Document:

EX-10.3

 Exhibit 10.3 

MANAGEMENT SERVICES AGREEMENT 

This Management Services Agreement (this “Agreement”) is executed and agreed to as of June 18, 2014 (the
“Effective Date”) by and among Memorial Resource Development Corp., a Delaware corporation (the “Parent”), WildHorse Resources, LLC, a Delaware limited liability company (the
“Company”), and WildHorse Resources Management Company, LLC, a Delaware limited liability company (the “Service Provider”). The Parent, the Company and the Service Provider are hereinafter each
referred to as a “Party” and are collectively referred to as the “Parties”. 
 RECITALS

 WHEREAS, the Company, Service Provider, and WildHorse Resources II, LLC were previously parties to that certain Amended and Restated
Management Services Agreement, dated as of August 8, 2013, which was terminated as of the date hereof; 
 WHEREAS, the Service Provider
has in place a staff of management, administrative, financial, accounting, marketing, and human resource personnel capable of providing transition services to the Company; 

WHEREAS, the Parent and the Company desire to enter into this Agreement with the Service Provider to obtain certain services necessary to
manage the certain operations of the Company’s business, as more fully described herein; and 
 WHEREAS, the Service Provider desires
to provide the Services (as defined below) to the Company. 
 NOW THEREFORE, in consideration of the premises and the mutual covenants and
agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS

 1.1 Definitions. As used in this Agreement, the following terms shall have the respective meanings set forth below: 

“Agreement” is defined in the preamble. 

“Asset” or “Assets” means all assets and property, real or personal, owned by the Company.

 “Company” is defined in the preamble. 

“Effective Date” is defined in the preamble. 

“Force Majeure Event” means any event not reasonably within the control of the Party claiming the force majeure,
including the following to the extent such events are not reasonably 

 
within the control of the Party claiming the force majeure: act of God, act of the public enemy, war, blockade, public riot, lightning, fire, storm, flood or other act of nature, explosion,
governmental action (including changes in Laws, regulations or policies with the effect of Law or, in each case, the enforcement thereof), and governmental delay or restraint (including with respect to the issuance of permits); provided, however,
that a “Force Majeure Event” shall not include (i) lack of financing or funds and (ii) to the extent affecting only such Party’s or such Party’s affiliate’s employees, any strike, work stoppage or other organized
labor difficulty. 
 “Governmental Authority” means any federal, state, local, municipal, tribal or other
government; any governmental, regulatory or administrative agency, commission, body or other authority exercising or entitled to exercise any administrative, executive, judicial, legislative, regulatory or taxing authority or power; and any court or
governmental tribunal having or asserting jurisdiction. 
 “Law” means any applicable constitutional provision,
statute, act, code, law, regulation, rule, ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration or interpretative or advisory opinion or letter of a Governmental Authority. 

“Management Fee” is defined in Section 3.3. 

“Outsourced Service” is defined in Section 2.1. 

“Parent” is defined in the preamble. 

“Party” and “Parties” are defined in the preamble. 

“Person” means a natural person, partnership (whether general or limited), limited liability company, Governmental
Authority, trust, estate, association, corporation, venture, custodian, nominee or any other individual or entity in its own or any representative capacity. 

“Prudent Industry Practice” means, at a particular time, any of the practices, methods, standards of care, skill,
safety and diligence, as the same may change from time to time, but applied in light of the facts known at the time, that are consistent with the general standards applied or utilized under comparable circumstances by a reasonably prudent operator,
in a good and workmanlike manner, with due diligence and dispatch, in accordance with good industry practice. 
 “Service
Provider” is defined in the preamble. 
 “Services” is defined in Section 2.1. 

“Term” is defined in Section 4.1. 

“Third Party” means a Person other than a Party. 

  
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 ARTICLE II.  

SERVICES 
 2.1
Services. The Service Provider shall provide the Company with the services necessary to manage the day to day operations of the Company, including general and administrative, operational and other similar services necessary and sufficient or
appropriate to conduct the affairs of the Company (the “Services”). The Services shall include, but are not limited to, the services set forth on Schedule 2.1 hereto. Such Services shall be provided by the Service
Provider solely for the benefit of the Parent and the Company. The Service Provider may cause one or more Third Party contractors, subject to the prior approval of the Company, to provide any of the Services (any such Services provided by Third
Party contractors being referred to herein as an “Outsourced Service”); provided, however, that except as expressly provided in this Agreement, any Outsourced Services shall be subject to the provisions of this
Agreement in the same way as any Service that is not an Outsourced Service is subject to the provisions of this Agreement. 
 2.2 Records
and Auditing Rights. The Service Provider shall at all times maintain adequate books and records to verify the accounts and transactions under this Agreement. Such records shall be retained and kept available for inspection and audit by the
Parent and the Company, members of the Parent’s Board of Directors and other representatives of the Parent and the Company on days the Service Provider is open for business during normal working hours upon reasonable notice to the Service
Provider. 
 2.3 Standard of Care. The Service Provider hereby warrants that it will perform all of its obligations under this
Agreement in accordance with Prudent Industry Practices and in compliance with all applicable Laws. 
 2.4 Duty to the Company. The
Service Provider shall dedicate sufficient personnel and resources to provide the Services in accordance with Prudent Industry Practices. 

2.5 Conditions of Service. 

(a) Subject to Sections 2.3 and 2.4, the Service Provider shall have complete authority and discretion to elect
the means, manner and method of performing the Services. 
 (b) All Third Party contractors that provide Outsourced Services
shall be selected by the Service Provider with reasonable care and with reasonable assurances that such Third Party contractors can perform the Services pursuant to the requirements of this Agreement. 

(c) The Service Provider shall perform the Services as an “independent contractor” of the Company and nothing in this
Agreement is intended, and nothing shall be construed, to create an agency, employer/employee, partnership, joint venture, association or other similar relationship between the Service Provider and the Company. 

  
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 (d) This Agreement is a purely commercial transaction between the Parties and
nothing stated in this Agreement shall operate to create any special or fiduciary duty between the Parties. 
 (e)
Notwithstanding anything to the contrary, all matters pertaining to the employment, supervision, compensation, promotion and discharge of any personnel of the Service Provider are the responsibility of the Service Provider. All such employment
arrangements are solely the Service Provider’s obligation, and the Company shall have no liability with respect thereto. 
 ARTICLE
III.  
 PAYMENTS 

3.1 Management Fee. As sole consideration for the Services rendered by the Service Provider to the Company under this Agreement, the
Company shall pay the Service Provider a management fee of $965,000 per month during the Term (the “Management Fee”). The Company will pay the Management Fee no later than the 20th day of the month following the calendar
month in which services are provided. In the event the Term includes any partial calendar month, the Management Fee will be prorated based on the actual number of days elapsed in such month. The Management Fee is intended to reimburse the Service
Provider for expenses for the Services that are general and administrative charges as accounted for under standard accounting methods. The Management Fee shall also be deemed to include reimbursement for geoscience expenses. Expenses incurred by the
Service Provider in connection with Services that are not general and administrative expenses or geoscience expenses, including lifting and operating expenses, capital expenditures and lease acquisitions costs, will be reimbursed to the Service
Provider on a monthly basis, subject to being netted against revenues received by the Service Provider on behalf of the Company, as described on Schedule 2.1. 

3.2 Call for Company Advances. On an as needed basis, the Service Provider may request the Company advance funds to the Service
Provider to cover all out-of-pocket third party costs and expenses to be incurred by the Service Provider at the request of, and for the benefit of, the Company, including, without limitation, the direct operating expenses of the Company and any
cost or expense relating to a capital project of the Company. Any requests for advances hereunder shall be accompanied by appropriate documentation from the Service Provider supporting such costs and expenses. Upon the Company’s approval, the
Company shall advance such funds within ten business days following such request from the Service Provider, subject to extension to the extent necessary to provide any additional documentation reasonably requested of the Service Provider by the
Parent or the Company. The Service Provider, the Parent and the Company shall determine, no less frequently than on a monthly basis, whether excess cash advances may be returned to the Company; provided, that any unused advances shall be returned to
the Company at the end of the Term. 

  
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 ARTICLE IV. 

TERM; TERMINATION 
 4.1
Term. This Agreement will commence on the Effective Date and will remain in effect until the first anniversary of the Effective Date; provided, that this Agreement may be terminated (i) immediately by the Company, by delivering written
notice to the Service Provider, or (ii) after the six (6) month anniversary of the Effective Date, by the Service Provider, by delivering ninety (90) days prior written notice to the Company (such period of time during which this
Agreement is in effect, the “Term”). 
 4.2 Transition Services. If either Party notifies the other Party of
its intention to terminate this Agreement in accordance with Section 4.1, then during the period of time commencing on the date of such notice until the date of termination of this Agreement, the Service Provider shall in good faith
assist and cooperate with the Parent and the Company to facilitate the transfer of the Services to any Person designated by the Parent and the Company; provided, that, during such period, the Company shall pay to the Service Provider any
amounts payable by the Company to the Service Provider pursuant to this Agreement. 
 ARTICLE V. 

