Document:

EX-10.2

 Exhibit 10.2 

VIPER ENERGY PARTNERS LP 

LONG TERM INCENTIVE PLAN 

Section 1. Purpose of the Plan. The Viper Energy Partners LP 2014 Long Term Incentive Plan (the
“Plan”) has been adopted effective as of June 17, 2014 (the “Effective Date”) by Viper Energy Partners GP LLC, a Delaware limited liability company, the general partner (“General
Partner”) of Viper Energy Partners LP, a Delaware limited partnership (the “Partnership”). The Plan is intended to promote the interests of the General Partner, the Partnership and their Affiliates by providing
to Employees, Consultants and Directors who perform services for the Partnership and its subsidiaries incentive compensation awards to encourage superior performance. The Plan is also contemplated to enhance the ability of the General Partner, the
Partnership and their Affiliates to attract and retain the services of individuals who are essential for the growth and profitability of the Partnership and to encourage them to devote their best efforts to advancing the business of the Partnership.

 Section 2. Definitions. For purposes of the Plan, capitalized terms used but not otherwise defined herein shall have
the meanings set forth below: 
 (a) “409A Award” means an Award that constitutes a “deferral of
compensation” within the meaning of the 409A Regulations, whether by design, due to a subsequent modification in the terms and conditions of such Award or as a result of a change in applicable law following the date of grant of such Award, and
that is not exempt from Section 409A of the Code pursuant to an applicable exemption. 
 (b) “409A Regulations”
means the applicable Treasury regulations and other interpretive guidance promulgated pursuant to Section 409A of the Code. 
 (c)
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used
herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

(d) “Award” means an Option, Unit Appreciation Right, Restricted Unit, Phantom Unit, Unit Award, Substitute Award,
Other Unit Based Award, Cash Award, Distribution Equivalent Right (whether granted alone or in tandem with respect to another Award other than a Restricted Unit or Unit Award) or Performance Award, in each case, granted under the Plan. 

(e) “Award Agreement” means the written or electronic agreement by which an Award shall be evidenced. 

(f) “Board” means the Board of Directors of the General Partner. 

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

 (h) “Change of Control” means, and shall be deemed to have occurred upon,
one or more of the following events, except as otherwise provided in an Award Agreement: 
 (i) with respect to the General Partner or the
Partnership: 
 a. any “person” or “group” within the meaning of those terms as used in Sections 13(d)
and 14(d)(2) of the Exchange Act, other than members, limited partners or other owners (as applicable) of the General Partner, the Partnership, or an Affiliate of either the General Partner or the Partnership, shall become the beneficial owner, by
way of merger, consolidation, recapitalization, reorganization or otherwise, of 50% or more of the voting power of the voting securities of the General Partner or the Partnership; 

b. the members or limited partners (as applicable) of the General Partner or the Partnership approve, in one transaction or a
series of transactions, a plan of complete liquidation of the General Partner or the Partnership; 
 c. the sale or other
disposition by either the General Partner or the Partnership of all or substantially all of its assets in one or more transactions to any Person other than an Affiliate; or 

d. the General Partner or an Affiliate of the General Partner or the Partnership ceases to be the general partner of the
Partnership; or 
 (ii) so long as Diamondback Energy, Inc. (“Diamondback”) is the sole member of the General
Partner, a “Change in Control” as defined in the Diamondback 2012 Equity Incentive Plan, as such plan may be amended or superseded from time to time. 

Notwithstanding the above, with respect to a 409A Award, a “Change of Control” with respect to a Participant for purposes of
triggering the exercisability, settlement, or other payment or distribution of such 409A Award shall not occur unless that Change of Control of the General Partner, the Partnership or Diamondback also constitutes a “change in the ownership of a
corporation,” a “change in the effective control of a corporation,” or a “change in the ownership of a substantial portion of a corporation’s assets,” in each case, within the meaning of 1.409A-3(i)(5) of the 409A
Regulations (including without limitation 1.409A-3(i)(5)(ii)), as applied (with respect to the General Partner or the Partnership) to non-corporate entities. 

(i) “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

(j) “Committee” means the Board or such committee as may be appointed by the Board to administer the Plan; provided,
that, unless otherwise determined by the Board, the Committee shall consist solely of two or more directors, each of whom shall be a “nonemployee director” within the meaning of Rule 16b-3(b)(3). 

(k) “Consultant” means an individual who renders consulting or advisory services to the General Partner, the
Partnership or an Affiliate of either. 
 (l) “Director” means a member of the Board or the board of directors of an
Affiliate of the General Partner who is not an Employee or a Consultant (other than in that individual’s capacity as a Director). 

(m) “Distribution Equivalent Right” or “DER” means a contingent right, granted alone or in
tandem with a specific Award (other than a Restricted Unit or Unit Award) under Section 6(g) hereof, to receive with respect to each Unit subject to the Award an amount in cash, Units and/or Phantom Units, as determined by the Committee in its
sole discretion, equal in value to the distributions made by the Partnership with respect to a Unit during the period such Award is outstanding. 

  
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 (n) “Employee” means an employee of the General Partner or an Affiliate
of the General Partner. An employee on leave of absence may be considered as still in the employ of the General Partner or an Affiliate of the General Partner for purposes of eligibility for participation in this Plan. 

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

(p) “Fair Market Value” means, on any relevant date, the closing sales price of a Unit on the principal national
securities exchange or other market in which trading in Units occurs (or, if there is no trading in the Units on such date, on the next preceding day on which there was trading) as reported in The Wall Street Journal (or other reporting service
approved by the Committee). If Units are not traded on a national securities exchange or other market at the time a determination of Fair Market Value is required to be made hereunder, the determination of Fair Market Value shall be made by the
Committee in good faith using a “reasonable application of a reasonable valuation method” within the meaning of the 409A Regulations (specifically, §1.409A-l(b)(5)(iv)(B) of the 409A Regulations). 

(q) “Option” means a right, granted under Section 6(b) hereof, to purchase Units at a specified price during
specified time periods. 
 (r) “Other Unit Based Award” means an Award granted under Section 6(f) hereof that
may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Units. 
 (s)
“Participant” means a Person who has been granted an Award under the Plan that remains outstanding, including a Person who is no longer an Employee, Consultant or Director. 

(t) “Performance Award” means a right granted under Section 6(i) hereof to receive an Award based upon
performance conditions specified by the Committee. 
 (u) “Person” means an individual or a corporation, limited
liability company, partnership, joint venture, trust, unincorporated organization, association, governmental agency or political subdivision thereof or other entity. 

(v) “Phantom Unit” means a notional Unit granted under Section 6(d) hereof which upon vesting entitles the
Participant to receive, at the time of settlement (which may or may not be coterminous with the vesting schedule of the Award), a Unit or an amount of cash equal to the Fair Market Value of a Unit, as determined by the Committee in its sole
discretion. 
 (w) “Restricted Period” means the period established by the Committee with respect to an Award during
which the Award remains subject to forfeiture and is either not exercisable by or payable to the Participant, as the case may be. 
 (x)
“Restricted Unit” means a Unit granted under Section 6(d) hereof that is subject to a Restricted Period. 
 (y)
“Rule 16b-3” means Rule 16b-3 promulgated by the SEC under Section 16 of the Exchange Act or any successor rule or regulation thereto as in effect from time to time. 

