Document:

Exhibit 4.1

   

  

  REGISTRATION RIGHTS AGREEMENT

   

  This Registration Rights Agreement (this “Agreement”) is made and entered
      into as of October 26, 2021, by and among Aris Water Solutions, Inc., a Delaware corporation (the “Company”), Solaris Midstream Holdings, LLC, a Delaware limited liability company (“Solaris”), and each of the other parties
      listed on the signature pages hereto (the “Initial Holders” and, together with the Company, the “Parties”).

   

  WHEREAS, in connection with, and in consideration of, the transactions contemplated by the
      Company’s Registration Statement on Form S-1 (File No. 333-259740), the Initial Holders have requested, 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.

   

  “Class A Common Stock” means the Class A 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(b)(i).

   

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

   

  “DRS Submission” means the confidential submission of a draft registration
      statement to the Commission.

   

  
     

    
      
 

  

  
   

  “Effective Date” means the time and date that a Registration Statement is
      first declared effective by the Commission or otherwise becomes effective.

   

  “Effectiveness Period” means, with respect to any Registration Statement
      filed under this Agreement, the time such Registration Statement is initially effective under the Securities Act until the time when no Registrable Securities are covered by such Registration Statement.

   

  “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.

   

  “Filing Deadline” means the Commission’s applicable filing deadline for the
      Company’s periodic reports under the Exchange Act (excluding any extension(s) under Rule 12b-25 of the Exchange Act).

   

  “Holder” means (i) each Initial Holder unless and until such Initial Holder
      ceases to hold any Registrable Securities and (ii) 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 (ii) 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 Class A Common Stock.

   

  “Long-Form Registration Statement” means a Form S-1 or any similar or
      successor long-form registration statement.

   

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

   

  “Major Shareholders” means COG Operating LLC and Yorktown Energy Partners XI,
      L.P.

   

  “Management Shareholder” means an executive officer (as defined in Rule 3b-7
      under the Exchange Act) of the Company that hold Registrable Securities as of the date of the subject Underwritten Offering; provided that such individual(s) shall not be Management Shareholders if he or she is not an executive officer as of
      the date of the subject Underwritten Offering.

   

  “Minimum Amount” has the meaning set forth in Section 2(b)(i).

   

  “Non-Underwritten Block Trade” means any non-marketed non-underwritten
      offering taking the form of a block trade to a financial institution, “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or institutional “accredited investor” (as defined in Rule 501(a) of Regulation D under the
      Securities Act).

   

  “Opt-Out Notice” has the meaning set forth in Section 2(g).

   

  “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.

   

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

   

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

   

  “Piggyback Registration Request” has the meaning set forth in Section 2(e)(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) and 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 5.

   

  “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(d).

   

  “Resale Shelf Registration Statement” has the meaning set forth in Section

        2(a)(i).

   

  “Rule 144” means Rule 144 promulgated by the Commission pursuant to the
      Securities Act (or any successor rule then in effect).

   

  “Rule 405” means Rule 405 promulgated by the Commission pursuant to the
      Securities Act (or any successor rule then in effect).

   

  “Rule 415” means Rule 415 promulgated by the Commission pursuant to the
      Securities Act (or any successor rule then in effect).

   

  “Rule 424” means Rule 424 promulgated by the Commission pursuant to the
      Securities Act (or any successor rule then in effect).

   

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

   

  
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  “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, subject to certain reimbursement for expenses of counsel under Section 5.

   

  “Shares” means (i) the shares of Class A Common Stock held by the Holders as
      of the date hereof, including the shares of Class A Common Stock that may be delivered in exchange for Units, and (ii) and 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. For purposes of this
      Agreement, a Person shall be deemed to be a holder of Shares and such Shares shall be deemed to be in existence whenever such Person has the right to acquire such Shares (upon conversion, exchange or exercise in connection with a transfer of
      securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right other than vesting), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights of a
      holder of Shares.

   

  “Shelf Offering” has the meaning set forth in Section 2(c)(i).

   

  “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, including the Resale Shelf Registration Statement.

   

  “Short-Form Registration Statement” means any Form S-3 or any similar or
      successor short-form Registration Statement.

   

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

   

  “Solaris LLC Agreement” means the Fourth Amended and Restated Limited
      Liability Company Agreement of Solaris Midstream Holdings, LLC, dated as of October 26, 2021.

   

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

   

  “Take-down Notice” has the meaning set forth in Section 2(c)(i).

   

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

   

  “Underwritten Offering” means an underwritten offering of Class A Common
      Stock for cash (whether a Requested Underwritten Offering or in connection with a public offering of Class A 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(d).

   

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

   

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

   

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

   

  “Units” has the meaning given to such term in the Solaris LLC Agreement.

   

  
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  “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) Resale Shelf Registration Statements.

   

  (i) Within five (5) Business Days after the Filing Deadline for the Company’s first Annual
      Report on Form 10-K required to be filed with the Commission after the consummation of the Company’s initial public offering, the Company shall use its commercially reasonable efforts to prepare and submit or cause to be prepared and submitted with
      the Commission a DRS Submission of a Shelf Registration Statement for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by the Holders of all of the Registrable
      Securities held by the Holders through any method legally available to the Holders (the “Resale Shelf Registration Statement”). The Resale Shelf Registration Statement shall be on Form S-1, and the Company shall use commercially
      reasonable efforts to convert the Form S-1 to a Form S-3 as soon as reasonably practicable after the Company is eligible to use Form S-3. The Company shall use commercially reasonable efforts to cause the Resale Shelf Registration Statement to be
      declared effective as soon as possible after filing, but in no event later than five (5) Business Days after the Commission notifies the Company that it will not review the Resale Shelf Registration Statement, if applicable; provided that the
      Company will not be required to cause the initial Resale Shelf Registration Statement to be declared effective any earlier than 48 hours after it is publicly filed with the Commission and such five Business Day requirement shall be extended by a
      reasonable amount if a Holder provides a withdrawal notice during such period pursuant to section 2(b)(iv) hereunder. Once effective, subject to Section 3(o), the Company shall use commercially reasonable efforts to keep the Resale
      Shelf Registration Statement continuously effective and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available, including, if the Company becomes a WSKI, to cause the Resale Shelf Registration
      Statement to be in the form of an Automatic Shelf Registration Statement for such purpose on Form S-3, or, if not available, to ensure that another Registration Statement is available, under the Securities Act at all times for the public resale of
      all of the Registrable Securities until the end of the Effectiveness Period. The Resale Shelf Registration Statement shall contain a Prospectus in such form as to permit any Holder to sell such Registrable Securities pursuant to Rule 415 under the
      Securities Act (or any successor or similar provision adopted by the Commission then in effect) at any time beginning on the effective date for such Registration Statement, and the Company shall file with the Commission the final form of such
      Prospectus pursuant to Rule 424 (or successor thereto) under the Securities Act no later than the second Business Day after the Resale Shelf Registration Statement becomes effective. The Resale Shelf Registration Statement shall provide that the
      Registrable Securities may be sold pursuant to any method or combination of methods legally available to, and requested by, the Holders. Without limiting the foregoing, subject to any comments from the Commission, each Registration Statement filed
      pursuant to this Section 2(a) shall include a “plan of distribution” approved by the Initial Holders or to which the Initial Holders have not objected after reasonable advance notice.

   

  (ii) Registrations effected pursuant to this Section 2(a) shall not be counted as
      Demand Registrations effected pursuant to Section 2(b).

   

  
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  (b) Demand Registration.

   

  (i) At any time and from time to time, 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, register under the Securities Act all or a
      portion of its Registrable Securities and to prepare and file with the Commission a Registration Statement, which shall include a Long-Form Registration Statement or a Short-Form 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 (a “Demand Registration”); provided that the Company shall not be obligated to effect more than three Demand Registrations within any
      12-month period if three Demand Registrations have been declared and ordered effective during such 12-month period and the Holders of Registrable Securities are able to register and sell at least 90% of the Registrable Securities requested to be
      included in such registrations. For the avoidance of doubt, a Requested Underwritten Offering shall not be subject to the limitation on the number of Demand Registrations in the immediately preceding sentence. The Demand Notice must include such
      information regarding the Holder, the approximate number of Registrable Securities that the Initiating Holder intends to include in such Demand Registration and the intended methods of disposition thereof as shall be required to effect the
      registration of the sale of the Holder’s Registrable Securities. In the event that the Company files a Form S-1 pursuant to any Demand Registration, the Company shall use commercially reasonable efforts to convert the Form S-1 to a Form S-3 as soon
      as reasonably practicable after the Company is eligible to use Form S-3. 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
      and their respective Affiliates to be included therein have an aggregate value, based on the VWAP as of the date of the Demand Notice, of at least $ 20.0 million (the “Minimum Amount”).

   

  (ii) The Company shall, subject to the limitations of this Section 2(b), use its
      commercially reasonable efforts to (i) prepare and file as expeditiously as possible, a Registration Statement in accordance with the terms and conditions of the Demand Notice and (ii) effect, as expeditiously as possible, the registration of all
      Registrable Securities requested by the Holders pursuant to such Demand Registration, subject to Section 2(f); provided that if a Demand Notice is sent to the Company prior to the expiration of the Lock-Up Period, the Company shall
      not be required to make any filing of a Registration Statement prior to the expiration of the Lock-Up Period. The Company shall use its commercially reasonable efforts to cause each Registration Statement filed pursuant to any Demand Registration to
      become effective under the Securities Act as soon as reasonably practicable following the initial filing thereof and to remain effective under the Securities Act until the expiration of the Effectiveness Period for such Registration Statement.

   

  (iii) The Company may include in the Resale Shelf Registration Statement and any Demand
      Registration other Company Securities for sale for its own account or for the account of any other Person, subject to Section 2(f).

   

  (iv) A Holder may withdraw all or any portion of its Registrable Securities included in the
      Resale Registration or a Demand Registration from the registration under the Resale Registration Statement (the “Resale Registration”) or 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, then the non-withdrawing Holders shall be permitted to include additional amounts of Registrable
      Securities in such Demand Registration, subject to Section 2(f), not in the aggregate in excess of the aggregate original amount of such Demand Registration so long as such additional amounts of Registrable Securities cause such Demand
      Registration to equal or exceed the Minimum Amount; provided that, if after undertaking the foregoing exercise, the remaining amount of Registrable Shares to be included in the Demand Registration is still below the Minimum Amount, then the
      Company shall cease all efforts to secure effectiveness of the applicable Registration Statement.

   

  (v) Subject to the limitations contained in this Agreement, the Company shall effect any
      Demand Registration on such appropriate Long-Form Registration Statement or Short-Form Registration Statement (A) as shall be selected by the Company after consultation with the Initiating Holder; provided that the Company will use its
      commercially reasonable efforts to make Short-Form Registration Statements available for the sale of Registrable Securities whenever the Company is permitted to use any applicable short-form (unless the managing underwriters (if any) of such offering
      requests that such Demand Registration be on a Long-Form Registration Statement 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 is, at the time of its receipt of a Demand Notice, a WKSI, the Demand Registration 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.