DUTIES AND RESPONSIBILITIES 

5.1 Duties and Responsibilities. The Service Provider shall comply in all respects with the terms of this Agreement and shall use its
reasonable commercial efforts, in the conduct of business and operations of the Company, (i) to comply, in all material respects, with the terms and provisions of all agreements relating to the Company’s business, operations or properties
to which it is a party or to which the Company’s properties are subject and (ii) to comply, in all material respects, with all applicable Laws, ordinances or governmental rules and regulations to which the Company is subject (including,
without limitation, all applicable federal, state and local environmental Laws, ordinances, rules and regulations). 
 5.2 Personnel.
The Service Provider covenants and agrees that it will at all times retain and have available to it and the Company a professional staff and outside consultants that together will be reasonably adequate in size, experience and competency to
discharge properly the duties and functions of the Service Provider and the Company hereunder and under any applicable operating and other agreements, including, but not limited to, technical personnel, attorneys, accountants and secretarial and
clerical personnel. 
 5.3 Utilized Property. In connection with providing the Services, the Service Provider shall utilize certain
personal property and other assets of the Service Provider (the “Utilized Property”). Ownership of the Utilized Property shall remain with the Service Provider notwithstanding that the Utilized Property may be used primarily
for the benefit of the Company. The Utilized Property include, but are not limited to, (i) all rights of Service Provider in respect of the lease of office space for its principal office, (ii) all tangible personal property owned by the
Service Provider, including corporate office build-out, computers, office furniture. computer hardware and software and corporate pool cars, (iii) utilities, telecommunications, office supplies and mailing expenses, (iv) professional
services that benefit the Company, and (v) insurance premiums for the corporate office and corporate shared pool vehicles, including D&O insurance premiums, as applicable. The Service Provider shall be responsible for maintaining all
Utilized Property in good condition and repair, reasonable wear and tear excepted, and may refurbish or replace, at the Service Provider’s expense, such items as they become worn out or obsolete. If

  
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the Service Provider uses or licenses intellectual property owned by Third Parties in the performance of Services under this Agreement, the Service Provider shall obtain and maintain any such
licenses and authorizations necessary to authorize its use of such intellectual property in connection with such Services. 
 ARTICLE VI.

 LIMITED WARRANTY; LIMITATION ON LIABILITY; INSURANCE; AND INDEMNIFICATION 

6.1 Limited Warranty; Warranties Disclaimer. THE WARRANTY CONTAINED IN THIS SECTION 6.1 SHALL BE EXCLUSIVE, AND IS GIVEN AND
ACCEPTED IN LIEU OF ANY EXPRESS OR IMPLIED WARRANTIES, INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. WITH RESPECT TO ANY DEFECT IN THE SERVICES RENDERED OR PRODUCTS OBTAINED FOR THE COMPANY (WHETHER A CLAIM FOR SUCH
DEFECT ARISES UNDER CONTRACT, TORT, STRICT LIABILITY, STATUTE, OR ANY OTHER LEGAL OR EQUITABLE THEORY OR PRINCIPLE INCLUDING NEGLIGENCE), THE SERVICE PROVIDER’S SOLE LIABILITY AND RESPONSIBILITY AND THE COMPANY’S SOLE REMEDY SHALL BE THE
REPERFORMANCE OF THE SERVICES IN ACCORDANCE WITH THIS AGREEMENT, UNLESS THE DEFECT WAS CAUSED BY THE FRAUD, GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SERVICE PROVIDER. 

6.2 Limitation on Liability. It is expressly understood by the Service Provider and the Company that the Service Provider shall have no
liability for the failure of Third Party providers to perform any Outsourced Services hereunder and further that the Service Provider shall have no liability whatsoever for the Services provided by any such Third Party unless in either event such
Outsourced Services are provided in a manner that would evidence gross negligence or intentional misconduct on the part of the Service Provider but the Service Provider shall, on behalf of the Company, pursue all rights and remedies under any such
Third Party contract. The Parent and the Company agree that the remuneration paid to the Service Provider hereunder for the Services to be performed reflect this limitation of liability and disclaimer of warranties. In no event shall the Service
Provider be liable to the Parent and the Company or any other Person for any indirect, special or consequential damages resulting from any error in the performance of Services or from the breach of this Agreement, regardless of the fault of the
Service Provider, or any Third Party provider or whether the Service Provider, or the Third Party provider, is wholly, concurrently, partially or solely negligent. To the extent any Third Party provider has limited its liability to the Service
Provider for Outsourced Services under an agreement, the Company agrees to be bound by such limitation of liability for any product or Outsourced Service provided to the Company by such Third Party provider under the Service Provider’s
agreement. 
 6.3 Insurance. Service Provider agrees to the terms and its obligations set forth on Schedule 6.3 with respect
to insurance. 
 6.4 Indemnification. Service Provider shall defend, indemnify and hold Parent and Company harmless from and against
any and all claims that the Parties may suffer due to Service Provider’s failure to comply with all of the insurance requirements in this Agreement up to the insurance limits in Schedule 6.3. Service Provider hereby agrees to release,
protect, defend, 

  
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indemnify and hold the Company and Parent harmless from and against any and all claims arising out of bodily injury to persons employed by Service Provider, including, but not limited to,
sickness or death, in any manner caused by, directly or indirectly resulting from, incident to, connected with or arising out of, performance of the Services up to the insurance limits in Schedule 6.3, WHETHER OR NOT RESULTING IN WHOLE OR IN
PART FROM THE SOLE, CONCURRENT OR COMPARATIVE NEGLIGENCE (EXCEPT TO THE EXTENT OF THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THE COMPANY OR PARENT) OR STRICT LIABILITY OF THE COMPANY OR PARENT, OR ANY DEFECT IN THE PREMISES, EQUIPMENT OR TOOLS
OWNED, OPERATED OR CONTROLLED BY THE COMPANY OR PARENT. Company hereby agrees to release, protect, defend, indemnify and hold Service Provider harmless from and against any and all claims arising out of bodily injury to persons employed by Company,
including, but not limited to, sickness or death, in any manner caused by, directly or indirectly resulting from, incident to, connected with or arising out of, performance of the Services up to the dollar amount of such limits on Service
Provider’s indemnification obligations set forth in the immediately preceding sentence, WHETHER OR NOT RESULTING IN WHOLE OR IN PART FROM THE SOLE, CONCURRENT OR COMPARATIVE NEGLIGENCE (EXCEPT TO THE EXTENT OF THE GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT OF SERVICE PROVIDER) OR STRICT LIABILITY OF SERVICE PROVIDER, OR ANY DEFECT IN THE PREMISES, EQUIPMENT OR TOOLS OWNED, OPERATED OR CONTROLLED BY SERVICE PROVIDER. The indemnification obligations of the Parties under this Article 6 shall
expressly survive the termination of this Agreement. 
 ARTICLE VII. 

FORCE MAJEURE 
 7.1
Excused Performance. A Party shall not be responsible or liable for or deemed in breach of this Agreement for any delay or failure in the performance of its obligations under this Agreement to the extent such performance is prevented by a
Force Majeure Event; provided that: 
 (a) the affected Party gives the other Party prompt notice describing the
particulars of the Force Majeure Event and the proposed cure; 
 (b) the suspension of performance is of no greater scope and
of no longer duration than is reasonably attributable to the Force Majeure Event; 
 (c) the affected Party uses commercially
reasonable efforts to remedy its inability to perform its obligations under this Agreement or the Force Majeure Event; and 

(d) when the affected Party is able to resume performance of its obligations under this Agreement, that Party shall give the
other Party written notice to that effect. 
 7.2 No Preclusion. The existence of a Force Majeure Event shall not relieve any Party
of (a) any of its payment obligations under this Agreement, or (b) any other obligation under this Agreement to the extent that performance of such other obligation is not precluded by such Force Majeure Event. 

7.3 Limitations on Effect of Force Majeure. In no event will any delay or failure of performance caused by a Force Majeure Event extend
this Agreement beyond its Term. 

  
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 ARTICLE VIII. 

REPRESENTATIONS AND WARRANTIES 

8.1 Company Representations. The Parent and the Company represent and warrant as of the Effective Date that: 

(a) the Parent is a corporation incorporated and validly existing under the Laws of the State of Delaware and the Company is a
limited liability company duly organized and validly existing under the Laws of the State of Delaware, as applicable, and each has all necessary authorizations required by applicable Law to perform its obligations under this Agreement; 

(b) the execution, delivery and performance of this Agreement by the Parent and the Company has been duly authorized by all
requisite corporate or limited liability company action, as applicable, and will not: (i) violate any provisions of its organizational documents or (ii) result in the breach or acceleration of any performance required by the terms of any
contract, agreement or arrangement to which it is a party or any applicable Laws; and 
 (c) this Agreement is a valid and
binding obligation of the Parent and the Company, enforceable against the Parent and the Company in accordance with its terms, subject to the effects of bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’
rights generally and by general equitable principles, regardless of whether the issue of enforceability is considered in a proceeding in equity or at law. 

8.2 Service Provider Representations. The Service Provider represents and warrants as of the Effective Date that: 

(a) the Service Provider is a limited liability company duly organized and validly existing under the Laws of the State of
Delaware and has all necessary authorizations required by applicable Law to perform its obligations under this Agreement; 

(b) the execution, delivery and performance of this Agreement by the Service Provider have been duly authorized by all
requisite limited liability company action and will not: (i) violate any provisions of its organizational documents or (ii) result in the breach or acceleration of any performance required by the terms of any contract, agreement or
arrangement to which it is a party, or any applicable Laws; and 
 (c) this Agreement is a valid and binding obligation of
the Service Provider, enforceable against the Service Provider in accordance with its terms, subject to the effects of bankruptcy, insolvency, reorganization, moratorium and similar Laws affecting creditors’ rights generally and by general
equitable principles, regardless of whether the issue of enforceability is considered in a proceeding in equity or at law. 

  
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 ARTICLE IX. 

MISCELLANEOUS 
 9.1
Counterparts. This Agreement may be executed in any number of counterparts, and each such counterpart hereof shall be deemed to be an original instrument, but all of such counterparts shall constitute for all purposes one agreement. Any
signature hereto delivered by a Party by facsimile transmission shall be deemed an original signature hereto. 
 9.2 Notices. 