(z) “SEC” means the Securities and Exchange Commission, or any successor thereto. 

  
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 (aa) “Substitute Award” means an Award granted under Section 6(h)
hereof in substitution for a similar award as a result of certain business transactions. 
 (bb) “Unit Distribution
Right” or “UDR” means a distribution made by the Partnership with respect to a Restricted Unit. 
 (cc)
“Unit” means a common unit of the Partnership and such other securities as may be substituted or resubstituted for common units pursuant to Section 7. 

(dd) “Unit Appreciation Right” or “UAR” means a contingent right granted under
Section 6(c) hereof that entitles the holder to receive, in cash or Units, as determined by the Committee in its sole discretion, an amount equal to the excess of the Fair Market Value of a Unit on the exercise date of the Unit Appreciation
Right (or another specified date) over the exercise price of the Unit Appreciation Right. 
 (ee) “Unit Award” means
a grant under Section 6 (e) hereof of a Unit that is not subject to a Restricted Period. 
 Section 3.
Administration. 
 (a) Authority of the Committee. The Plan shall be administered by the Committee except to the extent
the Board elects to administer this Plan, in which case references herein to the “Committee” shall be deemed to include references to the “Board.” A majority of the Committee shall constitute a quorum, and the acts of the members
of the Committee who are present at any meeting thereof at which a quorum is present, or acts unanimously approved by the members of the Committee in writing, shall be the acts of the Committee. Subject to the terms of the Plan and applicable law,
and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Employees, Consultants and Directors as Participants; (ii) determine the
type or types of Awards to be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of any Award, consistent with the terms of the Plan, which terms may include any
provision regarding the acceleration of vesting or waiver of forfeiture restrictions or any other condition or limitation regarding an Award, based on such factors as the Committee shall determine, in its sole discretion; (v) determine whether,
to what extent, and under what circumstances Awards may be vested, settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any instrument or agreement relating to an Award made under the Plan;
(vii) establish, amend, suspend, or waive such rules and regulations and delegate to and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (viii) make any other determination and take any other
action that the Committee deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or an Award Agreement in such manner and to such extent
as the Committee deems necessary or appropriate. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole
discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons, including, without limitation, the General Partner, the Partnership, any Affiliate, any Participant, and any beneficiary of a
Participant. The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting the power or authority of the Committee. Subject to the Plan and any applicable law, the
Committee, in its sole discretion, may delegate any or all of its powers and duties under the Plan, including the power to grant Awards under the Plan, to the Chief Executive Officer of the General Partner, subject to such limitations on such
delegated powers and duties as the Committee may impose, if any, and provided that the Committee may not delegate its duties where such delegation would violate 

  
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any applicable law, or with respect to making Awards to, or otherwise with respect to Awards granted to, Participants who are subject to Section 16(b) of the Exchange Act. Upon any such
delegation, all references in the Plan to the “Committee,” other than in Section 7, shall be deemed to include the Chief Executive Officer. Any such delegation shall not limit the Chief Executive Officer’s right to receive Awards
under the Plan. 
 (b) Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or
act upon any report or other information furnished to him or her by any officer or employee of the General Partner, the Partnership or their Affiliates, the General Partner’s or the Partnership’s legal counsel, independent auditors,
consultants or any other agents assisting in the administration of the Plan. Members of the Committee and any officer or employee of the General Partner, the Partnership or any of their Affiliates acting at the direction or on behalf of the
Committee shall not be personally liable for any action or determination taken or made in good faith with respect to this Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless by the General Partner with respect
to any such action or determination. 
 (c) Exemptions from Section 16(b) Liability. It is the intent of the General Partner
that the grant of any Awards to, or other transaction by, a Participant who is subject to Section 16 of the Exchange Act shall be exempt from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 or another applicable exemption (except
for transactions acknowledged by the Participant in writing to be non-exempt). Accordingly, if any provision of the Plan or any Award Agreement does not comply with the requirements of Rule 16b-3 or such other exemption as then applicable to any
such transaction, such provision shall be construed or deemed amended to the extent necessary to conform to the applicable requirements of Rule 16b-3 or such other exemption. 

Section 4. Units. 

(a) Limits on Units Deliverable. Subject to adjustment as provided in Section 4(c) and Section 7, the number of Units that may
be delivered with respect to Awards under the Plan will not exceed 9,144,000. Units withheld from an Award or surrendered by a Participant to satisfy the Partnership’s or an Affiliate’s tax withholding obligations (including the
withholding of Units with respect to Restricted Units) or to satisfy the payment of any exercise price with respect to the Award shall not be considered to be Units delivered under the Plan for this purpose. If any Award is forfeited, cancelled,
exercised, settled in cash, or otherwise terminates or expires without the actual delivery of Units pursuant to such Award (the grant of Restricted Units is not a delivery of Units for this purpose), the Units subject to such Award shall again be
available for Awards under the Plan (including Units not delivered in connection with the exercise of an Option or Unit Appreciation Right). There shall not be any limitation on the number of Awards that may be granted and paid in cash. No Award may
be granted if the number of Units to be delivered in connection with such Award exceeds the number of Units remaining available under this Plan minus the number of Units issuable in settlement of or relating to then-outstanding Awards. 

(b) Sources of Units Deliverable Under Awards. Any Units delivered pursuant to an Award may consist, in whole or in part, of newly
issued Units, Units acquired in the open market, from any Affiliate, the Partnership or any other Person, or any combination of the foregoing, as determined by the Committee in its discretion. 

(c) Anti-dilution Adjustments. Notwithstanding anything contained in Section 7, with respect to any “equity
restructuring” event that could result in an additional compensation expense to the General Partner or the Partnership pursuant to the provisions of Financial Accounting Standards Board, Accounting Standards Codification, Topic 718—Stock
Compensation (“ASC 718”) if adjustments to 

  
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Awards with respect to such event were discretionary, the Committee shall equitably adjust the number and type of Units covered by each outstanding Award and the terms and conditions, including
the exercise price and performance criteria (if any), of such Award to equitably reflect such restructuring event and shall adjust the number and type of Units (or other securities or property) with respect to which Awards may be granted after such
event. With respect to any other similar event that would not result in an accounting charge under ASC 718 if the adjustment to Awards with respect to such event were subject to discretionary action, the Committee shall have complete discretion to
adjust Awards in such manner as it deems appropriate with respect to such other event. In the event the Committee makes any adjustment pursuant to the foregoing provisions of this Section 4(c), the Committee shall make a corresponding and
proportionate adjustment with respect to the maximum number of Units that may be delivered with respect to Awards under the Plan as provided in Section 4(a) and the kind of Units or other securities available for grant under the Plan. 