   

  
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  (vi) Without limiting Section 3, in connection with the Resale Shelf Registration
      Statement and any Demand Registration pursuant to and in accordance with this Section 2(b), 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 may be necessary or advisable to register or qualify the securities subject to the Resale Registration or 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 the Resale Shelf Registration Statement or 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.

   

  (c) Shelf Take-Downs.

   

  (i) At any time that the Resale Shelf Registration Statement is effective (subject to any
      contractual lock-up agreements then in effect), if a Holder delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect an offering from any such Registration Statement (a “Shelf Offering”) of
      all or part of its Registrable Securities included by it on such Registration Statement, whether such offering is underwritten or non-underwritten, and stating the number of its Registrable Securities to be included in the Shelf Offering, then the
      Company shall amend or supplement such Registration Statement and take such other reasonable actions, as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the Shelf Offering (taking into account the
      inclusion of Registrable Securities pursuant to Section 2(e)(ii)).

   

  (ii) Notwithstanding anything to the contrary in this Agreement, no notice by the Company
      shall be required to be delivered to any other Holders in accordance with Section 2(e) in connection with any Take-Down Notice indicating that the Holder that delivered such Take-Down Notice intends to engage in a Non-Underwritten Block
      Trade. If the Company shall receive a request from any Holder that such Holder wishes to effect a Non-Underwritten Block Trade, then the Company shall, as expeditiously as possible, use commercially reasonable efforts to facilitate the offering of
      such Registrable Securities for which such requesting Holder has requested in such Non-Underwritten Block Trade. Such commercially reasonable efforts shall include, without limitation, to the extent reasonably requested, obtaining so-called “comfort
      letters” from the Company’s independent public accountants and legal opinions of counsel to the Company, in customary form and covering such matters as are customarily covered by such letters and opinions.

   

  (d) Requested Underwritten Offering. Any Holder then able to effectuate a
      Demand Registration pursuant to the terms of Section 2(b), or any Holder who has previously effectuated a Demand Registration pursuant to Section 2(b) but has not engaged in an Underwritten Offering in respect of such Demand
      Registration or any Holder then able to effectuate a Shelf Offering, in each case, 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 (i) 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 50%
      of the Minimum Amount as of the date of such Underwritten Offering Notice and Registrable Securities including pursuant to Section 2(e)(ii) are reasonably expected to result in such Requested Underwritten Offering having an aggregate value at
      least equal to the Minimum Amount, and (ii) is pursuant to a Shelf Offering, then the Registrable Securities requested to be included in such Requested Underwritten Offering (including any Registrable Securities included pursuant to Section
        2(e)(ii)) is reasonably expected to result in aggregate gross proceeds in excess of $10.0 million. The Underwritten Offering Notice must set forth the number of Registrable Securities that the Holder intends to include in such Requested
      Underwritten Offering. The managing underwriter or managing underwriters of a Requested Underwritten Offering shall be designated and selected by the Initiating Holders that is selling more than 50% of Registrable Securities included in the
      applicable Requested Underwritten Offering, subject to the Company’s approval which shall not be unreasonably withheld, conditioned or delayed; provided, however, if no Initial Holder is selling more than 50% of the Registrable
      Securities in such a Requested Underwritten Offering, then such Initial Holders shall collaborate and jointly designated and select the underwriter. Notwithstanding the foregoing, the Company is not obligated to effect a Requested Underwritten
      Offering that would launch within 60 days after the closing of an Underwritten Offering.

   

  
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  (e) 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 Class A 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 (including pursuant to any Demand Registration), then the Company shall promptly notify in writing all Holders of its intention to effect such a registration (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”). Subject to the last sentence of this Section 2(e)(i) and Section 2(f), the Company shall include in such Piggyback Registration such Registrable Securities for which the Company has received written
      requests for inclusion therein (“Piggyback Registration Request”) within the five 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 Class A Common Stock, all upon the terms and conditions set forth
      herein.

   

  The Company shall have the right to terminate or withdraw any Piggyback Registration
      initiated by it for its own account under this Section 2(e) 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 and Selling Expenses of
      such withdrawn registration shall be borne by, and the Company shall pay, all Registrations Expenses and Selling Expenses incurred in connection with such Piggyback Registration. Further, the Registration Expenses of the Holders shall be paid by the
      Company in all such Piggyback Registrations, whether or not any such Piggyback Registration becomes effective.

   

  (ii) If the Company shall at any time propose to conduct an Underwritten Offering, whether
      or not for its own account (including any Requested Underwritten Offering), then the Company shall promptly notify in writing all Holders of such proposal reasonably in advance of 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 Class A Common Stock
      that are proposed to be registered (the “Underwritten Offering Piggyback Notice”). Receipt of any Underwritten Offering Piggyback Notice required to be provided in this Section 2(e)(ii) to Holders shall be confirmed and kept
      confidential by the Holder until such proposed Underwritten Offering is (i) publicly announced or (ii) such Holder receives notice that such proposed Underwritten Offering has been abandoned, which such notice shall be provided promptly by the
      Company to each Holder. The Underwritten Offering Piggyback Notice shall offer Holders the opportunity to include in such Underwritten Offering (and any related Registration Statement filing or preliminary prospectus supplement or prospectus
      supplement filing) the number of Registrable Securities as they may request in writing (an “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 the two 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 immediately prior to the time of pricing of the Underwritten Piggyback Offering and, thereafter, if a
      Holder disapproves of the terms of any such Piggyback Underwritten Offering (including the price and timing of such Piggyback Underwritten Offering) prior to the commencement of any such Underwritten Piggyback Offering, and nothing herein shall grant
      the Company any power of attorney with respect thereto and each Holder retains the rights to except the terms of any such Piggyback Underwritten Offering prior to its commencement. 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.

   

  
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  (f) Priority in Registrations. If the managing underwriter or managing
      underwriters of an Underwritten Offering advise the Company and the Holders in writing, based on prevailing market precedents and public investor interactions that 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 Class A Common Stock proposed to be included in such offering) exceeds the maximum number that can be included without materially and adversely affecting
      the marketability of the securities offered, the Company shall include in such Underwritten Offering (and any related registration, if applicable) only that number of shares of Class A Common Stock proposed to be included in such Underwritten
      Offering (and any related registration, if applicable) that, in the written opinion of the managing underwriter or managing underwriters, will not have such material and adverse effect, with such number to be allocated as follows: (A) in the case of
      a Requested Underwritten Offering or Demand Registration or Shelf Offering that is otherwise an Underwritten Offering, (1) first, pro rata among all Holders 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 Class A Common Stock to be included in such Underwritten Offering, to the Company, and (3) third, if there
      remains availability for additional shares of Class A Common Stock to be included in such Underwritten Offering, to any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of shares of
      Class A 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 Class A 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 Class A 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 Class A Common
      Stock then held by each such holder; provided that, if any Management Shareholder proposes to include in the subject Underwritten Offering over 50% of the Registrable Securities held by such Management Shareholder as of the date of such
      Underwritten Offering and the managing underwriter(s) of such Underwritten Offering advise the Company and the Holders in writing, based on prevailing market precedents and public investor interactions, that participation in the Underwritten Offering
      by such Management Shareholder at the level proposed would materially and adversely affect the marketability of the securities offered, then Registrable Securities proposed to be included in such Underwritten Offering in excess of 50% of the
      Registrable Securities held by such Management Shareholder as of the date of such Underwritten Offering may be excluded from such offering below the proposed level, even if such exclusion would not treat such Management Shareholder on a pro rata
      basis. If any Holder disapproves of the terms of any such Underwritten Offering (including the price and timing of such Underwritten Offering), such Holder may elect to withdraw therefrom by written notice to the Company and the managing
      underwriter(s) delivered prior to the time of the pricing of such offering. Any Registrable Securities withdrawn from such underwriting shall be excluded and withdrawn from the registration.

   

  (g) Opt-Out Notices. Any Holder may deliver written notice (an “Opt-Out
          Notice”) to the Company requesting that such Holder not receive notice from the Company of the proposed filing of any Underwritten Offering (including any Underwritten Piggyback Offering), the withdrawal of any Underwritten Offering
      (including any Underwritten Piggyback Offering) or any event that would lead to a Blackout Period as contemplated by Section 3(o); provided, however, that such Holder may later revoke any such Opt-Out Notice in writing.
      Following receipt of an Opt-Out Notice from a Holder (unless subsequently revoked), the Company shall not deliver to such Holder any notice that would otherwise be required to be delivered pursuant to this Section 2. In the event such Holder
      revokes its Opt-Out Notice in writing and a notice of a Blackout Period was previously delivered (or would have been delivered but for the provisions of this Section 2(g)) and the Blackout Period remains in effect, the Company will so notify
      such Holder promptly by delivering to such Holder a copy of such previous notice of such Blackout Period, and thereafter will provide such Holder with the related notice of the conclusion of such Blackout Period as soon as reasonably practicable upon
      its availability.

   

  
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  3. Registration and Underwritten Offering Procedures.

   

  In addition to the other procedures and matters set forth in this Agreement, 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, Demand Registration or Shelf Offering are as follows:

   

  (a) The Company will, within a reasonable period prior to, and in any event with respect to
      each of the Major Shareholders at least two (2) Business Days prior to, the anticipated filing of any Registration Statement and any related Prospectus or any amendment or supplement thereto relating to any Registrable Securities (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 or their respective counsel reasonably shall propose prior to the filing thereof.

   

  (b) The Company will use commercially reasonable efforts to promptly (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 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 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.

   

  (c) The Company will use its commercially reasonable efforts to comply with the provisions,
      rules and regulations 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 until such time as all of such securities have been
      disposed of in accordance with the intended methods of disposition by the sellers thereof set forth in such Registration Statement, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company’s
      first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and the rules thereunder (including Rule 158 under the Securities Act).

   

  (d) The Company will use its commercially reasonably efforts to ensure that (i) any
      prospectus or free writing prospectus (when taken together with the Registration Statement and prospectus and the documents incorporated by reference therein) utilized in connection with any Registration Statement or registration or offering
      hereunder (A) complies in all material respects with the applicable requirements under the Securities Act, (B) is filed in accordance with the Securities Act to the extent required thereby and is retained in accordance with the Securities Act to the
      extent required thereby, and (C) will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under
      which they were made, not misleading, and (ii) any registration statement filed and effective in connection with any Registration Statement or registration or offering hereunder, when taken together with the related prospectus (including the
      documents incorporated by reference therein), at the time of its effectiveness under the Securities Act, 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 not misleading.