(a) Except as expressly set forth to the contrary in this Agreement, all notices and communications required or permitted to be
given hereunder shall be sufficient in all respects if given in writing and delivered personally, or sent by overnight courier, or mailed by U.S. Express Mail or by certified or registered United States Mail with all postage fully prepaid, or sent
by facsimile transmission (provided any such facsimile transmission is confirmed either orally or by written confirmation) or sent by email, addressed to the appropriate Party at the address or email address for such Party shown below or at such
other address as such Party shall have theretofore designated by written notice delivered to the Party giving such notice: 
 If to the
Parent: 
 Memorial Resource Development Corp. 

1301 McKinney, Suite 2100 

Houston, Texas 77010 
 Attn:
General Counsel 
 Facsimile: (713) 588-8301 

If to the Company: 
 WildHorse
Resources, LLC 
 c/o Memorial Resource Development Corp. 

1301 McKinney, Suite 2100 

Houston, Texas 77010 
 Attn:
General Counsel 
 Facsimile: (713) 588-8301 

If to the Service Provider: 

WildHorse Resources Management Company, LLC 

9805 Katy Freeway, Suite 400 Houston, Texas 77024 

Attn: Anthony Bahr 
 Facsimile:
(713) 568-4911 
 (b) Any notice given in accordance herewith shall be deemed to have been given when delivered to the
addressee by email, or in person, or by courier, or transmitted 

  
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by facsimile transmission during normal business hours, or upon actual receipt by the addressee after such notice has either been delivered to an overnight courier or deposited in the United
States Mail, as the case may be. The Parties may change the address, telephone numbers, and facsimile numbers to which such communications are to be addressed by giving written notice to the other Parties in the manner provided in this
Section 9.2. 
 9.3 Entire Agreement; Conflicts. This Agreement and the Schedules hereto collectively constitute the
entire agreement among the Parties pertaining to the subject matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, of the Parties pertaining to the subject matter hereof. In the
event of a conflict between the terms and provisions of this Agreement and the terms and provisions of any Schedule hereto, the terms and provisions of this Agreement shall govern and control; provided, however, that the inclusion in any of the
Schedules hereto of terms and provisions not addressed in this Agreement shall not be deemed a conflict, and all such additional provisions shall be given full force and effect, subject to the provisions of this Section 9.3. 

9.4 Amendment. This Agreement may be amended only by an instrument in writing executed by all of the Parties and expressly identified
as an amendment or modification. 
 9.5 Parties in Interest. Nothing in this Agreement shall entitle any Person other than the
Parties to any claim, cause of action, remedy or right of any kind. 
 9.6 Successors and Permitted Assigns. This Agreement shall be
binding upon and inure to the benefit of the Parties and their successors and permitted assigns. 
 9.7 Assignment. Except for the
ability of the Service Provider to cause one or more of the Services to be performed by a Third Party provider (subject to the terms of this Agreement), no Party shall have the right to assign its rights or obligations under this Agreement without
the prior written consent of the other party and any such assignment that is made without such consent shall be void and of no force and effect. No permitted assignment shall release any Party from any of its obligations under this Agreement. All of
the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto and their respective successors and permitted assignees. 

9.8 Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Party shall execute and
deliver all such future instruments and take such other and further action as may be reasonably necessary or appropriate to carry out the provisions of this Agreement and the intention of the Parties as expressed herein. 

9.9 Severability. If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any rule of
Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any adverse manner
to any Party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as
closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. 

  
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 9.10 No Recourse. For the avoidance of doubt, the provisions of this Agreement shall not
give rise to any right of recourse against any current or former stockholder, member, partner, owner, director, manager, officer or employee of the Service Provider or of the Parent or the Company or any of their respective officers, directors,
employees, agents or representatives. 
 9.11 Governing Law. THIS AGREEMENT IS TO BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
SUBSTANTIVE LAWS OF THE STATE OF TEXAS. 
 9.12 Interpretation. All references in this Agreement to Schedules, Articles, Sections,
subsections and other subdivisions refer to the corresponding Schedules, Articles, Sections, subsections and other subdivisions of or to this Agreement unless expressly provided otherwise. Titles appearing at the beginning of any Articles, Sections,
subsections and other subdivisions of this Agreement are for convenience only, do not constitute any part of this Agreement, and shall be disregarded in construing the language hereof. The words “this Agreement”, “herein”,
“hereby”, “hereunder” and “hereof”, and words of similar import, refer to this Agreement as a whole and not to any particular Article, Section, subsection or other subdivision unless expressly so limited. The words
“this Article”, “this Section”, and “this subsection”, and words of similar import, refer only to the Article, Section or subsection hereof in which such words occur. The word “including” (in its various
forms) means including without limitation. All references to “$” or “dollars” shall be deemed references to United States dollars. Each accounting term not defined herein will have the meaning given to it under GAAP as
interpreted as of the date of this Agreement. Pronouns in masculine, feminine or neuter genders shall be construed to state and include any other gender, and words, terms and titles (including terms defined herein) in the singular form shall be
construed to include the plural and vice versa, unless the context otherwise requires. Schedules referred to herein are attached to and by this reference incorporated herein for all purposes. References to any Law or agreement shall mean such Law or
agreement as it may be amended from time to time. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly
authorized representatives as of the date and year first above written. 
  

			
	PARENT:
	
	MEMORIAL RESOURCE DEVELOPMENT CORP.
		
	By:	 	 /s/ Kyle N. Roane

	Name:	 	 Kyle N. Roane

	Title:	 	 VP & General Counsel

	
	COMPANY:
	
	WILDHORSE RESOURCES, LLC
		
	By:	 	 /s/ Anthony Bahr

	Name:	 	 Anthony Bahr

	Title:	 	 CEO

	
	SERVICE PROVIDER:
	
	WILDHORSE RESOURCES MANAGEMENT COMPANY, LLC
		
	By:	 	 /s/ Anthony Bahr

	Name:	 	 Anthony Bahr

	Title:	 	 CEO

 SIGNATURE PAGE 

MANAGEMENT SERVICES AGREEMENT 

 Schedule 2.1 

Services 
 The Services
shall include any services necessary or appropriate for the management and operation of the Company and may include, without limitation, employee services related to supporting the following: 

1. Administrative and Land Services (as described below) 

2. Operator Services (as described below) 

3. Financial and Accounting Services 

4. Accounts Payable and Receivables 

5. Contract Negotiation and Management (subject to Parent approval) 

6. Employee Health and Safety 

7. Government and Public Relations 

8. Information Technology 
 9.
Land, Land Administration and Ordinary Course Legal Services (subject to Parent approval of Legal Services) 
 10. Personnel, Outside
Contractors and Consultants 
 11. Engineering and Technical Services 

12. Operations 
 13. General and
Administrative 
 14. Equipment and Personnel Procurement 

15. Training and Development Programs 

16. Geoscience 
 17. Strategic
Planning and Budgeting Cooperation with the Company and the Parent 
 18. Any Other Services as Reasonably Requested by the Parent or the
Company from Time to Time 

 Administrative and Land Services: To fulfill its obligation to manage the
day-to-day affairs of the Company, Service Provider: 
 (i) may, in the name of the Service Provider or the Company or as
agent for the Company, as appropriate, negotiate, enter into or settle contracts and agreements which are necessary to prudently manage the Assets of the Company in accordance with the terms of this Agreement. Such contracts and agreements may
include, but are not limited to, furnishment of utilities to Assets of the Company, gathering or processing agreements and contract services agreements. Company will, when necessary, appoint Service Provider as its agent to act on Company’s
behalf; 
 (ii) as directed by the Parent, will cause the Company to retain qualified accountants and legal counsel, as
applicable, to assist in developing appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and to conduct compliance reviews with respect thereto; 

(iii) will use commercially reasonable efforts to cause third party expenses incurred by or on behalf of the Company to be
commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Company from time to time; provided, however, any expenditures that will exceed the applicable budgeted parameter by more than 10%
shall require the Company’s prior approval; 
 (iv) will correspond with Company’s partners and generally conduct
industry standard lease administration duties on Company’s Assets; 
 (v) will perform such other services as may be
required from time to time for management and other activities relating to the Assets of the Company as the Company shall reasonably request or the Service Provider shall deem appropriate under the particular circumstances and approved by the
Company; and 
 (vi) will perform other land functions as Service Provider and the Company may deem necessary to manage the
Company’s Assets. 
 Operator Services: The Service Provider shall perform such services as are typically provided by an
operator for non-operators for each of the Operator Services with respect to the Assets for which the Company would otherwise serve as an operator, and to perform those Operator Services required for the non-operated Assets owned by the Company.
“Operator Services” is defined as one or more of the following services by the Service Provider for the benefit of Owner in connection with the operatorship and administration of the Assets, to-wit, the Service Provider
shall: 
 (i) be contract operator in connection with the operation of the Assets; 

(ii) cause the Company to comply in all material respects with all statutes, ordinances, laws, rules, regulations, orders and
determinations affecting the Company and its Assets and issued by any governmental authority having jurisdiction thereof. The Service Provider shall not refuse or delay compliance with any specific instructions that

 
are given by the Company that are reasonably necessary to cause the Company to comply with such statutes, ordinances, laws, rules, regulations, orders and determinations. The Company shall
cooperate with the Service Provider in compliance with such statutes, ordinances, laws, rules, regulations, orders and determinations, including the costs of all such compliance; timely collect, process and pay all approved bills and taxes
attributable to the Assets; 
 (iii) for operated Assets, generate monthly joint interest billings to non-operating partners
and the Company; 
 (iv) for operated Assets, disburse actual received revenues to revenue interest owners on the Service
Provider’s normal monthly revenue distribution schedule; 
 (v) timely prepare and submit all required regulatory
reports, including but not limited to, production reports, production disposition reports and wellwork activity reports; 

(vi) manage the day-to-day operations of the Assets, including but not limited to the gathering and recording of production
data, maintenance of the facilities and locations, execution and supervision of capital and expense projects; provided however, that any authorizations for expenditures exceeding $50,000 individually shall require the Company’s prior approval;

 (vii) provide to the Company and the Parent fulltime electronic access to daily production data; and, 

(viii) other duties the Service Provider or the Company deems necessary to prudently operate the Company’s Assets. 