Section 5. Eligibility. Any Employee, Consultant or Director, in each case, who provides services to the Partnership and/or
its subsidiaries shall be eligible to be designated a Participant and receive an Award under the Plan. If the Units issuable pursuant to an Award are intended to be registered with the SEC on Form S-8, then only “employees,”
“consultants,” and “directors” of the Partnership or a parent or subsidiary of the Partnership (within the meaning of General Instruction A.1(a) to Form S-8) will be eligible to receive such an Award. 

Section 6. Awards. 

(a) General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose
on any Award or the exercise thereof, at the date of grant or thereafter (subject to Section 7(a)), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms
permitting a Participant to make elections relating to his or her Award. Subject to Section 7(a), the Committee shall retain full power and discretion to accelerate, waive or modify, at any time, any term or condition of an Award that is not
mandatory under the Plan. 
 (b) Options. The Committee may grant Options to any eligible Employee, Consultant or Director. The
Committee shall have the authority to determine the number of Units to be covered by each Option, the purchase price therefor and the Restricted Period and other conditions and limitations applicable to the exercise of the Option, including the
following terms and conditions and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 

(i) Exercise Price. The exercise price per Unit purchasable under an Option shall be determined by the Committee at the
time the Option is granted but, except with respect to Substitute Awards, may not be less than the Fair Market Value of a Unit as of the date of grant of the Option. For purposes of this Section 6(b)(i), the Fair Market Value of a Unit shall be
determined as of the date of grant. 
 (ii) Time and Method of Exercise. The Committee shall determine the exercise
terms and the Restricted Period with respect to an Option grant, which may include, without limitation, a provision for accelerated vesting upon the achievement of specified performance conditions or other events, and the method or methods by which
payment of the exercise price with respect thereto may be made or deemed to have been made, which may include, without limitation, (A) cash (including by certified check, bank draft or money order, or wire transfer of immediately available
funds) at the time the Option is exercised; or (B) in the Committee’s discretion and on such terms as the Committee approves: (1) by delivering or constructively 

  
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tendering by means of attestation whereby a Participant identifies for delivery specific duly endorsed Units having a Fair Market Value as of the date of exercise equal to the aggregate exercise
price and receives a number of Units equal to the difference between the number of Units thereby purchased and the number of identified attestation Units (provided that any Units used for this purpose must have been held by the Participant for such
minimum period of time, if any, as may be established from time to time by the Committee), (2) by notice of net issue exercise including a statement directing the Partnership to issue a number of Units as to which the Option is exercised, but
retain from transfer the number of Units with a Fair Market Value as of the date of exercise equal to the aggregate exercise price, in which case the Option will be surrendered and cancelled with respect to the number of Units retained by the
Partnership, or (3) to the extent permissible under applicable law, through delivery of irrevocable instructions to a broker to sell a sufficient number of the Units being exercised to cover the aggregate exercise price and delivery to the
General Partner on behalf of the Partnership (on the same day that the Units issuable upon exercise are delivered) of the amount of sale proceeds required to pay the aggregate exercise price; or (C) any combination of the foregoing having a
Fair Market Value on the exercise date equal to the relevant exercise price. 
 (iii) Forfeitures. Except as otherwise
provided in the terms of the Award Agreement, upon termination of a Participant’s employment or service, whichever is applicable, for any reason during the applicable Restricted Period, all unvested Options shall be forfeited by the
Participant. Subject to Section 7(a), the Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Options. 

(c) Unit Appreciation Rights. The Committee may grant Unit Appreciation Rights to any eligible Employee, Consultant or Director. The
Committee shall have the authority to determine the Employees, Consultants and Directors to whom Unit Appreciation Rights shall be granted, the number of Units to be covered by each grant, whether Units or cash shall be delivered upon exercise, the
exercise price therefor and the conditions and limitations applicable to the exercise of the Unit Appreciation Rights, including the following terms and conditions and such additional terms and conditions as the Committee shall determine, that are
not inconsistent with the provisions of the Plan. 
 (i) Exercise Price. The exercise price per Unit Appreciation
Right shall be determined by the Committee at the time the Unit Appreciation Right is granted but, except with respect to Substitute Awards, may not be less than the Fair Market Value of a Unit as of the date of grant of the Unit Appreciation Right.
For purposes of this Section 6(c)(i), the Fair Market Value of a Unit shall be determined as of the date of grant. 

(ii) Time of Exercise. The Committee shall determine the Restricted Period and the time or times at which a Unit
Appreciation Right may be exercised in whole or in part, which may include, without limitation, accelerated vesting upon the achievement of specified performance conditions or other events. 

(iii) Forfeitures. Except as otherwise provided in the terms of the Award Agreement, upon termination of a
Participant’s employment or service, whichever is applicable, for any reason during the applicable Restricted Period, all outstanding Unit Appreciation Rights awarded to the Participant shall be automatically forfeited on such termination.
Subject to Section 7(a), the Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Unit Appreciation Rights. 

  
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 (d) Restricted Units and Phantom Units. The Committee shall have the authority to
determine the Employees, Consultants and Directors to whom Restricted Units or Phantom Units shall be granted, the number of Restricted Units or Phantom Units to be granted to each such Participant, the Restricted Period, the conditions under which
the Restricted Units or Phantom Units may become vested or forfeited and such other terms and conditions as the Committee may establish with respect to such Awards. 

(i) UDRs. To the extent provided by the Committee, in its discretion, a grant of Restricted Units may provide that the
distributions made by the Partnership with respect to the Restricted Units shall be subject to the same forfeiture and other restrictions as the Restricted Unit and, if restricted, such distributions shall be held, without interest, until the
Restricted Unit vests or is forfeited with the UDR being paid or forfeited at the same time, as the case may be. In addition, the Committee may provide that such distributions be used to acquire additional Restricted Units for the Participant. Such
additional Restricted Units may be subject to such vesting and other terms as the Committee may prescribe. Absent such a restriction on the UDRs in the Award Agreement, UDRs shall be paid to the holder of the Restricted Unit without restriction at
the same time as cash distributions are paid by the Partnership to its unitholders. 
 (ii) Forfeitures. Except as
otherwise provided in the terms of the applicable Award Agreement, upon termination of a Participant’s employment or service, whichever is applicable, for any reason during the applicable Restricted Period, all outstanding, unvested Restricted
Units and Phantom Units awarded to the Participant shall be automatically forfeited on such termination. Subject to Section 7(a), the Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a
Participant’s Restricted Units and/or Phantom Units. 
 (iii) Lapse of Restrictions. 

(A) Phantom Units. Following the vesting of and at the time of settlement specified for each Phantom Unit, subject to
the provisions of Section 8(b), the Participant shall be entitled to settlement of such Phantom Unit and shall receive one Unit or an amount in cash equal to the Fair Market Value of a Unit, as determined by the Committee in its discretion.

 (B) Restricted Units. Upon the vesting of each Restricted Unit, subject to satisfying the tax withholding
obligations of Section 8(b), the Participant shall be entitled to have the restrictions removed from his or her Award so that the Participant then holds an unrestricted Unit. 