   

  
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  (e) The Company will notify such Holders who are included in a Registration Statement:
      (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).

   

  (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, and, during the term of this Agreement, such other documents as such Holder
      may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holder.

   

  (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.

   

  (i) The Company will cause all such Registrable Securities to be listed or quoted on each
      securities exchange on which similar securities issued by the Company are then listed or quoted or, if no Registrable Securities or similar securities are then so listed, use commercially reasonable efforts to, either, at the Company’s election, (i)
      cause all such Registrable Securities to be listed on a national securities exchange or (ii) to arrange for at least two (2) market makers to register as such with respect to such shares with FINRA.

   

  
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  (j) The Company will provide a transfer agent and registrar for all such Registrable
      Securities not later than the effective date of the Registration Statement. 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.

   

  (k) Upon the occurrence of any event contemplated by Section 3(e)(v), 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.

   

  (l) 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; provided that no such Person shall be required to undertaken any indemnification obligations to the Company that are
      materially more burdensome than those provided in Section 6. 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 and auditor “comfort” letters. In
      the case of an Underwritten Offering initiated in response to a Demand Registration or Shelf Offering (including a Requested Underwritten Offering), the price, underwriting discount and other financial terms shall be determined by the Holders of a
      majority of the Registrable Securities included in the Demand Registration or Shelf Offering. Notwithstanding the foregoing, if, in connection with any Underwritten Offering, the managing underwriter requests that any Holder enter into any lock-up
      agreement, (A) no Holder who is not participating in the Underwritten Offering shall be required to enter into such lock-up agreement unless all Holders of greater than 5% of the outstanding Common Stock and all directors and executive officers of
      the Company are subject to substantially the same restrictions and (B) in the event that the managing underwriter or the Company permit any discretionary waiver or termination of the restrictions of any lock-up agreement pertaining to any other
      Holder, the other Holders party to such lock-up agreements shall be released from any lock-up agreement to the same extent as such other Holder.

   

  (m) In the case of an Underwritten Offering, the Company shall use its commercially
      reasonable efforts to cause its directors and executive officers to enter into a customary lockup agreement if requested by the underwriters managing the offering providing that such directors and executive officers will not effect any sale, transfer
      or distribution of Company equity securities, or any securities, options or rights convertible into or exchangeable or exercisable for such securities during a specified period of time, in each case subject to carve-outs and exceptions as acceptable
      by the underwriters managing the offering; provided that such lockup agreement shall not be more restrictive than the lockup agreement delivered by the Initial Holders to the underwriters. In addition, the Company shall enter into a
      customary lockup agreement if requested by the underwriters managing the offering providing that the Company shall not file any registration statement for a public offering or cause any such registration statement to become effective, or effect any
      public sale or distribution of its equity securities, or any securities, options or rights convertible into or exchangeable or exercisable for such securities during the foregoing period, in each case subject to carve-outs and exceptions as
      acceptable by the underwriters managing the offering.

   

  
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  (n) 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.

   

  (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 such registration would render the Company unable to comply with applicable securities
      laws, (ii) the Board determines such registration would require disclosure of material information that the Company has a bona fide business purpose for preserving as confidential or (iii) the Board determines such registration is reasonably likely
      to adversely affect any material financing, acquisition, corporate reorganization or merger or other material transaction or event involving the Company or otherwise have a material adverse effect on the Company (any such period, a “Blackout
          Period”). Notwithstanding anything to the contrary in this Agreement, in no event shall any Blackout Periods and any Suspension Periods continue for more than 90 days in the aggregate during any 365-day 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 or customary legal opinions, 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.

   

  (q) The Company will enter into such customary agreements (including underwriting
      agreements in customary form) and perform the Company’s obligations thereunder and take all such other actions as the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities.

   

  (r) The Company will use its commercially reasonable efforts to cause such Registrable
      Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities.

   

  (s) The Company will use its commercially reasonable efforts to make available the
      executive officers of the Company to participate with the holders of Registrable Securities and any underwriters in any “road shows” or other selling efforts that may be reasonably requested by the holders in connection with the methods of
      distribution for the Registrable Securities; provided that, beginning after the date that is the one-year anniversary of the Company’s consummation of its initial public offering, the executive officers of the Company shall not be obligated
      to participate in more than one multi-day marketed roadshow per 365-day period.

   

  
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  (t) The Company will cooperate with the sellers of Registrable Securities covered by the
      registration statement and the managing underwriter(s), if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, and enable
      such securities to be in such denominations and registered in such names as the managing underwriter(s), if any, or such holders may request.

   

  (u) The Company will if requested by the managing underwriter(s) or any holder of
      Registrable Securities covered by the registration statement, promptly incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter(s) or such holder reasonably requests to be included therein,
      including, with respect to the number of Registrable Securities being sold by such holder to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the underwritten
      offering of the Registrable Securities to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters incorporated in such prospectus
      supplement or post-effective amendment.

   

  (v) If the Company does not pay the filing fee covering the Registrable Securities at the
      time any Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold.

   

  (w) The Company will reasonably cooperate with each seller of Registrable Securities and
      each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA.

   

  (x) If any registration or comparable statement refers to any holder by name or otherwise
      as the holder of any securities of the Company and if in such holder’s sole and exclusive judgment, such holder is or might be deemed to be an underwriter or a controlling person of the Company, such holder shall have the right to (i) require the
      insertion therein of language, in form and substance satisfactory to such holder and presented to the Company in writing, to the effect that the holding by such holder of such securities is not to be construed as a recommendation by such holder of
      the investment quality of the Company’s securities covered thereby and that such holding does not imply that such holder will assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such holder
      by name or otherwise is not required by the Securities Act or any similar federal statute then in force, require the deletion of the reference to such holder; provided that with respect to this clause (ii), if requested by the Company, such
      holder shall furnish to the Company an opinion of counsel to such effect, which opinion and counsel shall be reasonably satisfactory to the Company.

   

  (y) 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 all Persons 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.

   

  4. No Inconsistent or Superior Agreements. The Company shall not hereafter
      enter into, and is not currently a party to, any agreement with respect to its securities that is superior to or inconsistent with or that in any way violates or subordinates the rights granted to the Holders by this Agreement. The Company’s entry
      into any such agreement shall require the prior written consent of Holders that hold a majority of the Registrable Securities as of such time.

  

   

  5. Registration Expenses. All Registration Expenses in connection with any
      Demand Registration, any Shelf Registration Statement (including the Resale Shelf Registration Statement, Shelf Offering, Requested Underwritten Offering, Piggyback Registration or Underwritten Piggyback Offering (in each case, excluding any Selling
      Expenses), whether or not the applicable Registration Statement becomes effective and whether or not any Registrable Securities are sold pursuant to the applicable Registration Statement, as well as all expenses incurred in performing or complying
      with the Company’s other obligations under this Agreement, shall be borne by the Company. “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 and accountants 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,
      and (vii) all expenses relating to marketing the sale of the Registrable Securities, including expenses related to conducting a “road show.”

   

  
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  The Company shall have no obligation to pay any Selling Expenses other than any Selling
      Expenses attributable to the securities it sells for its own account. The Selling Expenses of any Holder shall be borne by the applicable Holder participating in any Demand Registration, any Shelf Registration Statement (including the Resale Shelf
      Registration Statement) Shelf Offering, Requested Underwritten Offering, Piggyback Registration or Underwritten Piggyback Offering; provided, however, that the Company shall pay the reasonable fees and disbursements of one counsel for
      the Holders, up to an aggregate amount in each instance of $100,000, as well as the reasonable fees and disbursements of up to one additional counsel retained by any Major Shareholder who holds Registrable Securities solely for the purpose of
      rendering a legal opinion on behalf of such Major Shareholder in connection with an Underwritten Offering or any offering where the underwriter(s) or broker dealer(s) request an opinion covering such Major Shareholder, up to an aggregate amount in
      each instance of $25,000 for the reasonable fees and disbursement of each such additional counsel. In addition, the Company shall be responsible for all of its own expenses incurred on its behalf in connection with the preparation of this Agreement
      (including expenses payable to third parties and including all salaries and expenses of their officers and employees performing legal or accounting duties and fees of counsel to the Company), and each Holder shall be responsible for all of its own
      expenses incurred on its behalf in connection with the preparation of this Agreement (including fees of counsel to such Holder).

   

  6. Indemnification.

   

  (a) The Company shall indemnify and hold harmless each Holder, its Affiliates and each of
      their respective officers, employees and directors and any agent or representative 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 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. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors and each Person who controls such underwriters (within the meaning of the Securities Act) in such form as shall be
      reasonably acceptable to such underwriters. Notwithstanding anything to the contrary herein, the indemnification and contribution by any such party provided for under this Agreement shall be in addition to any other rights to indemnification or
      contribution which any indemnified party may have pursuant to law or contract and will remain in full force and effect regardless of any investigation made or omitted by or on behalf of the indemnified party or any officer, director, employee, agent,
      each Person who participates as an underwriter in the offering or sale of securities or controlling Person of such indemnified party, and this Section 6 shall survive any termination or expiration of this Agreement indefinitely.

   

  
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  (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, employees directors and any agent or representative 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 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 under such indemnification
      obligation 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, 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. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
      guilty of fraudulent misrepresentation.

   

  
    16 

    
      
 

  

   

  7. Facilitation of Sales Pursuant to Rule 144. At all times after the Company
      has filed a Registration Statement with the Commission pursuant to the requirements of either the Securities Act or the Exchange Act, the Company shall use it reasonable best efforts to (i) 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) to the extent required from time to time to enable Holders to sell Registrable Securities
      without registration under the Securities Act pursuant to Rule 144, (ii) cooperate with the Holders to cause the transfer agent to remove any restrictive legend on certificates evidencing Registrable Securities in connection with any proposed sale
      pursuant to Rule 144, and (iii) cooperate with any Holder and take such further actions 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. In furtherance of the foregoing, so long as any party hereto owns any Registrable Securities, the Company will furnish to such Person forthwith upon reasonable request a
      written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time commencing ninety (90) days after the effective date of the first registration filed by the Company for an offering of the Company’s
      securities to the general public), the Securities Act and the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act).

