Document:

EX-10.1

 Exhibit 10.1 

Fortis Minerals, LLC 

Long Term Incentive Plan 

1. Purpose. The purpose of the Fortis Minerals, LLC Long Term Incentive Plan (the “Plan”) is to provide a means
through which (a) Fortis Minerals, LLC, a Delaware limited liability company (the “Company”), and its Affiliates may attract, retain and motivate qualified persons as employees, directors and consultants, thereby
enhancing the profitable growth of the Company and its Affiliates and (b) persons upon whom the responsibilities of the successful administration and management of the Company and its Affiliates rest, and whose present and potential
contributions to the Company and its Affiliates are of importance, can acquire and maintain equity ownership or awards the value of which is tied to the performance of the Company, thereby strengthening their concern for the Company and its
Affiliates. Accordingly, the Plan provides for the grant of Options, SARs, Restricted Shares, Restricted Share Units, Share Awards, Dividend Equivalents, Other Share-Based Awards, Cash Awards, Substitute Awards, or any combination of the foregoing,
as determined by the Committee in its sole discretion. 
 2. Definitions. For purposes of the Plan, the following terms shall be
defined as set forth below: 
 (a) “Affiliate” means any corporation, partnership, limited liability company, limited
liability partnership, association, trust or other organization that, directly or indirectly, controls, is controlled by, or is under common control with, the Company. For purposes of the preceding sentence, “control” (including, with
correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (i) to vote more than 50%
of the securities having ordinary voting power for the election of directors of the controlled entity or organization or (ii) to direct or cause the direction of the management and policies of the controlled entity or organization, whether
through the ownership of voting securities, by contract, or otherwise. 
 (b) “ASC Topic 718” means the Financial
Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation, as amended or any successor accounting standard. 

(c) “Award” means any Option, SAR, Restricted Share, Restricted Share Unit, Share Award, Dividend Equivalent, Other
Share-Based Award, Cash Award, or Substitute Award, together with any other right or interest, granted under the Plan. 
 (d)
“Award Agreement” means any written instrument (including any employment, severance or change in control agreement) that sets forth the terms, conditions, restrictions and/or limitations applicable to an Award, in addition to
those set forth under the Plan. 
 (e) “Board” means the Board of Directors of the Company. 

(f) “Cash Award” means an Award denominated in cash granted under Section 6(i). 

 (g) “Change in Control” means, except as otherwise provided in an
Award Agreement, the occurrence of any of the following events after the Effective Date: 
 (i) The acquisition by any individual, entity or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either
(x) the then outstanding Shares (the “Outstanding Shares”) or (y) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the
“Outstanding Company Voting Securities”); provided, however, that for purposes of this clause (i), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from
the Company, (B) any acquisition by the Company or its subsidiaries, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any entity controlled by the Company or (D) any
acquisition by any entity pursuant to a transaction that complies with clauses (A), (B) and (C) of clause (iii) below; 

(ii) The individuals constituting the Board on the Effective Date (the “Incumbent Directors”) cease for any reason
(other than death or disability) to constitute at least majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election, by the
Company’s shareholders was approved by a vote of at least two-thirds of the Incumbent Directors (either by a specific vote or by approval of the proxy statement of the Company in which such person is
named as a nominee for director, without objection to such nomination) will be considered as though such individual were an Incumbent Director, but excluding, for purposes of this proviso, any such individual whose initial assumption of office
occurs as a result of an actual or threatened proxy contest with respect to election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a “person” (as used in Section 13(d) of
the Exchange Act), in each case, other than the Board, which individual, for the avoidance of doubt, shall not be deemed to be an Incumbent Director for purposes of this definition, regardless of whether such individual was approved by a vote of at
least two-thirds of the Incumbent Directors; 
 (iii) Consummation of a reorganization, merger or
consolidation or sale or other disposition of all or substantially all of the assets of the Company or an acquisition of assets of another entity (a “Business Combination”), in each case, unless, following such Business
Combination, (A) the Outstanding Shares and Outstanding Company Voting Securities immediately prior to such Business Combination represent or are converted into or exchanged for securities which represent or are convertible into more than 50%
of, respectively, the then outstanding shares or common equity interests and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors or other governing body, as the case may be, of
the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such transaction owns the Company, or all or substantially all of the Company’s assets either directly or through one or more
subsidiaries), (B) no individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), excluding the Company, its subsidiaries and any employee benefit plan (or related trust) sponsored or maintained by
the Company or the entity resulting from such Business Combination (or any entity controlled by either the Company or the entity resulting from such Business Combination), beneficially owns, directly or indirectly, 50% or more of, respectively, the
then outstanding shares or common equity interests of the entity resulting from 

  
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such Business Combination or the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors or other governing body of such entity
except to the extent that such ownership results solely from direct or indirect ownership of the Company that existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors or similar governing
body of the entity resulting from such Business Combination were Incumbent Directors at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 

(iv) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

Notwithstanding any provision of this Section 2(g), for purposes of an Award that provides for a deferral of compensation under the
Nonqualified Deferred Compensation Rules, to the extent the impact of a Change in Control on such Award would subject a Participant to additional taxes under the Nonqualified Deferred Compensation Rules, a Change in Control described in
subsection (i), (ii), (iii) or (iv) above with respect to such Award will mean both a Change in Control and a “change in the ownership of a corporation,” “change in the effective control of a corporation,” or a
“change in the ownership of a substantial portion of a corporation’s assets” within the meaning of the Nonqualified Deferred Compensation Rules as applied to the Company. 

(h) “Change in Control Price” means the amount determined in the following clause (i), (ii), (iii), (iv) or (v),
whichever the Committee determines is applicable, as follows: (i) the price per share offered to holders of Shares in any merger or consolidation, (ii) the per share Fair Market Value of a Share immediately before the Change in Control or
other event without regard to assets sold in the Change in Control or other event and assuming the Company has received the consideration paid for the assets in the case of a sale of the assets, (iii) the amount distributed per Share in a
dissolution transaction, (iv) the price per share offered to holders of Shares in any tender offer or exchange offer whereby a Change in Control or other event takes place, or (v) if such Change in Control or other event occurs other than
pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 2(h), the value per Share that may otherwise be obtained with respect to such Awards or to which such Awards track, as
determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration offered to shareholders of the Company in any transaction described in this
Section 2(h) or in Section 8(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than cash and
such determination shall be binding on all affected Participants to the extent applicable to Awards held by such Participants. 
 (i)
“Code” means the Internal Revenue Code of 1986, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto. 

(j) “Committee” means a committee of two or more directors designated by the Board to administer the Plan; provided,
however, that, unless otherwise determined by the Board, the Committee shall consist solely of two or more Qualified Members. 

  
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 (k) “Dividend Equivalent” means a right, granted to an Eligible
Person under Section 6(g), to receive cash, Shares, other Awards or other property equal in value to dividends paid with respect to a specified number of Shares, or other periodic payments. 

(l) “Effective Date”
means                 , 2019. 
 (m) “Eligible
Person” means any individual who, as of the date of grant of an Award, is an officer or employee of the Company or of any of its Affiliates, and any other person who provides services to the Company or any of its Affiliates, including
directors of the Company; provided, however, that, any such individual must be an “employee” of the Company or any of its parents or subsidiaries within the meaning of General Instruction A.1(a) to Form S-8 if such individual is granted an Award that may be settled in Shares. An employee on leave of absence may be an Eligible Person. 

(n) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, including the guidance,
rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto. 
 (o) “Fair
Market Value” of a Share means, as of any specified date, (i) if the Shares are listed on a national securities exchange, the closing sales price of a Share, as reported on the stock exchange composite tape on that date (or if no
sales occur on such date, on the last preceding date on which such sales of the Shares are so reported); (ii) if the Shares are not traded on a national securities exchange but is traded over the counter on such date, the average between the
reported high and low bid and asked prices of a Share on the most recent date on which a Share was publicly traded on or preceding the specified date; or (iii) in the event Shares are not publicly traded at the time a determination of its value
is required to be made under the Plan, the amount determined by the Committee in its discretion in such manner as it deems appropriate, taking into account all factors the Committee deems appropriate, including the Nonqualified Deferred Compensation
Rules. Notwithstanding this definition of Fair Market Value, with respect to one or more Award types, or for any other purpose for which the Committee must determine the Fair Market Value under the Plan, the Committee may elect to choose a different
measurement date or methodology for determining Fair Market Value so long as the determination is consistent with the Nonqualified Deferred Compensation Rules and all other applicable laws and regulations. 

(p) “ISO” means an Option intended to be and designated as an “incentive stock option” within the meaning of
Section 422 of the Code. 
 (q) “Nonqualified Deferred Compensation Rules” means the limitations and
requirements of Section 409A of the Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto. 

(r) “Nonstatutory Option” means an Option that is not an ISO. 

(s) “Option” means a right, granted to an Eligible Person under Section 6(b), to purchase
Shares at a specified price during specified time periods, which may either be an ISO or a Nonstatutory Option. 

  
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 (t) “Other Share-Based Award” means an Award granted to an Eligible
Person under Section 6(h). 
 (u) “Participant” means a person who has been granted an
Award under the Plan that remains outstanding, including a person who is no longer an Eligible Person. 
 (v) “Qualified
Member” means a member of the Board who is (i) a “non-employee director” within the meaning of Rule 16b-3(b)(3), and (ii)
“independent” under the listing standards or rules of the stock exchange upon which the Shares are traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards or rules. 

(w) “Restricted Shares” means Shares granted to an Eligible Person under Section 6(d) that
is subject to certain restrictions and to a risk of forfeiture. 
 (x) “Restricted Share Unit” means a right,
granted to an Eligible Person under Section 6(e), to receive Shares, cash or a combination thereof at the end of a specified period (which may or may not be coterminous with the vesting schedule of the Award). 

(y) “Rule 16b-3” means Rule 16b-3,
promulgated by the SEC under Section 16 of the Exchange Act. 
 (z) “SAR” means a share appreciation right
granted to an Eligible Person under Section 6(c). 
 (aa) “SEC” means the Securities and
Exchange Commission. 
 (bb) “Securities Act” means the Securities Act of 1933, as amended from time to time,
including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto. 

(cc) “Shares” means the Company’s Class A shares, and such other securities as may be substituted (or re-substituted) for Shares pursuant to Section 8. 
 (dd) “Share
Award” means unrestricted Shares granted to an Eligible Person under Section 6(f). 
 (ee)
“Substitute Award” means an Award granted under Section 6(j). 
 3. Administration.

 (a) Authority of the Committee. The Plan shall be administered by the Committee except to the extent the Board elects to
administer the Plan, in which case references herein to the “Committee” shall be deemed to include references to the “Board.” Subject to the express provisions of the Plan, Rule 16b-3 and
other applicable laws, the Committee shall have the authority, in its sole and absolute discretion, to: 
 (i) designate Eligible Persons as
Participants; 

  
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 (ii) determine the type or types of Awards to be granted to an Eligible Person; 

(iii) determine the number of Shares or amount of cash to be covered by Awards; 

(iv) determine the terms and conditions of any Award, including whether, to what extent and under what circumstances Awards may be vested,
settled, exercised, cancelled or forfeited (including conditions based on continued employment or service requirements or the achievement of one or more performance goals); 

(v) modify, waive or adjust any term or condition of an Award that has been granted, which may include the acceleration of vesting, waiver of
forfeiture restrictions, modification of the form of settlement of the Award (for example, from cash to Shares or vice versa), early termination of a performance period, or modification of any other condition or limitation regarding an Award; 

(vi) determine the treatment of an Award upon a termination of employment or other service relationship; 

(vii) impose a holding period with respect to an Award or the Shares received in connection with an Award; 

(viii) interpret and administer the Plan and any Award Agreement; 

(ix) correct any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award, or in any Award Agreement; and 

(x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the
Plan. 
 The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as
limiting any power or authority of the Committee. Any action of the Committee shall be final, conclusive and binding on all persons, including the Company, its Affiliates, shareholders, Participants, beneficiaries, and permitted transferees under
Section 7(a) or other persons claiming rights from or through a Participant. 
 (b) Exercise of Committee
Authority. At any time that a member of the Committee is not a Qualified Member, any action of the Committee relating to an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in
respect of the Company where such action is not taken by the full Board may be taken either (i) by a subcommittee, designated by the Committee, composed solely of two or more Qualified Members, or (ii) by the Committee but with each such
member who is not a Qualified Member abstaining or recusing himself or herself from such action; provided, however, that upon such abstention or recusal, the Committee remains composed solely of two or more Qualified Members. Such
action, authorized by such a subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes of the Plan. For the avoidance of
doubt, the full Board may take any action relating to an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in respect of the Company. 

  
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 (c) Delegation of Authority. The Committee may delegate any or all of its powers and
duties under the Plan to a subcommittee of directors or to any officer of the Company, including the power to perform administrative functions and grant Awards; provided, however, that such delegation does not (i) violate state or
corporate law, or (ii) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any such
delegation, all references in the Plan to the “Committee,” other than in Section 8, shall be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee.
Any such delegation shall not limit the right of such subcommittee members or such an officer to receive Awards; provided, however, that such subcommittee members and any such officer may not grant Awards to himself or herself, a
member of the Board, or any executive officer of the Company or an Affiliate, or take any action with respect to any Award previously granted to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate. The
Committee may also appoint agents who are not executive officers of the Company or members of the Board to assist in administering the Plan, provided, however, that such individuals may not be delegated the authority to grant or modify
any Awards that will, or may, be settled in Shares. 
 (d) Limitation of Liability. The Committee and each member thereof shall be
entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or employee of the Company or any of its Affiliates, the Company’s legal counsel, independent auditors, consultants or any other
agents assisting in the administration of the Plan. Members of the Committee and any officer or employee of the Company or any of its Affiliates acting at the direction or on behalf of the Committee shall not be personally liable for any action or
determination taken or made in good faith with respect to the Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless by the Company with respect to any such action or determination. 

(e) Participants in Non-U.S. Jurisdictions. Notwithstanding any provision of the Plan to the
contrary, to comply with applicable laws in countries other than the United States in which the Company or any of its Affiliates operates or has employees, directors or other service providers from time to time, or to ensure that the Company
complies with any applicable requirements of foreign stock exchanges, the Committee, in its sole discretion, shall have the power and authority to: (i) determine which of the Company’s Affiliates shall be covered by the Plan;
(ii) determine which Eligible Persons outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to Eligible Persons outside the United States to comply with applicable
foreign laws or listing requirements of any foreign exchange; (iv) establish sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or
advisable (any such sub-plans and/or modifications shall be attached to the Plan as appendices), provided, however, that no such sub-plans and/or
modifications shall increase the share limitations contained in Section 4(a); and (v) take any action, before or after an Award is granted, that it deems advisable to comply with any applicable governmental regulatory
exemptions or approval or listing requirements of any such foreign securities exchange. For purposes of the Plan, all references to foreign laws, rules, regulations or taxes shall be references to the laws, rules, regulations and taxes of any
applicable jurisdiction other than the United States or a political subdivision thereof. 

  
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 4. Shares Subject to Plan. 

(a) Number of Shares Available for Delivery. Subject to adjustment in a manner consistent with
Section 8,                 Shares are reserved and available for delivery with respect to Awards, and such total shall be available for the
issuance of Shares upon the exercise of ISOs. 
 (b) Application of Limitation to Grants of Awards. Subject to
Section 4(c), no Award may be granted if the number of Shares that may be delivered in connection with such Award exceeds the number of Shares remaining available under the Plan minus the number of Shares issuable in
settlement of or relating to then-outstanding Awards. The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or Substitute Awards) and make adjustments if
the number of Shares actually delivered differs from the number of Shares previously counted in connection with an Award. 
 (c)
Availability of Shares Not Delivered under Awards. If all or any portion of an Award expires or is cancelled, forfeited, exchanged, settled in cash or otherwise terminated, the Shares subject to such Award (including (i) shares forfeited
with respect to Restricted Shares, and (ii) the number of Shares withheld or surrendered to the Company in payment of any exercise or purchase price of an Award or taxes relating to Awards) shall not be considered “delivered shares”
under the Plan, shall be available for delivery with respect to Awards, and shall no longer be considered issuable or related to outstanding Awards for purposes of Section 4(b). If an Award may be settled only in cash, such
Award need not be counted against any share limit under this Section 4. 
 (d) Shares Available Following
Certain Transactions. Substitute Awards granted in accordance with applicable stock exchange requirements and in substitution or exchange for awards previously granted by a company acquired by the Company or any subsidiary or with which the
Company or any subsidiary combines shall not reduce the Shares authorized for issuance under the Plan or the limitations on grants to non-employee members of the Board under
Section 5(b), nor shall Shares subject to such Substitute Awards be added to the Shares available for issuance under the Plan as provided above (whether or not such Substitute Awards are later cancelled, forfeited or
otherwise terminated). Additionally, in the event that a company acquired by the Company or any subsidiary or with which the Company or any subsidiary combines has Shares available under a pre-existing plan
approved by shareholders and not adopted in contemplation of such acquisition or combination, the Shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent
appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or
combination) may, if and to the extent determined by the Board and subject to compliance with applicable stock exchange requirements, be used for Awards under the Plan and shall not reduce the Shares authorized for issuance under the Plan (and
Shares subject to such Awards shall not be added to the Shares available for issuance under the Plan as provided above); provided that Awards 

  
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using such available Shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the
acquisition or combination, and shall only be made to individuals who were not, prior to such acquisition or combination, employed by (and who were not non-employee directors or consultants of) the Company or
any of its subsidiaries immediately prior to such acquisition or combination.  
 (e) Shares Offered. The Shares to be
delivered under the Plan shall be made available from (i) authorized but unissued Shares, (ii) Shares held in the treasury of the Company, or (iii) previously issued Shares reacquired by the Company, including Shares purchased on the
open market. 
 5. Eligibility; Award Limitations for Non-Employee Members of the Board. 

(a) Awards may be granted under the Plan only to Eligible Persons. 

(b) In each calendar year during any part of which the Plan is in effect, a non-employee member of the
Board may not be granted Awards having a value (determined, if applicable, pursuant to ASC Topic 718) on the date of grant in excess of $500,000; provided, that, for any calendar year in which a
non-employee member of the Board (i) first becomes a member of the Board, (ii) serves on a special committee of the Board or (iii) serves as lead director or chairman of the Board, additional
Awards may be granted to such non-employee member of the Board in excess of such limit; provided, further, that, the limit set forth in this Section 5(b) shall be
applied without taking into account (A) cash fees paid to a non-employee member of the Board during the applicable year (or grants of Awards, if any, made to a
non-employee member of the Board in lieu of all or any portion of such cash fees) or (B) grants of Awards, if any, made to a non-employee member of the Board during
any period in which such individual was an employee of the Company or of any of its Affiliates or was otherwise providing services to the Company or to any of its Affiliates other than in the capacity as a director of the Company. 

6. Specific Terms of Awards. 

(a) General. Awards may be granted on the terms and conditions set forth in this Section 6. Awards granted
under the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any other Award. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter
(subject to Section 10), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine. Without limiting the scope of the preceding sentence, the Committee may use
such business criteria and other measures of performance as it may deem appropriate in establishing any performance goals applicable to an Award, and any such performance goals may differ among Awards granted to any one Participant or to different
Participants. Except as otherwise provided in an Award Agreement, the Committee may exercise its discretion to reduce or increase the amounts payable under any Award. 

  
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 (b) Options. The Committee is authorized to grant Options, which may be designated as
either ISOs or Nonstatutory Options, to Eligible Persons on the following terms and conditions: 
 (i) Exercise Price. Each Award
Agreement evidencing an Option shall state the exercise price per Share (the “Exercise Price”) established by the Committee; provided, however, that except as provided in Section 6(j)
or in Section 8, the Exercise Price of an Option shall not be less than 100% of the Fair Market Value per Share as of the date of grant of the Option (or in the case of an ISO granted to an individual who owns equity
possessing more than 10% of the total combined voting power of all classes of equity of the Company or its parent or any of its subsidiaries, 110% of the Fair Market Value per Share on the date of grant). Notwithstanding the foregoing, the Exercise
Price of a Nonstatutory Option may be less than 100% of the Fair Market Value per Share as of the date of grant of the Option if the Option (1) does not provide for a deferral of compensation by reason of satisfying the short-term deferral
exception set forth in the Nonqualified Deferred Compensation Rules or (2) provides for a deferral of compensation and is compliant with the Nonqualified Deferred Compensation Rules. 

(ii) Time and Method of Exercise; Other Terms. The Committee shall determine the methods by which the Exercise Price may be paid or
deemed to be paid, the form of such payment, including cash or cash equivalents, Shares (including previously owned Shares or through a cashless exercise, i.e., “net settlement”, a broker-assisted exercise, or other reduction of the amount
of Shares otherwise issuable pursuant to the Option), other Awards or awards granted under other plans of the Company or any Affiliate, other property, or any other legal consideration the Committee deems appropriate (including notes or other
contractual obligations of Participants to make payment on a deferred basis), the methods by or forms in which Shares will be delivered or deemed to be delivered to Participants, including the delivery of Restricted Shares subject to
Section 6(d), and any other terms and conditions of any Option. In the case of an exercise whereby the Exercise Price is paid with Shares, such Shares shall be valued based on the Fair Market Value of the Shares as of the
date of exercise. No Option may be exercisable for a period of more than ten years following the date of grant of the Option (or in the case of an ISO granted to an individual who owns equity possessing more than 10% of the total combined voting
power of all classes of equity of the Company or its parent or any of its subsidiaries, for a period of more than five years following the date of grant of the ISO). 

(iii) ISOs. The terms of any ISO granted under the Plan shall comply in all respects with the provisions of Section 422 of the
Code. ISOs may only be granted to Eligible Persons who are employees of the Company or employees of a parent or any subsidiary corporation of the Company. Except as otherwise provided in Section 8, no term of the Plan
relating to ISOs (including any SAR in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify either the Plan or any ISO under Section 422 of
the Code, unless notice has been provided to the Participant that such change will result in such disqualification. ISOs shall not be granted more than ten years after the earlier of the adoption of the Plan or the approval of the Plan by the
Company’s shareholders. Notwithstanding the foregoing, to the extent that the aggregate Fair Market Value of Shares subject to an ISO and the aggregate Fair Market Value of Shares of any parent or subsidiary corporation (within the meaning of
Sections 424(e) and (f) of the Code) subject to any other incentive stock options of the Company or a parent or subsidiary corporation (within the meaning of Sections 424(e) and (f) of the Code) that are exercisable for the first
time by a Participant during any calendar year exceeds $100,000, or such other amount as may be prescribed under Section 422 of the Code, such excess shall be treated as Nonstatutory Options in accordance with the Code. As used in the previous
sentence, Fair Market Value shall be determined as of the date the ISO is granted. If a Participant shall make any disposition of Shares issued pursuant to an ISO under the circumstances described in Section 421(b) of the Code (relating to
disqualifying dispositions), the Participant shall notify the Company of such disposition within the time provided to do so in the applicable award agreement. 