(e) Unit Awards. The Committee shall have the authority to grant a Unit Award under the Plan to any Employee, Consultant or Director in
a number determined by the Committee in its discretion, as a bonus or additional compensation or in lieu of cash compensation the individual is otherwise entitled to receive, in such amounts as the Committee determines to be appropriate. 

(f) Other Unit Based Awards; Cash Awards. The Committee is authorized, subject to limitations under applicable law, to grant to
Employees, Consultants and Directors such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Units, as deemed by the Committee to be consistent with the purposes of
this Plan, including, without limitation, convertible or exchangeable debt securities, other rights convertible or exchangeable into Units, purchase rights for Units, Awards with value and payment contingent upon performance of the Partnership or
any other factors designated by the Committee, and Awards valued by reference to the book value of Units or the value of securities of or the performance of specified Affiliates of the General Partner or the Partnership. The Committee shall
determine the terms and conditions of such Other Unit Based Awards. Units delivered pursuant to an Other Unit Based Award in the nature of a purchase right 

  
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granted under this Section 6(f) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, cash, Units, other
Awards, or other property, as the Committee shall determine. Cash Awards, as an element of or supplement to, or independent of any other Award under this Plan, may also be granted pursuant to this Section 6(f). 

(g) DERs. To the extent provided by the Committee, in its discretion, an Employee, Consultant or Director may be granted a stand-alone
DER or another Award (other than a Restricted Unit or Unit Award) granted to an Employee, Consultant or Director may include a tandem DER grant, in either case, which may provide that such DERs shall be paid directly to the Participant, be
reinvested into additional Awards, be credited to a bookkeeping account (with or without interest in the discretion of the Committee) subject to the same vesting restrictions as the tandem Award (if any), or be subject to such other provisions or
restrictions as determined by the Committee in its discretion. Absent a contrary provision in the Award Agreement, DERs shall be paid to the Participant without restriction at the same time as ordinary cash distributions are paid by the Partnership
to its unitholders. 
 (h) Substitute Awards. Awards may be granted under the Plan in substitution for similar awards held by
individuals who become Employees, Consultants or Directors as a result of a merger, consolidation or acquisition by the Partnership or an Affiliate of another entity, including an acquisition of the assets of another entity. Such Substitute Awards
that are Options or Unit Appreciation Rights may have exercise prices less than the Fair Market Value of a Unit on the date of the substitution if such substitution complies with Section 409A of the Code and the 409A Regulations and other
applicable laws and exchange rules. 
 (i) Performance Awards. The right of an Employee, Consultant or Director to exercise or
receive a grant or settlement of any Award, and the vesting or timing thereof, may be subject to such performance conditions as may be specified by the Committee. 

(i) Performance Goals Generally. The performance conditions for such Performance Awards shall consist of one or more
business criteria or individual performance criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee in its sole discretion. The Committee may determine that such Performance Awards
shall be granted, exercised, vested, and/or settled upon achievement of any one performance condition or that two or more performance conditions must be achieved as a condition to grant, exercise, vesting and/or settlement of such Performance
Awards. The Committee may establish any such performance conditions and goals based on one or more business criteria for the General Partner and/or the Partnership, on a consolidated basis, and/or for specified Affiliates or business or geographical
units of the Partnership, as determined by the Committee in its discretion, which may include (but are not limited to) one or more of the following: (A) earnings per Unit, (B) revenues, (C) cash flow, (D) cash flow from
operations, (E) cash flow return, (F) return on net assets, (G) return on assets, (H) return on investment, (I) return on capital, (J) return on equity, (K) economic value added, (L) operating margin,
(M) contribution margin, (N) net income, (O) net income per Unit, (P) pretax earnings, (Q) pretax earnings before interest, depreciation and amortization, (R) pretax operating earnings after interest expense and before
incentives, service fees, and extraordinary or special items, (S) total unitholder return, (T) debt reduction, (U) market share, (V) change in the Fair Market Value of the Units, (W) operating income, and (X) any of the
above goals determined on an absolute or relative basis or as compared to the performance of a published or special index deemed applicable by the Committee including, but not limited to, the Standard & Poor’s 500 Stock Index or a
group of comparable companies. Performance conditions may differ for Performance Awards granted to any one Participant or to different Participants. 

  
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 (ii) Performance Periods. Achievement of performance conditions in respect
of such Performance Awards shall be measured over a performance period of up to ten years, as specified by the Committee. 

(iii) Settlement. At the end of the applicable performance period, the Committee shall determine the amount, if any, of
the potential Performance Award that will be granted or that will become vested, exercised and/or settled. Settlement of such Performance Awards shall be in cash, Units, other Awards or other property, in the discretion of the Committee. The
Committee may, in its discretion, reduce or increase the amount of a settlement otherwise to be made in connection with such Performance Awards. 

(j) Certain Provisions Applicable to Awards. 

(i) Stand-Alone, Additional, Tandem and Substitute Awards. Awards may, in the discretion of the Committee, be granted
either alone or in addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Partnership or any Affiliate. Awards granted in addition to, in substitution for, or in
tandem with other Awards or awards granted under any other plan of the Partnership or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards. If an Award is granted in
substitution or exchange for another Award, the Committee shall require the surrender of such other Award in consideration for the grant of the new Award. Awards under the Plan may be granted in lieu of cash compensation, including in lieu of cash
amounts payable under other plans of the General Partner, the Partnership, or any Affiliate, in which the value of Units subject to the Award is equivalent in value to the cash compensation, or in which the exercise price, grant price, or purchase
price of the Award in the nature of a right that may be exercised is equal to the Fair Market Value of the underlying Units minus the value of the cash compensation surrendered. 

(ii) Limits on Transfer of Awards. 

(A) Except as provided in Section 6(j)(ii)(C) below, each Option and Unit Appreciation Right shall be exercisable only by
the Participant during the Participant’s lifetime, or by the Person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. 

(B) Except as provided in Section 6(j)(ii)(C) below, no Award and no right under any such Award may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the General Partner,
the Partnership or any Affiliate. 
 (C) To the extent specifically provided by the Committee with respect to an Award, an
Award may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the Committee may from time to time establish. 

(iii) Term of Awards. The term of each Award shall be for such period as may be determined by the Committee. 

  
 10 

 (iv) Form and Timing of Payment under Awards; Deferrals. Subject to the
terms of the Plan, any applicable Award Agreement and applicable law, payments to be made by the General Partner, the Partnership, or any Affiliate upon the exercise of an Option or other Award or settlement of an Award may be made in such forms as
the Committee shall determine, including without limitation cash, Units, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis. Except as otherwise provided herein, the settlement of
any Award may be accelerated, and cash paid in lieu of Units in connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change of Control). Payments may include,
without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of DERs or other amounts in respect of installment or deferred payments denominated in Units. This Plan
shall not constitute an “employee benefit plan” for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 

(v) Evidencing Units. The Units or other securities of the Partnership delivered pursuant to an Award may be evidenced
in any manner deemed appropriate by the Committee in its sole discretion, including, but not limited to, in the form of a certificate issued in the name of the Participant or by book entry, electronic or otherwise, and shall be subject to such stop
transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Units or other securities are then listed, and any applicable
federal, state or other laws, and the Committee may cause a legend or legends to be inscribed on any such certificates to make appropriate reference to such restrictions. 