Financial and Accounting Services: To fulfill its obligation to manage certain of the operations of the Company, the Service
Provider: 
 (i) will complete all billing, joint interest or otherwise, and accounts payable functions on behalf of the
Company, and render the necessary auditing, accounting and bookkeeping services generally required for the proper management of the business and affairs of the Company or to comply with the instruction of the Company or the terms of any other
agreements of the Company, including credit agreements; 
 (ii) will net, on a monthly basis, the joint interest billings of
the Company for all operating and project expenses, revenues received by Service Provider on behalf of the Company, the Management Fee and COPAS income, and shall settle with the Company no later than the 15th day following the month to which such
items relate or in which they were received; 
 (iv) will monitor the operating and financial performance of the Company and
provide periodic reports with respect thereto to the Company and the Parent; 

 (v) will enter and maintain the revenue and expense decks of the Company’s
Assets in the Service Provider’s land and accounting systems; 
 (vi) will prepare and distribute to the Company and the
Parent, within 15 calendar days of each month end, lease operating statements and full financial statements; 
 (vii) will
provide read-only access to the accounting system used by the Service Provider to account for the operations of the Company and the Service Provider; and 

(viii) will perform or cause to be performed, any other accounting, financial or audit related services as the Company may
reasonably request. 

 Schedule 6.3 

Insurance 
  

	1)	Throughout the term of this Agreement, Service Provider shall adequately secure and maintain, with reliable insurers with an A.M. Best rating of no less than A-VII and with adequate terms, conditions and limits,
insurance including: 

  

	 	a)	Commercial General Liability insurance; 

  

	 	b)	Automobile Liability Insurance for all owned, leased and non-owned vehicles; 

  

	 	c)	follow-form Excess/Umbrella Liability insurance (minimum $25 million limit); 

  

	 	d)	Workers’ Compensation (statutory limits); and 

  

	 	e)	Employers Liability (minimum $1 million limit). 

  

	2)	Commercial General Liability Insurance, Automobile Liability and Excess/Umbrella Liability, shall name Parent and Company as an additional insured and shall waive rights of subrogation in favor of Parent and Company.
The Workers’ Compensation policy shall waive its rights of subrogation in favor of Parent and Company and include an Alternate Employer endorsement, if applicable. The Commercial General Liability policy shall not contain any provision,
definition or endorsement that would serve to eliminate third party action over claims coverage and shall include coverage for contractual liability and products/completed operations. 

 

	3)	In all cases when Service Provider’s employees (defined to include Service Provider’s direct, borrowed, special or statutory employees) are covered by the Louisiana Workers’ Compensation Act (La.R.S.
23:1021 et seq.), Parent, Company and Service Provider agree that all Work performed by Service Provider and its employees pursuant to this Agreement are an integral part of and are essential to the ability of Company and Parent to generate Company
and Parent’s goods, products and services for purposes of La.R.S. 23:1061(A)(1). Furthermore, Parent, Company and Service Provider agree that Parent or Company are the principal or statutory employer of Service Provider’s employees for
purposes of La.R.S. 23:1061(A)(3). Irrespective of Company or Parent’s status as the statutory employer or special employer (as defined in La.R.S.23:1031(C)) of Service Provider’s employees, Service Provider shall remain primarily
responsible for the payment of Louisiana Workers’ Compensation benefits to its employees, and shall not be entitled to seek contribution for any such payments from Company or Parent. 

 

	4)	All insurance coverage carried by Service Provider with respect to the risks and liabilities assumed by Service Provider hereunder shall extend to and protect the Parent and Company to the full extent and amount of such
coverage, and shall be primary to, and receive no contribution from, any other insurance or self-insurance programs maintained by or on behalf of or benefiting the Parent or Company. 

 

	5)	Service Provider shall provider Company or Parent a Certificates of Insurance, along with applicable Endorsements, evidencing required current insurance as set forth in this Agreement. 

	6)	If a Third Party contractor or service provider is utilized to perform any Services under this Agreement, Service Provider shall require that such Third Party contractor or service provider maintain insurance including
limits, coverages, terms, and conditions applicable for the Services performed. As applicable, such Third Party contractor or service provider shall name Company as an Additional Insured and waive subrogation rights in favor of Company (except for
master service agreements in effect as of the date hereof). 

  

	7)	For any non-maritime services to be performed in or offshore Louisiana for which the Louisiana Oilfield Anti-Indemnity Act (LA RS 9:2780, et seq.) would apply, it is agreed that: 

Service Provider shall, as a separate line item, have its brokers or underwriters invoice Parent and Company for all premiums incurred in
obtaining any additional insured coverage and primary & non-contributory endorsements as required. Such invoices shall be paid once for all premiums for all material parts of the cost of insurance provided to Parent and Company by Service
Provider and prorated to the policy period. It is the intention of the parties hereto that Service Provider shall not pay for any material part of the insurance coverage afforded to Parent and Company.EX-10.4

 Exhibit 10.4 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of June 18, 2014,
by and among Memorial Resource Development Corp., a Delaware corporation (the “Company”), and each of the other parties listed on the signature pages hereto (the “Initial Holders” and, together with
the Company, the “Parties”). 
 WHEREAS, as a condition precedent to certain transactions being
completed on the date hereof, the Initial Holders have required, and the Company has agreed to provide, registration rights with respect to the Registrable Securities (as hereinafter defined) as set forth in this Agreement. 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged by each party hereto, the Parties hereby agree as follows: 
 1. Definitions. As used
in this Agreement, the following terms have the meanings indicated: 
 “Affiliate” of any specified
Person means any other person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such specified Person. For purposes of this definition, “control” of a Person means the power, direct or
indirect, to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. 
 “Agreement” has the meaning set forth in the preamble. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined under
Rule 405. 
 “Blackout Period” has the meaning set forth in Section 3(o). 

“Board” means the board of directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday, any federal holiday or any other day on
which banking institutions in the State of Texas or the State of New York are authorized or required to be closed by law or governmental action. 

“Commission” means the Securities and Exchange Commission or any other federal agency then administering
the Securities Act or Exchange Act. 
 “Common Stock” means the common stock, par value $0.01 per
share, of the Company. 
 “Company” has the meaning set forth in the preamble. 

“Company Securities” means any equity interest of any class or series in the Company. 

 “Demand Notice” has the meaning set forth in Section 2(a)(i).

 “Demand Registration” has the meaning set forth in Section 2(a)(i). 

“Effective Date” means the time and date that a Registration Statement is first declared effective by
the Commission or otherwise becomes effective. 
 “Effectiveness Period” has the meaning set forth in
Section 2(a)(ii). 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from
time to time, and the rules and regulations of the Commission promulgated thereunder. 
 “Holder”
means (i) MRD Holdco unless and until MRD Holdco ceases to hold any Registrable Securities; (ii) Anthony Bahr unless and until Anthony Bahr ceases to hold any Registrable Securities; (iii) Jay Graham unless and until Jay Graham ceases
to hold any Registrable Securities; and (iv) any holder of Registrable Securities to whom registration rights conferred by this Agreement have been transferred in compliance with Section 8(e) hereof; provided that any Person
referenced in clause (iv) shall be a Holder only if such Person agrees in writing to be bound by and subject to the terms set forth in this Agreement. 

“Holder Indemnified Persons” has the meaning set forth in Section 6(a). 

“Initial Holders” has the meaning set forth in the preamble. 

“Initiating Holder” means the Holder delivering the Demand Notice or the Underwritten Offering Notice, as applicable.

 “Lock-Up Period” has the meaning set forth in the underwriting agreement entered into by the
Company in connection with the initial underwritten public offering of shares of Common Stock. 

“Losses” has the meaning set forth in Section 6(a). 

“Material Adverse Change” means (i) any general suspension of trading in, or limitation on prices
for, securities on any national securities exchange or in the over-the-counter market in the United States; (ii) the declaration of a banking moratorium or any suspension of payments in respect of banks in the United States; (iii) a
material outbreak or escalation of armed hostilities or other international or national calamity involving the United States or the declaration by the United States of a national emergency or war or a change in national or international financial,
political or economic conditions; or (iv) any event, change, circumstance or effect that is or is reasonably likely to be materially adverse to the business, properties, assets, liabilities, condition (financial or otherwise), operations,
results of operations or prospects of the Company and its subsidiaries taken as a whole. 
 “Minimum
Amount” has the meaning set forth in Section 2(a)(i). 
 “MRD Holdco” means MRD Holdco LLC,
a Delaware limited liability company. 

  
 2 

 “Parties” has the meaning set forth in the preamble. 

“Person” means an individual, corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock company, estate, trust, government (or an agency or subdivision thereof) or other entity of any kind. 

“Piggyback Registration” has the meaning set forth in Section 2(c)(i). 

“Piggyback Registration Notice” has the meaning set forth in Section 2(c)(i). 

“Piggyback Registration Request” has the meaning set forth in Section 2(c)(i). 

“Proceeding” means any action, claim, suit, proceeding or investigation (including a preliminary
investigation or partial proceeding, such as a deposition) pending or, to the knowledge of the Company, to be threatened. 

