusive of the rights of all Persons. 

(d) Effect of Lack of Notice. Until such Notice accompanied by such documentation is furnished to Assignor in the manner provided
above, Assignor may, at Assignor’s election, either (i) continue to pay or tender all sums payable on the Royalty Interest in the same manner provided in this Conveyance, precisely as if no such change in interest or ownership or right to
receive payment had occurred or (ii) suspend payment of Assignee Proceeds without interest until such documentation is furnished. 
 (e) Effect of Nonconforming Notices. The kinds of Notice provided by this Section 11.05 shall be exclusive, and no other kind, whether actual or constructive, shall bind Assignor. 

Section 11.06 One Payee. Assignor shall never be obligated to pay Assignee Proceeds to more than one Person. If more than one
Person is ever entitled to receive payment of any part of Assignee Proceeds, Assignor may suspend payments of all Assignee Proceeds until the concurrent owners or claimants of the Royalty Interest or the right to receive payment of Assignee Proceeds
appoint one Person in writing to receive all payments of Assignee Proceeds on their behalf. Assignor may thereafter conclusively rely upon the authority of that Person to receive payments of Assignee Proceeds and shall be under no further duty to
inquire into the authority or performance of such Person. 
 Section 11.07 Rights of Mortgagee. If Assignee executes
a mortgage or deed of trust covering all or part of the Royalty Interest, the mortgagees or trustees therein named or the holders of any obligation secured thereby shall be entitled, to the extent that such mortgage or deed of trust so provides, to
exercise the rights, remedies, powers and privileges conferred upon Assignee by this Conveyance and to give or withhold all consents required to be obtained from Assignee. This Section 11.07 shall not be deemed or construed to impose upon
Assignor any obligation or liability undertaken by Assignee under such mortgage or deed of trust or under the obligation secured thereby. 
 Section 11.08 No Drainage. Assignor covenants and agrees that, prior to June 30, 2031, neither Assignor nor any of its Affiliates shall drill any Mineral well that will have a perforated
segment in the Target Formation that will be within six hundred (600) feet of any perforated interval in the Target Formation of any Development Well that is producing Minerals from the Target Formation. 

ARTICLE XII. 
 FORCE MAJEURE 
 Section 12.01 Nonperformance. Assignor shall
not be responsible to Assignee for any loss or damage to Assignee resulting from any delay in performing or failure to perform any obligation under this Conveyance (other than Assignor’s obligation to make payments of Assignee Proceeds to
Assignee) to the extent such failure or delay is caused by Force Majeure. 
 Section 12.02 Force Majeure.
“Force Majeure” means any of the following, to the extent they delay or prevent performance of Assignor’s obligations under this Conveyance 

  
 22 

 
(other than Assignor’s obligation to make payments of Assignee Proceeds to Assignee) and are not caused by the breach by Assignor of its duty to perform certain obligations under this
Conveyance in accordance with the Reasonably Prudent Operator Standard: 
 (a) act of God, fire, lightning, landslide,
earthquake, storm, hurricane, hurricane warning, flood, high water, washout, tidal wave or explosion; 
 (b) strike, lockout, or
other similar industrial disturbance, act of the public enemy, war, military operation, blockade, insurrection, riot, epidemic, arrest or restraint of Governmental Authority or people, or national emergency; 

(c) the inability of the Assignor to acquire, or the delay on the part of any Third Person (other than an Affiliate of the Assignor) in
acquiring, materials, supplies, machinery, equipment, servitudes, right-of-way grants, easements, permits, licenses, approvals or authorizations necessary to enable such Party to perform hereunder; 

(d) any breakage of or accident to machinery, equipment or lines of pipe, the repair, maintenance, improvement, replacement, alteration
to a plant or line of pipe or related facility, the testing of machinery, equipment or line of pipe, or the freezing of a line of pipe; 
 (e) any Legal Requirement or the affected Party’s compliance therewith; or 

(f) any other cause, whether similar or dissimilar to the causes enumerated in (a) through (e) above, not reasonably within the
control of Assignor. 
 Section 12.03 Force Majeure Notice. Assignor will give Assignee a Notice of each Force
Majeure as soon as reasonably practicable after the occurrence of the Force Majeure. 
 Section 12.04 Remedy.
Assignor will use its commercially reasonable efforts to remedy each Force Majeure and resume full performance under this Conveyance as soon as reasonably practicable, except that the settlement of strikes, lockouts or other labor disputes shall be
entirely within the discretion of Assignor. 
 ARTICLE XIII. 