(vi) Consideration for Grants. Awards may be granted for such consideration, including services, as the Committee shall
determine. 
 (vii) Delivery of Units or other Securities and Payment by Participant. Notwithstanding anything in the
Plan or any Award Agreement to the contrary, delivery of Units pursuant to the exercise, vesting and/or settlement of an Award may be deferred for any period during which, in the good faith determination of the Committee, the General Partner is not
reasonably able to obtain Units to deliver pursuant to such Award without violating applicable law or the applicable rules or regulations of any governmental agency or authority or securities exchange. No Units or other securities shall be delivered
pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement (including, without limitation, any exercise price or tax withholding) is received by the General Partner. 

(viii) Additional Agreements. Each Employee, Consultant or Director to whom an Award is granted under this Plan may be
required to agree in writing, as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Person’s termination of employment or service to a general release of claims and/or a
noncompetition agreement in favor of the General Partner, the Partnership, and their Affiliates, with the terms and conditions of such agreement(s) to be determined in good faith by the Committee. 

(ix) Termination of Employment. Except as provided herein, the treatment of an Award upon a termination of employment or
any other service relationship by and between a Participant and the General Partner, the Partnership, or any Affiliate shall be specified in the Award Agreement controlling such Award. 

  
 11 

 (x) Compliance with Law. Each Participant to whom an Award is granted
under this Plan shall not sell or otherwise dispose of any Unit that is acquired upon grant or vesting of an Award in any manner that would constitute a violation of any applicable federal or state securities laws, the Plan or the rules, regulations
or other requirements of the SEC or any stock exchange upon which the Units are then listed. 
 Section 7. Amendment and
Termination. Except to the extent prohibited by applicable law: 
 (a) Amendments to the Plan and Awards. Except as required
by applicable law or the rules of the principal securities exchange, if any, on which the Units are traded, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner, including increasing the number of
Units available for Awards under the Plan, without the consent of any partner, Participant, other holder or beneficiary of an Award, or any other Person. Notwithstanding the foregoing, the Committee may waive any conditions or rights under, amend
any terms of, or alter any Award theretofore granted, provided that (i) no change, other than pursuant to Section 7(b), 7(c), 7(d), 7(e), or 7(g) below, in any Award shall materially reduce the rights or benefits of a Participant with
respect to an Award without the consent of such Participant; and (ii) no such waiver, amendment or alternation contemplated under this Section 7(a) shall be effective if such wavier, amendment or alternation would subject a Participant to
additional taxes under Section 409A of the Code. 
 (b) Subdivision or Consolidation of Units. The terms of an Award and the
number of Units authorized pursuant to Section 4(a) for issuance under the Plan shall be subject to adjustment from time to time, in accordance with the following provisions: 

(i) If at any time, or from time to time, the Partnership shall subdivide as a whole (by reclassification, by a Unit split, by
the issuance of a distribution on Units payable in Units, or otherwise) the number of Units then outstanding into a greater number of Units or in the event the Partnership distributes an extraordinary cash dividend, then, as appropriate,
(A) the maximum number of Units available for the Plan or in connection with Awards as provided in Section 4(a) shall be increased proportionately, and the kind of Units or other securities available for the Plan shall be appropriately
adjusted, (B) the number of Units (or other kind of securities) that may be acquired under any then outstanding Award shall be increased proportionately, and (C) the price (including the exercise price) for each Unit (or other kind of
securities) subject to then outstanding Awards shall be reduced proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 

(ii) If at any time, or from time to time, the Partnership shall consolidate as a whole (by reclassification, by reverse Unit
split, or otherwise) the number of Units then outstanding into a lesser number of Units, then, as appropriate, (A) the maximum number of Units for the Plan or available in connection with Awards as provided in Section 4(a) shall be
decreased proportionately, and the kind of Units or other securities available for the Plan shall be appropriately adjusted, (B) the number of Units (or other kind of securities) that may be acquired under any then outstanding Award shall be
decreased proportionately, and (C) the price (including the exercise price) for each Unit (or other kind of securities) subject to then outstanding Awards shall be increased proportionately, without changing the aggregate purchase price or
value as to which outstanding Awards remain exercisable or subject to restrictions. 
 (iii) Whenever the number of Units
subject to outstanding Awards and the price for each Unit subject to outstanding Awards are required to be adjusted as provided in this Section 7(b), the Committee shall promptly prepare a notice setting forth, in reasonable detail, the event
requiring adjustment, the amount of the adjustment, the method by which such adjustment was 

  
 12 

 
calculated, the change in price and the change in the number of Units, other securities, cash, or property subject to each Award after giving effect to the adjustments. The Committee shall
promptly provide each affected Participant with such notice. 
 (iv) Adjustments under Sections 7(b)(i) and (ii) shall
be made by the Committee, and its determination as to what adjustments shall be made and the extent thereof shall be final, binding, and conclusive. No fractional interest shall be issued under the Plan on account of any such adjustments. 

(c) Recapitalizations. If the Partnership recapitalizes, reclassifies its equity securities, or otherwise changes its capital structure
(a “recapitalization”) without a Change of Control, the number and class of Units covered by an Award theretofore granted shall be adjusted so that such Award shall thereafter cover the number and class of Units or other
securities to which the holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior to the recapitalization, the holder had been the holder of record of the number of Units then covered by such Award and the
Unit limitation provided in Section 4(a) shall be adjusted in a manner consistent with the recapitalization. 
 (d) Additional
Issuances. Except as expressly provided herein, the issuance by the General Partner or Partnership of units of any class or securities convertible into units of any class, for cash, property, labor or services, upon direct sale, upon the
exercise of rights or warrants to subscribe therefor, or upon conversion of units or obligations of the General Partner or the Partnership convertible into such units or other securities, and in any case whether or not for fair value, shall not
affect, and no adjustment by reason thereof shall be made with respect to, the number of Units subject to Awards theretofore granted or the purchase price per Unit, if applicable. 

(e) Change of Control. Notwithstanding any other provisions of the Plan or any Award Agreement to the contrary, upon a Change of
Control, the Committee, acting in its sole discretion without the consent or approval of any holder, may affect one or more of the following alternatives, which may vary among individual holders and which may vary among Awards: (i) remove any
applicable forfeiture restrictions on any Award; (ii) accelerate the time of exercisability or the time at which the Restricted Period shall lapse to a specified date, before or after such Change of Control, specified by the Committee, after
which specified date all unexercised Awards and all rights of holders thereunder shall terminate; (iii) provide for a cash payment with respect to outstanding Awards by requiring the mandatory surrender to the General Partner or the Partnership
by selected holders of some or all of the outstanding Awards held by such holders (irrespective of whether such Awards are then subject to a Restricted Period or other restrictions pursuant to the Plan) as of a date, before or after such Change of
Control, specified by the Committee, in which event the Committee shall thereupon cancel such Awards (with respect to all shares subject to such awards) and pay to each holder an amount of cash per Unit equal to the amount calculated in
Section 7(f) (the “Change of Control Price”) less the exercise price, if any, applicable to such Awards; provided, however, that to the extent the exercise price of an Option or a Unit Appreciation Right
exceeds the Change of Control Price, no consideration will be paid with respect to that Award; (iv) cancel Awards that remain subject to a Restricted Period as of the date of a Change of Control without payment of any consideration to the
Participant for such Awards; or (v) make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change of Control (including, but not limited to, the substitution, assumption, or continuation of Awards by
the successor company or a parent or subsidiary thereof); provided, however, that the Committee may determine in its sole discretion that no adjustment is necessary to Awards then outstanding. 