“Prospectus” means the prospectus included in a Registration Statement (including a prospectus that
includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the Securities Act), as amended or supplemented by any prospectus
supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and all other amendments and supplements to the Prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Registrable Securities” means the Shares; provided, however, that Registrable Securities shall not
include: (i) any Shares that have been registered under the Securities Act and disposed of pursuant to an effective Registration Statement or otherwise transferred to a Person who is not entitled to the registration and other rights hereunder;
(ii) any Shares that have been sold or transferred by the Holder thereof pursuant to Rule 144 (or any similar provision then in force under the Securities Act) where the transferee thereof does not receive “restricted securities” as
defined in Rule 144; and (iii) any Shares that cease to be outstanding (whether as a result of repurchase and cancellation, conversion or otherwise). 

“Registration Expenses” has the meaning set forth in Section 4. 

“Registration Statement” means a registration statement of the Company in the form required to register
under the Securities Act and other applicable law the resale of the Registrable Securities in accordance with the intended plan of distribution of each Holder of Registrable Securities included therein, and including any Prospectus, amendments and
supplements to each such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration
statement. 
 “Requested Underwritten Offering” has the meaning set forth in Section 2(b). 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act. 

  
 3 

 “Rule 405” means Rule 405 promulgated by the Commission pursuant to the
Securities Act. 
 “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes
applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder (except as set forth in Section 5). 

“Services Agreement” means that certain Services Agreement dated as of the date hereof among the
Company, WildHorse Resources, LLC and WildHorse Resources Management Company, LLC. 

“Shares” means (i) (A) the 128,665,677 shares of Common Stock issued to MRD Holdco on the date
hereof, (B) the 14,802,953 shares of Common Stock issued to Anthony Bahr on the date hereof, and (C) the 14,802,953 shares of Common Stock issued to Jay Graham on the date hereof, and (ii) any other equity interests of the Company or
equity interests in any successor of the Company issued in respect of such shares by reason of or in connection with any stock dividend, stock split, combination, reorganization, recapitalization, conversion to another type of entity or similar
event involving a change in the capital structure of the Company. 
 “Shelf Registration
Statement” means a Registration Statement of the Company filed with the Commission on Form S-3 (or any successor form or other appropriate form under the Securities Act) for an offering to be made on a continuous or delayed basis
pursuant to Rule 415 (or any similar rule that may be adopted by the Commission) covering the Registrable Securities, as applicable. 

“Suspension Period” has the meaning set forth in Section 8(b). 

“Trading Market” means the principal national securities exchange on which Registrable Securities are listed. 

“Underwritten Offering” means an underwritten offering of Common Stock for cash (whether a Requested
Underwritten Offering or in connection with a public offering of Common Stock by the Company, stockholders or both), excluding an offering relating solely to an employee benefit plan, an offering relating to a transaction on Form S-4 or S-8, or an
offering on any registration statement form that does not permit secondary sales. 
 “Underwritten Offering
Notice” has the meaning set forth in Section 2(b). 
 “Underwritten Offering Piggyback Notice”
has the meaning set forth in Section 2(c)(ii). 

  
 4 

 “Underwritten Offering Piggyback Request” has the meaning set forth in
Section 2(c)(ii). 
 “Underwritten Piggyback Offering” has the meaning set forth in Section 2(c)(ii).

 “VWAP” means, as of a specified date and in respect of Registrable Securities, the volume weighted
average price for such security on the Trading Market for the five trading days immediately preceding, but excluding, such date. 

“WKSI” means a “well known seasoned issuer” as defined under Rule 405. 

Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or
neuter forms; (b) references to Sections refer to Sections of this Agreement; (c) the terms “include,” “includes,” “including” and words of like import shall be deemed to be followed by the words “without
limitation”; (d) the terms “hereof,” “hereto,” “herein” or “hereunder” refer to this Agreement as a whole and not to any particular provision of this Agreement; (e) unless the context otherwise
requires, the term “or” is not exclusive and shall have the inclusive meaning of “and/or”; (f) defined terms herein will apply equally to both the singular and plural forms and derivative forms of defined terms will have
correlative meanings; (g) references to any law or statute shall include all rules and regulations promulgated thereunder, and references to any law or statute shall be construed as including any legal and statutory provisions consolidating,
amending, succeeding or replacing the applicable law or statute; (h) references to any Person include such Person’s successors and permitted assigns; and (i) references to “days” are to calendar days unless otherwise
indicated. 
 2. Registration. 

(a) Demand Registration. 

(i) At any time after the expiration of the Lock-Up Period, any Holder shall have the option and right, exercisable by delivering a written
notice to the Company (a “Demand Notice”), to require the Company to, pursuant to the terms of and subject to the limitations contained in this Agreement, prepare and file with the Commission a Registration Statement registering the
offering and sale of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice, which may include sales on a delayed or continuous basis pursuant to Rule 415 pursuant to a Shelf Registration Statement
(a “Demand Registration”). The Demand Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Demand Registration and the intended methods of disposition thereof.
Notwithstanding anything to the contrary herein, in no event shall the Company be required to effectuate a Demand Registration unless the Registrable Securities of the Holders (including both the Initiating Holder and the other Holders) to be
included therein after compliance with Section 2(a)(ii) have an aggregate VWAP of at least $50 million (the “Minimum Amount”) as of the date of the Demand Notice. 

(ii) Within five Business Days after the receipt of the Demand Notice, the Company shall give written notice of such Demand Notice to all
Holders and, within thirty days thereof (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, within ninety days thereof), shall, subject to the limitations of this

  
 5 

 
Section 2(a), file a Registration Statement in accordance with the terms and conditions of the Demand Notice, which Registration Statement shall cover all of the Registrable
Securities that the Holders shall in writing request to be included in the Demand Registration (such request to be given to the Company within ten days after receipt of notice of the Demand Notice given by the Company pursuant to this
Section 2(a)(ii)). The Company shall use all commercially reasonable efforts to cause such Registration Statement to become and remain effective under the Securities Act until all Registrable Securities covered by such Registration
Statement have been sold (the “Effectiveness Period”). 
 (iii) Subject to the other limitations contained in this
Agreement, the Company is not obligated hereunder to effect (A) a Demand Registration within 90 days after the closing of any Underwritten Offering, (B) (i) through December 31, 2016, more than a total of three Demand
Registrations for which MRD Holdco (or any transferee thereof in accordance with Section 8(e)) is the Initiating Holder and (ii) on or after January 1, 2017, more than one Demand Registration per calendar year for which MRD
Holdco (or any transferee thereof in accordance with Section 8(e)) is the Initiating Holder, (C) (i) before the termination of the Services Agreement, any Demand Registrations for which Anthony Bahr (or any transferee thereof
in accordance with Section 8(e)) is the Initiating Holder and (ii) after the termination of the Services Agreement, more than a total of two Demand Registrations for which Anthony Bahr (or any transferee thereof in accordance with
Section 8(e)) is the Initiating Holder, (D) (i) before the termination of the Services Agreement, any Demand Registrations for which Jay Graham (or any transferee thereof in accordance with Section 8(e)) is the
Initiating Holder and (ii) after the termination of the Services Agreement, more than a total of two Demand Registrations for which Jay Graham (or any transferee thereof in accordance with Section 8(e)) is the Initiating Holder and
(E) a subsequent Demand Registration pursuant to a Demand Notice if a Registration Statement covering all of the Registrable Securities held by the Initiating Holder shall have become and remains effective under the Securities Act and is
sufficient to permit offers and sales of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice in accordance with the intended timing and method or methods of distribution thereof specified in the
Demand Notice. No Demand Registration shall be deemed to have occurred for purposes of this Section 2(a)(iii) if the Registration Statement relating thereto does not become effective or is not maintained effective for its entire
Effectiveness Period, in which case the Initiating Holder shall be entitled to an additional Demand Registration in lieu thereof. Further, a Demand Registration shall not constitute a Demand Registration of the Initiating Holder for purposes of this
Section 2(a)(iii) if, as a result of Section 2(a)(vi), there is included in the Demand Registration less than the lesser of (i) Registrable Securities of the Initiating Holder having a VWAP measured on the effective date
of the related Registration Statement of $30 million and (ii) two-thirds of the number of Registrable Securities the Initiating Holder set forth in the applicable Demand Notice. 

(iv) A Holder may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration
at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of a notice from the Initiating Holder that the Initiating Holder is withdrawing all of its Registrable Securities from the Demand Registration or a notice
from a Holder to the effect that the Holder is withdrawing an amount of its Registrable Shares such that the remaining amount of Registrable Shares to be included in the Demand Registration is below the Minimum Amount, the Company shall cease

  
 6 

 
all efforts to secure effectiveness of the applicable Registration Statement. Such registration nonetheless shall be deemed a Demand Registration with respect to the Initiating Holder for
purposes of Section 2(a)(iii) unless (A) the Initiating Holder shall have paid or reimbursed the Company for its pro rata share of all reasonable and documented out-of-pocket fees and expenses incurred by the Company in connection
with the withdrawn registration of such Registrable Securities (based on the number of securities the Initiating Holder sought to register, as compared to the total number of securities included in such Demand Registration) or (B) the
withdrawal is made following the occurrence of a Material Adverse Change or pursuant to the Company’s request for suspension pursuant to Section 3(o). 