  
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 (c) SARs. The Committee is authorized to grant SARs to Eligible Persons on the
following terms and conditions: 
 (i) Right to Payment. An SAR is a right to receive, upon exercise thereof, the excess of
(A) the Fair Market Value of one Share on the date of exercise over (B) the grant price of the SAR as determined by the Committee. 

(ii) Grant Price. Each Award Agreement evidencing an SAR shall state the grant price per Share established by the Committee;
provided, however, that except as provided in Section 6(j) or in Section 8, the grant price per Share subject to an SAR shall not be less than 100% of the Fair Market Value per Share
as of the date of grant of the SAR. Notwithstanding the foregoing, the grant price of an SAR may be less than 100% of the Fair Market Value per Share subject to an SAR as of the date of grant of the SAR if the SAR (1) does not provide for a
deferral of compensation by reason of satisfying the short-term deferral exception set forth in the Nonqualified Deferred Compensation Rules or (2) provides for a deferral of compensation and is compliant with the Nonqualified Deferred
Compensation Rules. 
 (iii) Method of Exercise and Settlement; Other Terms. The Committee shall determine the form of consideration
payable upon settlement, the method by or forms in which Shares (if any) will be delivered or deemed to be delivered to Participants, and any other terms and conditions of any SAR. SARs may be either free-standing or granted in tandem with other
Awards. No SAR may be exercisable for a period of more than ten years following the date of grant of the SAR. 
 (iv) Rights Related to
Options. An SAR granted in connection with an Option shall entitle a Participant, upon exercise, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount determined by multiplying
(A) the difference obtained by subtracting the Exercise Price with respect to a Share specified in the related Option from the Fair Market Value of a Share on the date of exercise of the SAR, by (B) the number of Shares as to which that
SAR has been exercised. The Option shall then cease to be exercisable to the extent surrendered. SARs granted in connection with an Option shall be subject to the terms and conditions of the Award Agreement governing the Option, which shall provide
that the SAR is exercisable only at such time or times and only to the extent that the related Option is exercisable and shall not be transferable except to the extent that the related Option is transferrable. 

(d) Restricted Shares. The Committee is authorized to grant Restricted Shares to Eligible Persons on the following terms and
conditions: 
 (i) Restrictions. Restricted Shares shall be subject to such restrictions on transferability, risk of forfeiture and
other restrictions, if any, as the Committee may impose. Except as provided in Section 7(a)(iii) and Section 7(a)(iv), during the restricted period applicable to the Restricted Shares, the
Restricted Shares may not be sold, transferred, pledged, hedged, hypothecated, margined or otherwise encumbered by the Participant. 

  
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 (ii) Dividends and Splits. As a condition to the grant of an Award of Restricted
Shares, the Committee may allow a Participant to elect, or may require, that any cash dividends paid on a share of Restricted Shares be automatically reinvested in additional shares of Restricted Shares, applied to the purchase of additional Awards
or deferred without interest to the date of vesting of the associated Award of Restricted Shares. Unless otherwise determined by the Committee and specified in the applicable Award Agreement, Shares distributed in connection with a Share split or
Share dividend, and other property (other than cash) distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Shares with respect to which such Shares or other property has been
distributed. 
 (e) Restricted Share Units. The Committee is authorized to grant Restricted Share Units to Eligible Persons on the
following terms and conditions: 
 (i) Award and Restrictions. Restricted Share Units shall be subject to such restrictions (which
may include a risk of forfeiture) as the Committee may impose. 
 (ii) Settlement. Settlement of vested Restricted Share Units shall
occur upon vesting or upon expiration of the deferral period specified for such Restricted Share Units by the Committee (or, if permitted by the Committee, as elected by the Participant). Restricted Share Units shall be settled by delivery of
(A) a number of Shares equal to the number of Restricted Share Units for which settlement is due, or (B) cash in an amount equal to the Fair Market Value of the specified number of Shares equal to the number of Restricted Share Units for
which settlement is due, or a combination thereof, as determined by the Committee at the date of grant or thereafter. 
 (f) Share
Awards. The Committee is authorized to grant Share Awards to Eligible Persons as a bonus, as additional compensation, or in lieu of cash compensation any such Eligible Person is otherwise entitled to receive, in such amounts and subject to such
other terms as the Committee in its discretion determines to be appropriate. 
 (g) Dividend Equivalents. The Committee is authorized
to grant Dividend Equivalents to Eligible Persons, entitling any such Eligible Person to receive cash, Shares, other Awards, or other property equal in value to dividends or other distributions paid with respect to a specified number of Shares.
Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award (other than an Award of Restricted Shares or a Share Award). The Committee may provide that Dividend Equivalents shall be paid or distributed when
accrued or at a later specified date and, if distributed at a later date, may be deemed to have been reinvested in additional Shares, Awards, or other investment vehicles or accrued in a bookkeeping account without interest, and subject to such
restrictions on transferability and risks of forfeiture, as the Committee may specify. With respect to Dividend Equivalents granted in connection with another Award, absent a contrary provision in the Award Agreement, such Dividend Equivalents shall
be subject to the same restrictions and risk of forfeiture as the Award with respect to which the dividends accrue and shall not be paid unless and until such Award has vested and been earned. 

  
 12 

 (h) Other Share-Based Awards. The Committee is authorized, subject to limitations
under applicable law, to grant to Eligible Persons such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be consistent with
the purposes of the Plan, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, Awards with value and payment contingent upon performance of the Company or any other
factors designated by the Committee, and Awards valued by reference to the book value of Shares or the value of securities of, or the performance of, specified Affiliates of the Company. The Committee shall determine the terms and conditions of such
Other Share-Based Awards. Shares delivered pursuant to an Other Share-Based Award in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid for at such times, by such
methods, and in such forms, including cash, Shares, other Awards, or other property, as the Committee shall determine. 
 (i) Cash
Awards. The Committee is authorized to grant Cash Awards, on a free-standing basis or as an element of, a supplement to, or in lieu of any other Award under the Plan to Eligible Persons in such amounts and subject to such other terms as the
Committee in its discretion determines to be appropriate. 
 (j) Substitute Awards; No Repricing. Awards may be granted in
substitution or exchange for any other Award granted under the Plan or under another plan of the Company or an Affiliate or any other right of an Eligible Person to receive payment from the Company or an Affiliate. Awards may also be granted under
the Plan in substitution for awards held by individuals who become Eligible Persons as a result of a merger, consolidation or acquisition of another entity or the assets of another entity by or with the Company or an Affiliate. Such Substitute
Awards referred to in the immediately preceding sentence that are Options or SARs may have an exercise price that is less than the Fair Market Value of a Share on the date of the substitution if such substitution complies with the Nonqualified
Deferred Compensation Rules and other applicable laws and exchange rules. Except as provided in this Section 6(j) or in Section 8, without the approval of the shareholders of the Company, the terms
of outstanding Awards may not be amended to (i) reduce the Exercise Price or grant price of an outstanding Option or SAR, (ii) grant a new Option, SAR or other Award in substitution for, or upon the cancellation of, any previously granted
Option or SAR that has the effect of reducing the Exercise Price or grant price thereof, (iii) exchange any Option or SAR for Shares, cash or other consideration when the Exercise Price or grant price per Share under such Option or SAR exceeds
the Fair Market Value of a Share or (iv) take any other action that would be considered a “repricing” of an Option or SAR under the applicable listing standards of the national securities exchange on which the Shares are listed (if
any). 
 7. Certain Provisions Applicable to Awards. 

(a) Limit on Transfer of Awards. 

(i) Except as provided in Sections 7(a)(iii) and (iv), each Option and SAR shall be exercisable only by the
Participant during the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this
Section 7(a), an ISO shall not be transferable other than by will or the laws of descent and distribution. 

  
 13 

 (ii) Except as provided in Sections 7(a)(i), (iii) and
(iv), no Award, other than a Share Award, and no right under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate. 
 (iii) To the extent
specifically provided by the Committee, an Award may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the
Committee may from time to time establish. 
 (iv) An Award may be transferred pursuant to a domestic relations order entered or approved
by a court of competent jurisdiction upon delivery to the Company of a written request for such transfer and a certified copy of such order. 

(b) Form and Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan and any applicable Award Agreement, payments
to be made by the Company or any of its Affiliates upon the exercise or settlement of an Award may be made in such forms as the Committee shall determine in its discretion, including cash, Shares, other Awards or other property, and may be made in a
single payment or transfer, in installments, or on a deferred basis (which may be required by the Committee or permitted at the election of the Participant on terms and conditions established by the Committee); provided, however, that
any such deferred or installment payments will be set forth in the Award Agreement. Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or
crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in Shares. 
 (c)
Evidencing Shares. The Shares or other securities of the Company delivered pursuant to an Award may be evidenced in any manner deemed appropriate by the Committee in its sole discretion, including in the form of a certificate issued in the
name of the Participant or by book entry, electronic or otherwise, and shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the
SEC, any stock exchange upon which such Shares or other securities are then listed, and any applicable federal, state or other laws, and the Committee may cause a legend or legends to be inscribed on any such certificates to make appropriate
reference to such restrictions. Further, if certificates representing Restricted Shares are registered in the name of the Participant, the Company may retain physical possession of the certificates and may require that the Participant deliver a
share power to the Company, endorsed in blank, related to the Restricted Shares. 
 (d) Consideration for Grants. Awards may be
granted for such consideration, including services, as the Committee shall determine, but shall not be granted for less than the minimum lawful consideration. 

  
 14 

 (e) Additional Agreements. Each Eligible Person to whom an Award is granted under the
Plan may be required to agree in writing, as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Eligible Person’s termination of employment or service to a general release of
claims and/or a noncompetition or other restricted covenant agreement in favor of the Company and its Affiliates, with the terms and conditions of such agreement(s) to be determined in good faith by the Committee. 

8. Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization.  

(a) Existence of Plans and Awards. The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or
power of the Company, the Board or the shareholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the
Company, any issue of debt or equity securities ahead of or affecting Shares or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any
other corporate act or proceeding. 
 (b) Additional Issuances. Except as expressly provided herein, the issuance by the Company of
Shares of any class, including upon conversion of Shares or obligations of the Company convertible into such Shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be
made with respect to, the number of Shares subject to Awards theretofore granted or the purchase price per Share, if applicable. 
 (c)
Subdivision or Consolidation of Shares. The terms of an Award and the share limitations under the Plan shall be subject to adjustment by the Committee from time to time, in accordance with the following provisions: 

(i) If at any time, or from time to time, the Company shall subdivide as a whole (by reclassification, by a Share split, by the issuance of a
distribution on Shares payable in Shares, or otherwise) the number of Shares then outstanding into a greater number of Shares or in the event the Company distributes an extraordinary cash dividend, then, as appropriate (A) the maximum
number of Shares available for delivery with respect to Awards and applicable limitations with respect to Awards provided in Section 4 and Section 5 (other than cash limits) shall be increased
proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of Shares (or other kind of shares or securities) that may be acquired under any then outstanding Award shall be
increased proportionately, and (C) the price (including the Exercise Price or grant price) for each Share (or other kind of shares or securities) subject to then outstanding Awards shall be reduced proportionately, without changing the
aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions; provided, however, that in the case of an extraordinary cash dividend that is not an Adjustment Event, the adjustment to the number of
Shares and the Exercise Price or grant price, as applicable, with respect to an outstanding Option or SAR may be made in such other manner as the Committee may determine that is permitted pursuant to applicable tax and other laws, rules and
regulations. Notwithstanding the foregoing, Awards that already have a right to receive extraordinary cash dividends as a result of Dividend Equivalents or other dividend rights will not be adjusted as a result of an extraordinary cash dividend.

  
 15 

 (ii) If at any time, or from time to time, the Company shall consolidate as a whole (by
reclassification, by reverse Share split, or otherwise) the number of Shares then outstanding into a lesser number of Shares, then, as appropriate (A) the maximum number of Shares available for delivery with respect to Awards and
applicable limitations with respect to Awards provided in Section 4 and Section 5 (other than cash limits) shall be decreased proportionately, and the kind of shares or other securities available
for the Plan shall be appropriately adjusted, (B) the number of Shares (or other kind of shares or securities) that may be acquired under any then outstanding Award shall be decreased proportionately, and (C) the price (including the
Exercise Price or grant price) for each Share (or other kind of shares or securities) subject to then outstanding Awards shall be increased proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain
exercisable or subject to restrictions. 
 (d) Recapitalization. In the event of any change in the capital structure or business of
the Company or other corporate transaction or event that would be considered an “equity restructuring” within the meaning of ASC Topic 718 and, in each case, that would result in an additional compensation expense to the Company pursuant
to the provisions of ASC Topic 718, if adjustments to Awards with respect to such event were discretionary or otherwise not required (each such an event, an “Adjustment Event”), then the Committee shall equitably adjust
(i) the aggregate number or kind of shares that thereafter may be delivered under the Plan, (ii) the number or kind of shares or other property (including cash) subject to an Award, (iii) the terms and conditions of Awards, including
the purchase price or Exercise Price of Awards and performance goals, as applicable, and (iv) the applicable limitations with respect to Awards provided in Section 4 and Section 5 (other than
cash limits) to equitably reflect such Adjustment Event (“Equitable Adjustments”). In the event of any change in the capital structure or business of the Company or other corporate transaction or event that would not be
considered an Adjustment Event, and is not otherwise addressed in this Section 8, the Committee shall have complete discretion to make Equitable Adjustments (if any) in such manner as it deems appropriate with respect to
such other event. 
 (e) Change in Control and Other Events. Except to the extent otherwise provided in any applicable Award
Agreement, vesting of any Award shall not occur solely upon the occurrence of a Change in Control and, in the event of a Change in Control or other changes in the Company or the outstanding Shares by reason of a recapitalization, reorganization,
merger, consolidation, combination, exchange or other relevant change occurring after the date of the grant of any Award, the Committee, acting in its sole discretion without the consent or approval of any holder, may exercise any power enumerated
in Section 3 (including the power to accelerate vesting, waive any forfeiture conditions or otherwise modify or adjust any other condition or limitation regarding an Award) and may also effect one or more of the following
alternatives, which may vary among individual holders and which may vary among Awards held by any individual holder: 
 (i) accelerate the
time of exercisability of an Award so that such Award may be exercised in full or in part for a limited period of time on or before a date specified by the Committee, after which specified date all unexercised Awards and all rights of holders
thereunder shall terminate; 

  
 16 

 (ii) redeem in whole or in part outstanding Awards by requiring the mandatory surrender to
the Company by selected holders of some or all of the outstanding Awards held by such holders (irrespective of whether such Awards are then vested or exercisable) as of a date, specified by the Committee, in which event the Committee shall thereupon
cancel such Awards and pay to each holder an amount of cash or other consideration per Award (other than a Dividend Equivalent or Cash Award, which the Committee may separately require to be surrendered in exchange for cash or other consideration
determined by the Committee in its discretion) equal to the Change in Control Price, less the Exercise Price with respect to an Option and less the grant price with respect to a SAR, as applicable to such Awards; provided, however,
that to the extent the Exercise Price of an Option or the grant price of an SAR exceeds the Change in Control Price, such Award may be cancelled for no consideration; 

(iii) cancel Awards that remain subject to a restricted period as of the date of a Change in Control or other such event without payment of
any consideration to the Participant for such Awards; or 
 (iv) make such adjustments to Awards then outstanding as the Committee deems
appropriate to reflect such Change in Control or other such event (including the substitution, assumption, or continuation of Awards by the successor company or a parent or subsidiary thereof); 

provided, however, that so long as the event is not an Adjustment Event, the Committee may determine in its sole discretion that no adjustment
is necessary to Awards then outstanding. If an Adjustment Event occurs, this Section 8(e) shall only apply to the extent it is not in conflict with Section 8(d). 

9. General Provisions. 

(a) Tax Withholding. The Company and any of its Affiliates are authorized to withhold from any Award granted, or any payment relating
to an Award, including from a distribution of Shares, taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company, its Affiliates and
Participants to satisfy the payment of withholding taxes and other tax obligations relating to any Award in such amounts as may be determined by the Committee. The Committee shall determine, in its sole discretion, the form of payment acceptable for
such tax withholding obligations, including the delivery of cash or cash equivalents, Shares (including previously owned Shares, net settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of Shares otherwise
issuable or delivered pursuant to the Award), other property, or any other legal consideration the Committee deems appropriate. Any determination made by the Committee to allow a Participant who is subject to Rule
16b-3 to pay taxes with Shares through net settlement or previously owned shares shall be approved by either a committee made up of solely two or more Qualified Members or the full Board. If such tax
withholding amounts are satisfied through net settlement or previously owned Shares, the maximum number of Shares that may be so withheld or surrendered shall be the number of Shares that have an 

  
 17 

 
aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state,
foreign and/or local tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to such Award, as determined by the Committee. 

(b) Limitation on Rights Conferred under Plan. Neither the Plan nor any action taken hereunder shall be construed as (i) giving
any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or any of its Affiliates, (ii) interfering in any way with the right of the Company or any of its
Affiliates to terminate any Eligible Person’s or Participant’s employment or service relationship at any time, (iii) giving an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly
with other Participants and/or employees and/or other service providers, or (iv) conferring on a Participant any of the rights of a shareholder of the Company unless and until the Participant is duly issued or transferred Shares in accordance
with the terms of an Award. 
 (c) Governing Law; Submission to Jurisdiction. All questions arising with respect to the provisions of
the Plan and Awards shall be determined by application of the laws of the State of Delaware, without giving effect to any conflict of law provisions thereof, except to the extent Delaware law is preempted by federal law. The obligation of the
Company to sell and deliver Shares hereunder is subject to applicable federal and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Shares. With respect to
any claim or dispute related to or arising under the Plan, the Company and each Participant who accepts an Award hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in Harris County, Texas. 

(d) Severability and Reformation. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if
it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan
and any such Award shall remain in full force and effect. If any of the terms or provisions of the Plan or any Award Agreement conflict with the requirements of Rule 16b-3 (as those terms or provisions are
applied to Eligible Persons who are subject to Section 16 of the Exchange Act) or Section 422 of the Code (with respect to ISOs), then those conflicting terms or provisions shall be deemed inoperative to the extent they so conflict with
the requirements of Rule 16b-3 (unless the Board or the Committee, as appropriate, has expressly determined that the Plan or such Award should not comply with Rule
16b-3) or Section 422 of the Code, in each case, only to the extent Rule 16b-3 and such sections of the Code are applicable. With respect to ISOs, if the Plan does
not contain any provision required to be included herein under Section 422 of the Code, that provision shall be deemed to be incorporated herein with the same force and effect as if that provision had been set out at length herein;
provided, further, that, to the extent any Option that is intended to qualify as an ISO cannot so qualify, that Option (to that extent) shall be deemed a Nonstatutory Option for all purposes of the Plan. 

  
 18 

 (e) Unfunded Status of Awards; No Trust or Fund Created. The Plan is intended to
constitute an “unfunded” plan for certain incentive awards. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a
Participant or any other person. To the extent that any person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the
Company or such Affiliate. 
 (f) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor its submission
to the shareholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable. Nothing contained in the Plan shall
be construed to prevent the Company or any of its Affiliates from taking any corporate action which is deemed by the Company or such Affiliate to be appropriate or in its best interest, whether or not such action would have an adverse effect on the
Plan or any Award made under the Plan. No employee, beneficiary or other person shall have any claim against the Company or any of its Affiliates as a result of any such action. 

(g) Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall
determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Shares or whether such fractional Shares or any rights thereto shall be cancelled, terminated, or otherwise
eliminated with or without consideration. 
 (h) Interpretation. Headings are given to the Sections and subsections of the Plan
solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. Words in the masculine gender shall include the feminine
gender, and, where appropriate, the plural shall include the singular and the singular shall include the plural. In the event of any conflict between the terms and conditions of an Award Agreement and the Plan, the provisions of the Plan shall
control. The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to
similar items or matters, whether or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather
shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. References herein to any agreement, instrument or other document means such agreement,
instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and not prohibited by the Plan. 

(i) Facility of Payment. Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the
Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied for the benefit of such individual in any manner that the Committee may select, and the Company shall be
relieved of any further liability for payment of such amounts. 

  
 19 

 (j) Conditions to Delivery of Shares. Nothing herein or in any Award Agreement shall
require the Company to issue any Shares with respect to any Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the Securities Act, any other applicable statute or regulation, or the rules of any
applicable stock exchange or securities association, as then in effect. In addition, each Participant who receives an Award under the Plan shall not sell or otherwise dispose of the Shares that are acquired upon grant, exercise or vesting of an
Award in any manner that would constitute a violation of any applicable federal or state securities laws, the Plan or the rules, regulations or other requirements of the SEC or any stock exchange upon which the Shares are then listed. At the time of
any exercise of an Option or SAR, or at the time of any grant of any other Award, the Company may, as a condition precedent to the exercise of such Option or SAR or settlement of any other Award, require from the Participant (or in the event of his
or her death, his or her legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder’s intentions with regard to the retention or disposition of the Shares being acquired pursuant to the
Award and such written covenants and agreements, if any, as to the manner of disposal of such Shares as, in the opinion of counsel to the Company, may be necessary to ensure that any disposition by that holder (or in the event of the holder’s
death, his or her legal representatives, heirs, legatees, or distributees) will not involve a violation of the Securities Act, any other applicable state or federal statute or regulation, or any rule of any applicable stock exchange or securities
association, as then in effect. Shares or other securities shall not be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement (including any Exercise Price,
grant price, or tax withholding) is received by the Company. 
 (k) Section 409A of the Code. It is the general intention, but not
the obligation, of the Committee to design Awards to comply with or to be exempt from the Nonqualified Deferred Compensation Rules, and Awards will be operated and construed accordingly. Neither this Section 9(k) nor any
other provision of the Plan is or contains a representation to any Participant regarding the tax consequences of the grant, vesting, exercise, settlement, or sale of any Award (or the Shares underlying such Award) granted hereunder, and should not
be interpreted as such. In no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance
with the Nonqualified Deferred Compensation Rules. Notwithstanding any provision in the Plan or an Award Agreement to the contrary, in the event that a “specified employee” (as defined under the Nonqualified Deferred Compensation Rules)
becomes entitled to a payment under an Award that would be subject to additional taxes and interest under the Nonqualified Deferred Compensation Rules if the Participant’s receipt of such payment or benefits is not delayed until the earlier of
(i) the date of the Participant’s death, or (ii) the date that is six months after the Participant’s “separation from service,” as defined under the Nonqualified Deferred Compensation Rules (such date, the
“Section 409A Payment Date”), then such payment or benefit shall not be provided to the Participant until the Section 409A Payment Date. Any amounts subject to the preceding sentence that
would otherwise be payable prior to the Section 409A Payment Date will be aggregated and paid in a lump sum without interest on the Section 409A Payment Date. The applicable provisions of the Nonqualified Deferred Compensation Rules are
hereby incorporated by reference and shall control over any Plan or Award Agreement provision in conflict therewith. 