(f) Change of Control Price. The “Change of Control Price” shall equal the amount determined in clause (i),
(ii), (iii), (iv) or (v), whichever is applicable, as follows: (i) the per Unit price offered to unitholders in any merger or consolidation, (ii) the per Unit value of the Units immediately

  
 13 

 
before the Change of Control without regard to assets sold in the Change of Control and assuming the General Partner or the Partnership, as applicable, has received the consideration paid for the
assets in the case of a sale of the assets, (iii) the amount distributed per Unit in a dissolution transaction, (iv) the price per Unit offered to unitholders in any tender offer or exchange offer whereby a Change of Control takes place,
or (v) if such Change of Control occurs other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 7(f), the Fair Market Value per Unit of the Units that may otherwise be obtained with respect
to such Awards or to which such Awards track, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration offered to unitholders of the
Partnership in any transaction described in this Section 7(f) or Section 7(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the consideration offered which is other than
cash. 
 (g) Impact of Events on Awards Generally. In the event of changes in the outstanding Units by reason of a recapitalization,
reorganization, merger, consolidation, combination, exchange or other relevant change in capitalization occurring after the date of the grant of any Award and not otherwise provided for by this Section 7, any outstanding Awards and any Award
Agreements evidencing such Awards shall be subject to adjustment by the Committee at its discretion, which adjustment may, in the Committee’s discretion, be described in the Award Agreement and may include, but not be limited to, adjustments as
to the number and price of Units or other consideration subject to such Awards, accelerated vesting (in full or in part) of such Awards, conversion of such Awards into awards denominated in the securities or other interests of any successor Person,
or the cash settlement of such Awards in exchange for the cancellation thereof or the cancellation of unvested Awards with or without consideration. In the event of any such change in the outstanding Units, the aggregate number of Units available
under this Plan may be appropriately adjusted by the Committee, whose determination shall be conclusive. 
 Section 8. General
Provisions. 
 (a) No Rights to Award. No Person shall have any claim to be granted any Award under the Plan, and there
is no obligation for uniformity of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each recipient. 

(b) Tax Withholding. Unless other arrangements have been made that are acceptable to the General Partner or an Affiliate, the
Partnership, the General Partner or an Affiliate is authorized to deduct, withhold, or cause to be deducted or withheld, from any Award, from any payment due or transfer made under any Award or from any compensation or other amount owing to a
Participant the amount (in cash, Units, Units that would otherwise be issued pursuant to such Award or other property) of any applicable taxes payable in respect of the grant or settlement of an Award, its exercise, the lapse of restrictions
thereon, or any other payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the General Partner or Affiliate to satisfy its withholding obligations for the payment of such taxes;
provided, that if such tax obligations are satisfied through the withholding of Units that are otherwise issuable to the Participant pursuant to an Award (or through the surrender of Units by the Participant to the Partnership or Affiliate), the
number of Units that may be so withheld (or surrendered) shall be limited to the number of Units that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based
on the applicable minimum statutory withholding rates for U.S. federal, state and/or local tax purposes, including payroll taxes, as determined by the Partnership or an Affiliate. Notwithstanding the foregoing, with respect to any Participant who is
subject to Rule 16b-3, such tax withholding may be effected by withholding, selling or receiving Units or other property and making cash payments in respect thereof in satisfaction of a Participant’s tax obligations, either on a mandatory or
elective basis in the discretion of the Committee (which for these purposes shall be comprised of two or more “nonemployee directors” within the meaning of Rule 16b-3(b)(3) or the full Board and which such discretion may not be delegated
to management). 

  
 14 

 (c) No Right to Employment or Services. The grant of an Award shall not be construed as
giving a Participant the right to continue to be employed, to continue providing consulting services, or to remain on the Board, as applicable. Furthermore, the General Partner or an Affiliate may at any time dismiss a Participant from employment or
his or her service relationship free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan, any Award Agreement or other agreement. 

(d) Governing Law. The validity, construction, and effect of the Plan and any rules and regulations relating to the Plan shall be
determined in accordance with the laws of the State of [Delaware] without regard to its conflicts of laws principles. 
 (e)
Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed
applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the
Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 

(f) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
kind or a fiduciary relationship between the General Partner or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the General Partner or any Affiliate pursuant to an Award,
such right shall be no greater than the right of any general unsecured creditor of the General Partner or such Affiliate. 
 (g) No
Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu
of any fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated with or without consideration. 

(h) Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such
headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

(i) Facility of Payment. Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the
Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied for the benefit of such individual in any manner that the Committee may select, and the General Partner
shall be relieved of any further liability for payment of such amounts. 
 (j) Allocation of Costs. Nothing herein shall be deemed to
override, amend, or modify any cost sharing arrangement, omnibus agreement, or other arrangement between the General Partner, the Partnership, and any Affiliate regarding the sharing of costs between those entities. 

(k) Gender and Number. Words in the masculine gender shall include the feminine gender, the plural shall include the singular and the
singular shall include the plural. 

  
 15 

 (l) Compliance with Section 409A. It is the general intention, but not the
obligation, of the Committee to design Awards to comply with or to be exempt from Section 409A of the Code and the 409A Regulations, and Awards should be interpreted accordingly. In no event will any action taken by the Committee pursuant to
Section 7 hereof result in the creation of nonqualified deferred compensation within the meaning of Section 409A of the Code or the 409A Regulations or in the imposition of additional taxes on Participants under Section 409A of the
Code. The applicable provisions of Section 409A of the Code and the 409A Regulations are hereby incorporated by reference and shall control over any Plan or Award Agreement provision in conflict therewith. 

(m) Specified Employee under Section 409A of the Code. Subject to any other restrictions or limitations contained herein, in the
event that a “specified employee” (as defined under Section 409A of the Code and the 409A Regulations) becomes entitled to a payment under an Award which is a 409A Award on account of a “separation from service” (as defined
under Section 409A of the Code and the 409A Regulations), to the extent required by the Code, such payment shall not occur until the date that is six months plus one day from the date of such separation from service. Any amount that is
otherwise payable within the six-month period described herein will be aggregated and paid in a lump sum without interest. 
 (n) No
Guarantee of Tax Consequences. The Committee will attempt to structure Awards with terms and conditions and to exercise its powers and authority under the Plan in a manner that will not result in adverse tax consequences to Participants under
any applicable laws; however, none of the Board, the Committee, the Partnership nor the General Partner or any Affiliate thereof makes any commitment or guarantee that any federal, state, local or other tax treatment will (or will not) apply or be
available to any Participant. 
 (o) Clawback. This Plan is subject to any written clawback policies the General Partner or the
Partnership, with the approval of the Board, may adopt. Any such policy may subject a Participant’s Awards and amounts paid or realized with respect to Awards under this Plan to reduction, cancellation, forfeiture or recoupment if certain
specified events or wrongful conduct occur, including but not limited to an accounting restatement due to the Partnership’s material noncompliance with financial reporting regulations or other events or wrongful conduct specified in any such
clawback policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and rules promulgated thereunder by the SEC and that the General Partner or the Partnership determines should apply to this Plan. 