   

  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 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. Subject to the last sentence of Section 3(o),
      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(k) or until it is advised in writing by the Company that the
      use of the applicable Prospectus may be resumed (which shall be provided no later than one Business Day, following the conclusion of the event causing the Suspension Period), 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”). Upon the occurrence of any such Suspension Period, the Company shall use its commercially
      reasonable efforts to cause the Registration Statement to become effective or to amend or supplement the registration statement on a post effective basis or to take such action as is necessary to make resumed use of the Registration Statement. In the
      event that the Company has given any such notice, the applicable time period during which a Registration Statement is to remain effective shall be extended by the number of days during the period from and including the date of the giving of such
      notice pursuant to this Section 8(b) to and including the date of receipt by the Holders of the notice that the Suspension Period has ended and when each Holder of Registrable Securities covered by such Registration Statement shall have
      received the copies of the supplemented or amended prospectus contemplated by Section 3(k). 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 Holders that hold a majority of the Registrable Securities as of the date of such waiver or amendment; provided, that any waiver or amendment that would have a disproportionate
      adverse effect on a Holder relative to the other Holders shall require the consent of such Holder, except as provided in Section 4. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. 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. To the extent the Company is unable to comply with any covenant hereunder due to the inaction, non-response, delay, or
      non-compliance of any Holder, then, for all purposes under this Agreement with respect to each such Holder, the Company shall not be deemed to be in breach, non-compliance or contravention of such covenant; provided the Company shall use
      commercially reasonable efforts to perform its obligations under this Agreement with respect to all other Holders.

   

  
    17 

    
      
 

  

   

  (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 (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:	 	
          Aris Water Solutions, Inc. 

          Attention: Brenda R. Schroer 

          9811 Katy Freeway, Suite 700 

          Houston, Texas 77024 

          Electronic mail: brenda.schroer@solariswater.com 

        
	 	 	 
	 	 	With copy to:	 	
          Gibson, Dunn & Crutcher LLP 

          Attention: Hillary H. Holmes 

          811 Main Street Suite 3000 

          Houston, Texas 77002 

          Electronic mail: hholmes@gibsondunn.com 

        
	 	 	 
	 	 	If to any Person who is then the registered Holder:	 	To the address of such Holder as it appears on the signature page hereto 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 (acting through the Board of Directors) 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.

   

  (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 New York. Each of the Parties irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in in the Borough of
      Manhattan in the City of New York and the United States District Court for the Southern District of New York 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.

   

  
    18 

    
      
 

  

   

  (i) Cumulative Remedies. The remedies provided herein are cumulative and not
      exclusive of any remedies provided by law or contract.

   

  (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) Adjustments Affecting-Registrable Securities. The provisions of this
      Agreement shall apply to the full extent set forth herein with respect to any and all securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect
      of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, splits, recapitalizations or similar transactions occurring after the date of this Agreement.

   

  (l) Independent Nature of Each Holder’s Obligations. The obligations of each
      holder of Registrable Securities under this Agreement are several and not joint, and no holder of Registrable Securities shall be responsible in any way for the performance of the obligations of any other holder of Registrable Securities under this
      Agreement. Nothing contained herein, and no action taken by any holder of Registrable Securities pursuant hereto, shall be deemed to constitute such Holder as a partnership, an association, a joint venture or any other kind of group or entity, or
      create a presumption that the holders of Registrable Securities are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement.

   

  (m) 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.

   

  (n) 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.

   

  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

   

  
    19 

    
      
 

  

   

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

  	 	 	 
	 	ARIS WATER SOLUTIONS, INC.
	 	 	 
	 	By:	
          /s/ Amanda M. Brock 

        
	 	Name: Amanda M. Brock
	 	Title:   President and Chief Executive Officer
	 	 
	 	SOLARIS MIDSTREAM HOLDINGS, LLC
	 	 	
	 	By:	
          /s/ Amanda M. Brock 

        
	 	Name: Amanda M. Brock
	 	
          Title:   President and Chief Executive Officer 

        

   

  

  Signature Page to Registration Rights Agreement

   

  
     

    
      
 

  

   

  	 	COG OPERATING LLC
	 	 	 
	 	By:	/s/ Andy O’Brien
	 	Name:	Andy O’Brien
	 	Title:	Vice President Treasury

  

   

  

  	 	Address for notice:
	 	One Concho Center
	 	600 W. Illinois Avenue
	 	Midland, Texas 79701

    

  Signature Page to Registration Rights Agreement

   

  
     

    
      
 

  

   

  	 	YORKTOWN ENERGY PARTNERS XI, L.P.
	 	 
	 	By: Yorktown XI Company, LP, its general partner
	 	 
	 	By: Yorktown XI Associates LLC, its general partner

   

  	 	By:	/s/ W. Howard Keenan, Jr.
	 	Name:	W. Howard Keenan, Jr.
	 	Title:	Member

   

  	 	Address for notice:
	 	410 Park Avenue, 20th Floor
	 	New York, New York 10022

  

   

  Signature Page to Registration Rights Agreement 

   

  
     

    
      
 

  

   

  

  	 	HBC WATER RESOURCES LP
	 	 
	 	By: HBC Water Resources GP LP, its general partner

   

  	 	By:	/s/ Joseph Colonnetta
	 	Name:	Joseph Colonnetta
	 	Title:	Member

   

  	 	Address for notice:
	 	Reagan Place at Old Parkland
	 	3963 Maple Avenue, Suite 450
	 	Dallas, Texas 75219

   

  	 	HBC WATER RESOURCES II LP
	 	 
	 	By: HBC Water Resources II GP LP, its general partner

   

  	 	By:	/s/ Joseph Colonnetta
	 	Name:	Joseph Colonnetta
	 	Title:	Member

   

  	 	Address for notice:
	 	Reagan Place at Old Parkland
	 	3963 Maple Avenue, Suite 450
	 	Dallas, Texas 75219

  

   

  Signature Page to Registration Rights Agreement

   

  
     

    
      
 

  

   

  	 	VISION RESOURCES, INC.
	 	 	 
	 	By:	/s/ David Maley
	 	Name:	David Maley
	 	Title:	President

   

  	 	Address for notice:
	 	P.O. Box 2459
	 	Carlsbad, NM 88221

   

  	 	SOLARIS MIDSTREAM INVESTMENT, LLC
	 	 	 
	 	By:	/s/ William A. Zartler
	 	Name:	William A. Zartler
	 	Title:	Chief Executive Officer

   

  	 	Address for notice:
	 	9811 Katy Freeway, Suite 700
	 	Houston, TX 77024

  

   

  Signature Page to Registration Rights Agreement

   

  
     

    
      
 

  

   

  	 	FREEBIRD PARTNERS LP
	 	 
	 	By: Freebird Investments LLC, its general partner

   

  	 	By:	/s/ Curtis W. Huff
	 	Name:	Curtis W. Huff
	 	Title:	President

   

  	 	Address for notice:
	 	2800 Post Oak Blvd., Suite 2000
	 	Houston, TX 77056

   

  	 	MURCHISON CAPITAL PARTNERS, L.P.
	 	 
	 	By: Murchison Management Corp., G.P., its general partner

   

  	 	By:	/s/ Robert F. Murchison
	 	Name:	Robert F. Murchison
	 	Title:	President

   

  	 	Address for notice:
	 	5430 LBJ Freeway, Suite 1450
	 	Dallas, TX 75240

   

  	 	GRELSI COMPANY, LLC
	 	 	 
	 	By:	/s/ Grant Harvey
	 	Name:	Grant Harvey
	 	Title:	Managing Member

   

  	 	Address for notice:
	 	407 E. Cowan Dr.
	 	Houston, TX 77007

  

   

  Signature Page to Registration Rights Agreement

   

  
     

    
      
 

  

   

  

  	 	GRELLA LAS, LLC
	 	 	 
	 	By:	/s/ Michael J. Grella
	 	Name:	Michael J. Grella
	 	Title:	Member

   

  	 	Address for notice:
	 	P.O. Box 1211
	 	Midland, TX 79702

   

  	 	BAM PERMIAN OPERATING, LLC
	 	 	 
	 	By:	/s/ Blake Morphew
	 	Name:	Blake Morphew
	 	Title:	Managing Member

   

  	 	Address for notice:
	 	4416 Briarwood Ave.
	 	Suite 110 PMB #53
	 	Midland, TX 79707
	 	Attn: Blake Morphew

   

  	 	H. BAIRD WHITEHEAD, LLC
	 	 	 
	 	By:	/s/ H. Baird Whitehead
	 	Name:	H. Baird Whitehead
	 	Title:	Member

   

  	 	Address for notice:
	 	103 Miller Dr.
	 	Wexford, PA 15090

  

   

  Signature Page to Registration Rights Agreement

   

  
     

    
      
 

  

   

  	 	FIRST TRUST CAPITAL PARTNERS, LLC
	 	 	 
	 	By:	/s/ James A. Bowen
	 	Name:	James A. Bowen
	 	Title:	Chairman

   

  	 	Address for notice:
	 	120 East Liberty Drive, Suite 400
	 	Wheaton, IL 60187
	 	Attn: James Hill

   

  	 	VOLANT CAPITAL MANAGEMENT LLC
	 	 	 
	 	By:	/s/ Scott Brown
	 	Name:	Scott Brown

   

  	 	Address for notice:
	 	811 Town and Country Blvd., Suite 362
	 	Houston, TX 77024

   

  	 	PRIVATEER ENERGY SERVICES, LLC
	 	 	 
	 	By:	/s/ Greg Garcia
	 	Name:	Greg Garcia
	 	Title:	Managing Member

   

  	 	By:	/s/ Jeffrey Jordan
	 	Name:	Jeffrey Jordan
	 	Title:	Managing Member

   

  	 	Address for notice:
	 	P.O. Box 101327
	 	Fort Worth, TX 76185

  

   

  Signature Page to Registration Rights Agreement

   

  
     

    
      
 

  

   

  	 	TINER FAMILY PARTNERSHIP
	 	 	 
	 	By:     	/s/ Michael L. Tiner
	 	Name:	Michael L. Tiner
	 	Title:	Managing Member

   

  	 	Address for notice:
	 	5415 Sugar Hill Drive
	 	Houston, TX 77056

   

  	 	SOONER SR LLC
	 	 	 
	 	By:	/s/ Greg A. Lanham
	 	Name:	Greg A. Lanham
	 	Title:	Managing Partner

   

  	 	Address for notice:
	 	1222 Milltown Road
	 	Midland, TX 79705

  

   

  Signature Page to Registration Rights Agreement

   

  
     

    
      
 

  

   

  	 	By:	/s/ Carlos Fierro
	 	Name:	Carlos Fierro

   

  	
            

        	Address for notice:
	 	4400 Garfield Street NW
	 	Washington, DC 20007

   

  	 	By:	/s/ Tim Harrington
	 	Name:	Tim Harrington

   

  	 	Address for notice:
	 	1111 Flint Ridge Trail
	 	Georgetown, TX 78628

   

  	 	By:	/s/ Joe Rothbauer
	 	Name:	Joe Rothbauer

   

  	 	Address for notice:
	 	15922 Stornoway Dr.
	 	Spring, TX 77379

   

  	 	By:	/s/ Chris Work
	 	Name:	Chris Work

   

  	 	Address for notice:
	 	539 Stoneleigh Dr.
	 	Houston, TX 77079

   

  Signature Page to Registration Rights AgreementExhibit 10.1

   