  
 20 

 (l) Clawback. The Plan and all Awards granted hereunder are subject to any written
clawback policies that the Company, with the approval of the Board or an authorized committee thereof, may adopt either prior to or following the Effective Date, including any policy adopted to conform to the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010 and rules promulgated thereunder by the SEC and that the Company determines should apply to Awards. Any such policy may subject a Participant’s Awards and amounts paid or realized with respect to Awards to
reduction, cancelation, forfeiture or recoupment if certain specified events or wrongful conduct occur, including an accounting restatement due to the Company’s material noncompliance with financial reporting regulations or other events or
wrongful conduct specified in any such clawback policy. 
 (m) Status under ERISA. The Plan shall not constitute an “employee
benefit plan” for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 
 (n) Plan
Effective Date and Term. The Plan was adopted by the Board to be effective on the Effective Date. No Awards may be granted under the Plan on and after the tenth anniversary of the Effective Date, which
is             , 2029. However, any Award granted prior to such termination (or any earlier termination pursuant to Section 10), and the authority of the Board or
Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award in accordance with the terms of the Plan, shall extend beyond such termination until the final disposition of
such Award. 
 10. Amendments to the Plan and Awards. The Committee may amend, alter, suspend, discontinue or terminate any
Award or Award Agreement, the Plan or the Committee’s authority to grant Awards without the consent of shareholders or Participants, except that any amendment or alteration to the Plan, including any increase in any share limitation, shall be
subject to the approval of the Company’s shareholders not later than the annual meeting next following such Committee action if such shareholder approval is required by any federal or state law or regulation or the rules of any stock exchange
or automated quotation system on which the Shares may then be listed or quoted, and the Committee may otherwise, in its discretion, determine to submit other changes to the Plan to shareholders for approval; provided, that, without the
consent of an affected Participant, no such Committee action may materially and adversely affect the rights of such Participant under any previously granted and outstanding Award. For purposes of clarity, any adjustments made to Awards pursuant to
Section 8 will be deemed not to materially and adversely affect the rights of any Participant under any previously granted and outstanding Award and therefore may be made without the consent of affected Participants. 

  
 21EX-10.2

 Exhibit 10.2 

SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 FORTIS MINERALS
OPERATING, LLC 
 DATED AS OF [●], 2019 

THE LIMITED LIABILITY COMPANY INTERESTS IN FORTIS MINERALS OPERATING, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE
SECURITIES LAWS OF ANY STATE, OR ANY OTHER APPLICABLE SECURITIES LAWS, AND HAVE BEEN OR ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH INTERESTS MUST BE ACQUIRED FOR
INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE AND ANY OTHER APPLICABLE SECURITIES
LAWS; (II) THE TERMS AND CONDITIONS OF THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER AND THE APPLICABLE MEMBER. THE LIMITED
LIABILITY COMPANY INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT, AND ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER
AND THE APPLICABLE MEMBER. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME. 

 Table of Contents 

 

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	 	Definitions	  	 	1	 
	 Section 1.2
	 	Interpretive Provisions	  	 	13	 
		
	 ARTICLE II ORGANIZATION OF THE LIMITED LIABILITY COMPANY
	  	 	14	 
			
	 Section 2.1
	 	Formation	  	 	14	 
	 Section 2.2
	 	Filing	  	 	14	 
	 Section 2.3
	 	Name	  	 	14	 
	 Section 2.4
	 	Registered Office; Registered Agent	  	 	14	 
	 Section 2.5
	 	Principal Place of Business	  	 	14	 
	 Section 2.6
	 	Purpose; Powers	  	 	15	 
	 Section 2.7
	 	Term	  	 	15	 
	 Section 2.8
	 	Intent	  	 	15	 
		
	 ARTICLE III OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS
	  	 	15	 
			
	 Section 3.1
	 	Authorized Units; General Provisions With Respect to Units	  	 	15	 
	 Section 3.2
	 	Voting Rights	  	 	19	 
	 Section 3.3
	 	Capital Contributions; Unit Ownership	  	 	19	 
	 Section 3.4
	 	Capital Accounts	  	 	20	 
	 Section 3.5
	 	Other Matters	  	 	20	 
	 Section 3.6
	 	Redemption of Units	  	 	21	 
		
	 ARTICLE IV ALLOCATIONS OF PROFITS AND LOSSES
	  	 	28	 
			
	 Section 4.1
	 	Profits and Losses	  	 	28	 
	 Section 4.2
	 	Special Allocations	  	 	29	 
	 Section 4.3
	 	Allocations for Tax Purposes in General	  	 	32	 
	 Section 4.4
	 	Income Tax Allocations with Respect to Depletable Properties	  	 	32	 
	 Section 4.5
	 	Other Allocation Rules	  	 	33	 
		
	 ARTICLE V DISTRIBUTIONS
	  	 	34	 
			
	 Section 5.1
	 	Distributions	  	 	34	 
	 Section 5.2
	 	Tax-Related Distributions	  	 	35	 
	 Section 5.3
	 	Distribution Upon Withdrawal	  	 	35	 
		
	 ARTICLE VI MANAGEMENT
	  	 	35	 
			
	 Section 6.1
	 	The Managing Member; Fiduciary Duties	  	 	35	 
	 Section 6.2
	 	Officers	  	 	37	 
	 Section 6.3
	 	Warranted Reliance by Officers on Others	  	 	38	 

  
 i 

							
	 Section 6.4
	 	Indemnification; Exculpation	  	 	38	 
	 Section 6.5
	 	Maintenance of Insurance or Other Financial Arrangements	  	 	40	 
	 Section 6.6
	 	Resignation or Termination of Managing Member	  	 	40	 
	 Section 6.7
	 	No Inconsistent Obligations	  	 	40	 
	 Section 6.8
	 	Reclassification Events of PubCo	  	 	41	 
	 Section 6.9
	 	Certain Costs and Expenses	  	 	41	 
		
	 ARTICLE VII ROLE OF MEMBERS
	  	 	42	 
			
	 Section 7.1
	 	Rights or Powers	  	 	42	 
	 Section 7.2
	 	Voting	  	 	42	 
	 Section 7.3
	 	Various Capacities	  	 	43	 
	 Section 7.4
	 	Investment Opportunities	  	 	43	 
		
	 ARTICLE VIII TRANSFERS OF INTERESTS
	  	 	44	 
			
	 Section 8.1
	 	Restrictions on Transfer	  	 	44	 
	 Section 8.2
	 	Notice of Transfer	  	 	45	 
	 Section 8.3
	 	Transferee Members	  	 	45	 
	 Section 8.4
	 	Legend	  	 	46	 
		
	 ARTICLE IX ACCOUNTING; CERTAIN TAX MATTERS
	  	 	46	 
			
	 Section 9.1
	 	Books of Account	  	 	46	 
	 Section 9.2
	 	Tax Elections	  	 	47	 
	 Section 9.3
	 	Tax Returns; Information	  	 	47	 
	 Section 9.4
	 	Company Representative	  	 	47	 
	 Section 9.5
	 	Withholding Tax Payments and Obligations	  	 	48	 
		
	 ARTICLE X DISSOLUTION AND TERMINATION
	  	 	49	 
			
	 Section 10.1
	 	Liquidating Events	  	 	49	 
	 Section 10.2
	 	Bankruptcy	  	 	50	 
	 Section 10.3
	 	Procedure	  	 	50	 
	 Section 10.4
	 	Rights of Members	  	 	51	 
	 Section 10.5
	 	Notices of Dissolution	  	 	51	 
	 Section 10.6
	 	Reasonable Time for Winding Up	  	 	52	 
	 Section 10.7
	 	No Deficit Restoration	  	 	52	 
		
	 ARTICLE XI GENERAL
	  	 	52	 
			
	 Section 11.1
	 	Amendments; Waivers	  	 	52	 
	 Section 11.2
	 	Further Assurances	  	 	53	 
	 Section 11.3
	 	Successors and Assigns	  	 	53	 
	 Section 11.4
	 	Certain Representations by Members	  	 	53	 
	 Section 11.5
	 	Entire Agreement	  	 	53	 
	 Section 11.6
	 	Rights of Members Independent	  	 	54	 
	 Section 11.7
	 	Governing Law	  	 	54	 
	 Section 11.8
	 	Jurisdiction and Venue	  	 	54	 
	 Section 11.9
	 	Headings	  	 	54	 

  
 ii 

							
	 Section 11.10
	 	Counterparts	  	 	54	 
	 Section 11.11
	 	Notices	  	 	54	 
	 Section 11.12
	 	Representation By Counsel; Interpretation	  	 	55	 
	 Section 11.13
	 	Severability	  	 	55	 
	 Section 11.14
	 	Expenses	  	 	55	 
	 Section 11.15
	 	Waiver of Jury Trial	  	 	55	 
	 Section 11.16
	 	No Third Party Beneficiaries	  	 	56	 

  
 iii 

 SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 FORTIS MINERALS
OPERATING, LLC 
 This SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as amended, supplemented or restated from time
to time, this “Agreement”) is entered into as of [•], 2019, by and among Fortis Minerals Operating, LLC, a Delaware limited liability company (the “Company”), Fortis Minerals, LLC
(“PubCo”), and each other Person who is or at any time becomes a Member in accordance with the terms of this Agreement and the Act. Capitalized terms used herein and not otherwise defined have the respective meanings set
forth in Section 1.1. 
 RECITALS 

WHEREAS, the Company is governed by that certain Amended and Restated Limited Liability Company Agreement of the Company, dated
effective February 14, 2019 (the “Existing LLC Agreement”); 
 WHEREAS, as of the date hereof, the
Members of the Company are Fortis Intermediate Holdings, LLC, which holds all of the Class A-I Units (as defined in the Existing LLC Agreement), and New Fortis Minerals, LLC, which holds all of the Class B-I Units (as defined in the Existing LLC Agreement);  
 WHEREAS, the Persons
party to this Agreement, among others, previously entered into that certain Master Reorganization Agreement, dated [•], 2019 (the “Master Reorganization Agreement”), pursuant to which, such Persons agreed that, among
other things, in connection with the closing of PubCo’s initial underwritten public offering (the “IPO”) of Class A Shares (as defined below), the Company shall be reorganized pursuant to the terms thereof; 

WHEREAS, the Members of the Company desire to amend and restate the Existing LLC Agreement and adopt this Agreement, which shall
supersede and replace the Existing LLC Agreement in its entirety as of the date hereof. 
 NOW THEREFORE, in consideration of the
mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows: 

 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement and the Schedules and Exhibits attached to this Agreement, the following
definitions shall apply: 
 “Act” means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as amended from time to time (or any corresponding provisions of succeeding law). 

“Action” means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any
Governmental Entity. 
 “Adjusted Basis” has the meaning given such term in Section 1011 of the Code. 

“Adjusted Capital Account Deficit” means the deficit balance, if any, in such Member’s Capital Account at the end
of any Fiscal Year or other taxable period, with the following adjustments: 
  

	 	(a)	 credit to such Capital Account any amount that such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c), as well as any addition thereto pursuant to the next to last sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) after taking into account thereunder any changes during such year in Company Minimum Gain and Member Minimum Gain; and 

 

	 	(b)	 debit to such Capital Account the items described in Treasury Regulations
Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 

 This definition of Adjusted Capital
Account Deficit is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled
by, or is under common control with, such Person. For these purposes, “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise; provided that, for purposes of this Agreement, (a) no Member shall be deemed an Affiliate of the Company or any of its Subsidiaries and (b) none of the Company or any of its
Subsidiaries shall be deemed an Affiliate of any Member. 
 “Agreement” is defined in the preamble to this
Agreement. 
 “Bad Faith” means, with respect to any determination, action or omission, of any Person, board or
committee, that such Person, board or committee reached such determination, or engaged in or failed to engage in such act or omission, with the belief that such determination, action or omission was adverse to the interest of the Company or, with
respect to any criminal conduct, with knowledge that such conduct was unlawful. 
 “beneficially own” and
“beneficial owner” shall be as defined in Rule 13d-3 of the rules promulgated under the Exchange Act. 

“Board” means the board of directors of PubCo. 

“Business Day” means any day (other than a Saturday or Sunday) on which commercial banks in city of the Company’s
principal place of business are generally open for business. 

  
 2 

 “Business Opportunities Exempt Party” is defined in
Section 7.4. 
 “Call Election Notice” is defined in
Section 3.6(f)(ii). 
 “Call Right” is defined in
Section 3.6(f)(i) 
 “Capital Account” means, with respect to any Member, the Capital
Account maintained for such Member in accordance with Section 3.4. 
 “Capital
Contribution” means, with respect to any Member, the amount of cash and the initial Gross Asset Value of any property (other than cash) contributed to the Company by such Member. Any reference to the Capital Contribution of a Member
will include any Capital Contributions made by a predecessor holder of such Member’s Units to the extent that such Capital Contribution was made in respect of Units Transferred to such Member. 

“Cash Election” is defined in Section 3.6(a)(iii) and shall also include PubCo’s
election to purchase Units for cash pursuant to an exercise of its Call Right set forth in Section 3.6(g). 

“Cash Election Amount” means with respect to a particular Redemption for which a Cash Election has been made,
(a) if the Class A Shares trade on a securities exchange or automated or electronic quotation system, an amount of cash equal to the product of (i) the number of Class A Shares that would have been received in such Redemption if
a Cash Election had not been made and (ii) the average of the volume-weighted closing price for a Class A Share on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A Shares trade,
as reported by Bloomberg, L.P., or its successor, for each of the 10 consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the Redemption Notice Date, subject to appropriate and equitable adjustment for
any share splits, reverse splits, share dividends or similar events affecting the Class A Shares; and (b) if the Class A Shares no longer trade on a securities exchange or automated or electronic quotation system, an amount of cash
equal to the product of (i) the number of Class A Shares that would have been received in such Redemption if a Cash Election had not been made and (ii) the Fair Market Value of one Class A Share, as determined by the Managing
Member in Good Faith, that would be obtained in an arms’ length transaction for cash between an informed and willing buyer and an informed and willing seller, neither of whom is under any compulsion to purchase or sell, respectively, and
without regard to the particular circumstances of the buyer or seller. 
 “Change of Control Redemption Date” is
defined in Section 3.6(g). 
 “Chief Executive Officer” means the Person appointed as the
Chief Executive Officer of the Company by the Managing Member pursuant to and in accordance with the provisions of Section 6.2. 

“Class A Shares” means, as applicable, (a) the Class A Shares representing
limited liability company interest in PubCo or (b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or cash or other property that become
payable in consideration for the Class A Shares or into which the Class A Shares is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event. 

  
 3 

 “Class B Shares” means, as
applicable, (a) the Class B Shares representing limited liability company interest in PubCo or (b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo
or any other Person or cash or other property that become payable in consideration for the Class B Shares or into which the Class B Shares is exchanged or converted as a result of such consolidation, merger, reclassification or other
similar event. 
 “Code” means the United States Internal Revenue Code of 1986, as amended from time to time (or any
corresponding provisions of succeeding law). 
 “Commission” means the U.S. Securities and Exchange Commission,
including any governmental body or agency succeeding to the functions thereof. 
 “Company” is defined in the
preamble to this Agreement. 
 “Company Level Taxes” means any federal, state, or local taxes, additions to tax,
penalties, and interest payable by the Company or any of its Subsidiaries as a result of any examination of the Company’s or any of its Subsidiaries’ affairs by any federal, state, or local tax authorities, including resulting
administrative and judicial proceedings under the Partnership Tax Audit Rules. 
 “Company Minimum Gain” has the
meaning of “partnership minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d). It is further understood that Company
Minimum Gain shall be determined in a manner consistent with the rules of Treasury Regulations Section 1.704-2(b)(2), including the requirement that if the adjusted Gross Asset Value of property subject
to one or more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with reference to such Gross Asset Value. 

“Company Representative” has the meaning assigned to the term “partnership representative” in
Section 6223 of the Code and any Treasury Regulations or other administrative or judicial pronouncements promulgated thereunder, as appointed pursuant to Section 9.4. 

“Contract” means any written agreement, contract, lease, sublease, license, sublicense, obligation, promise or
undertaking. 
 “control” (including the terms “controlled by” and “under common control with”),
with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly or as trustee, personal representative or executor, of the power to direct or cause the direction of the affairs or management of a
Person, whether through the ownership of voting securities, as trustee, personal representative or executor, by contract, credit arrangement or otherwise. 

“Covered Audit Adjustment” means an adjustment to any partnership-related item (within the meaning of
Section 6241(2)(B) of the Code) to the extent such adjustment results in an “imputed underpayment” as described in Section 6225(b) of the Code or any analogous provision of state or local Law. 

“Covered Person” is defined in Section 6.4. 

  
 4 

 “Debt Securities” means any and all debt instruments or debt
securities that are not convertible or exchangeable into Equity Securities of any member of the PubCo Holdings Group. 

“Depletable Property” means each separate oil and gas property as defined in Code Section 614. 

“Depreciation” means, for each Fiscal Year or other taxable period, an amount equal to the depreciation, amortization,
or other cost recovery deduction (excluding depletion) allowable with respect to an asset for such Fiscal Year or other taxable period, except that (a) with respect to any such property the Gross Asset Value of which differs from its Adjusted
Basis for U.S. federal income tax purposes and which difference is being eliminated by use of the “remedial method” pursuant to Treasury Regulations Section 1.704-3(d), Depreciation for such
Fiscal Year or other taxable period shall be the amount of book basis recovered for such Fiscal Year or other taxable period under the rules prescribed by Treasury Regulations Section 1.704-3(d)(2), and
(b) with respect to any other such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes at the beginning of such Fiscal Year or other taxable period, Depreciation shall be an amount that
bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year or other taxable period bears to such beginning Adjusted Basis; provided,
however, that if the Adjusted Basis for U.S. federal income tax purposes of an asset at the beginning of such Fiscal Year or other taxable period is zero, Depreciation with respect to such asset shall be determined with reference to such
beginning Gross Asset Value using any reasonable method selected by the Managing Member. 
 “DGCL” means the General
Corporation Law of the State of Delaware, as amended from time to time (or any corresponding provisions of succeeding law). 

“Discount” means any underwriters’ discounts or commissions and brokers’ fees or commissions, including, for
the avoidance of doubt, any deferred discounts or commissions and brokers’ fees or commissions payable in connection with or as a result of any Public Offering. 

“Equity Securities” means (a) with respect to a partnership, limited liability company or similar Person, any and
all units, interests, rights to purchase, warrants, options or other equivalents of, or other ownership interests in, any such Person as well as debt or equity instruments convertible, exchangeable or exercisable into any such units, interests,
rights or other ownership interests and (b) with respect to a corporation, any and all shares, interests, participation or other equivalents (however designated) of corporate stock, including all common stock and preferred stock, or warrants,
options or other rights to acquire any of the foregoing, including any debt instrument convertible or exchangeable into any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Excess Tax Amount” is defined in Section 9.5(c). 

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

  
 5 

 “Existing LLC Agreement” is defined in the recitals to this
Agreement. 
 “Fair Market Value” means the fair market value of any property as determined in Good Faith by the
Managing Member after taking into account such factors as the Managing Member shall deem appropriate. 
 “Federal Bankruptcy
Code” means Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated thereunder. 

“Fiscal Year” means the fiscal year of the Company, which shall end on December 31 of each calendar year unless,
for U.S. federal income tax purposes, another fiscal year is required. The Company shall have the same fiscal year for U.S. federal income tax purposes and for accounting purposes. 

“GAAP” means U.S. generally accepted accounting principles at the time. 

“Good Faith” means a Person having acted in good faith and in a manner such Person reasonably believed to be in or not
opposed to the best interests of the Company, and, with respect to a criminal proceeding, having had no reasonable cause to believe such Person’s conduct was unlawful. 

“Governmental Entity” means any federal, national, supranational, state, provincial, local, foreign or other
government, governmental, stock exchange, regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body. 

“Gross Asset Value” means, with respect to any asset, the asset’s Adjusted Basis for U.S. federal income tax
purposes (which, in the case of any Depletable Property, shall be determined pursuant to Treasury Regulations Section 1.613A-3(e)(3)(iii)(c)), except as follows: 

 

	 	(a)	 the initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross Fair
Market Value of such asset as of the date of such contribution; 

  

	 	(b)	 the Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market
Values as of the following times: (i) the acquisition of an interest (or additional interest) in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution to the Company or in exchange for the
performance of more than a de minimis amount of services to or for the benefit of the Company; (ii) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for an interest in
the Company; (iii) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g)(1), (iv) the acquisition of an interest in the Company by any new or
existing Member upon the exercise of a noncompensatory option in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s); or (v) any other event to the extent determined by the
Managing Member to be permitted and necessary or appropriate to properly reflect Gross Asset Values in accordance with the standards set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(q);
provided, however, that adjustments pursuant to 

  
 6 

	 	
clauses (i), (ii) and (iv) above shall be made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests
of the Members in the Company. If any noncompensatory options are outstanding upon the occurrence of an event described in this paragraph (b)(i) through (b)(v), the Company shall adjust the Gross Asset Values of its properties in accordance with
Treasury Regulations Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2); 

 

	 	(c)	 the Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair
Market Value of such asset on the date of such distribution; 

  

	 	(d)	 the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the
Adjusted Basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and subsection (g) in the definition of “Profits” or “Losses” below or Section 4.2(h); provided,
however, that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this subsection to the extent the Managing Member determines that an adjustment pursuant to subsection (b) of this definition is necessary or
appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d); and 

  

	 	(e)	 if the Gross Asset Value of a Company asset has been determined or adjusted pursuant to subsections (a),
(b) or (d) of this definition of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits, Losses, Simulated
Depletion and other items allocated pursuant to Article IV. 

 “Indebtedness” means
(a) all indebtedness for borrowed money (including capitalized lease obligations, sale-leaseback transactions or other similar transactions, however evidenced), (b) any other indebtedness that is evidenced by a note, bond, debenture, draft or
similar instrument, (c) notes payable and (d) lines of credit and any other agreements relating to the borrowing of money or extension of credit. 

“Initial Shares” means the Class A Shares outstanding immediately after the IPO. 

“Initial Units” means the Units outstanding immediately after the closing of the IPO. 

“Interest” means the entire interest of a Member in the Company, including the Units and all of such Member’s
rights, powers and privileges under this Agreement and the Act. 
 “Investment Company Act” means the Investment
Company Act of 1940, as the same may be amended from time to time (or any corresponding provisions of succeeding law). 

“IPO” is defined in the recitals to this Agreement. 

  
 7 

 “Law” means any statute, law, ordinance, regulation, rule, code,
order, requirement or rule of law (including common law) of any Governmental Entity. 
 “Legal Action” is defined in
Section 11.8. 
 “Liability” means any liability or obligation, whether known or unknown,
asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated and whether due or to become due, regardless of when asserted. 

“Liquidating Event” is defined in Section 10.1. 

“Managing Member” means PubCo, in its capacity as sole managing member of the Company. 

“Master Reorganization Agreement” is defined in the recitals to this Agreement. 

“Member” means any Person that executes this Agreement as a Member, and any other Person admitted to the Company as an
additional or substituted Member, in each case, that has not made a disposition of such Person’s entire Interest. 
 “Member
Minimum Gain” has the meaning ascribed to “partner nonrecourse debt minimum gain” set forth in Treasury Regulations Section 1.704-2(i). It is further understood that the
determination of Member Minimum Gain and the net increase or decrease in Member Minimum Gain shall be made in the same manner as required for such determination of Company Minimum Gain under Treasury Regulations
Sections 1.704-2(d) and 1.704-2(g)(3). 