NOTICE 

Section 13.01 Written Notice. Except as otherwise provided by this Conveyance, each Notice shall be in writing. 

Section 13.02 Methods of Giving Notice. Notice may be given by any reasonable means, including email, telecopier, hand
delivery, overnight courier or U.S. mail. 
 Section 13.03 Charges. All Notices shall be properly addressed to the
recipient, with all postage and other charges being paid by the Party giving Notice. 
 Section 13.04 Effective Date.
Notice shall be effective when actually received by the Party being notified; provided, however, that Notices given by email or telecopy on any day other than a Business Day, or on a Business Day but after 5:00 p.m. local time at the location of
the 

  
 23 

 
Party being notified, shall be deemed received on the next Business Day, unless receipt is acknowledged prior to the next Business Day. 

Section 13.05 Addresses. The addresses of the Parties for purposes of Notice are the addresses in the introductory paragraph
to this Conveyance. 
 Section 13.06 Change of Address. Either Party may change its address to another address
within the continental United States by giving ten (10) days’ Notice to the other Party. 
 ARTICLE XIV.

 OTHER PROVISIONS 
 Section 14.01 Successors and Assigns. The provisions and conditions contained in this Conveyance shall run with the land and the respective interests of Assignor and Assignee in the Subject
Minerals, and, subject to the limitation and restrictions on the assignment or delegation by the Parties of their rights and interests under this Conveyance, this Conveyance binds and inures to the benefit of Assignor, Assignee and their respective
successors, assigns and legal representatives. 
 Section 14.02 Governing Law. THIS CONVEYANCE SHALL BE CONSTRUED
UNDER AND GOVERNED BY THE LAWS OF THE STATE OF OKLAHOMA WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PRINCIPLES THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

Section 14.03 Construction of Conveyance. In construing this Conveyance, the following principles shall be followed:

 (a) no consideration shall be given to the captions of the articles, sections, subsections or clauses, which are inserted for
convenience in locating the provisions of this Conveyance and not as an aid in its construction; 
 (b) no consideration shall
be given to the fact or presumption that one Party had a greater or lesser hand in drafting this Conveyance; 
 (c) the word
“includes” and its syntactical variants mean “includes, but is not limited to” and corresponding syntactical variant expressions; 
 (d) a defined term has its defined meaning throughout this Conveyance, regardless of whether it appears before or after the place in this Conveyance where it is defined; 

(e) the plural shall be deemed to include the singular, and vice versa, unless the content otherwise requires; and 

(f) each exhibit, attachment and schedule to this Conveyance is a part of this Conveyance, but if there is any conflict or inconsistency
between the main body of this 

  
 24 

 
Conveyance and any exhibit, attachment or schedule, the provisions of the main body of this Conveyance shall prevail. 
 Section 14.04 No Waiver. Failure of either Party to require performance of any provision of this Conveyance shall not affect either Party’s right to require full performance thereof at
any time thereafter, and the waiver by either Party of a breach of any provision hereof shall not constitute a waiver of a similar breach in the future or of any other breach or nullify the effectiveness of such provision. 

Section 14.05 Relationship of Parties. This Conveyance does not create a partnership, mining partnership, joint venture or
relationship of trust or agency (except with respect to Assignor’s agency relationship with respect to those matters set forth in Article IV above) between the Parties. 
 Section 14.06 Further Assurances. Each Party shall execute, acknowledge and deliver to the other Party all additional instruments and other documents reasonably required to describe more
specifically any interests subject hereto, to vest more fully in Assignee the Royalty Interest conveyed (or intended to be conveyed) by this Conveyance, or to evidence or effect any transaction contemplated by this Conveyance. Assignor shall also
execute and deliver all additional instruments and other documents reasonably required to transfer interests in state, federal or Indian lease interests in compliance with applicable Legal Requirements or agreements. 