(v) The Company may include in any such Demand Registration other Company Securities for sale for its own account or for the account of any
other Person, subject to Section 2(a)(vi) and Section 2(c)(iii). 
 (vi) In the case of a Demand Registration not
being underwritten, if the Initiating Holder advises the Company that in its reasonable opinion the aggregate number of securities requested to be included exceeds the number that can be included without being likely to have a significant adverse
effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company shall include in such Demand Registration only that number of securities that in the reasonable opinion of the Initiating
Holder will not have such adverse effect, with such number to be allocated as follows: (A) first, pro-rata among all Holders (including the Initiating Holder) that have requested to participate in such Demand Registration based on the relative
number of Registrable Securities then held by each such Holder, (B) second, if there remains availability for additional securities to be included in such Demand Registration, the Company, and (C) third, if there remains availability for
additional securities to be included in such Demand Registration, any other holders entitled to participate in such Demand Registration, if applicable, based on the relative number of securities such holder is entitled to include in such Demand
Registration. 
 (vii) Subject to the limitations contained in this Agreement, the Company shall effect any Demand Registration on such
appropriate registration form of the Commission (A) as shall be selected by the Company and (B) as shall permit the disposition of the Registrable Securities in accordance with the intended method or methods of disposition specified in the
Demand Notice; provided that if the Company becomes, and is at the time of its receipt of a Demand Notice, a WKSI, the Demand Registration for any offering and selling of Registrable Securities shall be effected pursuant to an Automatic Shelf
Registration Statement, which shall be on Form S-3 or any equivalent or successor form under the Securities Act (if available to the Company). If at any time a Registration Statement on Form S-3 is effective and a Holder provides written notice to
the Company that it intends to effect an offering of all or part of the Registrable Securities included on such Registration Statement, the Company will amend or supplement such Registration Statement as may be necessary in order to enable such
offering to take place. 
 (viii) Without limiting Section 3, in connection with any Demand Registration pursuant to and in
accordance with this Section 2(a), the Company shall (A) promptly prepare and file or cause to be prepared and filed (1) such additional forms, amendments, supplements, prospectuses, certificates, letters, opinions and other
documents, as 

  
 7 

 
may be necessary or advisable to register or qualify the securities subject to such Demand Registration, including under the securities laws of such jurisdictions as the Holders shall reasonably
request; provided, however, that no such qualification shall be required in any jurisdiction where, as a result thereof, the Company would become subject to general service of process or to taxation or qualification to do business in such
jurisdiction solely as a result of registration and (2) such forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents as may be necessary to apply for listing or to list the Registrable Securities
subject to such Demand Registration on the Trading Market and (B) do any and all other acts and things that may be reasonably necessary or appropriate or reasonably requested by the Holders to enable the Holders to consummate a public sale of
such Registrable Securities in accordance with the intended timing and method or methods of distribution thereof. 
 (ix) In the event a
Holder transfers Registrable Securities included on a Registration Statement and such Registrable Securities remain Registrable Securities following such transfer, at the request of such Holder, the Company shall amend or supplement such
Registration Statement as may be necessary in order to enable such transferee to offer and sell such Registrable Securities pursuant to such Registration Statement; provided that in no event shall the Company be required to file a post-effective
amendment to the Registration Statement unless (A) such Registration Statement includes only Registrable Securities held by the Holder, Affiliates of the Holder or transferees of the Holder or (B) the Company has received written consent
therefor from a Person for whom Registrable Securities have been registered on (but not yet sold under) such Registration Statement, other than the Holder, Affiliates of the Holder or transferees of the Holder. 

(b) Requested Underwritten Offering. 

Any Holder then able to effectuate a Demand Registration pursuant to the terms of Section 2(a) (or who has previously effectuated
a Demand Registration pursuant to Section 2(a) but has not engaged in an Underwritten Offering in respect of such Demand Registration) shall have the option and right, exercisable by delivering written notice to the Company of its
intention to distribute Registrable Securities by means of an Underwritten Offering (an “Underwritten Offering Notice”), to require the Company, pursuant to the terms of and subject to the limitations of this Agreement, to
effectuate a distribution of any or all of its Registrable Securities by means of an Underwritten Offering pursuant to a new Demand Registration or pursuant to an effective Registration Statement covering such Registrable Securities (a
“Requested Underwritten Offering”); provided, that if the Requested Underwritten Offering is pursuant to a new Demand Registration, then the Registrable Securities of such Initiating Holder requested to be included in such
Requested Underwritten Offering have an aggregate value of at least equal to the Minimum Amount as of the date of such Underwritten Offering Notice, and if the Requested Underwritten Offering is pursuant to an effective Demand Registration, then the
Registrable Securities of such Initiating Holder requested to be included in such Requested Underwritten Offering have an aggregate value of at least equal to 50 percent of the Minimum Amount as of the date of such Underwritten Offering Notice. The
Underwritten Offering Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Requested Underwritten Offering. The managing underwriter or managing underwriters of a Requested Underwritten
Offering shall be designated by the Company; provided, however, that such designated managing underwriter or managing underwriters shall be reasonably acceptable 

  
 8 

 
to the Initiating Holder. Notwithstanding the foregoing, the Company is not obligated to effect a Requested Underwritten Offering within 90 days after the closing of an Underwritten Offering. Any
Requested Underwritten Offering (other than the first Requested Underwritten Offering made in respect of a prior Demand Registration) shall constitute a Demand Registration of the Initiating Holder for purposes of Section 2(a)(iii) (it
being understood that if requested concurrently with a Demand Registration then, together, such Demand Registration and Requested Underwritten Offering shall count as one Demand Registration); provided, however, that a Requested Underwritten
Offering shall not constitute a Demand Registration of the Initiating Holder for purposes of Section 2(a)(iii) if, as a result of Section 2(c)(iii)(A), the Requested Underwritten Offering includes less than the lesser of
(i) Registrable Securities of the Initiating Holder having a VWAP measured on the effective date of the related Registration Statement of $30 million and (ii) two-thirds of the number of Registrable Securities the Initiating Holder set
forth in the applicable Underwritten Offering Notice. 
 (c) Piggyback Registration and Piggyback Underwritten Offering. 

(i) If the Company shall at any time propose to file a registration statement under the Securities Act with respect to an offering of Common
Stock (other than a registration statement on Form S-4, Form S-8 or any successor forms thereto or filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan), whether or not for its own account, then the
Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least five Business Days before) the anticipated filing date (the “Piggyback Registration Notice”). The Piggyback
Registration Notice shall offer Holders the opportunity to include for registration in such registration statement the number of Registrable Securities as they may request in writing (a “Piggyback Registration”). The Company
shall use commercially reasonable efforts to include in each such Piggyback Registration such Registrable Securities for which the Company has received written requests for inclusion therein (“Piggyback Registration Request”)
within three Business Days after sending the Piggyback Registration Notice. Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from a Piggyback Registration by giving written notice to the Company of
its request to withdraw; provided that (A) such request must be made in writing prior to the effectiveness of such registration statement and (B) such withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no
longer have any right to include Registrable Securities in the Piggyback Registration as to which such withdrawal was made. Any withdrawing Holder shall continue to have the right to include any Registrable Securities in any subsequent registration
statement or registration statements as may be filed by the Company with respect to offerings of Common Stock, all upon the terms and conditions set forth herein. 

(ii) If the Company shall at any time propose to conduct an Underwritten Offering, whether or not for its own account, then the Company shall
promptly notify all Holders of such proposal reasonably in advance of (and in any event at least five Business Days before) the commencement of the offering, which notice shall set forth the principal terms and conditions of the issuance, including
the proposed offering price (or range of offering prices), the anticipated filing date of the related registration statement (if applicable) and the number of shares of Common Stock that are proposed to be registered (the “Underwritten
Offering Piggyback Notice”). The Underwritten Offering Piggyback Notice shall offer Holders 

  
 9 

 
the opportunity to include in such Underwritten Offering (and any related registration, if applicable) the number of Registrable Securities as they may request in writing (an
“Underwritten Piggyback Offering”); provided, however, that in the event that the Company proposes to effectuate the subject Underwritten Offering pursuant to an effective Shelf Registration Statement of the Company other
than an Automatic Shelf Registration Statement, only Registrable Securities of Holders which are subject to an effective Shelf Registration Statement may be included in such Underwritten Piggyback Offering. The Company shall use commercially
reasonable efforts to include in each such Underwritten Piggyback Offering such Registrable Securities for which the Company has received written requests for inclusion therein (“Underwritten Offering Piggyback Request”)
within three Business Days after sending the Underwritten Offering Piggyback Notice. Each Holder shall be permitted to withdraw all or part of such Holder’s Registrable Securities from an Underwritten Piggyback Offering at any time prior to the
effectiveness of the applicable registration statement, and such Holder shall continue to have the right to include any Registrable Securities in any subsequent Underwritten Offerings, all upon the terms and conditions set forth herein. 

(iii) If the managing underwriter or managing underwriters of an Underwritten Offering advise the Company and the Holders that in their
reasonable opinion the inclusion of all of the Holders’ Registrable Securities requested for inclusion in the subject Underwritten Offering (and any related registration, if applicable) (and any other Common Stock proposed to be included in
such offering) exceeds the number that can be included without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company shall include in
such Underwritten Offering (and any related registration, if applicable) only that number of shares of Common Stock proposed to be included in such Underwritten Offering (and any related registration, if applicable) that, in the reasonable opinion
of the managing underwriter or managing underwriters, will not have such adverse effect, with such number to be allocated as follows: (A) in the case of a Requested Underwritten Offering, (1) first, pro-rata among all Holders (including
the Initiating Holder) that have requested to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Holder, (2) second, if there remains availability for
additional shares of Common Stock to be included in such Underwritten Offering, the Company, and (3) third, if there remains availability for additional shares of Common Stock to be included in such Underwritten Offering, any other holders
entitled to participate in such Underwritten Offering, if applicable, based on the relative number of shares of Common Stock then held by each such holder; and (B) in the case of any other Underwritten Offerings, (x) first, to the Company,
(y) second, if there remains availability for additional shares of Common Stock to be included in such Underwritten Offering, pro-rata among all Holders desiring to include Registrable Securities in such Underwritten Offering based on the
relative number of Registrable Securities then held by each such Holder, and (z) third, if there remains availability for additional shares of Common Stock to be included in such registration, pro-rata among any other holders entitled to
participate in such Underwritten Offering, if applicable, based on the relative number of Common Stock then held by each such holder. If any Holder disapproves of the terms of any such Underwritten Offering, such Holder may elect to withdraw
therefrom by written notice to the Company and the managing underwriter(s) delivered on or prior to the time of the commencement of such offering. Any Registrable Securities withdrawn from such underwriting shall be excluded and withdrawn from the
registration. 