“Member Nonrecourse Debt” has the meaning of “partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4). 
 “Member Nonrecourse Deductions” has the meaning of
“partner nonrecourse deductions” set forth in Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2). 

“Minority Member Redemption Date” is defined in Section 3.6(h). 

“Minority Member Redemption Notice” is defined in Section 3.6(h). 

“National Securities Exchange” means an exchange registered with the Commission under the Exchange Act. 

“Nonrecourse Deductions” has the meaning assigned that term in Treasury Regulations
Section 1.704-2(b). 
 “Nonrecourse Liability” is defined in Treasury
Regulations Section 1.704-2(b)(3). 
 “Officer” means each Person
appointed as an officer of the Company pursuant to and in accordance with the provisions of Section 6.2. 

  
 8 

 “Partnership Tax Audit Rules” means Sections 6221 through 6241 of
the Code, as amended, together with any final or temporary Treasury Regulations, Revenue Rulings, and case law interpreting Sections 6221 through 6241 of the Code, as amended (and any analogous provision of state or local tax Law). 

“Permitted Transfer” is defined in Section 8.1(c). 

“Permitted Transferee” means, with respect to any Member: (a) any Affiliate of such Member; (b) with respect
to any Member that is a natural person or of which a majority of the outstanding Equity Securities and voting power with respect to the election of directors (or the selection of any other similar governing body in the case of an entity other than a
corporation) are beneficially owned (as such term is defined under Rule 13d-3 of the Exchange Act) by a single natural person, a trust established by or for the benefit of such natural person of which only
such natural person and his or her immediate family members are beneficiaries; and (c) upon the death of any Member that is a natural person, an executor, administrator or beneficiary of the estate of the deceased Member. 

“Person” means any individual, partnership, firm, corporation, limited liability company, association, trust,
unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act. 

“Plan Asset Regulations” means the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, or any successor regulations as the same may be amended from time to time. 

“Prime Rate” means, on any date of determination, a rate per annum equal to the rate of interest most recently
published by The Wall Street Journal as the “prime rate” at large U.S. money center banks. 
 “Proceeding”
is defined in Section 6.4. 
 “Profits” or “Losses” means, for
each Fiscal Year or other taxable period, an amount equal to the Company’s taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction
required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication): 
  

	 	(a)	 any income or gain of the Company that is exempt from U.S. federal income tax and not otherwise taken into
account in computing Profits or Losses shall be added to such taxable income or loss; 

  

	 	(b)	 any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code
Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses, shall be subtracted from
such taxable income or loss; 

  

	 	(c)	 in the event the Gross Asset Value of any Company asset is adjusted pursuant to subsection (b) or (c) of
the definition of Gross Asset Value above, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of the Company asset) or an item of loss (if the adjustment decreases the Gross Asset
Value of the Company asset) from the disposition of such asset and shall, except to the extent allocated pursuant to Section 4.2, be taken into account for purposes of computing Profits or Losses; 

  
 9 

	 	(d)	 gain or loss resulting from any disposition of Company assets (other than Depletable Property) with respect to
which gain or loss is recognized for U.S. federal income tax purposes shall be computed with reference to the Gross Asset Value of the asset disposed of, notwithstanding that the adjusted tax basis of such asset differs from its Gross Asset Value;

  

	 	(e)	 gain resulting from any disposition of Depletable Property with respect to which gain is recognized for U.S.
federal income tax purposes shall be treated as being equal to the corresponding Simulated Gain; 

  

	 	(f)	 in lieu of the depreciation, amortization and other cost recovery deductions (excluding depletion) taken into
account in computing such taxable income or loss, there shall be taken into account Depreciation; 

  

	 	(g)	 to the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is
required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a distribution other than in liquidation
of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases such basis) from the disposition of
such asset and shall be taken into account for purposes of computing Profits or Losses; and 

  

	 	(h)	 any items of income, gain, loss or deduction that are specifically allocated pursuant to the provisions of
Section 4.2 shall not be taken into account in computing Profits or Losses for any taxable year, but such items available to be specially allocated pursuant to Section 4.2 will be determined by
applying rules analogous to those set forth in subparagraphs (a) through (g) above. 

“Property” means all real and personal property owned by the Company from time to time, including both tangible and
intangible property. 
 “PubCo” is defined in the recitals to this Agreement. 

“PubCo Change of Control” means the occurrence of any of the following events or series of events after the closing of
the IPO: 
 (a) any Person (excluding any Qualifying Owner or any group of Qualifying Owners acting together which would constitute a
“group” for purposes of Section 13(d) of the Exchange Act, and excluding a corporation or other entity owned, directly or indirectly, by the shareholders of PubCo in substantially the same proportions as their ownership of PubCo
Shares) is or becomes the beneficial owner, directly or indirectly, of securities of PubCo representing more than 50% of the combined voting power of PubCo’s then outstanding voting securities; or 

  
 10 

 (b) there is consummated a merger or consolidation of PubCo with any other corporation or
other entity, and, immediately after the consummation of such merger or consolidation, the voting securities of PubCo immediately prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the
combined voting power of the then-outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or 

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

“PubCo LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of PubCo, dated as of
[________], 2019. 
 “PubCo Shares” means all classes and series of limited liability company interest in PubCo,
including the Class A Shares and the Class B Shares. 
 “PubCo Holdings Group” means PubCo and each
Subsidiary of PubCo (other than the Company and its Subsidiaries). 
 “Public Offering” means an underwritten
primary offering and sale of Equity Securities to the public pursuant to a registration statement, including a “bought” deal or “overnight” public offering. 

“Qualifying Owners” means EnCap Investments L.P., and any affiliated funds or investment vehicles managed by EnCap
Investments L.P. 
 “Reclassification Event” means any of the following: (a) any reclassification or
recapitalization of PubCo Shares (other than as a result of a subdivision or combination or any transaction subject to Section 3.1(g)), (b) any merger, consolidation or other combination involving PubCo, or (c) any
sale, conveyance, lease, or other disposal of all or substantially all the properties and assets of PubCo to any other Person, in each of clauses (a), (b) or (c), as a result of which holders of PubCo Shares shall be entitled to receive cash,
securities or other property for their PubCo Shares. 
 “Redeeming Member” is defined in
Section 3.6(a)(i). 
 “Redemption” is defined in
Section 3.6(a)(i). 
 “Redemption Date” is defined in
Section 3.6(a)(ii). 

  
 11 

 “Redemption Date” means (a) the later of (i) the date that
is five (5) Business Days after the Redemption Notice Date and (ii) if the Company or PubCo has made a valid Cash Election with respect to the relevant Redemption, the first Business Day on which the Company or PubCo has available funds to
pay the Cash Election Amount, which in no event shall be more than ten (10) Business Days after the Redemption Notice Date, or (b) such later date (i) specified in the Redemption Notice or (ii) on which a contingency described in
Section 3.6(a)(ii)(C) that is specified in the Redemption Notice is satisfied. 
 “Redemption
Notice” is defined in Section 3.6(a)(ii). 
 “Redemption Notice Date” is
defined in Section 3.6(a)(ii). 
 “Registration Rights Agreement” means the Registration
Rights Agreement, by and among PubCo and the Members, to be entered into concurrently with the closing of the IPO. 
 “Regulatory
Allocations” is defined in Section 4.2(j). 
 “Retraction Notice” is defined
in Section 3.6(b)(i). 
 “Securities Act” means the Securities Act of 1933, and the rules
and regulations promulgated thereunder, as the same may be amended from time to time (or any corresponding provisions of succeeding law). 

“Simulated Basis” means the Gross Asset Value of any Depletable Property. The Simulated Basis of each Depletable
Property shall be allocated to each Member pro rata, in accordance with the number of Units owned by such Member as of the time such Depletable Property is acquired by the Company (and any additions to such Simulated Basis resulting from
expenditures required to be capitalized in such Simulated Basis shall be allocated among the Members in a manner designed to cause the Members’ proportionate shares of such Simulated Basis to be in accordance with their proportionate ownership
of Units as determined at the time of any such additions), and shall be reallocated among the Members pro rata, in accordance with the number of Units owned by such Member as determined immediately following the occurrence of an event giving rise to
an adjustment to the Gross Asset Values of the Company’s Depletable Properties pursuant to clause (b) of the definition of Gross Asset Value. 

“Simulated Depletion” means, with respect to each Depletable Property, a depletion allowance computed in accordance
with federal income tax principles (as if the Simulated Basis of the property were its Adjusted Basis) and in the manner specified in the Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). For purposes
of computing Simulated Depletion with respect to any Depletable Property, the Simulated Basis of such property shall be deemed to be the Gross Asset Value of such property, and in no event shall such allowance, in the aggregate, exceed such
Simulated Basis. 
 “Simulated Gain” means the amount of gain realized from the sale or other disposition of
Depletable Property as calculated in Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). 

“Simulated Loss” means the amount of loss realized from the sale or other disposition of Depletable Property as
calculated in Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2). 

“Subsidiary” means, with respect to any specified Person, any other Person with respect to which such specified Person
(a) has, directly or indirectly, the power, through the ownership of securities or otherwise, to elect a majority of directors or similar managing body or (b) beneficially owns, directly or indirectly, a majority of such Person’s
Equity Securities. 

  
 12 

 “Tax Contribution Obligation” is defined in
Section 9.5(c). 
 “Tax Offset” is defined in Section 9.5(c).

 “Trading Day” means a day on which the New York Stock Exchange or such other principal United States securities
exchange on which the Class A Shares are listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day). 

“Transfer” means, when used as a noun, any voluntary or involuntary, direct or indirect (whether through a change of
control of the Transferor or any Person that controls the Transferor, the issuance or transfer of Equity Securities of the Transferor, by operation of law or otherwise), transfer, sale, pledge or hypothecation or other disposition and, when used as
a verb, voluntarily or involuntarily, directly or indirectly (whether through a change of control of the Transferor or any Person that controls the Transferor, the issuance or transfer of Equity Securities of the Transferor or any Person that
controls the Transferor, by operation of law or otherwise), to transfer, sell, pledge or hypothecate or otherwise dispose of. The terms “Transferee,” “Transferor,” “Transferred,” and other forms of the word
“Transfer” shall have the correlative meanings. 
 “Transfer Agent” is defined in
Section 3.6(a)(ii). 
 “Treasury Regulations” means pronouncements, as amended from time
to time, or their successor pronouncements, which clarify, interpret and apply the provisions of the Code, and which are designated as “Treasury Regulations” by the United States Department of the Treasury. 

“Uniform Commercial Code” means the Uniform Commercial Code or any successor provision thereof as the same may from
time to time be in effect in the State of Delaware. 
 “Units” means the Units issued pursuant to the Master
Reorganization Agreement or pursuant to the terms of this Agreement and shall also include any Equity Security of the Company issued in respect of or in exchange for Units, whether by way of dividend or other distribution, split, recapitalization,
merger, rollup transaction, consolidation, conversion or reorganization. 
 “Winding-Up
Member” is defined in Section 10.3(a). 
 Section 1.2 Interpretive Provisions. For
all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(a)	 the terms defined in Section 1.1 are applicable to the singular as well as the plural
forms of such terms; 

  

	 	(b)	 all accounting terms not otherwise defined herein have the meanings assigned under GAAP; 

  
 13 

	 	(c)	 all references to currency, monetary values and dollars set forth herein shall mean United States (U.S.)
dollars and all payments hereunder shall be made in United States dollars; 

  

	 	(d)	 when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an
Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated; 

  

	 	(e)	 whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”; 

  

	 	(f)	 “or” is not exclusive; 

 

	 	(g)	 pronouns of either gender or neuter shall include, as appropriate, the other pronoun forms; and

  

	 	(h)	 the words “hereof”, “herein” and “hereunder” and words of similar import, when
used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement. 

ARTICLE II 

ORGANIZATION OF THE LIMITED LIABILITY COMPANY 

Section 2.1 Formation. The Company has been formed as a limited liability company subject to the provisions of the Act upon
the terms, provisions and conditions set forth in this Agreement. 
 Section 2.2 Filing. The Company’s Certificate
of Formation has been filed with the Secretary of State of the State of Delaware in accordance with the Act. The Members shall execute such further documents (including amendments to such Certificate of Formation) and take such further action as is
appropriate to comply with the requirements of Law for the formation or operation of a limited liability company in Delaware and in all states and counties where the Company may conduct its business. 

Section 2.3 Name. The name of the Company is “Fortis Minerals Operating, LLC” and all business of the Company
shall be conducted in such name or, in the discretion of the Managing Member, under any other name. 
 Section 2.4 Registered
Office; Registered Agent. The location of the registered office of the Company and the name and address for service of process on the Company in the State of Delaware are as set forth in the Company’s Certificate of Formation, or such
other office, qualified Person or address, as applicable, as the Managing Member may designate from time to time. 
 Section 2.5
Principal Place of Business. The principal place of business of the Company shall be located in such place as is determined by the Managing Member from time to time. 

  
 14 

 Section 2.6 Purpose; Powers. The nature of the business or purposes to be
conducted or promoted by the Company is to engage in any lawful act or activity for which limited liability companies may be formed under the Act. The Company shall have the power and authority to take any and all actions and engage in any and all
activities necessary, appropriate, desirable, advisable, ancillary or incidental to the accomplishment of the foregoing purpose. 

Section 2.7 Term. The term of the Company commenced on the date of filing of the Certificate of Formation of the Company
with the office of the Secretary of State of the State of Delaware in accordance with the Act and shall continue indefinitely. The Company may be dissolved and its affairs wound up only in accordance with Article X. 

Section 2.8 Intent. It is the intent of the Members that the Company be operated in a manner consistent with its treatment
as a “partnership” for U.S. federal and state income tax purposes. It is also the intent of the Members that the Company not be operated or treated as a “partnership” for purposes of Section 303 of the Federal Bankruptcy
Code. Neither the Company nor any Member shall take any action inconsistent with the express intent of the parties hereto as set forth in this Section 2.8. 

ARTICLE III 
 OWNERSHIP
AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS 
 Section 3.1 Authorized Units; General Provisions With Respect to
Units. 
  

	 	(a)	 Subject to the provisions of this Agreement, the Company shall be authorized to issue from time to time such
number of Units and such other Equity Securities as the Managing Member shall determine in accordance with Section 3.3. Each authorized Unit may be issued pursuant to such agreements as the Managing Member shall approve,
including pursuant to options and warrants. The Company may reissue any Units that have been repurchased or acquired by the Company. 

  

	 	(b)	 Except to the extent explicitly provided otherwise herein (including Section 3.3),
each outstanding Unit shall be identical. 

  

	 	(c)	 Initially, none of the Units will be represented by certificates. If the Managing Member determines that it is
in the interest of the Company to issue certificates representing the Units, certificates will be issued and the Units will be represented by those certificates, and this Agreement shall be amended as necessary or desirable to reflect the issuance
of certificated Units for purposes of the Uniform Commercial Code. Nothing contained in this Section 3.1(c) shall be deemed to authorize or permit any Member to Transfer its Units except as otherwise permitted under this
Agreement. 

  

	 	(d)	 The total number of Units issued and outstanding and held by each Member as of the date hereof is set forth in
the books and records of the Company. The Company shall update such books and records from time to time to reflect any Transfers of Interests, the issuance of additional Units or Equity Securities and, subject to
Section 11.1(a), subdivisions or combinations of Units made in compliance with Section 3.1(g), in each case, in accordance with the terms of this Agreement. 

  
 15 

	 	(e)	 If, at any time after the final delivery of Class A Shares by PubCo in the IPO, PubCo issues a
Class A Share or any other Equity Security of PubCo (other than Class B Shares), (i) one or more member(s) of the PubCo Holdings Group shall concurrently contribute to the Company the net proceeds (in cash or other property, as the
case may be), if any, received by PubCo for such Class A Share or other Equity Security and (ii) the Company shall concurrently issue to such member(s) of the PubCo Holdings Group, in accordance with the contributions made by each such
member pursuant to clause (i), one Unit (if PubCo issues a Class A Share), or such other Equity Security of the Company (if PubCo issues Equity Securities other than Class A Shares) corresponding to the Equity
Securities issued by PubCo, and with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences resulting from any tax or other liabilities borne by PubCo) and other
economic rights as those of such Equity Securities of PubCo to be issued; provided, however, that if PubCo issues any Class A Shares in order to acquire or fund the acquisition from a Member (other than any member of the PubCo
Holdings Group) of a number of Units (and Class B Shares) equal to the number of Class A Shares so issued, then the Company shall not issue any new Units in connection therewith and, where such Class A Shares have been issued for cash
to fund such an acquisition by any member of the PubCo Holdings Group pursuant to a Cash Election, the PubCo Holdings Group shall not be required to transfer such net proceeds to the Company, and such net proceeds shall instead be transferred by
such member of the PubCo Holdings Group to such Member as consideration for such acquisition as required pursuant to Section 3.6(a)(iii). For the avoidance of doubt, if PubCo issues any Class A Shares or other Equity
Security for cash to be used to fund the acquisition by any member of the PubCo Holdings Group of any Person or the assets of any Person, then PubCo shall not be required to transfer such cash proceeds to the Company but instead such member of the
PubCo Holdings Group shall be required to contribute such Person or the assets and liabilities of such Person to the Company or any of its Subsidiaries. Notwithstanding the foregoing, this Section 3.1(e) shall not apply to
the issuance and distribution to holders of PubCo Shares of rights to purchase Equity Securities of PubCo under a “poison pill” or similar shareholders rights plan (and upon any redemption of Units for Class A Shares, such
Class A Shares will be issued together with a corresponding right under such plan), or to the issuance under PubCo’s employee benefit plans of any warrants, options, other rights to acquire Equity Securities of PubCo or rights or property
that may be converted into or settled in Equity Securities of PubCo, but shall in each of the foregoing cases apply to the issuance of Equity Securities of PubCo in connection with the exercise or settlement of such rights, warrants, options or
other rights or property. Except pursuant to Section 3.6, (x) the Company may not issue any additional Units to any member of the PubCo Holdings Group unless substantially simultaneously therewith such member of the PubCo
Holdings Group issues or sells an equal number of newly issued PubCo’s Class A Shares to another Person, and (y) the Company may not issue any other Equity Securities of the Company to any member

  
 16 

	 	
of the PubCo Holdings Group unless substantially simultaneously such member of the PubCo Holdings Group issues or sells, to another Person, an equal number of newly issued shares of a new class
or series of Equity Securities of PubCo or such Subsidiary with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences resulting from any tax or other liabilities
borne by PubCo) and other economic rights as those of such Equity Securities of the Company. If at any time any member of the PubCo Holdings Group issues Debt Securities, such member of the PubCo Holdings Group shall transfer to the Company (in a
manner to be determined by the Managing Member in its reasonable discretion) the proceeds received by such member of the PubCo Holdings Group in exchange for such Debt Securities in a manner that directly or indirectly burdens the Company with the
repayment of the Debt Securities. In the event any Equity Security outstanding at PubCo is exercised or otherwise converted and, as a result, any Class A Shares or other Equity Securities of PubCo are issued, (1) the corresponding Equity
Security outstanding at the Company shall be similarly exercised or otherwise converted, as applicable, and an equivalent number of Units or other Equity Securities of the Company shall be issued to the PubCo Holdings Group as contemplated by the
first sentence of this Section 3.1(e), and (2) the PubCo Holdings Group shall concurrently contribute to the Company the net proceeds received by the PubCo Holdings Group from any such exercise. 

 

	 	(f)	 No member of the PubCo Holdings Group may redeem, repurchase or otherwise acquire (other than from another
member of the PubCo Holdings Group) (i) any Class A Shares (including upon forfeiture of any unvested Class A Shares) unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the PubCo Holdings
Group an equal number of Units for the same price per security or (ii) any other Equity Securities of PubCo, unless substantially simultaneously the Company redeems, repurchases or otherwise acquires from the PubCo Holdings Group an equal
number of Equity Securities of the Company of a corresponding class or series with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences resulting from any tax or
other liabilities borne by PubCo) and other economic rights as those of such Equity Securities of PubCo for the same price per security. The Company may not redeem, repurchase or otherwise acquire (x) except pursuant to
Section 3.6, any Units from the PubCo Holdings Group unless substantially simultaneously the PubCo Holdings Group redeems, repurchases or otherwise acquires an equal number of Class A Shares for the same price per
security from holders thereof, or (y) any other Equity Securities of the Company from the PubCo Holdings Group unless substantially simultaneously the PubCo Holdings Group redeems, repurchases or otherwise acquires for the same price per
security an equal number of Equity Securities of PubCo of a corresponding class or series with substantially the same rights to dividends and distributions (including distribution upon liquidation, but taking into account differences resulting from
any tax or other liabilities borne by PubCo) and other economic rights as those of such Equity Securities of PubCo. Notwithstanding the foregoing, to the extent that any consideration payable by the PubCo Holdings Group in connection with the

  
 17 

	 	
redemption or repurchase of any Class A Shares or other Equity Securities of PubCo consists (in whole or in part) of Class A Shares or such other Equity Securities (including, for the
avoidance of doubt, in connection with the cashless exercise of an option or warrant), then the redemption or repurchase of the corresponding Units or other Equity Securities of the Company shall be effectuated in an equivalent manner.

  

	 	(g)	 The Company shall not in any manner effect any subdivision (by any equity split, equity distribution,
reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding Units or other Equity Securities of the Company unless accompanied by an identical
subdivision or combination, as applicable, of the outstanding PubCo Shares, with corresponding changes made with respect to any other exchangeable or convertible securities. Unless in connection with any action taken pursuant to
Section 3.1(i), PubCo shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification,
recapitalization or otherwise) of the outstanding PubCo Shares unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Units, with corresponding changes made with respect to any other exchangeable or
convertible securities. 

  

	 	(h)	 Notwithstanding any other provision of this Agreement, the Company may redeem Units from the PubCo Holdings
Group for cash to fund any acquisition by the PubCo Holdings Group of another Person, provided that promptly after such redemption and acquisition the PubCo Holdings Group contributes or causes to be contributed, directly or indirectly, such
Person or the assets and liabilities of such Person to the Company or any of its Subsidiaries in exchange for a number of Units equal to the number of Units so redeemed. 

 

	 	(i)	 Notwithstanding any other provision of this Agreement (including Section 3.1(e)), if
the PubCo Holdings Group acquires or holds any material amount of cash in excess of any monetary obligations it reasonably anticipates, PubCo may, in its sole discretion: 

 

	 	(i)	 contribute such excess cash amount to the Company in exchange for a number of Units or other Equity Securities
of the Company determined in its sole discretion, and distribute to the holders of Class A Shares Class A Shares (if the Company issues Units to PubCo) or such other Equity Security of PubCo (if the Company issues Equity Securities of the
Company other than Units) corresponding to the Equity Securities issued by the Company and with substantially the same rights to dividends and distributions (including distributions upon liquidation, but taking into account differences resulting
from any tax or other liabilities borne by PubCo) and other economic rights as those of such Equity Securities of the Company issued, or 

  
 18 

	 	(ii)	 use such excess cash amount in such other manner, and make such other adjustments to or take such other actions
with respect to the capitalization of PubCo and the Company and to the one-to-one exchange ratio between Units and Class A Shares, as PubCo (in its capacity as
Managing Member) in Good Faith determines to be fair and reasonable to the shareholders of PubCo and to the Members to preserve the intended economic effect of this Section 3.1, Section 3.6 and the
other provisions hereof. 