Section 9. Term of the Plan. The Plan shall be effective on the Effective Date and shall continue until the earliest of
(i) the date terminated by the Board, (ii) all Units available under the Plan have been delivered to Participants, or (iii) the 10th anniversary of the Effective Date. However, any Award granted prior to such termination, and the
authority of the Board or Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award in accordance with the terms of this Plan, shall extend beyond such termination date
until the final disposition of such Award. 

  
 16EX-10.3

 Exhibit 10.3 

ADVISORY SERVICES AGREEMENT 

ADVISORY SERVICES AGREEMENT dated as of June 23, 2014 (this “Agreement”), among VIPER ENERGY PARTNERS LP,
a Delaware limited partnership (the “MLP”), VIPER ENERGY PARTNERS GP LLC, a Delaware limited liability company (the “General Partner”), and WEXFORD CAPITAL LP, a Delaware limited partnership
(“Wexford”). 
 WHEREAS, Wexford has extensive knowledge and experience with respect to managing public and private
businesses, capital markets transactions, financing transactions, long range planning and business development and other matters that are significant to the future business and operations of the MLP; and 

WHEREAS, the MLP desires to benefit from Wexford’s expertise and has requested that Wexford provide assistance and advice to the
MLP from time to time with respect to certain financial and strategic matters related to the business and affairs of the MLP and its subsidiaries; and 

WHEREAS, Wexford has agreed to the MLP’s request on the terms and conditions specified herein. 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged the MLP, the General Partner and Wexford agree as follows: 
 Section 1. Retention
of Wexford. 
 The MLP hereby retains Wexford, and Wexford accepts such retention, upon the terms and conditions set forth in this
Agreement. 
 Section 2. Term; Termination. 

(a) Term. This Agreement shall commence on the closing date of the initial public offering of the MLP and shall terminate on the second
anniversary thereof (the “Initial Term”). Upon expiration of the Initial Term, this Agreement shall automatically continue for additional one-year periods unless terminated in writing by either party at least ten days prior to the
expiration of the then current Term (each extension period being referred to herein as the “Extension Term,” and together with the Initial Term, the “Term”). 

(b) Termination. This Agreement may be terminated by either the MLP or Wexford at any time, with or without cause, upon 30 days’
prior written notice to the other party. In the event of termination by the MLP, the MLP shall be obligated to pay all amounts due to Wexford through the remaining Term of the Agreement. The provisions set forth in Section 5 of this
Agreement shall survive any termination of this Agreement. 
 Section 3. Advisory Services. 

(a) Wexford shall advise the MLP and the General Partner concerning such matters that relate to financial and strategic matters of the MLP and
its subsidiaries (the “Services”), in 

 each case as the MLP shall reasonably request by way of notice to Wexford. The Services shall not extend to the
day-to-day business or operations of the MLP and shall not include any services provided by officers or employees of Wexford in their capacity as directors of the General Partner. If requested to provide Services, Wexford shall devote such time to
any such request as Wexford shall deem, in its sole discretion, necessary. Such Services, in Wexford’s sole discretion, shall be rendered in person or by telephone or other communication. Wexford shall have no obligation to the MLP as to the
manner of rendering the Services hereunder, and the MLP shall not have any right to dictate or direct the details of the Services rendered hereunder. 

(b) Wexford shall perform all Services to be provided hereunder as an independent contractor to the MLP and not as an employee, agent or
representative of the MLP. Wexford shall have no authority to act for or to bind the MLP without its prior written consent. Nothing in this Agreement is intended nor shall be deemed to create any partnership, agency or joint venture relationship by
or between the parties. 
 (c) This Agreement shall not prohibit, restrict or limit in any manner Wexford or any of its partners or
Affiliates or any director, officer, partner or employee of Wexford or any of its partners or Affiliates (collectively, “Wexford Persons”) from engaging in other activities, whether or not competitive with any business of the MLP or
any of its respective subsidiaries or Affiliates. This Agreement shall not require Wexford or any Wexford Person to make available to the MLP any investment or investment opportunity about which Wexford or any Wexford Person shall become aware. 

(d) In the event the MLP is dissatisfied in any manner with the Services provided by Wexford hereunder or with Wexford’s performance
under this Agreement, the MLP’s sole remedy shall be to terminate this Agreement. Under no circumstances shall the MLP have any claim for damages against Wexford or any Wexford Person arising out of or relating to this Agreement. 

Section 4. Compensation. 

(a) Advisory Fee. As consideration for the Services provided by Wexford hereunder, the MLP agrees to pay to Wexford an annual fee in the
amount of $500,000 payable in advance in equal monthly installments, on the first business day of each month during the Term and prorated for any partial calendar month (the “Consulting Fee”). 

(b) Expenses. In lieu of any right to reimbursement of expenses provided for in the First Amended and Restated Agreement of Limited
Partnership of the MLP, as may be amended and/or restated from time to time, to the extent this Agreement provides for the right to reimbursement of expenses, upon presentation by Wexford to the MLP of such documentation as may be reasonably
requested by the MLP, the MLP shall reimburse Wexford for all reasonable out-of-pocket expenses, including, without limitation, reasonable legal fees and expenses, and other disbursements incurred by Wexford or any Wexford Person in the performance
of Wexford’s obligations hereunder. 
 (c) Additional Services. If the MLP requests that Wexford provide services in addition to
the Services, such as those relating to proposed acquisitions or divestitures, and 

  
 2 

 
Wexford agrees to provide such additional services, the MLP and Wexford shall negotiate the additional market-based fees to be paid by the MLP to Wexford or its Affiliates for such additional
services, which fees shall be approved by the conflicts committee of the board of directors of the General Partner. 
 (d)
Non-Exclusive. Nothing in this Agreement shall have the effect of prohibiting Wexford or any of its Affiliates from receiving from the MLP or any of its subsidiaries or Affiliates any other fees. 

Section 5. Indemnification. 