  FOURTH AMENDED AND RESTATED

   

  LIMITED LIABILITY COMPANY AGREEMENT

   

  OF

   

  SOLARIS MIDSTREAM HOLDINGS, LLC

   

  DATED AS OF OCTOBER 26, 2021

   

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

   

  
     

    
      
 

  

   

  Table of Contents

   

  	 	 	 	 	Page
	 	 	 	 	 
	ARTICLE I DEFINITIONS	 	2
	 	 	 
	Section 1.1	 	Definitions	 	2
	Section 1.2	 	Interpretive Provisions	 	13
	 	 	 	 	 
	ARTICLE II ORGANIZATION OF THE LIMITED LIABILITY COMPANY	 	14
	 	 	 
	Section 2.1	 	Formation	 	14
	Section 2.2	 	Filing	 	14
	Section 2.3	 	Name	 	14
	Section 2.4	 	Registered Office; Registered Agent	 	14
	Section 2.5	 	Principal Place of Business	 	15
	Section 2.6	 	Purpose; Powers	 	15
	Section 2.7	 	Term	 	15
	Section 2.8	 	Intent	 	15
	 	 	 	 	 
	ARTICLE III CLOSING TRANSACTIONS	 	15
	 	 	 
	Section 3.1	 	Recapitalization Transactions	 	15
	 	 	 	 	 
	ARTICLE IV OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS	 	16
	 	 	 
	Section 4.1	 	Authorized Units; General Provisions With Respect to Units	 	16
	Section 4.2	 	Voting Rights	 	19
	Section 4.3	 	Capital Contributions; Unit Ownership	 	20
	Section 4.4	 	Capital Accounts	 	20
	Section 4.5	 	Other Matters	 	21
	Section 4.6	 	Redemption of Units	 	22
	 	 	 	 	 
	ARTICLE V ALLOCATIONS OF PROFITS AND LOSSES	 	30
	 	 	 
	Section 5.1	 	Profits and Losses	 	30
	Section 5.2	 	Special Allocations	 	31
	Section 5.3	 	Allocations for Tax Purposes in General	 	33
	Section 5.4	 	Other Allocation Rules	 	34
	 	 	 	 	 
	ARTICLE VI DISTRIBUTIONS	 	34
	 	 	 
	Section 6.1	 	Distributions	 	34
	Section 6.2	 	Tax-Related Distributions	 	35
	Section 6.3	 	Distribution Upon Withdrawal	 	35
	 	 	 	 	 
	ARTICLE VII MANAGEMENT	 	36
	 	 	 
	Section 7.1	 	The Managing Member; Fiduciary Duties	 	36
	Section 7.2	 	Officers	 	36
	Section 7.3	 	Warranted Reliance by Officers on Others	 	37
	Section 7.4	 	Indemnification	 	38
	Section 7.5	 	Maintenance of Insurance or Other Financial Arrangements	 	38
	Section 7.6	 	Resignation or Termination of Managing Member	 	39

   

  
     

    
      
 

  

   

  	Section 7.7	 	No Inconsistent Obligations; Transactions between Company and Managing Member	 	39
	Section 7.8	 	Reclassification Events of PubCo	 	39
	Section 7.9	 	Certain Costs and Expenses	 	40
	Section 7.10	 	Outside Activities of the Managing Member	 	40
	 	 	 	 	 
	ARTICLE VIII ROLE OF MEMBERS	 	41
	 	 	 
	Section 8.1	 	Rights or Powers	 	41
	Section 8.2	 	Voting	 	41
	Section 8.3	 	Various Capacities	 	42
	Section 8.4	 	Investment Opportunities	 	42
	 	 	 	 	 
	ARTICLE IX TRANSFERS OF INTERESTS	 	43
	 	 	 
	Section 9.1	 	Restrictions on Transfer	 	43
	Section 9.2	 	Notice of Transfer	 	44
	Section 9.3	 	Transferee Members	 	44
	Section 9.4	 	Legend	 	44
	 	 	 	 	 
	ARTICLE X ACCOUNTING	 	45
	 	 	 
	Section 10.1	 	Books of Account	 	45
	Section 10.2	 	Tax Elections	 	45
	Section 10.3	 	Tax Returns; Information	 	46
	Section 10.4	 	Company Representative	 	46
	Section 10.5	 	Withholding Tax Payments and Obligations	 	46
	 	 	 	 	 
	ARTICLE XI DISSOLUTION AND TERMINATION	 	47
	 	 	 
	Section 11.1	 	Liquidating Events	 	47
	Section 11.2	 	Bankruptcy	 	48
	Section 11.3	 	Procedure	 	48
	Section 11.4	 	Rights of Members	 	49
	Section 11.5	 	Notices of Dissolution	 	49
	Section 11.6	 	Reasonable Time for Winding Up	 	49
	Section 11.7	 	No Deficit Restoration	 	49
	 	 	 	 	 
	ARTICLE XII GENERAL	 	50
	 	 	 
	Section 12.1	 	Amendments; Waivers	 	50
	Section 12.2	 	Further Assurances	 	50
	Section 12.3	 	Successors and Assigns	 	51
	Section 12.4	 	Entire Agreement	 	51
	Section 12.5	 	Rights of Members Independent	 	51
	Section 12.6	 	Governing Law	 	51
	Section 12.7	 	Jurisdiction and Venue	 	51
	Section 12.8	 	Headings	 	51
	Section 12.9	 	Counterparts	 	51
	Section 12.10	 	Notices	 	52
	Section 12.11	 	Representation By Counsel; Interpretation	 	52
	Section 12.12	 	Severability	 	53

   

  
    ii 

    
      
 

  

   

  	Section 12.13	 	Expenses	 	53
	Section 12.14	 	Waiver of Jury Trial	 	53
	Section 12.15	 	No Third Party Beneficiaries	 	53

   

  
    iii 

    
      
 

  

   

  FOURTH AMENDED AND RESTATED

   

  LIMITED LIABILITY COMPANY AGREEMENT

   

  OF

   

  SOLARIS MIDSTREAM HOLDINGS, LLC

   

  This FOURTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as amended, supplemented or restated
    from time to time, this “Agreement”) is entered into as of October 26, 2021, by and among Solaris Midstream Holdings, LLC, a Delaware limited liability company (the “Company”), Aris Water Solutions, Inc. (“PubCo”), and each
    other Person who is or at any time becomes a Member in accordance with the terms of this Agreement and the Act. Capitalized terms used herein and not otherwise defined have the respective meanings set forth in Section 1.1.

   

  RECITALS

   

  WHEREAS, the Company was formed pursuant to a Certificate of Formation filed in the office of the
    Secretary of State of the State of Delaware on November 19, 2015;

   

  WHEREAS, prior to the Effective Time, the Company was governed by that certain Third Amended and
    Restated Limited Liability Company Agreement, dated as of June 11, 2020 (as amended, supplemented or modified prior to the Effective Time, the “Existing LLC Agreement”);

   

  WHEREAS, the Members of the Company consist of those Persons listed on Exhibit A as of the
    date hereof;

   

  WHEREAS, pursuant to Article III of this Agreement, the Company shall be recapitalized;

   

  WHEREAS, it is contemplated that PubCo will, subject to the approval of its board of directors, issue
    20,297,500 shares of Class A Common Stock to the public for cash in the initial underwritten public offering of shares of its stock (the “IPO”);

   

  WHEREAS, if the IPO is consummated, PubCo will contribute all of the net proceeds received by it from
    the IPO and 33,202,500 shares of its Class B Common Stock to the Company in exchange for a number of Units equal to the number of shares of Class A Common Stock issued in the IPO;

   

  WHEREAS, each Unit (other than any Unit held by PubCo and its wholly owned Subsidiaries) may be
    redeemed, at the election of the holder of such Unit (together with the surrender and delivery by such holder of one share of Class B Common Stock), for one share of Class A Common Stock in accordance with the terms and conditions of this Agreement;

   

  
     

    
      
 

  

   

  WHEREAS, the Members of the Company desire that PubCo become the sole managing Member of the Company
    (in its capacity as managing Member as well as in any other capacity, the “Managing Member”);

   

  WHEREAS, the Members of the Company desire to amend and restate the Existing LLC Agreement and adopt
    this Agreement; and

   

  WHEREAS, this Agreement shall supersede the Existing LLC Agreement in its entirety as of the date
    hereof.

   

  NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other
    good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereby agree as follows:

   

  Article I

    

    DEFINITIONS

   

  Section 1.1     Definitions. As used in this Agreement and the Schedules and
    Exhibits attached to this Agreement, the following definitions shall apply:

   

  “Act” means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq., as
    amended from time to time (or any corresponding provisions of succeeding law).

   

  “Action” means any claim, action, suit, arbitration, inquiry, proceeding or investigation by
    or before any Governmental Entity.

   

  “Adjusted Basis” has the meaning given such term in Section 1011 of the Code.

   

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

   

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

   

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

   

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

   

  
    2 

    
      
 

  

   

  “Affiliate” means, with respect to any Person, any other Person that directly or indirectly
    controls, is controlled by, or is under common control with, such Person. For these purposes, “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether
    through the ownership of voting securities, by contract or otherwise; provided that, for purposes of this Agreement, (a) no Member shall be deemed an Affiliate of the Company or any of its Subsidiaries and (b) none of the Company or any of its
    Subsidiaries shall be deemed an Affiliate of any Member.

   

  “Agreement” is defined in the preamble to this Agreement.

   

  “beneficially own” and “beneficial owner” shall be as defined in Rule 13d-3 of
    the rules promulgated under the Exchange Act.

   

  “Black-Out Period” means any “black-out” or similar period under the Company’s policies
    covering trading in the Company’s securities to which the applicable Redeeming Member is subject (or will be subject at such time as it owns Class A Common Stock), which period restricts the ability of such Redeeming Member to immediately resell shares
    of Class A Common Stock to be delivered to such Redeeming Member in connection with a settlement of shares in Class A Common Stock under this Agreement pursuant to a Redemption.

   

  “Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are
    required or authorized by Law to be closed in the City of New York.

   

  “Business Opportunities Exempt Party” is defined in Section 8.4.

   

  “Call Election Notice” is defined in Section 4.6(f)(ii).

   

  “Call Right” has the meaning set forth in Section 4.6(f)(i).

   

  “Capital Account” means, with respect to any Member, the Capital Account maintained for such
    Member in accordance with Section 4.4.

   

  “Capital Contribution” means, with respect to any Member, the amount of cash and the initial
    Gross Asset Value of any property (other than cash) contributed to the Company by such Member. Any reference to the Capital Contribution of a Member will include any Capital Contributions made by a predecessor holder of such Member’s Units to the
    extent that such Capital Contribution was made in respect of Units Transferred to such Member.