 Section 3.2 Voting Rights. No Member has any voting right except with
respect to those matters specifically reserved for a Member vote under the Act and for matters expressly requiring the approval of Members under this Agreement. Except as otherwise required by the Act, each Unit will entitle the holder thereof to
one vote on all matters to be voted on by the Members. Except as otherwise expressly provided in this Agreement, the holders of Units having voting rights will vote together as a single class on all matters to be approved by the Members. 

Section 3.3 Capital Contributions; Unit Ownership. 

 

	 	(a)	 Capital Contributions. Except as otherwise set forth in Section 3.1(e) with
respect to the obligations of the PubCo Holdings Group, no Member shall be required to make additional Capital Contributions. 

  

	 	(b)	 Issuance of Additional Units or Interests. Except as otherwise expressly provided in this Agreement, the
Managing Member shall have the right to authorize and cause the Company to issue on such terms (including price) as may be determined by the Managing Member (i) subject to the limitations of Section 3.1, additional
Units or other Equity Securities in the Company (including creating preferred interests or other classes or series of interests having such rights, preferences and privileges as determined by the Managing Member, which rights, preferences and
privileges may be senior to the Units), and (ii) obligations, evidences of Indebtedness or other securities or interests convertible or exchangeable for Units or other Equity Securities in the Company; provided that, at any time
following the date hereof, in each case the Company shall not issue Equity Securities in the Company to any Person unless such Person shall have executed a counterpart to this Agreement and all other documents, agreements or instruments deemed
necessary or desirable in the discretion of the Managing Member. Upon such issuance and execution, such Person shall be admitted as a Member of the Company. In that event, the Managing Member shall update the Company’s books and records to
reflect such additional issuances. Subject to Section 11.1, the Managing Member is hereby authorized to amend this Agreement to set forth the designations, preferences, rights, powers and duties of such additional Units or
other Equity Securities in the Company, or such other amendments that the Managing Member determines to be otherwise necessary or appropriate in connection with the creation, authorization or issuance of, any class or series of Units or other Equity
Securities in the Company pursuant to this Section 3.3(b); provided that, notwithstanding the foregoing, the Managing Member shall have the right to amend this Agreement as set forth in this sentence without the
approval of any other Person (including any Member) and notwithstanding any other provision 

  
 19 

	 	
of this Agreement (including Section 11.1) if such amendment is necessary, and then only to the extent necessary, in order to consummate any offering of PubCo Shares or
other Equity Securities of PubCo provided that the designations, preferences, rights, powers and duties of any such additional Units or other Equity Securities of the Company as set forth in such amendment are substantially similar to those
applicable to such PubCo Shares or other Equity Securities of PubCo. 

 Section 3.4 Capital Accounts. A
Capital Account shall be maintained for each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations, the other
provisions of this Agreement. Each Member’s Capital Account shall be (a) increased by (i) allocations to such Member of Profits pursuant to Section 4.1 and any other items of income or gain allocated to such
Member pursuant to Section 4.2, (ii) the amount of cash or the initial Gross Asset Value of any asset (net of any Liabilities assumed by the Company and any Liabilities to which the asset is subject) contributed to the
Company by such Member, and (iii) any other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b) decreased by (i) allocations to such Member of Losses
pursuant to Section 4.1 and any other items of deduction or loss allocated to such Member pursuant to the provisions of Section 4.2, (ii) the amount of any cash or the Gross Asset Value of any
asset (net of any Liabilities assumed by the Member and any Liabilities to which the asset is subject) distributed to such Member, and (iii) any other decreases allowed or required by Treasury Regulations
Section 1.704-1(b)(2)(iv). In the event of a Transfer of Units made in accordance with this Agreement (including a deemed Transfer for U.S. federal income tax purposes as described in
Section 3.6(a)(iv)), the Capital Account of the Transferor that is attributable to the Transferred Units shall carry over to the Transferee Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l). 
 Section 3.5 Other Matters. 

 

	 	(a)	 No Member shall demand or receive a return on or of its Capital Contributions or withdraw from the Company
without the consent of the Managing Member. Under circumstances requiring a return of any Capital Contributions, no Member has the right to receive property other than cash. 

 

	 	(b)	 No Member shall receive any interest, salary, compensation, draw or reimbursement with respect to its Capital
Contributions or its Capital Account, or for services rendered or expenses incurred on behalf of the Company or otherwise in its capacity as a Member, except as otherwise provided in Section 6.9 or as otherwise contemplated
by this Agreement. 

  

	 	(c)	 The Liability of each Member shall be limited as set forth in the Act and other applicable Law and, except as
expressly set forth in this Agreement or required by Law, no Member (or any of its Affiliates) shall be personally liable, whether to the Company, any of the other Members, the creditors of the Company, or any other third party, for any debt or
Liability of the Company, whether arising in contract, tort or otherwise, solely by reason of being a Member of the Company. 

  
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	 	(d)	 Except as otherwise required by the Act, a Member shall not be required to restore a deficit balance in such
Member’s Capital Account, to lend any funds to the Company or, except as otherwise set forth herein, to make any additional contributions or payments to the Company. 

 

	 	(e)	 The Company shall not be obligated to repay any Capital Contributions of any Member. 

Section 3.6 Redemption of Units. 
  

	 	(a)	 Redemption Right. 

 

	 	(i)	 Upon the terms and subject to the conditions set forth in this Section 3.6, each of
the Members (other than the PubCo Holdings Group) (the “Redeeming Member”) shall be entitled to cause the Company to redeem all or a portion of such Member’s Units (together with the surrender and delivery of the same
number of Class B Shares) for an equivalent number of Class A Shares (a “Redemption”) or, at the Company’s election made in accordance with Section 3.6(a)(iii), cash equal to the Cash
Election Amount calculated with respect to such Redemption. Absent the prior written consent of the Managing Member, which may be pursuant to the adoption of a written exchange policy, with respect to each Redemption, a Redeeming Member shall be
(A) required to redeem at least a number of Units equal to the lesser of [•] Units (as adjusted for any Unit splits, combinations, subdivisions, reclassifications or similar actions or events) and all of the Units then held by such
Redeeming Member and (B) permitted to effect a Redemption of Units no more frequently than once per calendar quarter. The Managing Member may, in its discretion, adopt a policy to limit quarterly exchanges to a particular date or period during
each quarter by providing notice of such limitation to all Members prior to the beginning of the relevant quarter, provided that such policy incorporates the following sentence of this Section 3.6(a)(i).
Notwithstanding the foregoing, and subject to Section 3.6(k), a Redeeming Member may exercise its Redemption right (x) with respect to at least [•] Units (as adjusted for any Unit splits, combinations,
subdivisions, reclassifications or similar actions or events) at any time and (y) with respect to any of the then-held Units of such Member if such Redemption right is exercised in connection with a valid exercise of such Member’s rights
to have the Class A Shares issuable in connection with such Redemption to participate in an offering of securities pursuant to Section 2(c) of the Registration Rights Agreement. Upon the Redemption of all of a Member’s Units, such
Member shall, for the avoidance of doubt, cease to be a Member of the Company. 

  

	 	(ii)	 In order to exercise the redemption right under Section 3.6(a)(i), the Redeeming
Member shall provide written notice (the “Redemption Notice”) to the Company, with a copy to PubCo (the date of delivery of such Redemption Notice, the “Redemption Notice Date”), stating:

  
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	 	(A)	 the number of Units (together with the surrender and delivery of an equal number of Class B Shares) the
Redeeming Member elects to have the Company redeem (the “Redeemed Units”); 

  

	 	(B)	 if the Class A Shares to be received are to be issued other than in the name of the Redeeming Member, the
name(s) of the Person(s) in whose name or on whose order the Class A Shares are to be issued; 

  

	 	(C)	 whether the exercise of the redemption right is to be contingent (including as to timing) upon the closing of a
Public Offering of the Class A Shares for which the Units will be redeemed or the closing of an announced merger, consolidation or other transaction or event to which PubCo is a party in which the Class A Shares would be exchanged or
converted or become exchangeable for or convertible into cash or other securities or property; and 

  

	 	(D)	 if the Redeeming Member requires the Redemption to take place on a specific Business Day, such Business Day,
provided that, any such specified Business Day shall not be earlier than the date that would otherwise apply pursuant to clause (a) of the definition of Redemption Date. 

If the Redeemed Units (or the Class B Shares to be transferred and surrendered) are represented by a certificate or certificates, prior
to the Redemption Date, the Redeeming Member shall also present and surrender such certificate or certificates representing such Units (or Class B Shares) during normal business hours at the principal executive offices of the Company, or if any
agent for the registration or transfer of Class A Shares is then duly appointed and acting (the “Transfer Agent”), at the office of the Transfer Agent. If required by the Managing Member, any certificate for Units and
any certificate for Class B Shares (in each case, if certificated) surrendered to the Company hereunder shall be accompanied by instruments of transfer, in forms reasonably satisfactory to the Managing Member and the Transfer Agent, duly
executed by the Redeeming Member or the Redeeming Member’s duly authorized representative. 
  

	 	(iii)	 Upon receipt of a Redemption Notice, the Company shall be entitled to elect (a “Cash
Election”) to settle the Redemption by delivering to the Redeeming Member, in lieu of the applicable number of Class A Shares that would be received in such Redemption, an amount of cash equal to the Cash Election Amount for such
Redemption. In order to make a Cash Election with respect to a Redemption, the Company must provide written notice of such election to the Redeeming Member (with a copy to PubCo) prior to 1:00 p.m., Houston time, on or prior to the third Business
Day after the Redemption Notice Date. If the Company fails to provide such written notice prior to such time, it shall not be entitled to make a Cash Election with respect to such Redemption. 

  
 22 

	 	(iv)	 For U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the
Company, and PubCo (and any other member of the PubCo Holdings Group, as applicable), agree to treat (A) each Redemption, to the extent that PubCo or another member of the PubCo Holdings Group contributes to the Company the consideration the
Redeeming Member is entitled to receive pursuant to Section 3.6(b)(ii), and (B) in the event PubCo or another member of the PubCo Holdings Group exercises its Call Right, each transaction between the Redeeming Member
and PubCo or such other member of the PubCo Holdings Group, as a sale of the Redeeming Member’s Units (together with the same number of Class B Shares) to PubCo or such other member of the PubCo Holdings Group in exchange for Class A
Shares or cash, as applicable. For U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the Company, and PubCo (and any other member of the PubCo Holdings Group, as applicable), agree to treat each
Redemption, to the extent a member of the PubCo Holdings Group does not exercise its Call Right and does not contribute to the Company the consideration the Redeeming Member is entitled to receive under Section 3.6(a)(i),
as a distribution by the Company to the Redeeming Member. 

  

	 	(b)	 Redemption Mechanics. 

 

	 	(i)	 Subject to the satisfaction of any contingency described in Section 3.6(a)(ii)(C) or
(D) that is specified in the relevant Redemption Notice, the Redemption shall be completed on the Redemption Date; provided, that if a valid Cash Election has not been made, the Redeeming Member may, at any time prior to the
Redemption Date, revoke its Redemption Notice by giving written notice (the “Retraction Notice”) to the Company (with a copy to PubCo); provided, however, that in no event may the Redeeming Member deliver more than one
Retraction Notice in any calendar quarter; provided further, that if PubCo has not complied with its obligations under Sections 2(a) or (b) of the Registration Rights Agreement with respect to the Redeeming Member at the time
of delivery of a Retraction Notice, such notice shall not be subject to the quarterly limitation in the immediately preceding clause. The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s, the Company’s
and PubCo’s (and any other member of the PubCo Holdings Group, as applicable) rights and obligations arising from the retracted Redemption Notice. 

  

	 	(ii)	 Unless the Redeeming Member has timely delivered a Retraction Notice as provided in
Section 3.6(b)(i) or a member of the PubCo Holdings Group has elected its Call Right pursuant to Section 3.6(f), on the Redemption Date (to be effective immediately prior to the close of business
on the Redemption Date) (A) the Redeeming Member shall transfer and surrender the Redeemed Units (and a corresponding number of Class B Shares) to the Company, in each case free and clear of all liens and encumbrances, (B) unless, in
the event of a Cash Election by the Company, the Company in its 

  
 23 

	 	
discretion elects to fund any part of the consideration the Redeeming Member is entitled to receive under Section 3.6(a)(i) without a contribution from PubCo (or such
other member(s) of the PubCo Holdings Group designated by PubCo) shall contribute to the Company the consideration the Redeeming Member is entitled to receive under Section 3.6(a)(i) and, as described in
Section 3.1(e), the Company shall issue to PubCo (or such other member(s) of the PubCo Holdings Group) a number of Units or other Equity Securities of the Company as consideration for such contribution, (C) the Company
shall (x) cancel the Redeemed Units, (y) transfer to the Redeeming Member the consideration the Redeeming Member is entitled to receive under Section 3.6(a)(i), and (z) if the Redeemed Units are certificated,
issue to the Redeeming Member a certificate for a number of Units equal to the difference (if any) between the number of Units evidenced by the certificate surrendered by the Redeeming Member pursuant to clause (ii)(A) of this
Section 3.6(b) and the number of Redeemed Units, and (D) PubCo shall cancel the surrendered Class B Shares. Notwithstanding any other provisions of this Agreement to the contrary, in the event that the Company
makes a valid Cash Election, the PubCo Holdings Group shall only be obligated to contribute to the Company an amount in cash equal to the net proceeds (after deduction of any Discount) from the sale by PubCo of a number of Class A Shares equal
to the number of Redeemed Units and Class B Shares to be redeemed with such cash or from the sale of other PubCo Equity Securities used to fund the Cash Election Amount; provided that PubCo’s Capital Account (or the Capital
Account(s) of the other member(s) of the PubCo Holdings Group, as applicable) shall be increased by the amount of such Discount in accordance with Section 6.9; provided further, that the contribution of such net
proceeds shall in no event affect the Redeeming Member’s right to receive the Cash Election Amount. 

  

	 	(c)	 If (i) there is any reclassification, reorganization, recapitalization or other similar transaction
pursuant to which the Class A Shares are converted or changed into another security, securities or other property (other than as a result of a subdivision or combination or any transaction subject to Section 3.1(g)),
or (ii) except in connection with actions taken with respect to the capitalization of PubCo or the Company pursuant to Section 3.1(i), PubCo, by dividend or otherwise, distributes to all holders of the Class A
Shares evidences of its Indebtedness or assets, including securities (including Class A Shares and any rights, options or warrants to all holders of the Class A Shares to subscribe for or to purchase or to otherwise acquire Class A
Shares, or other securities or rights convertible into, exchangeable for or exercisable for Class A Shares) but excluding (A) any cash dividend or distribution, or (B) any such distribution of Indebtedness or assets, in either case
(A) or (B) received by PubCo from the Company in respect of the Units, then upon any subsequent Redemption, in addition to the Class A Shares or the Cash Election Amount, as applicable, each Member shall be entitled to receive the amount
of such security, securities or other property that such Member would have received if such Redemption had occurred immediately prior to the effective date of such 

  
 24 

	 	
reclassification, reorganization, recapitalization, other similar transaction, dividend or other distribution, taking into account any adjustment as a result of any subdivision (by any split,
distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the
effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the
Class A Shares are converted or changed into another security, securities or other property, or any dividend or distribution (other than an excluded dividend or distribution, as described above), this Section 3.6 shall
continue to be applicable, mutatis mutandis, with respect to such security or other property. This Agreement shall apply to the Units held by the Members and their Permitted Transferees as of the date hereof, as well as any Units hereafter
acquired by a Member and his or her or its Permitted Transferees. 

  

	 	(d)	 PubCo shall at all times keep available, solely for the purpose of issuance upon a Redemption, such number of
Class A Shares that shall be issuable upon the Redemption of all outstanding Units (other than those Units held by any member of the PubCo Holdings Group). PubCo covenants that all Class A Shares that shall be issued upon a Redemption
shall, upon issuance thereof, be validly issued, fully paid and non-assessable (except as such non-assessability may be limited by Sections 18-607 and 18-804 of the Act). In addition, for so long as the Class A Shares are listed on a National Securities Exchange, PubCo shall use its reasonable best efforts to
cause all Class A Shares issued upon a Redemption to be listed on such National Securities Exchange at the time of such issuance. 

  

	 	(e)	 The issuance of Class A Shares upon a Redemption shall be made without charge to the Redeeming Member for
any stamp or other similar tax in respect of such issuance; provided, however, that if any such Class A Shares are to be issued in a name other than that of the Redeeming Member, then the Person or Persons in whose name the shares
are to be issued shall pay to PubCo the amount of any tax that may be payable in respect of any transfer involved in such issuance or shall establish to the reasonable satisfaction of PubCo that such tax has been paid or is not payable.

  

	 	(f)	 Call Right. 

  

	 	(i)	 Notwithstanding anything to the contrary in this Section 3.6, but subject to
Section 3.6(g), a Redeeming Member shall be deemed to have offered to sell its Redeeming Units to each member of the PubCo Holdings Group, and PubCo (or such other member(s) of the PubCo Holdings Group designated by PubCo) may, in its
sole discretion, by means of delivery of a Call Election Notice in accordance with, and subject to the terms of, this Section 3.6(f), elect to purchase directly and acquire such Units (together with the surrender and
delivery of the same number of Class B Shares) on the Redemption Date by paying to the Redeeming Member (or, on the 

  
 25 

	 	
Redeeming Member’s written order, its designee) that number of Class A Shares the Redeeming Member (or its designee) would otherwise receive pursuant to
Section 3.6(a)(i) or, at the election of PubCo (or such designated member(s) of the PubCo Holdings Group), an amount of cash equal to the Cash Election Amount of such Class A Shares (the “Call
Right”), whereupon PubCo (or such designated member(s) of the PubCo Holdings Group) shall acquire the Units offered for redemption by the Redeeming Member (together with the surrender and delivery of the same number of Class B
Shares to PubCo for cancellation). PubCo (or such designated member(s) of the PubCo Holdings Group) shall be treated for all purposes of this Agreement as the owner of such Units; provided that if the Cash Election Amount is funded other than
through the issuance of Class A Shares, such Units will be reclassified into another Equity Security of the Company if the Managing Member determines such reclassification is necessary. 

 

	 	(ii)	 PubCo (or such designated member(s) of the PubCo Holdings Group) may, at any time prior to the Redemption Date,
in its sole discretion deliver a written notice (a “Call Election Notice”) to the Company and the Redeeming Member setting forth its election to exercise its Call Right. A Call Election Notice may be revoked by the applicable
member of the PubCo Holdings Group at any time; provided that any such revocation does not prejudice the ability of the parties to consummate a Redemption on the Redemption Date. Except as otherwise provided by this
Section 3.6(f), an exercise of the Call Right shall be consummated pursuant to the same timeframe and in the same manner as the relevant Redemption would have been consummated if a member of the PubCo Holdings Group had not
delivered a Call Election Notice. 

  

	 	(g)	 In connection with a PubCo Change of Control, PubCo shall have the right, in its sole discretion, to require
each Member (other than members of the PubCo Holdings Group) to effect a Redemption of some or all of such Member’s Units (together with the surrender and delivery of the same number of Class B Shares); provided that a Cash Election
shall not be permitted pursuant to such a Redemption under this Section 3.6(g). Any Redemption pursuant to this Section 3.6(g) shall be effective immediately prior to the consummation of the PubCo
Change of Control (and, for the avoidance of doubt, shall not be effective if such PubCo Change of Control is not consummated) (the “Change of Control Redemption Date”). From and after the Change of Control Redemption Date,
(i) the Units and Class B Shares subject to such Redemption shall be deemed to be transferred to PubCo (or such other member(s) of the PubCo Holdings Group designated by PubCo) on the Change of Control Redemption Date and (ii) such
Member shall cease to have any rights with respect to the Units and Class B Shares subject to such Redemption (other than the right to receive Class A Shares pursuant to such Redemption). PubCo shall provide written notice of an expected
PubCo Change of Control to all Members within the earlier of (x) five (5) Business Days following the execution of the agreement with respect to such PubCo Change of Control and (y) ten (10)

  
 26 

	 	
Business Days before the proposed date upon which the contemplated PubCo Change of Control is to be effected, indicating in such notice such information as may reasonably describe the PubCo
Change of Control transaction, subject to applicable law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for Class A Shares in the PubCo Change
of Control, any election with respect to types of consideration that a holder of Class A Shares, as applicable, shall be entitled to make in connection with such PubCo Change of Control, and the number of Units (and corresponding Class B
Shares) held by such Member that PubCo intends to require to be subject to such Redemption. Following delivery of such notice and on or prior to the Change of Control Redemption Date, the Members shall take all actions reasonably requested by PubCo
to effect such Redemption, including taking any action and delivering any document required pursuant to the remainder of this Section 3.6 to effect a Redemption. 

 

	 	(h)	 In the event that (i) the Members (other than members of the PubCo Holdings Group) beneficially own, in
the aggregate, less than 10% of the then outstanding Units and (ii) the Class A Shares are listed or admitted to trading on a National Securities Exchange, PubCo (or such other member(s) of the PubCo Holdings Group designated by PubCo)
shall have the right, in its sole discretion, to require any Member (other than members of the PubCo Holdings Group) to effect a Redemption of all, but not less than all, of such Member’s Units (together with the surrender and delivery of the
same number of Class B Shares); provided that a Cash Election shall not be permitted pursuant to such a Redemption under this Section 3.6(h). PubCo (or such other member(s) of the PubCo Holdings Group designated
by PubCo) shall deliver written notice to the Company and any such Member of its intention to exercise its Redemption right pursuant to this Section 3.6(h) (a “Minority Member Redemption Notice”) at
least five (5) Business Days prior to the proposed date upon which such Redemption is to be effected (such proposed date, the “Minority Member Redemption Date”), indicating in such notice the number of Units (and
corresponding Class B Shares) held by such Member that PubCo (or such other member(s) of the PubCo Holdings Group designated by PubCo) intends to require to be subject to such Redemption. Any Redemption pursuant to this
Section 3.6(h) shall be effective on the Minority Member Redemption Date. From and after the Minority Member Redemption Date, (i) the Units and Class B Shares subject to such Redemption shall be deemed to be
transferred to PubCo (or such other member(s) of the PubCo Holdings Group designated by PubCo) on the Minority Member Redemption Date and (ii) such Member shall cease to have any rights with respect to the Units and Class B Shares subject
to such Redemption (other than the right to receive Class A Shares pursuant to such Redemption). Following delivery of a Minority Member Redemption Notice and on or prior to the Minority Member Redemption Date, the Members shall take all
actions reasonably requested by PubCo (or such other member(s) of the PubCo Holdings Group designated by PubCo) to effect such Redemption, including taking any action and delivering any document required pursuant to the remainder of this
Section 3.6 to effect a Redemption. 