  
 10 

 (iv) The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 2(c) at any time in its sole discretion whether or not any Holder has elected to include Registrable Securities in such Registration Statement. The registration expenses of such withdrawn registration shall be borne by
the Company in accordance with Section 4 hereof. 
 (v) No registration of Registrable Securities effected pursuant to a
request under this Section 2(c) shall be deemed to have been effected pursuant to Section 2(a) or shall relieve the Company of its obligations under Section 2(a). 

3. Registration and Underwritten Offering Procedures. 

The procedures to be followed by the Company and each Holder electing to sell Registrable Securities in a Registration Statement pursuant to
this Agreement, and the respective rights and obligations of the Company and such Holders, with respect to the preparation, filing and effectiveness of such Registration Statement and the effectuation of any Underwritten Offering, are as follows:

 (a) In connection with a Demand Registration, the Company will, at least three Business Days prior to the anticipated filing of the
Registration Statement and any related Prospectus or any amendment or supplement thereto (other than, after effectiveness of the Registration Statement, any filing made under the Exchange Act that is incorporated by reference into the Registration
Statement), (i) furnish to such Holders copies of all such documents prior to filing and (ii) use commercially reasonable efforts to address in each such document when so filed with the Commission such comments as such Holders reasonably
shall propose prior to the filing thereof. 
 (b) In connection with a Piggyback Registration, Underwritten Piggyback Offering or a
Requested Underwritten Offering, the Company will, at least three Business Days prior to the anticipated filing of any initial Registration Statement that identifies the Holders and any related Prospectus or any amendment or supplement thereto
(other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Holders and provide information with respect thereto), as applicable, (i) furnish to such Holders copies of any such
Registration Statement or related Prospectus or amendment or supplement thereto that identify the Holders and any related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the
previous disclosure or do nothing more than name Holders and provide information with respect thereto) prior to filing and (ii) use commercially reasonable efforts to address in each such document when so filed with the Commission such comments
as such Holders reasonably shall propose prior to the filing thereof. 
 (c) The Company will use commercially reasonable efforts to as
promptly as reasonably practicable (i) prepare and file with the Commission such amendments, including post-effective amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith as may be necessary
under applicable law to keep such Registration Statement continuously effective with respect to the disposition of all Registrable Securities covered thereby for its Effectiveness Period and, subject to the limitations contained in this

  
 11 

 
Agreement, prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities held by the
Holders; (ii) cause the related Prospectus to be amended or supplemented by any required prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; and (iii) respond to any comments received from the
Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably practicable provide such Holders true and complete copies of all correspondence from and to the Commission relating to such Registration
Statement that pertains to such Holders as selling stockholders but not any comments that would result in the disclosure to such Holders of material and non-public information concerning the Company. 

(d) The Company will comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the
Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement. 
 (e) The Company will
notify such Holders who are included in a Registration Statement as promptly as reasonably practicable: (i)(A) when a Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement in which such Holder is included
has been filed; (B) when the Commission notifies the Company whether there will be a “review” of the applicable Registration Statement and whenever the Commission comments in writing on such Registration Statement (in which case the
Company shall provide true and complete copies thereof and all written responses thereto to each of such Holders that pertain to such Holders as selling stockholders); and (C) with respect to each applicable Registration Statement or any
post-effective amendment thereto, when the same has been declared effective; (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to such Registration Statement or Prospectus
or for additional information that pertains to such Holders as sellers of Registrable Securities; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement covering any or all of the
Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that makes any statement made in such Registration Statement or Prospectus
or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration
Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading (provided, however, that no notice by the Company shall be required pursuant to this clause (v) in the event that the Company either promptly files a prospectus supplement to update the
Prospectus or a Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement, which in either case, contains the requisite information that results in such Registration Statement no longer
containing any untrue statement of material fact or omitting to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading). 

  
 12 

 (f) The Company will use commercially reasonable efforts to avoid the issuance of or, if issued,
obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any
jurisdiction, as promptly as reasonably practicable, or if any such order or suspension is made effective during any Blackout Period or Suspension Period, as promptly as reasonably practicable after such Blackout Period or Suspension Period is over.

 (g) During the Effectiveness Period, the Company will furnish to each such Holder, without charge, at least one conformed copy of each
Registration Statement and each amendment thereto and all exhibits to the extent requested by such Holder (including those incorporated by reference) promptly after the filing of such documents with the Commission; provided, that the Company will
not have any obligation to provide any document pursuant to this clause that is available on the Commission’s EDGAR system. 
 (h) The
Company will promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) authorized by the Company for use and each amendment or supplement thereto as such Holder may
reasonably request during the Effectiveness Period. Subject to the terms of this Agreement, including Section 8(b), the Company consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling
Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto. 

(i) The Company will cooperate with such Holders to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities are unregistered or unqualified for resale under the Securities
Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request in writing. In connection therewith, if required by the
Company’s transfer agent, the Company will promptly, after the Effective Date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration Statement to be delivered to and maintained with its transfer
agent, together with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without any such legend upon sale by the Holder of such
Registrable Securities under the Registration Statement. 
 (j) Upon the occurrence of any event contemplated by
Section 3(e)(v), as promptly as reasonably practicable, the Company will prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected Registration Statement or a supplement to
the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

  
 13 

 (k) With respect to Underwritten Offerings, (i) the right of any Holder to include such
Holder’s Registrable Securities in an Underwritten Offering shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent
provided herein, (ii) each Holder participating in such Underwritten Offering agrees to enter into an underwriting agreement in customary form and sell such Holder’s Registrable Securities on the basis provided in any underwriting
arrangements approved by the Persons entitled to select the managing underwriter or managing underwriters hereunder and (iii) each Holder participating in such Underwritten Offering agrees to complete and execute all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents customarily and reasonably required under the terms of such underwriting arrangements. The Company hereby agrees with each Holder that, in connection with any Underwritten Offering
in accordance with the terms hereof, it will negotiate in good faith and execute all indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including using all commercially
reasonable efforts to procure customary legal opinions, auditor “comfort” letters and reports of the independent petroleum engineers of the Company relating to the oil and gas reserves of the Company included in the Registration Statement
if the Company has had its reserves prepared, audited or reviewed by an independent petroleum engineer. 
 (l) For a reasonable period prior
to the filing of any Registration Statement and throughout the Effectiveness Period, the Company will make available, upon reasonable notice at the Company’s principal place of business or such other reasonable place, for inspection during
normal business hours by a representative or representatives of the selling Holders, the managing underwriter or managing underwriters and any attorneys or accountants retained by such selling Holders or underwriters, all such financial and other
information and books and records of the Company, and cause the officers, employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not
violate an attorney-client privilege in such counsel’s reasonable belief) to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; provided, however, that any information that is not generally publicly
available at the time of delivery of such information shall be kept confidential by such Persons unless disclosure of such information is required by court or administrative order or, in the opinion of counsel to such Person, law, in which case,
such Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent or limit the proposed disclosure. 

(m) In connection with any Requested Underwritten Offering, the Company will use commercially reasonable efforts to cause appropriate officers
and employees to be available, on a customary basis and upon reasonable notice, to meet with prospective investors in presentations, meetings and road shows. 

(n) Each Holder agrees to furnish to the Company any other information regarding the Holder and the distribution of such securities as the
Company reasonably determines is required to be included in any Registration Statement or any Prospectus or prospectus supplement relating to an Underwritten Offering. 

  
 14 

 (o) Notwithstanding any other provision of this Agreement, the Company shall not be required to
file a Registration Statement (or any amendment thereto) or effect a Requested Underwritten Offering (or, if the Company has filed a Shelf Registration Statement and has included Registrable Securities therein, the Company shall be entitled to
suspend the offer and sale of Registrable Securities pursuant to such Registration Statement) for a period of up to 60 days if (i) the Board determines that a postponement is in the best interest of the Company and its stockholders generally
due to a pending transaction involving the Company (including a pending securities offering by the Company), (ii) the Board determines such registration would render the Company unable to comply with applicable securities laws or (iii) the
Board determines such registration would require disclosure of material information that the Company has a bona fide business purpose for preserving as confidential (any such period, a “Blackout Period”); provided, however,
that in no event shall any Blackout Period together with any Suspension Period exceed an aggregate of 120 days in any 12-month period. 

(p) In connection with an Underwritten Offering, the Company shall use all commercially reasonable efforts to provide to each Holder named as
a selling securityholder in any Registration Statement a copy of any auditor “comfort” letters, customary legal opinions or reports of the independent petroleum engineers of the Company relating to the oil and gas reserves of the Company,
in each case that have been provided to the managing underwriter or managing underwriters in connection with the Underwritten Offering, not later than the Business Day prior to the effective date of such Registration Statement. 