   

  “Cash Election” is defined in Section 4.6(a)(iii) and shall also include PubCo’s
    election to purchase Units for cash pursuant to an exercise of its Call Right set forth in Section 4.6(g).

   

  “Cash Election Amount” means with respect to a particular Redemption for which a Cash Election
    has been made, (i) if the Class A Common Stock trades on a securities exchange or automated or electronic quotation system, an amount of cash equal to the product of (A) the number of shares of Class A Common Stock that would have been received in such
    Redemption if a Cash Election had not been made and (B) the average of the volume-weighted closing price for a share of Class A Common Stock on the principal U.S. securities exchange or automated or electronic quotation system on which the Class A
    Common Stock trades, as reported by Bloomberg, L.P., or its successor, for each of the ten (10) consecutive full Trading Days ending on and including the last full Trading Day immediately prior to the Redemption Notice Date, subject to appropriate and
    equitable adjustment for any stock splits, reverse splits, stock dividends or similar events affecting the Class A Common Stock; and (ii) if the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system,
    an amount of cash equal to the product of (A) the number of shares of Class A Common Stock that would have been received in such Redemption if a Cash Election had not been made and (B) the fair market value of one share of Class A Common Stock, as
    determined by the Managing Member in good faith (through its board of directors by a majority of its independent directors (within the meaning of the rules of the New York Stock Exchange)), that would be obtained in an arms-length transaction between
    an informed and willing buyer and an informed and willing seller, with neither party having any compulsion to buy or sell, and without regard to the particular circumstances of the buyer or seller.

   

  
    3 

    
      
 

  

   

  “Cash Election Retraction Notice” is defined in Section 4.6(a)(3).

   

  “Change of Control Redemption Date” is defined in Section 4.6(g).

   

  “Chief Executive Officer” is defined in Section 7.2(b).

   

  “Class A Common Stock” means, as applicable, (a) the Class A Common Stock, par value $0.01 per
    share, of PubCo or (b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or cash or other property that become payable in consideration for the
    Class A Common Stock or into which the Class A Common Stock is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

   

  “Class B Common Stock” means, as applicable, (a) the Class B Common Stock, par value $0.01 per
    share, of PubCo or (b) following any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other Person or cash or other property that become payable in consideration for the
    Class B Common Stock or into which the Class B Common Stock is exchanged or converted as a result of such consolidation, merger, reclassification or other similar event.

   

  “Code” means the United States Internal Revenue Code of 1986, as amended from time to time (or
    any corresponding provisions of succeeding law).

   

  “Commission” means the U.S. Securities and Exchange Commission, including any governmental
    body or agency succeeding to the functions thereof.

   

  “Company” is defined in the preamble to this Agreement.

   

  “Company Minimum Gain” has the meaning of “partnership minimum gain” set forth in Treasury
    Regulations Sections 1.704-2(b)(2) and 1.704-2(d). It is further understood that Company Minimum Gain shall be determined in a manner consistent with the rules of Treasury Regulations Section 1.704-2(b)(2), including the requirement that if the
    adjusted Gross Asset Value of property subject to one or more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain shall be determined with reference to such Gross Asset Value.

   

  
    4 

    
      
 

  

   

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

   

  “Contract” means any written agreement, contract, lease, sublease, license, sublicense,
    obligation, promise or undertaking.

   

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

   

  “Covered Person” is defined in Section 7.4.

   

  “Credit Agreement” means that certain Second Amended and Restated Credit Agreement, dated as
    of April 1, 2021, among the Company, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent and lead arranger, including all exhibits, schedules and attachments thereto as the same may be amended, restated,
    supplemented or otherwise modified from time to time and including any one or more refinancings or replacements thereof, in whole or in part, with any other debt facility or debt obligation.

   

  “Debt Securities” means, with respect to PubCo, any and all debt instruments or debt
    securities that are not convertible or exchangeable into Equity Securities of PubCo.

   

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

   

  “DGCL” means the General Corporation Law of the State of Delaware, as amended from time to
    time (or any corresponding provisions of succeeding law).

   

  “Discount” has the meaning set forth in Section 7.9.

   

  
    5 

    
      
 

  

   

  “Effective Time” means 8:35 a.m. Central Daylight Time on the date of the closing of the IPO.

   

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

   

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

   

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

   

  “Existing LLC Agreement” is defined in the recitals to this Agreement.

   

  “Fair Market Value” means the fair market value of any property as determined in good faith by
    the Managing Member after taking into account such factors as the Managing Member in its good faith judgment shall deem appropriate, including the amount which the Company would receive in an all-cash sale of such asset in an arms-length transaction
    with a willing unaffiliated third party, with neither party having any compulsion to buy or sell, consummated on the day immediately preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (and after
    giving effect to any transfer taxes payable in connection with such sale).

   

  “Federal Bankruptcy Code” means Title 11 of the United States Code, as amended from time to
    time, and all rules and regulations promulgated thereunder.

   

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

   

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

   

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

   

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

   

  
    6 

    
      
 

  

   

  “Gross Asset Value” means, with respect to any asset, the asset’s Adjusted Basis for U.S.
    federal income tax purposes, except as follows:

   

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

   

  		(b)	the Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values as of the following times: (i) the acquisition of an interest (or additional interest) in the Company by any new or existing
          Member in exchange for more than a de minimis Capital Contribution to the Company or in exchange for the performance of more than a de minimis amount of services to or for the benefit of the Company; (ii) the distribution by the
          Company to a Member of more than a de minimis amount of Company assets as consideration for an interest in the Company; (iii) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g)(1),

          (iv) the acquisition of an interest in the Company by any new or existing Member upon the exercise of a noncompensatory option in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(s); or (v) any other event to the extent
          determined by the Managing Member to be permitted and necessary or appropriate to properly reflect Gross Asset Values in accordance with the standards set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(q); provided, however,
          that adjustments pursuant to clauses (i), (ii) and (iv) above shall be made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the
          Company. If any noncompensatory options are outstanding upon the occurrence of an event described in this paragraph (b)(i) through (b)(v), the Company shall adjust the Gross Asset Values of its properties in accordance with Treasury Regulations
          Sections 1.704-1(b)(2)(iv)(f)(1) and 1.704-1(b)(2)(iv)(h)(2);

   

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

   

  		(d)	the Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustments to the Adjusted Basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are
          taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and subsection (f) in the definition of “Profits” or “Losses” below or Section 5.2(h); provided, however,
          that the Gross Asset Value of a Company asset shall not be adjusted pursuant to this subsection to the extent the Managing Member determines that an adjustment pursuant to subsection (b) of this definition is necessary or appropriate in
          connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d); and

   

  
    7 

    
      
 

  

   

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

   

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

   

  “Initial B Shares” is defined in Section 3.1(b).

   

  “Investment Company Act” is defined in Section 8.1(b).

   

  “Interest” means the entire interest of a Member in the Company, including the Units and all
    of such Member’s rights, powers and privileges under this Agreement and the Act.

   

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

   

  “Law” means any federal, national, supranational, state, provincial, local or similar statute,
    law, ordinance, regulation, rule, code, order, requirement or rule of law (including common law).

   

  “Legal Action” is defined in Section 12.7.

   

  “Liability” means any liability or obligation, whether known or unknown, asserted or
    unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated and whether due or to become due, regardless of when asserted.

   

  “Liquidating Event” is defined in Section 11.1.

   

  “Major Member” means any Member (together with its Affiliates) who owns, immediately after the
    consummation of the Company’s initial public offering, 5% or more of the outstanding shares of Class A Common Stock of PubCo (on a fully-diluted basis and assuming the conversion of all Units held by such Member into Class A Common Stock on a
    one-for-one basis).

   

  “Managing Member” is defined in the recitals to this Agreement.

   

  “Member” means any Person that executes this Agreement as a Member, and any other Person
    admitted to the Company as an additional or substituted Member, that has not made a disposition of such Person’s entire Interest.

   

  “Member Minimum Gain” has the meaning ascribed to “partner nonrecourse debt minimum gain” set
    forth in Treasury Regulations Section 1.704-2(i). It is further understood that the determination of Member Minimum Gain and the net increase or decrease in Member Minimum Gain shall be made in the same manner as required for such determination of
    Company Minimum Gain under Treasury Regulations Sections 1.704-2(d) and 1.704-2(g)(3).

   

  
    8 

    
      
 

  

   

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

   

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

   

  “Minority Member Redemption Date” is defined in Section 4.6(h).

   

  “Minority Member Redemption Notice” is defined in Section 4.6(h).

   

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

   

  “Nonrecourse Deductions” has the meaning assigned that term in Treasury Regulations Section
    1.704-2(b).

   

  “Nonrecourse Liability” is defined in Treasury Regulations Section 1.704-2(b)(3).

   

  “Officer” means each Person appointed as an officer of the Company pursuant to and in
    accordance with the provisions of Section 7.2.

   

  “Option” means the option to purchase an additional 2,647,500 shares of Class A Common Stock
    granted by PubCo to the underwriters for the IPO as described in PubCo’s registration statement on Form S-1 (Registration No. 333-259740), initially filed with the Commission on September 23, 2021, which Option was exercised in full by the underwriters
    for the IPO on October 22, 2021.

   

  “Permitted Transferee” means, with respect to any Member, (a) any Affiliate of such Member;
    (b) any partner, shareholder or member of such Member, (c) any successor entity of such Member; (d) a trust established by or for the benefit of a Member of which only such Member and his or her immediate family members are beneficiaries; (e) any
    Person established for the benefit of, and beneficially owned solely by, an entity Member or the sole individual direct or indirect owner of an entity Member; and (f) upon an individual Member’s death, an executor, administrator or beneficiary of the
    estate of the deceased Member.

   

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

   

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

   

  “Prime Rate” means, on any date of determination, a rate per annum equal to the rate of
    interest most recently published by The Wall Street Journal as the “prime rate” at large U.S. money center banks.

   

  “Proceeding” is defined in Section 7.4.

   

  
    9 

    
      
 

  

   

  “Profits” or “Losses” means, for each Fiscal Year or other taxable period, an
    amount equal to the Company’s taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section
    703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication):

   

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

   

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

   

  		(c)	in the event the Gross Asset Value of any Company asset is adjusted pursuant to subsection (b) or (c) of the definition of Gross Asset Value above, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases
          the Gross Asset Value of the Company asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the Company asset) from the disposition of such asset and shall, except to the extent allocated pursuant to Section 5.2,
          be taken into account for purposes of computing Profits or Losses;

   

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

   

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

   

  		(f)	to the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining
          Capital Account balances as a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an
          item of loss (if the adjustment decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; and

   

  		(g)	any items of income, gain, loss or deduction which are specifically allocated pursuant to the provisions of Section 5.2 shall not be taken into account in computing Profits or Losses for any taxable year, but such items available to be
          specially allocated pursuant to Section 5.2 will be determined by applying rules analogous to those set forth in subparagraphs (a) through (f) above.