  
 27 

	 	(i)	 No Redemption shall impair the right of the Redeeming Member to receive any distributions payable on the
Redeemed Units pursuant to such Redemption in respect of a record date that occurs prior to the Redemption Date for such Redemption. For the avoidance of doubt, no Redeeming Member, or a Person designated by a Redeeming Member to receive
Class A Shares, shall be entitled to receive, with respect to such record date, distributions or dividends both on Redeemed Units by the Company from such Redeeming Member and on Class A Shares received by such Redeeming Member, or other
Person so designated, if applicable, in such Redemption. 

  

	 	(j)	 Any Units acquired by the Company under this Section 3.6 and transferred by the
Company to any member of the PubCo Holdings Group shall remain outstanding and shall not be cancelled as a result of their acquisition by the Company. Notwithstanding any other provision of this Agreement, the applicable member(s) of the PubCo
Holdings Group shall be automatically admitted as a Member of the Company with respect to any Units or other Equity Securities in the Company it receives under this Agreement (including under this Section 3.6 in connection
with any Redemption). 

  

	 	(k)	 The Managing Member may impose additional limitations and restrictions on Redemptions (including limiting
Redemptions or creating priority procedures for Redemptions), to the extent it determines, in its sole discretion, such limitations and restrictions to be necessary or appropriate to avoid undue risk that the Company may be classified as a
“publicly traded partnership” within the meaning of Section 7704 of the Code. Furthermore, the Managing Member may require any Member or group of Members to redeem all of their Units to the extent it determines, in its sole
discretion, that such Redemption is necessary or appropriate to avoid undue risk that the Company may be classified as a “publicly traded partnership” within the meaning of Section 7704 of the Code. Upon delivery of any notice by the
Managing Member to such Member or group of Members requiring such Redemption, such Member or group of Members shall exchange, subject to exercise by PubCo (or such other member(s) of the PubCo Holdings Group designated by PubCo) of the Call Right
pursuant to Section 3.6(f)(i), all of their Units effective as of the date specified in such notice (and such date shall be deemed to be a Redemption Date for purposes of this Agreement) in accordance with this
Section 3.6 and otherwise in accordance with the requirements set forth in such notice. 

ARTICLE IV 
 ALLOCATIONS
OF PROFITS AND LOSSES 
 Section 4.1 Profits and Losses. After giving effect to the allocations under
Section 4.2 and subject to Section 4.5, Profits and Losses (and, to the extent determined by the Managing Member to be necessary and appropriate to achieve the resulting Capital Account balances
described below, any allocable items of income, gain, loss, deduction or credit includable in the 

  
 28 

 
computation of Profits and Losses) for each Fiscal Year or other taxable period shall be allocated among the Members during such Fiscal Year or other taxable period in a manner such that, after
giving effect to the special allocations set forth in Section 4.2 and all distributions through the end of such Fiscal Year or other taxable period, the Capital Account balance of each Member, immediately after making such
allocation, is, as nearly as possible, equal to (i) the amount such Member would receive pursuant to Section 10.3(b) if all assets of the Company on hand at the end of such Fiscal Year or other taxable period were sold
for cash equal to their Gross Asset Values, all liabilities of the Company were satisfied in cash in accordance with their terms (limited with respect to each nonrecourse liability to the Gross Asset Value of the assets securing such liability), and
all remaining or resulting cash was distributed, in accordance with Section 10.3(b), to the Members immediately after making such allocation, minus (ii) such Member’s share of Company Minimum Gain and
Member Minimum Gain, computed immediately prior to the hypothetical sale of assets, and the amount any such Member is treated as obligated to contribute to the Company, computed immediately after the hypothetical sale of assets. 

Section 4.2 Special Allocations. 
  

	 	(a)	 Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Members
on a pro rata basis, in accordance with the number of Units owned by each Member as of the last day of such Fiscal Year or other taxable period. The amount of Nonrecourse Deductions for a Fiscal Year or other taxable period shall equal the
excess, if any, of the net increase, if any, in the amount of Company Minimum Gain during that Fiscal Year or other taxable period over the aggregate amount of any distributions during that Fiscal Year or other taxable period of proceeds of a
Nonrecourse Liability that are allocable to an increase in Company Minimum Gain, determined in accordance with the provisions of Treasury Regulations Section 1.704-2(d). 

 

	 	(b)	 Any Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to
the Member who bears economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treasury Regulations
Section 1.704-2(i). If more than one Member bears the economic risk of loss for such Member Nonrecourse Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be
allocated among the Members according to the ratio in which they bear the economic risk of loss. This Section 4.2(b) is intended to comply with the provisions of Treasury Regulations
Section 1.704-2(i) and shall be interpreted consistently therewith. 

  

	 	(c)	 Notwithstanding any other provision of this Agreement to the contrary, if there is a net decrease in Company
Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Company Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior
periods to allocate among the Members under this Section 4.2(c)), each Member shall be specially allocated items of Company income and gain for such Fiscal Year or other taxable period in an amount equal to such
Member’s share of the net decrease in Company Minimum Gain during such year (as determined pursuant to Treasury Regulations Section 1.704-2(g)(2)). This section is intended to constitute a minimum
gain chargeback under Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently therewith. 

  
 29 

	 	(d)	 Notwithstanding any other provision of this Agreement except Section 4.2(c), if there
is a net decrease in Member Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Member Minimum Gain for a prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income
and gain during prior periods to allocate among the Members under this Section 4.2(d)), each Member shall be specially allocated items of Company income and gain for such year in an amount equal to such Member’s share
of the net decrease in Member Minimum Gain (as determined pursuant to Treasury Regulations Section 1.704-2(i)(4)). This section is intended to constitute a partner nonrecourse debt minimum gain chargeback
under Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

  

	 	(e)	 Notwithstanding any provision hereof to the contrary except Section 4.2(a) and
Section 4.2(b), no Losses or other items of loss or expense shall be allocated to any Member to the extent that such allocation would cause such Member to have an Adjusted Capital Account Deficit (or increase any existing
Adjusted Capital Account Deficit) at the end of such Fiscal Year or other taxable period. All Losses and other items of loss and expense in excess of the limitation set forth in this Section 4.2(e) shall be allocated to the
Members who do not have an Adjusted Capital Account Deficit in proportion to their relative positive Capital Accounts but only to the extent that such Losses and other items of loss and expense do not cause any such Member to have an Adjusted
Capital Account Deficit. 

  

	 	(f)	 Notwithstanding any provision hereof to the contrary except Section 4.2(c) and
Section 4.2(d), in the event any Member unexpectedly receives any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of Treasury Regulations
Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a pro rata portion of each item of income, including gross income, and gain for the Fiscal Year or other taxable period)
shall be specially allocated to such Member in an amount and manner sufficient to eliminate any Adjusted Capital Account Deficit of that Member as quickly as possible; provided that an allocation pursuant to this
Section 4.2(f) shall be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article IV have been tentatively made as if this
Section 4.2(f) were not in this Agreement. This Section 4.2(f) is intended to constitute a qualified income offset under Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be
interpreted consistently therewith. 

  

	 	(g)	 If any Member has a deficit balance in its Capital Account at the end of any Fiscal Year or other taxable
period that is in excess of the sum of (i) the amount that such Member is obligated to restore and (ii) the amount that the Member is deemed to be obligated to restore pursuant to the penultimate sentence of Treasury Regulations Sections 1.704-2(g)(1) and (i)(5), that Member shall be specially allocated items of 

  
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Company income and gain and Simulated Gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section 4.2(g) shall be made
only if and to the extent that such Member would have a deficit balance in its Capital Account in excess of such sum after all other allocations provided for in this Article IV have been made as if Section 4.2(f) and
this Section 4.2(g) were not in this Agreement. 

  

	 	(h)	 To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code
Sections 734(b) or 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken
into account in determining Capital Accounts as a result of a distribution to any Member in complete liquidation of such Member’s Interest in the Company, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain
(if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such item of gain or loss shall be allocated to the Members in accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv)(m)(2) if such section applies or to the Member to whom such distribution was made if Treasury Regulations
Section 1.704-1(b)(2)(iv)(m)(4) applies. 

  

	 	(i)	 Simulated Depletion for each Depletable Property, and Simulated Loss for Depletable Property upon the
disposition of such Depletable Property, shall be allocated among the Members in proportion to their shares of Simulated Basis in such Depletable Property. 

  

	 	(j)	 The allocations set forth in Sections 4.2(a) through
Section 4.2(i) (the “Regulatory Allocations”) are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding any other provision of this Article IV (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future Regulatory Allocations) shall be taken into account
in allocating other items of income, gain, loss and deduction among the Members so that, to the extent possible, the net amount of such allocation of other items and the Regulatory Allocations to each Member should be equal to the net amount that
would have been allocated to each such Member if the Regulatory Allocations had not occurred. This Section 4.2(j) is intended to minimize to the extent possible and to the extent necessary any economic distortions which may
result from application of the Regulatory Allocations and shall be interpreted in a manner consistent therewith. 

  

	 	(k)	 Items of income, gain, loss, expense or credit resulting from a Covered Audit Adjustment shall be allocated to
the Members in accordance with the applicable provisions of the Partnership Tax Audit Rules. 

  
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 Section 4.3 Allocations for Tax Purposes in General. 

 

	 	(a)	 Except as otherwise provided in this Section 4.3 or
Section 4.4, each item of income, gain, loss and deduction of the Company for U.S. federal income tax purposes shall be allocated among the Members in the same manner as such item is allocated under
Sections 4.1 and 4.2. 

  

	 	(b)	 In accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury
Regulations applying the principles of Code Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and deduction with respect to any Company property having a Gross Asset Value that differs from such
property’s adjusted U.S. federal income tax basis shall, solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference using such method or methods determined by the Managing Member to be
appropriate and in accordance with the applicable Treasury Regulations; provided, that the Managing Member will use the “traditional method with curative allocations,” with the curative allocations applied only to sale gain,
under Treasury Regulations Section 1.704-3(c) with respect to the assets owned by the Company at the time of the IPO. 

 

	 	(c)	 Any (i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with
Treasury Regulations Sections 1.1245-1(e) and 1.1254-5, to the Members who received the benefit of such deductions, and (ii) recapture of credits shall be
allocated to the Members in accordance with applicable law. 

  

	 	(d)	 Allocations pursuant to this Section 4.3 are solely for purposes of U.S. federal,
state and local taxes and shall not affect or in any way be taken into account in computing any Member’s Capital Account or share of Profits, Losses, other items or distributions pursuant to any provision of this Agreement.

  

	 	(e)	 If, as a result of an exercise of a noncompensatory option to acquire an interest in the Company, a Capital
Account reallocation is required under Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3), the Company shall make corrective allocations pursuant to Treasury Regulations Section 1.704-1(b)(4)(x). 

 Section 4.4 Income Tax Allocations with
Respect to Depletable Properties. 
  

	 	(a)	 Cost and percentage depletion deductions with respect to any Depletable Property shall be computed separately
by the Members rather than the Company. For purposes of such computations, the federal income tax basis of each Depletable Property shall be allocated to each Member pro rata, in accordance with the number of Units owned by such Member as of the
time such Depletable Property is acquired by the Company (and any additions to such federal income tax basis resulting from expenditures required to be capitalized in such basis shall be allocated among the Members in a manner designed to cause the
Members’ proportionate shares of such adjusted federal income tax basis to be in accordance with their proportionate ownership of Units as determined at the time of any such additions), and shall be reallocated among the Members pro rata, in
accordance with the number of Units owned by such Member as determined immediately following the occurrence of an event giving rise to an adjustment to the Gross Asset Values of the Company’s Depletable Properties pursuant to clause (b) of
the definition of Gross Asset Value. 

  
 32 

	 	
The Company shall inform each Member of such Member’s allocable share of the federal income tax basis of each Depletable Property promptly following the acquisition of such Depletable
Property by the Company, any adjustment resulting from expenditures required to be capitalized in such basis, and any reallocation of such basis as provided in the previous sentence. 

 

	 	(b)	 For purposes of the separate computation of gain or loss by each Member on the taxable disposition of
Depletable Property, the amount realized from such disposition shall be allocated (i) first, to the Members in an amount equal to the Simulated Basis in such Depletable Property in proportion to their allocable shares thereof and
(ii) second, any remaining amount realized shall be allocated consistent with the allocation of Simulated Gains. 

  

	 	(c)	 The allocations described in this Section 4.4 are intended to be applied in
accordance with the Members’ “interests in partnership capital” under Section 613A(c)(7)(D) of the Code; provided that the Members understand and agree that the Managing Member may authorize special allocations of federal
income tax basis, income, gain, deduction or loss, as computed for federal income tax purposes, in order to eliminate differences between Simulated Basis and adjusted federal income tax basis with respect to Depletable Properties, in such manner as
determined consistent with the principles outlined in Section 4.3(b). The provisions of this Section 4.4(c) and the other provisions of this Agreement relating to allocations under Code
Section 613A(c)(7)(D) are intended to comply with Treasury Regulations Section 1.704-1(b)(4)(v) and shall be interpreted and applied in a manner consistent with such Treasury Regulations.

  

	 	(d)	 Each Member, with the assistance of the Company, shall separately keep records of its share of the adjusted tax
basis in each Depletable Property, adjust such share of the adjusted tax basis for any cost or percentage depletion allowable with respect to such property and use such adjusted tax basis in the computation of its cost depletion or in the
computation of its gain or loss on the disposition of such property by the Company. Upon the reasonable request of the Company, each Member shall advise the Company of its adjusted tax basis in each Depletable Property and any depletion computed
with respect thereto, both as computed in accordance with the provisions of this subsection for purposes of allowing the Company to make adjustments to the tax basis of its assets as a result of certain transfers of interests in the Company or
distributions by the Company. The Company may rely on such information and, if it is not provided by the Member, may make such reasonable assumptions as it shall determine with respect thereto. 

Section 4.5 Other Allocation Rules. 
  

	 	(a)	 The Members are aware of the income tax consequences of the allocations made by this Article IV and the
economic impact of the allocations on the amounts receivable by them under this Agreement. The Members hereby agree to be bound by the provisions of this Article IV in reporting their share of Company income and loss for income tax purposes.

  
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	 	(b)	 The provisions regarding the establishment and maintenance for each Member of a Capital Account as provided by
Section 3.4 and the allocations set forth in Sections 4.1, 4.2, 4.3, and 4.4 are intended to comply with the Treasury Regulations and to reflect the intended economic
entitlement of the Members. If the Managing Member determines, in its sole discretion, that the application of the provisions in Sections 3.4, 4.1, 4.2 4.3, or 4.4 would result in non-compliance with the Treasury Regulations or would be inconsistent with the intended economic entitlement of the Members, the Managing Member is authorized to make any appropriate adjustments to such provisions.

  

	 	(c)	 All items of income, gain, loss, deduction and credit allocable to an interest in the Company that may have
been Transferred shall be allocated between the Transferor and the Transferee based on the portion of the Fiscal Year or other taxable period during which each was recognized as the owner of such interest, without regard to the results of Company
operations during any particular portion of that year and without regard to whether cash distributions were made to the Transferor or the Transferee during that year; provided, however, that this allocation must be made in accordance with a
method determined by the Managing Member and permissible under Code Section 706 and the Treasury Regulations thereunder. 

  

	 	(d)	 The Members’ proportionate shares of the “excess nonrecourse liabilities” of the Company, within
the meaning of Treasury Regulations Section 1.752-3(a)(3), shall be allocated to the Members on a pro rata basis, in accordance with the number of Units owned by each Member. 

ARTICLE V 

DISTRIBUTIONS 

Section 5.1 Distributions. 
  

	 	(a)	 Distributions. To the extent permitted by applicable Law and hereunder, and except as otherwise provided
in Section 10.3, distributions to Members may be declared by the Managing Member out of funds legally available therefor in such amounts and on such terms (including the payment dates of such distributions) as the Managing
Member shall determine using such record date as the Managing Member may designate; any such distribution shall be made to the Members as of the close of business on such record date on a pro rata basis (except that, for the avoidance of
doubt, repurchases or redemptions made in accordance with Section 3.1(f), Section 3.6, or payments made in accordance with Sections 6.4 or 6.9 need not be on a
pro rata basis), in accordance with the number of Units owned by each Member as of the close of business on such record date; provided, however, that the Managing Member shall have the obligation to make distributions as set
forth in Sections 5.2 and 10.3(b)(iii); and provided further, that, notwithstanding any other provision herein to the contrary, no distributions shall be made to any Member to the extent such
distribution would render the Company insolvent or violate the Act. For purposes of the foregoing sentence, insolvency means the inability of the 

  
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Company to meet its payment obligations when due. Promptly following the designation of a record date and the declaration of a distribution pursuant to this Section 5.1,
the Managing Member shall give notice to each Member of the record date, the amount and the terms of the distribution and the payment date thereof. 

  

	 	(b)	 Successors. For purposes of determining the amount of distributions, each Member shall be treated as
having made the Capital Contributions and as having received the distributions made to or received by its predecessors in respect of any of such Member’s Units. 

 

	 	(c)	 Distributions In-Kind. Except as otherwise provided in this
Agreement, any distributions may be made in cash or in kind, or partly in cash and partly in kind, as determined by the Managing Member. To the extent that the Company distributes property in-kind to the
Members, the Company shall be treated as making a distribution equal to the Fair Market Value of such property for purposes of Section 5.1(a) and such property shall be treated as if it were sold for an amount equal to its
Fair Market Value. Any resulting gain or loss shall be allocated to the Member’s Capital Accounts in accordance with Sections 4.1 and 4.2. 

Section 5.2 Tax-Related Distributions. The Company shall, subject to any
restrictions contained in any agreement to which the Company is bound, make distributions out of legally available funds to all Members on a pro rata basis, in accordance with the number of Units owned by each Member, at such times and in
such amounts as the Managing Member reasonably determines is necessary (taking into account any distributions reasonably expected to be made pursuant to Section 5.1(a), but only to the extent reasonably contemporaneously
with such tax-related distribution), to enable the PubCo Holdings Group to timely satisfy any and all U.S. federal, state and local and non-U.S. tax obligations
(including any Company Level Taxes payable by the PubCo Holdings Group as a result of an election under Section 6226(a) of the Code or otherwise, but excluding any obligations to remit any withholdings withheld from payments to third parties)
owed by the PubCo Holdings Group, in the aggregate. 
 Section 5.3 Distribution Upon Withdrawal. No withdrawing Member
shall be entitled to receive any distribution or the value of such Member’s Interest in the Company as a result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided in this Agreement. 

ARTICLE VI 
 MANAGEMENT

 Section 6.1 The Managing Member; Fiduciary Duties. 

 

	 	(a)	 PubCo shall be the sole Managing Member of the Company. Except as otherwise required by Law, (i) the
Managing Member shall have full and complete charge of all affairs of the Company, (ii) the management and control of the Company’s business activities and operations shall rest exclusively with the Managing Member, and the Managing Member
shall make all decisions regarding the 

  
 35 

	 	
business, activities and operations of the Company (including the incurrence of costs and expenses) in its sole discretion without the consent of any other Member and (iii) the Members other
than the Managing Member (in their capacity as such) shall not participate in the control, management, direction or operation of the activities or affairs of the Company and shall have no power to act for or bind the Company. 

 

	 	(b)	 Except as otherwise provided herein, in connection with the performance of its duties as the Managing Member of
the Company, the Managing Member acknowledges that it will owe to the Members the same fiduciary duties as it would owe to the stockholders of a Delaware corporation under the DGCL if it were a member of the board of directors of such a corporation
and the Members were stockholders of such corporation; provided, that all Members acknowledge and agree that the Managing Member shall owe no fiduciary or other duty to any Member where this Agreement provides that the Managing Member may act
or otherwise proceed in its sole discretion. The Members further acknowledge that the Managing Member will take action through its board of directors, and that the members of the Managing Member’s board of directors will owe comparable
fiduciary duties to the stockholders of the Managing Member. 

  

	 	(c)	 Whenever a potential conflict of interest exists or arises between one or more Members (other than the Managing
Member) or their respective Affiliates, on the one hand, and the Managing Member or its Affiliates, on the other, any resolution or course of action by the Managing Member in respect of such conflict of interest shall be permitted and deemed
approved by all Members, and shall not constitute a breach of this Agreement, of any agreement contemplated herein, or of any duty stated or implied by law or equity, including any fiduciary duty, if the resolution or course of action in respect of
such conflict of interest is (i) approved by Special Approval (as defined in the PubCo LLC Agreement), (ii) if such conflict of interest exists with PubCo or any of its Subsidiaries, approved by holders of Units representing a majority of all
Units (excluding Units held by PubCo) that are held by disinterested parties or, if such conflict exists with an Affiliate of PubCo (other than a Subsidiary of PubCo), approved by holders of Shares (as defined in the PubCo LLC Agreement)
representing a majority of all Shares that are held by disinterred parties, (iii) on terms that, when taken together in their entirety, are no less favorable to the Company or the holders of Units held by disinterested parties, as applicable,
than those generally being provided to or available from unrelated third parties, (iv) fair and reasonable to the Company taking into account the totality of the relationships between the parties involved (including other transactions that may
be particularly favorable or advantageous to the Company or the holders of Units held by disinterested parties, as applicable) or (v) does not otherwise constitute a breach of a duty that would apply to officers or directors of a corporation
subject to the DGCL. 

  
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	 	(d)	 The Managing Member shall be authorized but not required in connection with its resolution of such conflict of
interest to seek Special Approval of such resolution, and the Managing Member may also adopt a resolution or course of action that has not received Special Approval. If Special Approval is not sought and the Managing Member approved the resolution
or course of action taken with respect to a conflict of interest, then it shall be presumed that, in making its decision, the Managing Member acted in accordance with any and all of its duties, whether express or implied, in equity or otherwise, and
in any proceeding brought by any Member or by or on behalf of such Member or any other Member or the Company challenging such approval, the Person bringing or prosecuting such proceeding shall have the burden of overcoming such presumption.

 Section 6.2 Officers. 
  

	 	(a)	 The Managing Member may appoint, employ or otherwise contract with any Person for the transaction of the
business of the Company or the performance of services for or on behalf of the Company, and the Managing Member may delegate to any such Persons such authority to act on behalf of the Company as the Managing Member may from time to time deem
appropriate. 

  

	 	(b)	 Except as otherwise set forth herein, the Chief Executive Officer will be responsible for the general and
active management of the business of the Company and its Subsidiaries and will see that all orders of the Managing Member are carried into effect. The Chief Executive Officer will report to the Managing Member and have the general powers and duties
of management usually vested in the office of president and chief executive officer of a corporation organized under the DGCL, subject to the terms of this Agreement, and will have such other powers and duties as may be prescribed by the Managing
Member or this Agreement. The Chief Executive Officer will have the power to execute bonds, mortgages and other contracts requiring a seal, under the seal of the Company, except where required or permitted by Law to be otherwise signed and executed,
and except where the signing and execution thereof will be expressly delegated by the Managing Member to some other Officer or agent of the Company. 