Section 14.07 The 12:01 A.M. Convention. Except as otherwise provided in this Conveyance, each calendar day, month, quarter
and year shall be deemed to begin at 12:01 a.m. Central Time on the stated day or on the first day of the stated month, quarter or year, and to end at 12:00 a.m. Central Time on the next day or on first day of the next month, quarter or year,
respectively. 
 Section 14.08 Counterpart Execution. This Conveyance may be executed in any number of counterparts,
all of which are identical. Every counterpart of this Conveyance shall be deemed to be an original for all purposes, and all such counterparts together shall constitute one and the same instrument. As between the Parties, any signature hereto
delivered by a Party by facsimile or other electronic transmission (including scanned documents delivered by email) shall be deemed an original hereto. 
 Section 14.09 Present and Absolute Conveyance. It is the express intention of Assignor and Assignee that the Royalty Interest is, and shall be construed for all purposes as, a present,
fully-vested and absolute conveyance. 
 Section 14.10 Limitation of Liability. It is expressly understood and
agreed by the Parties hereto that (a) this Conveyance is executed and delivered by the Trustee not individually or personally, but solely as Trustee in the exercise of the powers and authority conferred and vested in it, and (b) under no
circumstances shall the Trustee be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by Assignee under this Conveyance. 

  
 25 

 Section 14.11 Severability. In case any provision, covenant or obligation under
this Conveyance is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions, covenants or obligations of this Conveyance are declared to be severable and not in any way affected or impaired
thereby. 
 Section 14.12 Waiver of Damages. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, NO PARTY
SHALL BE LIABLE HEREUNDER FOR EXEMPLARY, PUNITIVE, SPECIAL, INDIRECT, CONSEQUENTIAL, REMOTE OR SPECULATIVE DAMAGES, WHETHER BASED IN CONTRACT, TORT, STRICT LIABILITY, OTHER LAW OR OTHERWISE. 

[Remainder of page intentionally left blank.] 

  
 26 

 IN WITNESS WHEREOF, each Party has caused this Conveyance to be executed in its name and
behalf and delivered on the date or dates stated in the acknowledgment certificates appended to this Conveyance, to be effective as of the Effective Time. 

 

					
	Chesapeake Exploration, L.L.C.
		
	By:	 	  

		 	Name:	 	Domenic J. Dell’Osso, Jr.
		 	Title:	 	 Executive Vice President and

Chief Financial Officer

 [Signature Page to the Perpetual Conveyance (PUD)] 

 
							
	Chesapeake Granite Wash Trust
		
	By:	 	 The Bank of New York Mellon Trust
 Company, N.A., as Trustee

			
		 	By:	 	  

		 		 	Name:	 	Michael J. Ulrich
		 		 	Title:	 	Vice President

 [Signature Page to the Perpetual Conveyance (PUD)] 

			
	STATE OF OKLAHOMA	 	§
		 	§
	COUNTY OF OKLAHOMA	 	§

 This instrument was acknowledged before me on
                    , 2011, by Domenic J. Dell’Osso, Jr., as Executive Vice President and Chief Financial Officer of Chesapeake
Exploration, L.L.C., an Oklahoma limited liability company, on behalf of said limited liability company. 
 WITNESS my hand and official seal
this      day of             , 2011. 
  

	
	  

	NOTARY PUBLIC,
	State of Oklahoma
	
	  

	(printed name)

  

	
	My commission expires:
	
	  

	[SEAL]

 [Acknowledgment Page to the Perpetual Conveyance (PUD)] 

			
	STATE OF TEXAS	 	§
		 	§
	COUNTY OF TRAVIS	 	§

 This instrument was acknowledged before me on
[—], 2011, by Michael J. Ulrich, as Vice President of The Bank of New York Mellon Trust Company, N.A., a national banking association organized under the laws of the United
States of America, as Trustee of Chesapeake Granite Wash Trust, a Delaware statutory trust, on behalf of said national banking association, as trustee of said trust. 
 WITNESS my hand and official seal this [—] day of [—], 2011.