   

  
    10 

    
      
 

  

   

  “Property” means all real and personal property owned by the Company from time to time,
    including both tangible and intangible property.

   

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

   

  “PubCo Change of Control” means the occurrence of any of the following events or series of
    events after the Effective Time:

   

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

   

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

   

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

   

  Notwithstanding the foregoing, except with respect to clause (b)(i) above, a “PubCo Change of Control” shall
    not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares of PubCo immediately prior to such transaction or series of transactions
    continue to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which owns, either directly or through a Subsidiary, all or substantially all of the assets of PubCo immediately following such
    transaction or series of transactions.

   

  “PubCo Common Stock” means all classes and series of common stock of PubCo, including the
    Class A Common Stock and the Class B Common Stock.

   

  “Qualifying Owners” means (i) William A. Zartler, or any company of which he is the manager,
    managing member or otherwise controls, including, but not limited to, Solaris Midstream Investment, LLC, (ii) any wife, lineal descendant, legal guardian or other legal representative or estate of the principal member named in clause (i) above; (iii)
    any trust of which at least one of the trustees is a person described in clause (i) or (ii) above, (iv) COG Operating LLC and any affiliates of ConocoPhillips, (v) Yorktown Energy Partners XI, L.P. and any affiliated funds or investment vehicles
    managed by Yorktown Partners LLC, (vi) HBC Water Resources LP, HBC Water Resources II LP and any affiliated funds or investment vehicles managed by HBC Investments and (vii) any affiliated funds or investment vehicles managed by any of the persons
    described in clauses (iv), (v) or (vi) above, and (viii) any general partner, managing member, principal or managing director of any of the persons described in clauses (iv), (v) or (vi) above.

   

  
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  “Reclassification Event” means any of the following: (a) any reclassification or
    recapitalization of PubCo Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination or any transaction subject to Section 4.1(g)), (b)
    any merger, consolidation or other combination involving PubCo, or (c) any sale, conveyance, lease, or other disposal of all or substantially all the properties and assets of PubCo to any other Person, in each of clauses (a), (b) or (c), as a result of
    which holders of PubCo Common Stock shall be entitled to receive cash, securities or other property for their shares of PubCo Common Stock.

   

  “Redeeming Member” is defined in Section 4.6(a)(i).

   

  “Redemption” has the meaning set forth in Section 4.6(a)(i).

   

  “Redemption Date” means (a) the later of (i) the date that is five Business Days after the
    Redemption Notice Date and (ii) if the Company or PubCo has made a valid Cash Election with respect to the relevant Redemption, the first Business Day on which the Company or PubCo has available funds to pay the Cash Election Amount, which in no event
    shall be more than ten Business Days after the Redemption Notice Date (unless and to the extent that the Managing Member in its sole discretion agrees in writing to waive such time periods), or (b) such later date (i) specified in the Redemption Notice
    or (ii) on which a contingency described in Section 4.6(a)(ii)(C) that is specified in the Redemption Notice is satisfied.

   

  “Redemption Limits” is defined in Section 4.6(j).

   

  “Redemption Notice” is defined in Section 4.6(a)(ii).

   

  “Redemption Notice Date” is defined in Section 4.6(a)(ii).

   

  “Registration Rights Agreement” means the Registration Rights Agreement, by and among PubCo
    and the Members, to be entered into concurrently with the closing of the IPO.

   

  “Regulatory Allocations” is defined in Section 5.2(i).

   

  “Retraction Notice” is defined in Section 4.6(b)(i).

   

  “Securities Act” means the Securities Act of 1933, and the rules and regulations promulgated
    thereunder, as the same may be amended from time to time (or any corresponding provisions of succeeding law).

   

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

   

  “Tax Distributions” means distributions required to be made pursuant to Section 6.2.

   

  “Tax Receivable Agreements” means the Tax Receivable Agreement dated as of October 26, 2021 by
    and among PubCo and the other parties thereto and any similar agreement entered into by PubCo after the date hereof.

   

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

   

  “Transfer” means any transfer, sale, pledge or hypothecation or other disposition (whether
    directly or indirectly, whether with or without consideration and whether voluntarily or involuntarily or by operation of Law) (i) of any interest (legal or beneficial) in any Equity Securities of the Company, or (ii) of any equity or other interest
    (legal or beneficial) in any Member if the assets of such Member primarily consist of Units. The terms “Transferee,” “Transferor,” “Transferred,” and other forms of the word “Transfer” shall have the correlative meanings.

   

  “Transfer Agent” is defined in Section 4.6(a)(ii).

   

  “Treasury Regulations” means pronouncements, as amended from time to time, or their successor
    pronouncements, which clarify, interpret and apply the provisions of the Code, and which are designated as “Treasury Regulations” by the United States Department of the Treasury.

   

  “Uniform Commercial Code” means the Uniform Commercial Code or any successor provision thereof
    as the same may from time to time be in effect in the State of Delaware.

   

  “Units” means the Units issued hereunder and shall also include any equity security of the
    Company issued in respect of or in exchange for Units, whether by way of dividend or other distribution, split, recapitalization, merger, rollup transaction, consolidation, conversion or reorganization.

   

  “Winding-Up Member” is defined in Section 11.3(a).

   

  Section 1.2     Interpretive Provisions. For all purposes of this Agreement,
    except as otherwise expressly provided or unless the context otherwise requires:

   

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

   

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

   

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

   

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

   

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

   

  		(f)	“or” is not exclusive;

   

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

   

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

   

  Article II

    

    ORGANIZATION OF THE LIMITED LIABILITY COMPANY

   

  Section 2.1     Formation. The Company has been formed as a limited liability
    company subject to the provisions of the Act upon the terms, provisions and conditions set forth in this Agreement.

   

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

   

  Section 2.3     Name. The name of the Company is “SOLARIS MIDSTREAM HOLDINGS,
    LLC” and all business of the Company shall be conducted in such name or, in the discretion of the Managing Member, under any other name.

   

  Section 2.4     Registered Office; Registered Agent. The registered
    office of the Company in the State of Delaware is the initial registered office designated in the Certificate of Formation or such other office (which need not be a place of business of the Company) as the Managing Member may designate from time to
    time in the manner provided by law. The registered agent of the Company in the State of Delaware is the initial registered agent designated in the Certificate of Formation, or such other Person or Persons as the Managing Member may designate from time
    to time in the manner provided by law.

   

  
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  Section 2.5     Principal Place of Business. The principal place of business of
    the Company shall be located in such place as is determined by the Managing Member from time to time.

   

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

   

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

   

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

   

  Article III

    

    CLOSING TRANSACTIONS

   

  Section 3.1     Recapitalization Transactions.

   

  		(a)	Effective immediately prior to the Effective Time, (i) the Existing LLC Agreement shall be amended and restated and this Agreement shall be adopted and (ii) all of the membership interests in the Company prior to the adoption of this Agreement
          shall be recapitalized to consist solely of a single class of Units with the rights and privileges as set forth in this Agreement. The number of Units owned by each Member (other than PubCo) shall be determined within 20 calendar days following
          the closing of the IPO as set forth on Exhibit B hereto, which shall be effective as of the Effective Time.

   

  		(b)	Immediately following the closing of the IPO (including the closing of the Option), PubCo shall contribute to the Company all of the net proceeds received by PubCo in connection with such closing and 33,202,500 shares of Class B Common Stock
          (the “Initial B Shares”) in exchange for the issuance of 20,297,500 Units.

   

  		(c)	Pursuant to the terms of Exhibit B hereto and within three Business Days following the closing of the IPO, the Company shall distribute to the applicable Members an aggregate amount of cash equal to 17,353,382 times the initial public
          offering price per share of Class A Common Stock after allocable underwriting discounts and commissions (net of expenses that the underwriters agreed to reimburse PubCo in connection with the IPO), reduced by the Merger Consideration (as defined
          in Exhibit B hereto) payable to certain former Members (as defined in the Existing LLC Agreement).

   

  
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  		(d)	Pursuant to the terms of Exhibit B hereto and within 20 calendar days following the closing of the IPO (including the closing of the Option), (i) the Company shall distribute to each of the Members (other than PubCo) in accordance with
          the number of Units owned by each Member, the Initial B Shares, which will have been held by the Company for the benefit of such Members and (ii) PubCo shall take all actions necessary to cause the stock records of the Class B Common Stock to be
          held on the books and records of the Transfer Agent.

   

  		(e)	The parties agree that for administrative convenience, in connection with the recapitalization of the Company in Section 3.1(a), the Members immediately prior to the Effective Time will receive a number of Units and the right to receive
          the distribution of cash set forth in Section 3.1(c) and Exhibit B hereto in lieu of receiving additional Units and shares of Class B Common Stock. For U.S. federal income (and applicable state and local) tax purposes, each
          Member, the Company and PubCo, each agrees to treat the recapitalization in Section 3.1(a), the contribution in Section 3.1(b) and the related distribution in Section 3.1(c), together as a sale of the foregone additional
          Units by the relevant Member to PubCo in exchange for cash.

   

  Article IV

    

    OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

   

  Section 4.1     Authorized Units; General Provisions With Respect to Units.

   

  		(a)	Subject to the provisions of this Agreement, the Company shall be authorized to issue from time to time such number of Units and such other Equity Securities as the Managing Member shall determine in accordance with Section 4.3; solely
          to the extent they are in the aggregate substantially equivalent to a class of common stock of PubCo or class or series of preferred stock of PubCo, respectively; provided that, notwithstanding anything to the contrary in this Agreement, as long
          as there are any Members of the Company (other than PubCo), then no such new class or series of Units or Equity Securities may deprive such Members of, or dilute or reduce, the pro rata share of all Interests they would have received or to which
          they would have been entitled if such new class or series of Units or Equity Securities had not been created except to the extent (and solely to the extent) the Company actually receives cash in an aggregate amount, or other property with a Fair
          Market Value in an aggregate amount, equal to the pro rata share allocated to such new class or series of Units or Equity Securities and the number thereof issued by the Company. Each authorized Unit may be issued pursuant to such agreements as
          the Managing Member shall approve, including pursuant to options and warrants. The Company may reissue any Units that have been repurchased or acquired by the Company.

   

  
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  		(b)	Each outstanding Unit shall be identical (except as provided in Section 4.3).

   

  		(c)	Initially, none of the Units will be represented by certificates. If the Managing Member determines that it is in the interest of the Company to issue certificates representing the Units, certificates will be issued and the Units will be
          represented by those certificates, and this Agreement shall be amended as necessary or desirable to reflect the issuance of certificated Units for purposes of the Uniform Commercial Code. Nothing contained in this Section 4.1(c) shall be
          deemed to authorize or permit any Member to Transfer its Units except as otherwise permitted under this Agreement.