  

	 	(c)	 Except as set forth herein, the Managing Member may appoint Officers at any time, and the Officers may include
a president, one or more vice presidents, a secretary, one or more assistant secretaries, a chief financial officer, a general counsel, a treasurer, one or more assistant treasurers, a chief operating officer, an executive chairman, and any other
officers that the Managing Member deems appropriate. Except as set forth herein, the Officers will serve at the pleasure of the Managing Member, subject to all rights, if any, of such Officer under any contract of employment. Any individual may hold
any number of offices, and an Officer may, but need not, be a Member of the Company. The Officers will exercise such powers and perform such duties as specified in this Agreement or as determined from time to time by the Managing Member.

  

	 	(d)	 Subject to this Agreement and to the rights, if any, of an Officer under a contract of employment, any Officer
may be removed, either with or without cause, by the Managing Member. Any Officer may resign at any time by giving written notice to the Managing Member. Any resignation will take effect at the date of the receipt of

  
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that notice or at any later time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation will not be necessary to make it effective. Any
resignation is without prejudice to the rights, if any, of the Company under any contract to which the Officer is a party. A vacancy in any office because of death, resignation, removal, disqualification or any other cause will be filled in the
manner prescribed in this Agreement for regular appointments to that office. 

  

	 	(e)	 The Officers, in the performance of their duties as such, shall owe to the Company and the Members duties of
loyalty and due care of the type owed by the officers of a corporation to such corporation and its stockholders under the DGCL. 

Section 6.3 Warranted Reliance by Officers on Others. In exercising their authority and performing their duties under this
Agreement, the Officers shall be entitled to rely on information, opinions, reports, or statements of the following Persons or groups unless they have actual knowledge concerning the matter in question that would cause such reliance to be
unwarranted: 
  

	 	(a)	 one or more employees or other agents of the Company or subordinates whom the Officer reasonably believes to be
reliable and competent in the matters presented; and 

  

	 	(b)	 any attorney, public accountant, or other Person as to matters which the Officer reasonably believes to be
within such Person’s professional or expert competence. 

 Section 6.4 Indemnification;
Exculpation. 
  

	 	(a)	 The Company shall indemnify and hold harmless, to the fullest extent permitted by applicable Law as it
presently exists or may hereafter be amended (provided, that no such amendment shall limit a Covered Person’s rights to indemnification hereunder with respect to any actions or events occurring prior to such amendment), any person who was or is
made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”) by
reason of the fact that such person (or a person for whom such person is the legal representative) is or was a person entitled to indemnification under the Existing LLC Agreement, or is a Member, an Officer, or acting as the Managing Member or
Company Representative of the Company or, while being a person entitled to indemnification under the Existing LLC Agreement, a Member, an Officer, or acting as the Managing Member or Company Representative of the Company, is or was serving at the
request of the Company as a member, director, officer, trustee, employee or agent of another limited liability company or of a corporation, partnership, joint venture, trust, other enterprise or nonprofit entity, including service with respect to an
employee benefit plan (each of the persons referred to above in this Section 6.4(a) being referred to as a “Covered Person”), whether the basis of such Proceeding is alleged action or failure of
action in an official capacity as a member, director, officer, trustee, employee or agent, or in 

  
 38 

	 	
any other capacity while serving as a member, director, officer, trustee, employee or agent, against all expenses, liability and loss (including, without limitation, attorneys’ fees,
judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by such Covered Person in connection with such Proceeding, unless there has been a final and
non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of such act or omission, and taking into account the acknowledgements and agreements set forth in this
Agreement, such Covered Person engaged in Bad Faith. Without limitation, the foregoing indemnity shall extend to any liability of any Covered Person, pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any Subsidiary
(including any indebtedness which the Company or any Subsidiary has assumed or taken subject to), and the Officers are hereby authorized and empowered, on behalf of the Company, to enter into one or more indemnity agreements consistent with the
provisions of this Section 6.4(a) in favor of any Covered Person having or potentially having liability for any such indebtedness. The Company shall, to the fullest extent not prohibited by applicable Law as it presently
exists or may hereafter be amended (provided, that no such amendment shall limit a Covered Person’s rights to indemnification hereunder with respect to any actions or events occurring prior to such amendment), pay the expenses (including
attorneys’ fees) incurred by a Covered Person in defending any Proceeding in advance of its final disposition; provided, however, that to the extent required by applicable Law, such payment of expenses in advance of the final
disposition of the Proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it should be ultimately determined by final judicial decision from which there is no further right to appeal that
the Covered Person is not entitled to be indemnified under this Section 6.4(a) or otherwise. The rights to indemnification and advancement of expenses under this Section 6.4(a) shall be contract
rights and such rights shall continue as to a Covered Person who has ceased to be a member, director, officer, trustee, employee or agent and shall inure to the benefit of his heirs, executors and administrators. Notwithstanding the foregoing
provisions of this Section 6.4(a), except for Proceedings to enforce rights to indemnification and advancement of expenses, the Company shall indemnify and advance expenses to a Covered Person in connection with a
Proceeding (or part thereof) initiated by such Covered Person only if such Proceeding (or part thereof) was authorized by the Managing Member. The Company may, but shall not be obligated to, purchase and maintain insurance on behalf of any Person
entitled to indemnification under this Section 6.4(a) against any liability asserted against such Person and incurred by such Person in any capacity to which they are entitled to indemnification hereunder, or arising out of
such Person’s status as such, whether or not the Company would have the power or the obligation to indemnify such Person against such liability under the provisions of this Section 6.4(a). If this
Section 6.4(a) or any portion of this Section 6.4(a) shall be invalidated on any ground by a court of competent jurisdiction the Company shall nevertheless indemnify each Covered Person as to
expenses (including attorneys’ fees), judgments, fines, and amounts paid in settlement with respect to any action, suit, proceeding or isnvestigation, whether civil, criminal or administrative, including a grand jury proceeding or action or
suit brought by or in the right of the Company, to the full extent permitted by any applicable portion of this Section 6.4(a) that shall not have been invalidated. 

  
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	 	(b)	 Subject to other applicable provisions of this Section 6.4, to the fullest extent
permitted by applicable law, the Covered Persons shall not be liable to the Company, any Subsidiary, any director, any Officer, any Member or any holder of any equity interest in any Subsidiary by virtue of being an Covered Person or for any acts or
omissions in their capacity as a Covered Person or otherwise in connection with the Company, this Agreement or the business and affairs of the Company and its Subsidiaries unless there has been a final and
non-appealable judgment entered by a court of competent jurisdiction determining that such losses or liabilities were the result of conduct in which such Person engaged in Bad Faith. 

Section 6.5 Maintenance of Insurance or Other Financial Arrangements. In compliance with applicable Law, the Company (with
the approval of the Managing Member) may purchase and maintain insurance or make other financial arrangements on behalf of any Person who is or was a Member, employee or agent of the Company, or at the request of the Company is or was serving as a
manager, director, officer, employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise, for any Liability asserted against such Person and Liability and expenses incurred by such Person
in such Person’s capacity as such, or arising out of such Person’s status as such, whether or not the Company has the authority to indemnify such Person against such Liability and expenses. 

Section 6.6 Resignation or Termination of Managing Member. PubCo shall not, by any means, resign as, cease to be or be
replaced as Managing Member except in compliance with this Section 6.6. No termination or replacement of PubCo as Managing Member shall be effective unless proper provision is made, in compliance with this Agreement, so
that the obligations of PubCo, its successor (if applicable) and any new Managing Member and the rights of all Members under this Agreement and applicable Law remain in full force and effect. No appointment of a Person other than PubCo (or its
successor, as applicable) as Managing Member shall be effective unless PubCo (or its successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such other Members
against PubCo (or its successor, as applicable) and the new Managing Member (as applicable), to cause (a) PubCo to comply with all PubCo’s obligations under this Agreement (including its obligations under
Section 3.6) other than those that must necessarily be taken in its capacity as Managing Member and (b) the new Managing Member to comply with all the Managing Member’s obligations under this Agreement. 

Section 6.7 No Inconsistent Obligations. The Managing Member represents that it does not have any contracts, other
agreements, duties or obligations that are inconsistent with its duties and obligations (whether or not in its capacity as Managing Member) under this Agreement and covenants that, except as permitted by Section 6.1, it
will not enter into any contracts or other agreements or undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations. 

  
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 Section 6.8 Reclassification Events of PubCo. If a Reclassification Event
occurs, the Managing Member or its successor, as the case may be, shall, as and to the extent necessary, amend this Agreement in compliance with Section 11.1, and enter into any necessary supplementary or additional
agreements, to ensure that, following the effective date of the Reclassification Event: (i) the redemption rights of holders of Units set forth in Section 3.6 provide that each Unit (together with the surrender and
delivery of one Class B Share) is redeemable for the same amount and same type of property, securities or cash (or combination thereof) that one Class A Share becomes exchangeable for or converted into as a result of the Reclassification
Event and (ii) PubCo or the successor to PubCo, as applicable, is obligated to deliver such property, securities or cash upon such redemption. PubCo shall not consummate or agree to consummate any Reclassification Event unless the successor
Person, if any, becomes obligated to comply with the obligations of PubCo (in whatever capacity) under this Agreement. 
 Section 6.9
Certain Costs and Expenses. The Company shall (i) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company and its Subsidiaries (including the costs, fees and expenses of attorneys,
accountants or other professionals and the compensation of all personnel providing services to the Company and its Subsidiaries) incurred in pursuing and conducting, or otherwise related to, the activities of the Company and (ii) in the sole
discretion of the Managing Member, reimburse the Managing Member for any costs, fees or expenses incurred by it in connection with serving as the Managing Member. To the extent that the Managing Member determines in its sole discretion that such
expenses are related to the business and affairs of the Managing Member that are conducted through the Company and/or its Subsidiaries (including expenses that relate to the business and affairs of the Company and/or its Subsidiaries and that also
relate to other activities of the Managing Member or any other member of the PubCo Holdings Group), the Managing Member may cause the Company to pay or bear all expenses of the PubCo Holdings Group, including, without limitation, costs of securities
offerings not borne directly by Members, board of directors compensation and meeting costs, costs of periodic reports to stockholders of PubCo, litigation costs and damages arising from litigation, accounting and legal costs; provided that
the Company shall not pay or bear any income tax obligations of any member of the PubCo Holdings Group. In the event that (i) Class A Shares or other Equity Securities of PubCo are sold to underwriters in any Public Offering at a price per
share that is lower than the price per share for which such Class A Shares or other Equity Securities of PubCo are sold to the public in such Public Offering after taking into account any Discounts and (ii) the proceeds from such Public
Offering are used to fund the Cash Election Amount for any Redeemed Units or otherwise contributed to the Company, the Company shall reimburse the applicable member of the PubCo Holdings Group for such Discount by treating such Discount as an
additional Capital Contribution made by such member of the PubCo Holdings Group to the Company, issuing Units in respect of such deemed Capital Contribution in accordance with Section 3.6(b)(ii), and increasing the Capital
Account of such member of the PubCo Holdings Group by the amount of such Discount. For the avoidance of doubt, any payments made to or on behalf of any member of the PubCo Holdings Group pursuant to this Section 6.9 shall
not be treated as a distribution pursuant to Section 5.1(a) but shall instead be treated as an expense of the Company. 

  
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 ARTICLE VII 

ROLE OF MEMBERS 

Section 7.1 Rights or Powers. 
  

	 	(a)	 Other than the Managing Member, the Members, acting in their capacity as Members, shall not have any right or
power to take part in the management or control of the Company or its business and affairs or to act for or bind the Company in any way. Notwithstanding the foregoing, the Members have all the rights and powers specifically set forth in this
Agreement and, to the extent not inconsistent with this Agreement, in the Act. A Member, any Affiliate thereof or an employee, stockholder, agent, director or officer of a Member or any Affiliate thereof, may also be an employee or be retained as an
agent of the Company. The existence of these relationships and acting in such capacities will not result in the Member (other than the Managing Member) being deemed to be participating in the control of the business of the Company or otherwise
affect the limited liability of the Member. Except as specifically provided herein, a Member (other than the Managing Member) shall not, in its capacity as a Member, take part in the operation, management or control of the Company’s business,
transact any business in the Company’s name or have the power to sign documents for or otherwise bind the Company. 

  

	 	(b)	 The Company shall promptly (but in any event within three business days) notify the Members in writing if, to
the Company’s knowledge, for any reason, it would be an “investment company” within the meaning of the Investment Company Act, but for the exceptions provided in Section 3(c)(1) or 3(c)(7) thereunder. 

 

	 	Section	 7.2 Voting. 

 

	 	(a)	 Meetings of the Members may be called upon the written request of the Managing Member or Members holding at
least 50% of the outstanding Units. Such request shall state the location of the meeting and the nature of the business to be transacted at the meeting. Written notice of any such meeting shall be given to all Members not less than two Business Days
and not more than 30 days prior to the date of such meeting. Members may vote in person, by proxy or by telephone at any meeting of the Members and may waive advance notice of such meeting. Whenever the vote or consent of Members is permitted or
required under this Agreement, such vote or consent may be given at a meeting of the Members or may be given in accordance with the procedure prescribed in this Section 7.2. Except as otherwise expressly provided in this
Agreement, the affirmative vote of the Members holding a majority of the outstanding Units shall constitute the act of the Members. 

  

	 	(b)	 Each Member may authorize any Person or Persons to act for it by proxy on all matters in which such Member is
entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by such Member or its
attorney-in-fact. No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable
at the pleasure of the Member executing it. 

  
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	 	(c)	 Each meeting of Members shall be conducted by an Officer designated by the Managing Member or such other
individual Person as the Managing Member deems appropriate. 

  

	 	(d)	 Any action required or permitted to be taken by the Members may be taken without a meeting if the requisite
Members whose approval is necessary consent thereto in writing. 

 Section 7.3 Various Capacities. The
Members acknowledge and agree that the Members or their Affiliates will from time to time act in various capacities, including as a Member and as the Company Representative. 

Section 7.4 Investment Opportunities. 
  

	 	(a)	 To the fullest extent permitted by applicable law, the doctrine of corporate opportunity, or any analogous
doctrine, shall not apply to any Member (other than Members who are officers or employees of the Company, PubCo or any of their respective subsidiaries), any of their respective Affiliates (other than the Company, the Managing Member or any of their
respective Subsidiaries), or any of their respective officers, directors, agents, shareholders, members, and partners (each, a “Business Opportunities Exempt Party”). The Company renounces any interest or expectancy of the
Company in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to any Business Opportunities Exempt Party. No Business Opportunities Exempt Party who acquires knowledge of a potential
transaction, agreement, arrangement or other matter that may be an opportunity for the Company or any of its subsidiaries shall have any duty to communicate or offer such opportunity to the Company. No amendment or repeal of this
Section 7.4 shall apply to or have any effect on the liability or alleged liability of any Business Opportunities Exempt Party for or with respect to any opportunities of which any such Business Opportunities Exempt Party
becomes aware prior to such amendment or repeal. Any Person purchasing or otherwise acquiring any interest in any Units shall be deemed to have notice of and consented to the provisions of this Section 7.4. Neither the
alteration, amendment or repeal of this Section 7.4, nor the adoption of any provision of this Agreement inconsistent with this Section 7.4, shall eliminate or reduce the effect of this
Section 7.4 in respect of any business opportunity first identified or any other matter occurring, or any cause of action, suit or claim that, but for this Section 7.4, would accrue or arise, prior
to such alteration, amendment, repeal or adoption. 

  
 43 

 ARTICLE VIII 

TRANSFERS OF INTERESTS 

Section 8.1 Restrictions on Transfer. 
  

	 	(a)	 Except as provided in Section 3.6 or this Article VIII, no Member shall
Transfer all or any portion of its Interest without the Managing Member’s prior written consent, which consent shall be granted or withheld in the Managing Member’s sole discretion. If, notwithstanding the provisions of this
Section 8.1(a), all or any portion of a Member’s Interests are Transferred in violation of this Section 8.1(a), involuntarily, by operation of law or otherwise, then without limiting any other
rights and remedies available to the other parties under this Agreement or otherwise, the Transferee of such Interest (or portion thereof) shall not be admitted to the Company as a Member or be entitled to any rights as a Member hereunder, and the
Transferor will continue to be bound by all obligations hereunder, unless and until the Managing Member consents in writing to such admission, which consent shall be granted or withheld in the Managing Member’s sole discretion. Any attempted or
purported Transfer of all or a portion of a Member’s Interests in violation of this Section 8.1(a) shall be null and void and of no force or effect whatsoever. For the avoidance of doubt, the restrictions on Transfer
contained in this Article VIII shall not apply to the Transfer of any capital stock of the Managing Member; provided that in no circumstance may Class B Shares be Transferred unless a corresponding number of Units are Transferred
to the same Person and in no circumstance may Units may be Transferred unless a corresponding number of Class B Shares are also Transferred to the same Person. 

 

	 	(b)	 In addition to any other restrictions on Transfer herein contained, including the provisions of this Article
VIII, in no event may any Transfer or assignment of Interests by any Member be made (i) to any Person who lacks the legal right, power or capacity to own Interests; (ii) if such Transfer (A) would be considered to be effected on
or through an “established securities market” or a “secondary market or the substantial equivalent thereof,” as such terms are used in Treasury Regulations Section 1.7704-1, (B) would
result in the Company having more than one hundred (100) partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)), or (C) would cause the Company to be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code or a successor provision or to be
classified as a corporation pursuant to the Code or successor of the Code; (iii) if such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3 (14) of ERISA) or a “disqualified person” (as defined in Section 4975(e)(2) of the Code); (iv) if such Transfer would, in the opinion
of counsel to the Company, cause any portion of the assets of the Company to constitute assets of any employee benefit plan pursuant to the Plan Asset Regulations or otherwise cause the Company to be subject to regulation under ERISA; (v) if
such Transfer requires the registration of such Interests or any Equity 

  
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Securities issued upon any exchange of such Interests, pursuant to any applicable U.S. federal or state securities Laws; or (vi) if such Transfer subjects the Company to regulation under the
Investment Company Act or the Investment Advisors Act of 1940, each as amended (or any succeeding law). Any attempted or purported Transfer of all or a portion of a Member’s Interests in violation of this
Section 8.1(b) shall be null and void and of no force or effect whatsoever. 

  

	 	(c)	 Notwithstanding the provisions in Section 8.1(a), but subject to the other provisions
in this Article VIII, Fortis Management Holdings, LLC, Fortis Management Holdings II, LLC, Fortis Incentive Holdings, LLC and, other than PubCo, the Persons party to this Agreement as of the date hereof may Transfer all or a portion of its
Units to any of its members without the consent of any other Member or Person. 

  

	 	(d)	 Without the Managing Member’s consent, a Member may Transfer all or a portion of its Units (together with
the same number of Class B Shares) to a Permitted Transferee; provided that to the extent such Permitted Transferee fails to deliver (and has not previously delivered) a Redemption Notice with respect to such Units to the Company within
ten (10) Business Days after such Transfer, or such Redemption for any reason is not completed in accordance with Section 3.6, such Permitted Transferee shall Transfer such Units (and Class B Shares) back to the
applicable Member, unless such Transfer is otherwise permitted pursuant to Section 8.1(a). In the case of multiple immediately successive Transfers, the provisions of this Section 8.1(d) shall
apply mutatis mutandis to any Permitted Transferee as though such Permitted Transferee were admitted as a Member. 

  

	 	(e)	 A Member making a Transfer permitted by this Agreement shall (i) at least ten (10) Business Days
before such Transfer, deliver to the Company an affidavit of non-foreign status with respect to such Member that satisfies the requirements of Section 1446(f)(2) of the Code, or (ii) no more than
fifteen (15) Business Days following such Transfer, provide to the Company proof that the transferee Member has properly withheld and remitted to the Internal Revenue Service the amount of tax required to be withheld upon the Transfer by
Section 1446(f) of the Code. 

 Section 8.2 Notice of Transfer. Other than in connection with
Transfers made pursuant to Section 3.6, each Member shall, after complying with the provisions of this Agreement, but in any event no later than three Business Days following any Transfer of Interests, give written notice
to the Company of such Transfer. Each such notice shall describe the manner and circumstances of the Transfer. 
 Section 8.3
Transferee Members. A Transferee of Interests pursuant to this Article VIII shall have the right to become a Member only if (i) the requirements of this Article VIII are met, (ii) such Transferee executes an
instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement and assuming all of the Transferor’s then existing and future Liabilities arising under or relating to this Agreement,
(iii) such Transferee represents that the Transfer was made in accordance with all applicable securities Laws, (iv) the Transferor or Transferee shall have reimbursed the Company for all reasonable

  
 45 

 
expenses (including attorneys’ fees and expenses) of any Transfer or proposed Transfer of a Member’s Interest, whether or not consummated and (v) if such Transferee or his or her
spouse is a resident of a community property jurisdiction, then such Transferee’s spouse shall also execute an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this Agreement to the
extent of his or her community property or quasi-community property interest, if any, in such Member’s Interest. Unless agreed to in writing by the Managing Member, the admission of a Member shall not result in the release of the Transferor
from any Liability that the Transferor may have to each remaining Member or to the Company under this Agreement or any other Contract between the Managing Member, the Company or any of its Subsidiaries, on the one hand, and such Transferor or any of
its Affiliates, on the other hand. Written notice of the admission of a Member shall be sent promptly by the Company to each remaining Member. 

Section 8.4 Legend. Each certificate representing a Unit, if any, will be stamped or otherwise imprinted with a legend in
substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933. 
 THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
EXEMPTION THEREFROM UNDER SUCH ACT. 
 THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE SECOND
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF FORTIS MINERALS OPERATING, LLC DATED AS OF [•], 2019 AMONG THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE
SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH
SECURITIES.” 
 ARTICLE IX 

ACCOUNTING; CERTAIN TAX MATTERS 

Section 9.1 Books of Account. The Company shall, and shall cause each Subsidiary to, maintain true books and records of
account in which full and correct entries shall be made of all its business transactions pursuant to a system of accounting established and administered in accordance with GAAP, and shall set aside on its books all such proper accruals and reserves
as shall be required under GAAP. 

  
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 Section 9.2 Tax Elections. 

 

	 	(a)	 The Company and any eligible Subsidiary shall make an election (or continue a previously made election)
pursuant to Section 754 of the Code for the taxable year of the Company that includes the date hereof and shall not thereafter revoke such election. In addition, the Company shall make the following elections on the appropriate forms or tax
returns, if permitted under the Code or applicable law: 

  

	 	i.	 to adopt the calendar year as the Company’s Fiscal Year; 

 

	 	ii.	 to adopt the accrual method of accounting for U.S. federal income tax purposes; 

 

	 	iii.	 to elect to amortize the organizational expenses of the Company as permitted by Section 709(b) of the
Code; 

  

	 	iv.	 except where the Managing Member elects to apply Section 9.5(e), to elect out of the
application of the partnership-level audit and adjustment rules of the Partnership Tax Audit Rules by making an election under Section 6226(a) of the Code, commonly known as the “push out” election, or any analogous election under
state or local tax law, if applicable; and 

  

	 	v.	 except as otherwise provided herein, any other election the Managing Member may deem appropriate and in the
best interests of the Company. 