  

	
	  

	NOTARY PUBLIC,
	State of Texas
	
	  

	(printed name)

  

	
	My commission expires:
	
	  

	[SEAL]

 [Acknowledgment Page to the Perpetual Conveyance (PUD)] 

 Exhibit A 

To Perpetual Overriding Royalty Interest Conveyance (PUD) 
 (Oil and Gas Leases) 

 Exhibit B 

To Perpetual Overriding Royalty Interest Conveyance (PUD) 
 (Excluded Assets) 

 Exhibit C 

To Perpetual Overriding Royalty Interest Conveyance (PUD) 
 (Form of Stipulation) 
 STIPULATION 

This STIPULATION (this “Stipulation”) is entered into by and between
                                        , with
offices at
                                        
(“Assignor”)[, as successor in interest to Chesapeake Exploration, L.L.C. (“CHK Exploration”)]1 and
                                        , with
offices at
                                        
(“Assignee”), as of                      (the “Effective Date”). All capitalized terms not otherwise defined herein
shall have the meanings ascribed to such terms in the Conveyance (as defined below). 
 CHK Exploration has executed and
delivered to Assignee a Perpetual Overriding Royalty Interest Conveyance dated             , recorded on
                                         in
                                         of
Washita County, Oklahoma (the “Conveyance”). 
 [Assignor is the successor to the interests
of CHK Exploration under the Conveyance]2. 
 Pursuant to Section 1.05 of the Conveyance Assignor stipulates that Exhibit A attached hereto is a true and correct schedule identifying, as of the Effective Date (i) the Development Wells
drilled to date (including the API number for each such Development Well), and (ii) Assignor’s Net Revenue Interest used to calculate the NRI Factor for each of the Development Wells drilled to date. 

[Remainder of page intentionally left blank.] 

 

	1 	Exclude if Chesapeake Exploration, L.L.C. is still the owner of the Assignor Retained Minerals. 

	2 	Exclude if Chesapeake Exploration, L.L.C. is still the owner of the Assignor Retained Minerals. 

 IN WITNESS WHEREOF, Assignor and Assignee have caused this Stipulation to be executed in its
name and behalf and delivered on the date or dates stated in the acknowledgment certificates appended to this Stipulation, but effective for all purposes as of the Effective Date. 

 

			
	ASSIGNOR:
	
	  

		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page of Assignor to Stipulation] 

 Assignee has joined herein to acknowledge its receipt of this Stipulation. Nothing in this
Stipulation shall be deemed a waiver by Assignee of its rights under the Conveyance. 
  

			
	ASSIGNEE:
	
	  

		
	By:	 	  

		 	Name:
		 	Title:

 [Acknowledgment Page of Assignee to Stipulation] 

 [ASSIGNOR’S ACKNOWLEDGEMENT] 

 

			
	STATE OF                     	 	§
		 	§
	COUNTY OF                     	 	§

 This instrument was acknowledged before me on
                    ,         , by
                                        , as
                                         of
                                        , a
                                        , on
behalf of said
                                        .

 WITNESS my hand and official seal this      day of
            ,         . 
  

	
	  

	NOTARY PUBLIC,
	State of                         
	  

	(printed name)

  

	
	My commission expires:
	  

	[SEAL]

 [Acknowledgment Page of Assignor to Stipulation] 

 [ASSIGNEE’S ACKNOWLEDGEMENT] 

 

			
	STATE OF                     	 	§
		 	§
	COUNTY OF                     	 	§

 This instrument was acknowledged before me on
                    ,         , by
                                        , as
                                         of
                                        , a
                                        , on
behalf of said
                                        .

 WITNESS my hand and official seal this      day of
            ,         . 
  

	
	  

	NOTARY PUBLIC,
	State of                         
	  

	(printed name)

  

	
	My commission expires:
	  

	[SEAL]

 [Acknowledgment Page of Assignee to Stipulation] 

 Exhibit A 

To 

Stipulation 
  

					
	 Development Wells
	 	 API Number of Development

Well
	 	
Assignor’s Net
Revenue Interest in
the Development
Well used to
calculate the
NRI
Factor

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

 Exhibit D 

To Perpetual Overriding Royalty Interest Conveyance (PUD) 
 (Description of AMI Area) 

 Exhibit E 

To Perpetual Overriding Royalty Interest Conveyance (PUD) 
 (Target Formation Log) 
 See Attached

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