4. No Inconsistent Agreements or Superior Rights. The Company shall not hereafter enter into, and is not currently a party to, any
agreement with respect to its securities that is inconsistent in any material respect with the rights granted to the Holders by this Agreement. The Company has not provided, and shall not provide, registration rights to any other holder of
securities of the Company that give superior priority to, or otherwise impair, those granted to the Holders by this Agreement. 
 5.
Registration Expenses. All Registration Expenses incident to the Parties’ performance of or compliance with their respective obligations under this Agreement or otherwise in connection with any Demand Registration, Requested Underwritten
Offering, Piggyback Registration or Underwritten Piggyback Offering (in each case, excluding any Selling Expenses) shall be borne by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement.
“Registration Expenses” shall include, without limitation, (i) all registration and filing fees (including fees and expenses (A) with respect to filings required to be made with the Trading Market and (B) in
compliance with applicable state securities or “Blue Sky” laws), (ii) printing expenses (including expenses of printing certificates for Company Securities and of printing Prospectuses if the printing of Prospectuses is reasonably
requested by a Holder of Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel, auditors, accountants and independent petroleum engineers
for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, (vi) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by
this Agreement, (vii) the reasonable fees and expenses of one law firm of national standing selected by the Holders owning the majority of the Registrable Securities to be included in any such registration or offering and (viii) all
expenses relating to marketing the sale of the Registrable 

  
 15 

 
Securities, including expenses related to conducting a “road show.” In addition, the Company shall be responsible for all of its expenses incurred in connection with the consummation of
the transactions contemplated by this Agreement (including expenses payable to third parties and including all salaries and expenses of their officers and employees performing legal or accounting duties), the expense of any annual audit and the fees
and expenses incurred in connection with the listing of the Registrable Securities on the Trading Market. 
 6. Indemnification. 

(a) The Company shall indemnify and hold harmless each Holder, its Affiliates and each of their respective officers and directors and any
agent thereof (collectively, “Holder Indemnified Persons”), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, joint or several, costs (including reasonable
costs of preparation and reasonable attorneys’ fees) and expenses, judgments, fines, penalties, interest, settlements or other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal,
administrative or investigative, in which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, “Losses”), as incurred,
arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any Registrable Securities were registered, in any preliminary prospectus (if the Company authorized the use
of such preliminary prospectus prior to the Effective Date), or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto (if used
during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements made therein, in the light of the circumstances in which they were made, not misleading; provided, however, that the Company shall not be liable to any Holder Indemnified Person to the extent that any such claim arises out of, is
based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or free writing prospectus or such amendment or supplement, in
reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder Indemnified Person or any underwriter specifically for use in the preparation thereof. The Company shall notify the Holders promptly of
the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. This indemnity shall be in addition to any liability the Company may otherwise have and shall
remain in full force and effect regardless of any investigation made by or on behalf of such Holder Indemnified Person or any indemnified party and shall survive the transfer of such securities by such Holder. Notwithstanding anything to the
contrary herein, this Section 6 shall survive any termination or expiration of this Agreement indefinitely. 
 (b) In connection
with any Registration Statement in which a Holder participates, such Holder shall, severally and not jointly, indemnify and hold harmless the Company, its Affiliates and each of their respective officers, directors and any agent thereof, to the
fullest extent permitted by applicable law, from and against any and all Losses as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in 

  
 16 

 
any such Registration Statement, in any preliminary prospectus (if used prior to the Effective Date of such Registration Statement), or in any summary or final prospectus or free writing
prospectus or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading, but only to the extent that the same are made in reliance and in conformity with
information relating to the Holder furnished in writing to the Company by such Holder for use therein. This indemnity shall be in addition to any liability such Holder may otherwise have and shall remain in full force and effect regardless of any
investigation made by or on behalf of the Company or any indemnified party. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds received by such Holder from the sale of the
Registrable Securities giving rise to such indemnification obligation 
 (c) Any Person entitled to indemnification hereunder shall
(i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim or there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, permit such indemnifying party to
assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its
consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (in addition to
any local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party there may be one or more legal or equitable defenses available to such indemnified party
that are in addition to or may conflict with those available to another indemnified party with respect to such claim. Failure to give prompt written notice shall not release the indemnifying party from its obligations hereunder. 

(d) If the indemnification provided for in this Section 6 is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any Losses referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such
indemnified party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the untrue or alleged untrue
statement of a material fact or the omission to state a material fact that resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined
by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the
offering received by such Holder. 

  
 17 

 7. Facilitation of Sales Pursuant to Rule 144. To the extent it shall be required to do so
under the Exchange Act, the Company shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of
Rule 144), and shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the
limitations of the exemption provided by Rule 144. Upon the request of any Holder in connection with that Holder’s sale pursuant to Rule 144, the Company shall deliver to such Holder a written statement as to whether it has complied with such
requirements. 
 8. Miscellaneous. 

(a) Remedies. In the event of actual or potential breach by the Company of any of its obligations under this Agreement, each Holder, in
addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not
provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the
defense that a remedy at law would be adequate. 
 (b) Discontinued Disposition. Each Holder agrees that, upon receipt of a notice
from the Company of the occurrence of any event of the kind described in clauses (ii) through (v) of Section 3(e), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration
Statement until such Holder’s receipt of the copies of the supplemental Prospectus or amended Registration Statement as contemplated by Section 3(j) or until it is advised in writing by the Company that the use of the applicable
Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement (a “Suspension
Period”). The Company may provide appropriate stop orders to enforce the provisions of this Section 8(b). 
 (c)
Amendments and Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and each of the Initial Holders who beneficially owns 5% or more of the outstanding shares of Common Stock;
provided, however, any waiver or amendment which would adversely and disproportionately affect a Party (including any Initial Holder who beneficially owns less than 5% of the outstanding shares of Common Stock) must also be signed by such affected
Party. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or
requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any manner impair the exercise of any such right. 

  
 18 

 (d) Notices. Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this
Section 8(d) prior to 5:00 p.m. Central Time on a Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via facsimile or electronic mail as specified in this Agreement later
than 5:00 p.m. Central Time on any date and earlier than 11:59 p.m. Central Time on such date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service or (iv) upon actual receipt by
the Party to whom such notice is required to be given. The address for such notices and communications shall be as follows: 
  

			
	If to the Company:	  	Memorial Resource Development Corp.
		  	Attention: General Counsel
		  	1301 McKinney Street, Suite 2100
		  	Houston, Texas 77010
		  	Fax: (713) 588-8301
		  	Electronic mail: kroane@memorialrd.com
	With copy to:	  	
		  	Akin Gump Strauss Hauer & Feld LLP
		  	Attention: John Goodgame
		  	1111 Louisiana, 44th Floor
		  	Houston, Texas 77002
		  	Fax: (713) 236-0822
		  	Electronic mail: jgoodgame@akingump.com
		
	If to any Person who is then the registered Holder:	  	To the address of such Holder as it appears in the applicable register for the Registrable Securities or such other address as may be designated in writing by such Holder.

 (e) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the
Parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns. Except as provided in this Section 8(e), this Agreement, and any rights or obligations hereunder, may not be
assigned without the prior written consent of the Company and the Holders. Notwithstanding anything in the foregoing to the contrary, the rights of a Holder pursuant to this Agreement with respect to all or any portion of its Registrable Securities
may be assigned without such consent (but only with all related obligations) with respect to such Registrable Securities (and any Registrable Securities issued as a dividend or other distribution with respect to, in exchange for or in replacement of
such Registrable Securities) by such Holder to a transferee of such Registrable Securities; provided (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or
assignee and the Registrable Securities with respect to which such registration rights are being assigned and (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms set forth in this Agreement. The Company
may not assign its rights or obligations hereunder without the prior written consent of the Holders. 

  
 19 

 (f) No Third Party Beneficiaries. Nothing in this Agreement, whether express or implied,
shall be construed to give any Person, other than the parties hereto or their respective successors and permitted assigns, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement. 

(g) Execution and Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile or electronic mail transmission, such signature shall create a valid binding obligation
of the Party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such signature delivered by facsimile or electronic mail transmission were the original thereof. 

(h) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance
with, the internal laws of the State of Texas. Each of the Parties irrevocably submits to the exclusive jurisdiction of the courts of the State of Texas located in Harris County, Texas and the United States District Court for the Southern District
of Texas, Houston Division, for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding
may be served on each Party anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the Parties irrevocably waives any objection to the laying of venue of any such suit, action or proceeding
brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY
LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 
 (i)
Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 
 (j)
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set
forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the Parties shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same
result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the Parties that they would have executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (k) Entire Agreement. This Agreement
constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior contracts or agreements with respect to the subject matter hereof and the matters addressed or governed hereby, whether oral or
written. 

  
 20 

 (l) Termination. Except for Section 6, this Agreement shall terminate as to
any Holder, when all Registrable Securities held by such Holder no longer constitute Registrable Securities. 
 [THIS SPACE LEFT BLANK
INTENTIONALLY] 

  
 21 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

  

			
	COMPANY:
	
	MEMORIAL RESOURCE DEVELOPMENT CORP.
		
	By:	 	 /s/ John A. Weinzierl

	Name:	 	John A. Weinzierl
	Title:	 	Chief Executive Officer
	
	HOLDERS:
	
	MRD HOLDCO LLC
		
	By:	 	 /s/ John A. Weinzierl

	Name:	 	John A. Weinzierl
	Title:	 	Chief Executive Officer
	
	Address for notice:
	
	 Attention: Kyle Roane
 1301 McKinney
Street, Suite 2100
 Houston, TX 77010
 Fax:
(713) 588-8301
 Electronic mail: kroane@memorialrd.com
  

with a copy to:
  

Natural Gas Partners
 Attention: Jesse Bomer

5221 N. O’Connor Blvd., Suite 1100
 Irving, Texas 75039

Electronic mail: jbomer@ngptrs.com

  
 Signature Page to
Registration Rights Agreement 

 
	
	ANTHONY BAHR
	
	 /s/ Anthony Bahr

	
	Address for notice:
	
	 9805 Katy Freeway, Suite 400
 Houston, TX
77024

  
 Signature Page to
Registration Rights Agreement 

 
	
	JAY GRAHAM
	
	 /s/ Jay Graham

	
	Address for notice:
	
	 9805 Katy Freeway, Suite 400
 Houston, TX
77024

  
 Signature Page to
Registration Rights Agreement

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