  

	 	(b)	 Upon request of the Managing Member, each Member shall cooperate in Good Faith with the Company in connection
with the Company’s efforts to make any election pursuant to this Section 9.2. 

Section 9.3 Tax Returns; Information. The Managing Member shall arrange for the preparation and timely filing of all income
and other tax and informational returns of the Company. The Managing Member shall furnish to each Member a copy of each approved return and statement, together with any schedules (including Schedule K-1) or
other information that a Member may require in connection with such Member’s own tax affairs as soon as practicable (but in no event more than seventy-five (75) days after the end of each Fiscal Year). The Members agree to (a) take
all actions reasonably requested by the Company or the Company Representative to comply with the Partnership Tax Audit Rules, including where applicable, filing amended returns as provided in Sections 6225 or 6226 of the Code and providing
confirmation thereof to the Company Representative and (b) furnish to the Company (i) all reasonably requested certificates or statements relating to the tax matters of the Company (including without limitation an affidavit of non-foreign status pursuant to Section 1446(f)(2) of the Code), and (ii) all pertinent information in its possession relating to the Company’s operations that is reasonably necessary to enable the
Company’s tax returns to be prepared and timely filed. 
 Section 9.4 Company Representative. The Managing Member is
specially authorized and appointed to act as the Company Representative and in any similar capacity under state or local Law. The Company Representative shall designate a “designated individual” in accordance with Treasury Regulations Section 301.6223-1(b)(3). The Company and the Members (including 

  
 47 

 
any Member designated as the Company Representative prior to the date hereof) shall cooperate fully with each other and shall use reasonable best efforts to cause the Managing Member (or any
other Person subsequently designated) to become the Company Representative with respect to any taxable period of the Company with respect to which the statute of limitations has not yet expired, including (as applicable) by filing certifications
pursuant to Treasury Regulations Section 301.6231(a)(7)-1(d). In acting as Company Representative, the Managing Member shall act, to the maximum extent possible, to cause income, gain, loss, deduction,
and credit of the Company, and adjustments thereto, to be allocated or borne by the Members in the same manner as such items or adjustments would have been borne if the Company could have effectively made an election under Section 6221(b) of
the Code (commonly known as the “election out”) or similar state or local provision with respect to the taxable period at issue. The Company Representative may retain, at the Company’s expense, such outside counsel, accountants and
other professional consultants as it may reasonably deem necessary in the course of fulfilling its obligations as Company Representative. 

Section 9.5 Withholding Tax Payments and Obligations. 

 

	 	(a)	 Withholding Tax Payments. Each of the Company and its Subsidiaries may withhold from distributions,
allocations or portions thereof if it is required to do so by any applicable Law, and each Member hereby authorizes the Company and its Subsidiaries to withhold or pay on behalf of or with respect to such Member, any amount of U.S. federal, state or
local or non-U.S. taxes that the Managing Member determines, in Good Faith, that the Company or any of its Subsidiaries is required to withhold or pay with respect to any amount distributable or allocable to
such Member pursuant to this Agreement. 

  

	 	(b)	 Allocation of Tax Payments. To the extent that any tax is paid by (or withheld from amounts payable to)
the Company or any of its Subsidiaries and the Managing Member determines, in Good Faith, that such tax (including any Company Level Tax) specifically relates to one or more particular Members, such tax shall be treated as an amount of tax withheld
or paid with respect to such Member pursuant to this Section 9.5. Any determinations made by the Managing Member pursuant to this Section 9.5 shall be binding on the Members. 

 

	 	(c)	 Tax Contribution and Indemnity Obligation. Any amounts withheld or paid with respect to a Member
pursuant to Section 9.5(a) or (b) (other than the payment of Company Level Taxes) shall be offset against any distributions to which such Member is entitled concurrently with such withholding or payment (a
“Tax Offset”); provided that the amount of any distribution subject to a Tax Offset shall be treated as having been distributed to such Member pursuant to Section 5.1 or
Section 10.3(b)(iii) at the time such Tax Offset is made. To the extent that (i) the amount of such Tax Offset exceeds the distributions to which such Member is entitled concurrently with such withholding or payment
(“Excess Tax Amount”), or (ii) there is a payment of Company Level Taxes relating to a Member, the amount of such (A) Excess Tax Amount or (B) Company Level Taxes, as applicable, shall, upon notification to
such Member by the Managing Member, give rise to an obligation of such Member to make a capital contribution to the Company (a “Tax  

  
 48 

	 	
Contribution Obligation”), which Tax Contribution Obligation shall be immediately due and payable. In the event a Member defaults with respect to its obligation under the prior
sentence, the Company shall be entitled to offset the amount of a Member’s Tax Contribution Obligation against distributions to which such Member would otherwise be subsequently entitled until the full amount of such Tax Contribution Obligation
has been contributed to the Company or has been recovered through offset against distributions, and any such offset shall not reduce such Member’s Capital Account. Any contribution by a Member with respect to a Tax Contribution Obligation shall
increase such Member’s Capital Account but shall not reduce the amount (if any) that a Member is otherwise obligated to contribute to the Company. Each Member hereby unconditionally and irrevocably grants to the Company a security interest in
such Member’s Units to secure such Member’s obligation to pay the Company any amounts required to be paid pursuant to this Section 9.5. Each Member shall take such actions as the Company may reasonably request in
order to perfect or enforce the security interest created hereunder. Each Member hereby agrees to indemnify and hold harmless the Company, the other Members, the Company Representative and the Managing Member from and against any liability
(including any liability for Company Level Taxes) with respect to income attributable to or distributions or other payments to such Member. 

  

	 	(d)	 Continued Obligations of Former Members. Any Person who ceases to be a Member shall be deemed to be a
Member solely for purposes of this Section 9.5, and the obligations of a Member pursuant to this Section 9.5 shall survive until thirty (30) days after the closing of the applicable statute of
limitations on assessment with respect to the taxes withheld or paid by the Company or a Subsidiary that relate to the period during which such Person was actually a Member. 

 

	 	(e)	 Managing Member Discretion Regarding Recovery of Taxes. Notwithstanding the foregoing, the Managing
Member may choose not to recover an amount of Company Level Taxes or other taxes withheld or paid with respect to a Member under this Section 9.5 to the extent that there are no distributions to which such Member is
entitled that may be offset by such amounts, if the Managing Member determines, in its reasonable discretion, that such a decision would be in the best interests of the Members (e.g., where the cost of recovering the amount of taxes withheld or paid
with respect to such Member is not justified in light of the amount that may be recovered from such Member). 

 ARTICLE
X 
 DISSOLUTION AND TERMINATION 

Section 10.1 Liquidating Events. The Company shall dissolve and commence winding up and liquidating upon the first to occur
of the following (each, a “Liquidating Event”): 
  

	 	(a)	 The sale of all or substantially all of the assets of the Company; and 

  
 49 

	 	(b)	 The determination of the Managing Member to dissolve, wind up, and liquidate the Company.

 The Members hereby agree that the Company shall not dissolve prior to the occurrence of a Liquidating Event and that no Member shall
seek a dissolution of the Company, under Section 18-802 of the Act or otherwise, other than based on the matters set forth in subsections (a) and (b) above. If it is determined by a court of
competent jurisdiction that the Company has dissolved prior to the occurrence of a Liquidating Event, the Members hereby agree to continue the business of the Company without a winding up or liquidation. In the event of a dissolution pursuant to
Section 10.1(b), the relative economic rights of each class of Units immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to distributions made to Members pursuant to
Section 10.3 in connection with such dissolution, taking into consideration tax and other legal constraints that may adversely affect one or more parties to such dissolution and subject to compliance with applicable laws
and regulations, unless, with respect to any class of Units, holders of a majority of the Units of such class consent in writing to a treatment other than as described above. 

Section 10.2 Bankruptcy. For purposes of this Agreement, the “bankruptcy” of a Member shall mean the occurrence
of any of the following: (a) any Governmental Entity shall take possession of any substantial part of the property of that Member or shall assume control over the affairs or operations thereof, or a receiver or trustee shall be appointed, or a
writ, order, attachment or garnishment shall be issued with respect to any substantial part thereof, and such possession, assumption of control, appointment, writ or order shall continue for a period of ninety (90) consecutive days; or
(b) a Member shall admit in writing of its inability to pay its debts when due, or make an assignment for the benefit of creditors; or apply for or consent to the appointment of any receiver, trustee or similar officer or for all or any
substantial part of its property; or shall institute (by petition, application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debts, dissolution, liquidation, or similar proceeding under the
Laws of any jurisdiction; or (c) a receiver, trustee or similar officer shall be appointed for such Member or with respect to all or any substantial part of its property without the application or consent of that Member, and such appointment
shall continue undischarged or unstayed for a period of ninety (90) consecutive days or any bankruptcy, insolvency, reorganization, arrangements, readjustment of debt, dissolution, liquidation or similar proceedings shall be instituted (by
petition, application or otherwise) against that Member and shall remain undismissed for a period of ninety (90) consecutive days. 

Section 10.3 Procedure. 
  

	 	(a)	 In the event of the dissolution of the Company for any reason, the Members shall commence to wind up the
affairs of the Company and to liquidate the Company’s investments; provided that if a Member is in bankruptcy or dissolved, another Member, who shall be the Managing Member (“Winding-Up
Member”) shall commence to wind up the affairs of the Company and, subject to Section 10.4(a), such Winding-Up Member shall have full right and unlimited discretion to
determine in Good Faith the time, manner and terms of any sale or sales of the Property or other assets pursuant to such liquidation, having due regard to the activity and condition of the relevant market and general financial and economic

  
 50 

	 	
conditions. The Members shall continue to share profits, losses and distributions during the period of liquidation in the same manner and proportion as though the Company had not dissolved. The
Company shall engage in no further business except as may be necessary, in the reasonable discretion of the Managing Member or the Winding-Up Member, as applicable, to preserve the value of the Company’s
assets during the period of dissolution and liquidation. 

  

	 	(b)	 Following the payment of all expenses of liquidation and the allocation of all Profits and Losses as provided
in Article IV, the proceeds of the liquidation and any other funds of the Company shall be distributed in the following order of priority: 

  

	 	(i)	 First, to the payment and discharge of all of the Company’s debts and Liabilities to creditors (whether
third parties or Members), in the order of priority as provided by Law, except any obligations to the Members in respect of their Capital Accounts; 

  

	 	(ii)	 Second, to set up such cash reserves which the Managing Member reasonably deems necessary for contingent or
unforeseen Liabilities or future payments described in Section 10.3(b)(i) (which reserves when they become unnecessary shall be distributed in accordance with the provisions of subsection (iii) below); and

  

	 	(iii)	 Third, the balance to the Members, pro rata in accordance with the number of Units owned by each Member.

  

	 	(c)	 Except as provided in Section 10.4(a), no Member shall have any right to demand or
receive property other than cash upon dissolution and termination of the Company. 

  

	 	(d)	 Upon the completion of the liquidation of the Company and the distribution of all Company funds, the Company
shall terminate and the Managing Member or the Winding-Up Member, as the case may be, shall have the authority to execute and record a certificate of cancellation of the Company, as well as any and all other
documents required to effectuate the dissolution and termination of the Company. 

 Section 10.4 Rights of
Members. 
  

	 	(a)	 Each Member irrevocably waives any right that it may have to maintain an action for partition with respect to
the property of the Company. 

  

	 	(b)	 Except as otherwise provided in this Agreement, (i) each Member shall look solely to the assets of the
Company for the return of its Capital Contributions, and (ii) no Member shall have priority over any other Member as to the return of its Capital Contributions, distributions or allocations. 

Section 10.5 Notices of Dissolution. In the event a Liquidating Event occurs or an event occurs that would, but for the
provisions of Section 10.1, result in a dissolution of the Company, the Company shall, within 30 days thereafter, (a) provide written notice thereof to each of the Members and to all other parties with whom the Company
regularly conducts business (as determined in the discretion of the Managing Member), and (b) comply, in a timely manner, with all filing and notice requirements under the Act or any other applicable Law. 

  
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 Section 10.6 Reasonable Time for Winding Up. A reasonable time shall be
allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets in order to minimize any losses that might otherwise result from such winding up. 

Section 10.7 No Deficit Restoration. No Member shall be personally liable for a deficit Capital Account balance of that
Member, it being expressly understood that the distribution of liquidation proceeds shall be made solely from existing Company assets. 

ARTICLE XI 
 GENERAL

 Section 11.1 Amendments; Waivers. 
  

	 	(a)	 The terms and provisions of this Agreement may be waived, modified or amended (including by means of merger,
consolidation or other business combination to which the Company is a party) with the approval of (y) the Managing Member and (z) if at such time the Members (other than any member of the PubCo Holdings Group) beneficially own, in the
aggregate, more than 10% of the then-outstanding Units, the holders of at least 66 2/3% of the outstanding Units held by Members other than the PubCo Holdings Group; provided that no waiver, modification or amendment shall be effective until
at least 5 Business Days after written notice is provided to the Members that the requisite consent has been obtained for such waiver, modification or amendment, and, for the avoidance of doubt, any Member, including any Member not providing written
consent, shall have the right to file a Redemption Notice prior to the effectiveness of such waiver, modification or amendment; provided further, that no amendment to this Agreement may: 

 

	 	i.	 modify the limited liability of any Member, or increase the liabilities or obligations of any Member, in each
case, without the consent of each such affected Member; or 

  

	 	ii.	 materially alter or change any rights, preferences or privileges of any Interests in a manner that is different
or prejudicial relative to any other Interests, without the approval of a majority in interest of the Members holding the Interests affected in such a different or prejudicial manner. 

 

	 	(b)	 Notwithstanding the provisions of Section 11.1(a), the Managing Member, acting alone,
may amend this Agreement or update the books and records of the Company (i) to reflect the admission of new Members, Transfers of Interests, the issuance of additional Units or Equity Securities, as provided by the terms of this Agreement, and,
subject to Section 11.1(a), subdivisions or combinations of Units made in compliance with Section 3.1(g), (ii) to the minimum extent necessary to comply with or administer in an equitable manner
the Partnership Tax Audit Rules in any manner determined by the Managing Member and (iii) as necessary to avoid the Company being classified as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code.

  
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	 	(c)	 No waiver of any provision or default under, nor consent to any exception to, the terms of this Agreement or
any agreement contemplated hereby shall be effective unless in writing and signed by the party to be bound and then only to the specific purpose, extent and instance so provided. 

Section 11.2 Further Assurances. Each party agrees that it will from time to time, upon the reasonable request of another
party, execute such documents and instruments and take such further action as may be required to accomplish the purposes of this Agreement. 

Section 11.3 Successors and Assigns. All of the terms and provisions of this Agreement shall be binding upon the parties
and their respective successors and assigns, but shall inure to the benefit of and be enforceable by the successors and assigns of any Member only to the extent that they are permitted successors and assigns pursuant to the terms hereof. No party
may assign its rights hereunder except as herein expressly permitted. 
 Section 11.4 Certain Representations by Members.
Each Member (or, if such Member is disregarded for U.S. federal income tax purposes, such Member’s regarded owner for such purpose), by executing this Agreement and becoming a Member, whether by making a Capital Contribution, by admission in
connection with a permitted Transfer, or otherwise, represents and warrants to the Company and the Managing Member, as of the date of its admission as a Member, that such Member is either (i) not a partnership, grantor trust, or a Subchapter S
corporation for U.S. federal income tax purposes (e.g., an individual or a Subchapter C corporation), or (ii) is a partnership, grantor trust, or a Subchapter S corporation for U.S. federal income tax purposes, but (A) permitting the
Company to satisfy the 100-partner limitation set forth in Treasury Regulations Section 1.7704-1(h)(1)(ii) is not a principal purpose of any beneficial owner of
such Member in investing in the Company through such Member, (B) such Member was formed for business purposes prior to or in connection with the investment by such Member in the Company or for estate planning purposes, and (C) no
beneficial owner of such Member has a redemption or similar right with respect to such Member that is intended to correlate to such Member’s right to Redemption pursuant to Section 3.6. 

Section 11.5 Entire Agreement. This Agreement, together with all Exhibits and Schedules hereto and all other agreements
referenced therein and herein, including the Master Reorganization Agreement and the Registration Rights Agreement, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior and
contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the parties and there are no warranties, representations or other agreements between the parties in connection with the subject matter hereof
except as specifically set forth herein and therein. 

  
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 Section 11.6 Rights of Members Independent. The rights available to the
Members under this Agreement and at Law shall be deemed to be several and not dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference to any other such right. Any one or more and/or any
combination of such rights may be exercised by a Member and/or the Company from time to time and no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof from time to
time thereafter or simultaneously. 
 Section 11.7 Governing Law. This Agreement, the legal relations between the parties
and any Action, whether contractual or non-contractual, instituted by any party with respect to matters arising under or growing out of or in connection with or in respect of this Agreement shall be governed
by and construed in accordance with the Laws of the State of Delaware applicable to contracts made and performed in such State and without regard to conflicts of law doctrines, except to the extent that certain matters are preempted by federal Law
or are governed as a matter of controlling Law by the Law of the jurisdiction of organization of the respective parties. 

Section 11.8 Jurisdiction and Venue. The parties hereto hereby agree and consent to be subject to the jurisdiction of any
federal court of the District of Delaware or the Delaware Court of Chancery over any action, suit or proceeding (a “Legal Action”) arising out of or in connection with this Agreement. The parties hereto irrevocably waive the
defense of an inconvenient forum to the maintenance of any such Legal Action. Each of the parties hereto further irrevocably consents to the service of process out of any of the aforementioned courts in any such Legal Action by the mailing of copies
thereof by registered mail, postage prepaid, to such party at its address set forth in this Agreement, such service of process to be effective upon acknowledgment of receipt of such registered mail. Nothing in this
Section 11.8 shall affect the right of any party hereto to serve legal process in any other manner permitted by law. 

Section 11.9 Headings. The descriptive headings of the Articles, Sections and subsections of this Agreement are for
convenience only and do not constitute a part of this Agreement. 
 Section 11.10 Counterparts. This Agreement and any
amendment hereto or any other agreement (or document) delivered pursuant hereto may be executed in one or more counterparts and by different parties in separate counterparts. All of such counterparts shall constitute one and the same agreement (or
other document) and shall become effective (unless otherwise provided therein) when one or more counterparts have been signed by each party and delivered to the other party. 

Section 11.11 Notices. Any notice or other communication hereunder must be given in writing and (a) delivered in
person, (b) transmitted by facsimile, by telecommunications mechanism or electronically or (c) mailed by certified or registered mail, postage prepaid, receipt requested as follows: 

If to the Company or the Managing Member, addressed to it at: 

Fortis Minerals Operating, LLC 

1111 Bagby Street, Suite 2150 

Houston, Texas 77002 
 Electronic
mail: ashleyy@fortisminerals.com 
 Attention: Ashley A. Yates 

  
 54 

 With copies (which shall not constitute notice) to: 

Fortis Minerals, LLC 
 1111 Bagby
Street, Suite 2150 
 Houston, Texas 77002 

Electronic mail: ashleyy@fortisminerals.com 

Attention: Ashley A. Yates 
 or to such other
address or to such other Person as either party shall have last designated by such notice to the other parties. Each such notice or other communication shall be effective (i) if given by telecommunication or electronically, when transmitted to
the applicable number or electronic mail address so specified in (or pursuant to) this Section 11.11 and an appropriate answerback is received or, if transmitted after 4:00 p.m. local time on a Business Day in the
jurisdiction to which such notice is sent or at any time on a day that is not a Business Day in the jurisdiction to which such notice is sent, then on the immediately following Business Day, (ii) if given by mail, on the first Business Day in
the jurisdiction to which such notice is sent following the date three days after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given by any other means, on the Business Day
when actually received at such address or, if not received on a Business Day, on the Business Day immediately following such actual receipt. 

Section 11.12 Representation By Counsel; Interpretation. The parties acknowledge that each party to this Agreement has been
represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of Law, or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against
the party that drafted it has no application and is expressly waived. 
 Section 11.13 Severability. If any provision of
this Agreement is determined to be invalid, illegal or unenforceable by any Governmental Entity, the remaining provisions of this Agreement, to the extent permitted by Law shall remain in full force and effect, provided that the essential
terms and conditions of this Agreement for all parties remain valid, binding and enforceable. 
 Section 11.14 Expenses.
Except as otherwise provided in this Agreement, each party shall bear its own expenses in connection with the transactions contemplated by this Agreement. 

Section 11.15 Waiver of Jury Trial. EACH OF THE COMPANY, THE MEMBERS, THE MANAGING MEMBER AND ANY INDEMNITEES
SEEKING REMEDIES HEREUNDER HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. 

  
 55 

 Section 11.16 No Third Party Beneficiaries. Except as expressly provided
in Sections 6.4 and Section 10.3(b), nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto and their respective successors and permitted
assigns, any rights or remedies under this Agreement or otherwise create any third party beneficiary hereto. 
 [Signatures on Next Page]

  
 56 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Second Amended and
Restated Limited Liability Company Agreement to be executed as of the date first above written. 
  

			
	COMPANY:
	
	FORTIS MINERALS OPERATING, LLC
		
	By:	 	
                     

	Name:	 	  

	Title:	 	  

 SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT OF 
 FORTIS MINERAL OPERATING,
LLC 

 
			
	MEMBERS:
	
	FORTIS MINERALS HOLDINGS, LLC
		
	By: [•]	 	
		
	By:	 	
                     

	Name:	 	  

	Title:	 	  

	
	NEW FORTIS MINERALS, LLC
		
	By: [•]	 	
		
	By:	 	
                     

	Name:	 	  

	Title:	 	  

	
	PEP IV HOLDINGS, LLC
		
	By: [•]	 	
		
	By:	 	
                     

	Name:	 	  

	Title:	 	  

	
	FELIX STACK HOLDING, LLC
		
	By: [•]	 	
		
	By:	 	
                     

	Name:	 	  

	Title:	 	  

 SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT OF 
 FORTIS MINERAL OPERATING,
LLC 

 
			
	MALAGA HOLDINGS, LLC
	
	By: [•]
		
	By:	 	
                 

	Name:	 	  

	Title:	 	  

 SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT OF 
 FORTIS MINERAL OPERATING,
LLC 

 
			
	MANAGING MEMBER:
	
	FORTIS MINERALS, LLC
		
	By:	 	  

	Name:	 	Christopher H. Transier
	Title:	 	Chief Executive Officer

 SIGNATURE PAGE TO 

SECOND AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT OF 
 FORTIS MINERAL OPERATING,
LLC 

 EXHIBIT A 

 

			
	 Member
	  	Number of Units
Owned
	Fortis Minerals, LLC	  	[•]
	Fortis Minerals Holdings, LLC	  	[•]
	New Fortis Minerals, LLC	  	[•]
	PEP IV Holdings, LLC	  	[•]
	Felix STACK Holdings, LLC	  	[•]
	Malaga Holdings, LLC	  	[•]
	Total	  	[•]

  
 A-1

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