(a) The MLP will indemnify and hold harmless Wexford and each Wexford Person (each such person, an “Indemnified Party”) from
and against any and all losses, claims, damages, liabilities, costs and expenses, whether joint or several (the “Liabilities”), related to, arising out of or in connection with this Agreement or the Services contemplated by this
Agreement or the engagement of Wexford pursuant to, and the performance Wexford of the Services contemplated by, this Agreement, whether or not pending or threatened, whether or not an Indemnified Party is a party, whether or not resulting in any
liability and whether or not such action, claim, suit, investigation or proceeding is initiated or brought by or on behalf of the MLP. The MLP will reimburse any Indemnified Party for all reasonable costs and expenses (including attorneys’ fees
and expenses) as they are incurred in connection with investigating, preparing, pursuing, defending or assisting in the defense of any action, claim, suit, investigation or proceeding for which the Indemnified Party would be entitled to
indemnification under the terms of the previous sentence, or any action or proceeding arising therefrom, whether or not such Indemnified Party is a party thereto. The MLP will not be liable under the foregoing indemnification provision with respect
to any particular Liability of an Indemnified Party solely to the extent that such is determined by a court, in a final judgment from which no further appeal may be taken, to have resulted primarily from the gross negligence or willful misconduct of
such Indemnified Party. The attorneys’ fees and other expenses of an Indemnified Party shall be paid by the MLP as they are incurred upon receipt of an agreement by or on behalf of the Indemnified Party to repay such amounts if it is finally
judicially determined that the Liabilities in question resulted primarily from the gross negligence or willful misconduct of such Indemnified Party. 

(b) The MLP acknowledges and agrees that the Indemnified Parties have certain rights to indemnification and/or insurance provided by Wexford
and certain of its affiliates and that such additional rights to indemnification and/or insurance are intended to be secondary to the primary obligation of the MLP to indemnify the Indemnified Parties hereunder. The MLP’s obligations to provide
indemnification hereunder shall not be limited in any manner by the availability of such additional indemnification and/or insurance that may be available to the Indemnified Parties. 

Section 6. Accuracy of Information. 

The MLP shall furnish or cause to be furnished to Wexford such information as Wexford believes reasonably appropriate in connection with
providing the services contemplated by this Agreement (all such information so furnished, the “Information”). The MLP recognizes and confirms that Wexford (a) will use and rely primarily on the Information and on information

  
 3 

 
available from generally recognized public sources in performing the services contemplated by this Agreement without independent verification, (b) does not assume responsibility for the
accuracy or completeness of the Information and such other information and (c) is entitled to rely upon the Information without independent verification. 

Section 7. Notices. 

All notices, requests, consents and other communications hereunder shall be in writing and shall be deemed sufficient if personally delivered,
sent by nationally-recognized overnight courier, or by registered or certified mail, return receipt requested and postage prepaid, addressed as follows: 
  

	 	(a)	if to Wexford, to: 

 Wexford Capital LP 

411 West Putnam Avenue 

Greenwich, CT 06830 
 Attention:
Christopher Taylor 
 Telephone: (203) 862-7092 

with a copy to: 
 Wexford
Capital LP 
 411 West Putnam Avenue 

Greenwich, CT 06830 
 Attention:
Arthur Amron, General Counsel 
 Telephone: (203) 862-7012 
  

	 	(b)	if to the MLP, to: 

 Viper Energy Partners LP 

500 West Texas 
 Suite 1225 

Midland, TX 79701 
 Attention:
Travis Stice 
 Telephone: (432) 221-7400 

with a copy to: 
 Viper Energy
Partners LP 
 14301 Caliber Drive 

Suite 300 
 Oklahoma City, OK
73134 
 Attention: Randall Holder 

Telephone: (405) 463-6932 

  
 4 

 or to such other address as the party to whom notice is to be given may have furnished to each other party in
writing in accordance herewith. Any such notice or communication shall be deemed to have been received (i) in the case of personal delivery, on the date of such delivery, (ii) in the case of nationally-recognized overnight courier
guaranteeing next day delivery, on the next business day after the date when sent, and (iii) in the case of mailing, on the fifth business day following that on which the piece of mail containing such communication is posted. 

Section 8. Benefits of Agreement. 

This Agreement shall bind and inure to the benefit of Wexford, the MLP, the Indemnified Persons and any successors to or assigns of Wexford and
the MLP; provided, however, that this Agreement may not be assigned by the MLP without the prior written consent of Wexford. 

Section 9. Governing Law. 

This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York (without giving effect to
principles of conflicts of laws). 
 Section 10. Headings. 

Section headings are used for convenience only and shall in no way affect the construction of this Agreement. 

Section 11. Entire Agreement; Amendments. 

This Agreement contains the entire understanding of the parties with respect to its subject matter and supersedes any and all prior agreements,
and neither it nor any part of it may in any way be altered, amended, extended, waived, discharged or terminated except by a written agreement that specifically references this Agreement and the provisions to be so altered, amended, extended,
waived, discharged or terminated is signed by each of the parties hereto and specifically states that it is intended to alter, amend, extend, waive, discharge or terminate this agreement or a provision hereof. 

Section 12. Counterparts. 

This Agreement may be executed and delivered (including by facsimile transmission) in any number of counterparts, and each such counterpart
shall be deemed to be an original instrument, but all such counterparts together shall constitute but one agreement. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the other party
hereto. 
 Section 13. Confidentiality. 

Wexford agrees to maintain the confidentiality of the Confidential Information (as defined below), except that Wexford may disclose
Confidential Information (a) to its partners, members, directors, officers, employees and advisors (and those of its Affiliates), including accountants, legal counsel and other advisors (it being understood that the person to whom such
disclosure is made will be informed of the confidential nature of such Confidential Information 

  
 5 

 
and instructed to keep such Confidential Information confidential), (b) to the extent required by any subpoena or similar legal process, (c) in connection with the exercise of any
remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (d) with the consent of the MLP, or (e) to the extent such Confidential Information (i) becomes publicly available
other than as a result of a breach of this Agreement, or (ii) becomes available to Wexford on a non-confidential basis from a source other than the MLP. For the purposes of this Agreement, “Confidential Information” means all
non-public information received from the MLP relating to the MLP or its business, other than any such information that is available to Wexford on a non-confidential basis from a source other than the MLP. 

Section 14. Further Assurances 

The MLP, the General Partner and Wexford shall execute such documents and other papers and take such further actions as the other may
reasonably request in order to carry out the provisions hereof and provide the services hereunder. 
 ******* 

  
 6 

 IN WITNESS WHEREOF, the parties have duly executed this Advisory Services Agreement as of the
date first above written. 
  

			
	VIPER ENERGY PARTNERS LP
	By:	 	Viper Energy Partners GP LLC, its general partner
		
	By:	 	 /s/ Randall J. Holder

	Name:	 	Randall J. Holder
	Title:	 	 Vice President, General Counsel
 and
Secretary

	
	VIPER ENERGY PARTNERS GP LLC
		
	By:	 	 /s/ Randall J. Holder

	Name:	 	Randall J. Holder
	Title:	 	 Vice President, General Counsel
 and
Secretary

	
	WEXFORD CAPITAL LP
	By:	 	Wexford GP LLC, its general partner
		
	By:	 	 /s/ Arthur Amron

	Name:	 	Arthur Amron
	Title:	 	Vice President and Assistant Secretary

 ADVISORY SERVICES AGREEMENT 

SIGNATURE PAGE

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