   

  		(d)	The total number of Units issued and outstanding and held by the Members is set forth on Exhibit A (as amended from time to time in accordance with the terms of this Agreement) as of the date set forth therein.

   

  		(e)	If, at any time after the Effective Time, PubCo issues a share of its Class A Common Stock or any other Equity Security of PubCo (other than shares of Class B Common Stock), (i) the Company shall concurrently issue to PubCo one Unit (if PubCo
          issues a share of Class A Common Stock), or such other Equity Security of the Company (if PubCo issues Equity Securities other than Class A Common Stock) corresponding to the Equity Securities issued by PubCo, and with substantially the same
          rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of PubCo to be issued and (ii) PubCo shall concurrently contribute to the Company the net proceeds or
          other property received by PubCo for such share of Class A Common Stock or other Equity Security; provided, however, that if PubCo issues any shares of Class A Common Stock in order to acquire or fund the acquisition from a Member
          (other than PubCo) of a number of Units (and shares of Class B Common Stock) equal to the number of shares of Class A Common Stock so issued, then the Company shall not issue any new Units in connection therewith and, where such shares of Class A
          Common Stock have been issued for cash to fund an acquisition, PubCo shall not be required to transfer such net proceeds to the Company, and such net proceeds shall instead be transferred to such Member as consideration for such acquisition.
          Notwithstanding the foregoing, this Section 4.1(e) shall not apply to the issuance and distribution to holders of shares of PubCo Common Stock of rights to purchase Equity Securities of PubCo under a “poison pill” or similar shareholders
          rights plan (and upon any redemption of Units for Class A Common Stock, such Class A Common Stock will be issued together with a corresponding right under such plan), or to the issuance under PubCo’s employee benefit plans of any warrants,
          options, other rights to acquire Equity Securities of PubCo or rights or property that may be converted into or settled in Equity Securities of PubCo, but shall in each of the foregoing cases apply to the issuance of Equity Securities of PubCo in
          connection with the exercise or settlement of such rights, warrants, options or other rights or property. Except pursuant to Section 4.6, (x) the Company may not issue any additional Units to PubCo or any of its Subsidiaries unless
          substantially simultaneously therewith PubCo or such Subsidiary issues or sells an equal number of newly-issued shares of PubCo’s Class A Common Stock to another Person, and (y) the Company may not issue any other Equity Securities of the Company
          to PubCo or any of its Subsidiaries unless substantially simultaneously PubCo or such Subsidiary issues or sells, to another Person, an equal number of newly-issued shares of a new class or series of Equity Securities of PubCo or such Subsidiary
          with substantially the same rights to dividends and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of the Company. If at any time PubCo or any of its Subsidiaries (other than
          the Company and its Subsidiaries) issues Debt Securities, PubCo or such Subsidiary shall transfer to the Company (in a manner to be determined by the Managing Member in its reasonable discretion) the proceeds received by PubCo or such Subsidiary
          in exchange for such Debt Securities in a manner that directly or indirectly burdens the Company with the repayment of the Debt Securities. In the event any Equity Security outstanding at PubCo is exercised or otherwise converted and, as a
          result, any shares of Class A Common Stock or other Equity Securities of PubCo are issued, (1) the corresponding Equity Security outstanding at the Company shall be similarly exercised or otherwise converted, as applicable, and an equivalent
          number of Units or other Equity Securities of the Company shall be issued to PubCo as contemplated by the first sentence of this Section 4.1(e), and (2) PubCo shall concurrently contribute to the Company the net proceeds received by PubCo
          from any such exercise.

   

  
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  		(f)	PubCo or any of its Subsidiaries may not redeem, repurchase or otherwise acquire (i) any shares of Class A Common Stock (including upon forfeiture of any unvested shares of Class A Common Stock) unless substantially simultaneously the Company
          redeems, repurchases or otherwise acquires from PubCo or such Subsidiary an equal number of Units for the same price per security or (ii) any other Equity Securities of PubCo, unless substantially simultaneously the Company redeems, repurchases
          or otherwise acquires from PubCo or such Subsidiary an equal number of Equity Securities of the Company of a corresponding class or series with substantially the same rights to dividends and distributions (including distributions upon
          liquidation) and other economic rights as those of such Equity Securities of PubCo for the same price per security. The Company may not redeem, repurchase or otherwise acquire (x) except pursuant to Section 4.6, any Units from PubCo or
          any of its Subsidiaries unless substantially simultaneously PubCo or such Subsidiary redeems, repurchases or otherwise acquires an equal number of shares of Class A Common Stock for the same price per security from holders thereof, or (y) any
          other Equity Securities of the Company from PubCo or any of its Subsidiaries unless substantially simultaneously PubCo or such Subsidiary redeems, repurchases or otherwise acquires for the same price per security an equal number of Equity
          Securities of PubCo of a corresponding class or series with substantially the same rights to dividends and distributions (including distribution upon liquidation) and other economic rights as those of such Equity Securities of PubCo.
          Notwithstanding the foregoing, to the extent that any consideration payable by PubCo in connection with the redemption or repurchase of any shares of Class A Common Stock or other Equity Securities of PubCo or any of its Subsidiaries consists (in
          whole or in part) of shares of Class A Common Stock or such other Equity Securities (including, for the avoidance of doubt, in connection with the cashless exercise of an option or warrant), then the redemption or repurchase of the corresponding
          Units or other Equity Securities of the Company shall be effectuated in an equivalent manner.

   

  
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  		(g)	The Company shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of
          the outstanding Units unless accompanied by an identical subdivision or combination, as applicable, of the outstanding PubCo Common Stock, with corresponding changes made with respect to any other exchangeable or convertible securities. PubCo
          shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the
          outstanding PubCo Common Stock unless accompanied by an identical subdivision or combination, as applicable, of the outstanding Units, with corresponding changes made with respect to any other exchangeable or convertible securities.

   

  		(h)	Notwithstanding any other provision of this Agreement (including Section 4.1(e)), but subject to Section 4.1(a), if PubCo receives Tax Distributions in an amount in excess of the amount that will enable PubCo to meet its U.S.
          federal, state and local and non-U.S. tax obligations and its obligations under the Tax Receivable Agreements or holds any other excess cash amount, PubCo may, in its sole discretion, contribute such excess cash amount to the Company in exchange
          for a number of Units (but only to the extent the Company actually receives cash therefor in an aggregate amount, or other property therefor with a Fair Market Value in an aggregate amount, or a combination thereof, equal to at least the Fair
          Market Value of such Units), and distribute to the holders of Class A Common Stock shares of Class A Common Stock that correspond economically to such Units.

   

  Section 4.2     Voting Rights. No Member has any voting right except with
    respect to those matters specifically reserved for a Member vote under the Act and for matters expressly requiring the approval of Members under this Agreement. Except as otherwise required by the Act, each Unit will entitle the holder thereof to one
    vote on all matters to be voted on by the Members. Except as otherwise expressly provided in this Agreement, the holders of Units having voting rights will vote together as a single class on all matters to be approved by the Members.

   

  
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  Section 4.3     Capital Contributions; Unit Ownership.

   

  		(a)	Capital Contributions. Except as otherwise set forth in Section 4.1(e) with respect to the obligations of PubCo, no Member shall be required to make additional Capital Contributions.

   

  		(b)	Issuance of Additional Units or Interests. Except as otherwise expressly provided in this Agreement, the Managing Member shall have the right to authorize and cause the Company to issue on such terms (including price) as may be
          determined by the Managing Member (i) subject to the limitations of Section 4.1, additional Units or other Equity Securities in the Company (including creating preferred interests or other classes or series of interests having such
          rights, preferences and privileges as determined by the Managing Member, which rights, preferences and privileges may be senior to the Units), and (ii) obligations, evidences of Indebtedness or other securities or interests convertible or
          exchangeable for Units or other Equity Securities in the Company; provided that, at any time following the date hereof, in each case the Company shall not issue Equity Securities in the Company to any Person unless such Person shall have
          executed a counterpart to this Agreement and all other documents, agreements or instruments deemed necessary or desirable in the discretion of the Managing Member. Upon such issuance and execution, such Person shall be admitted as a Member of the
          Company. In that event, the Managing Member shall amend Exhibit A to reflect such additional issuances. Subject to Section 12.1, the Managing Member is hereby authorized to amend this Agreement to set forth the designations,
          preferences, rights, powers and duties of such additional Units or other Equity Securities in the Company, or such other amendments that the Managing Member determines to be otherwise necessary or appropriate in connection with the creation,
          authorization or issuance of, any class or series of Units or other Equity Securities in the Company pursuant to this Section 4.3(b); provided that, notwithstanding the foregoing, the Managing Member shall have the right to amend
          this Agreement as set forth in this sentence without the approval of any other Person (including any Member) and notwithstanding any other provision of this Agreement (including Section 12.1) if such amendment is necessary, and then only
          to the extent necessary, in order to consummate any offering of shares of PubCo Common Stock or other Equity Securities of PubCo provided that the designations, preferences, rights, powers and duties of any such additional Units or other Equity
          Securities of the Company as set forth in such amendment are substantially equivalent to those applicable to such shares of PubCo Common Stock or other Equity Securities of PubCo.

   

  Section 4.4     Capital Accounts. A Capital Account shall be maintained for
    each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations, the other provisions of this Agreement. Each Member’s Capital Account shall be (a) increased by (i)
    allocations to such Member of Profits pursuant to Section 5.1 and any other items of income or gain allocated to such Member pursuant to Section 5.2, (ii) the amount of additional cash or the initial Gross Asset Value of any asset (net
    of any Liabilities assumed by the Company and any Liabilities to which the asset is subject) contributed to the Company by such Member, and (iii) any other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv), and (b)
    decreased by (i) allocations to such Member of Losses pursuant to Section 5.1 and any other items of deduction or loss allocated to such Member pursuant to the provisions of Section 5.2, (ii) the amount of any cash or the Gross Asset
    Value of any asset (net of any Liabilities assumed by the Member and any Liabilities to which the asset is subject) distributed to such Member, and (iii) any other decreases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv). In the
    event of a Transfer of Units made in accordance with this Agreement (including a deemed Transfer for U.S. federal income tax purposes as described in Section 4.6(a)(iv)), the Capital Account of the Transferor that is attributable to the
    Transferred Units shall carry over to the Transferee Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l).

   

  
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  Section 4.5     Other Matters.

   

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

   

  		(b)	No Member shall receive any interest, salary, compensation, draw or reimbursement with respect to its Capital Contributions or its Capital Account, or for services rendered or expenses incurred on behalf of the Company or otherwise in its
          capacity as a Member, except as otherwise provided in Section 7.9 or as otherwise contemplated by this Agreement.

   

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

   

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

   

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

   

  
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  Section 4.6     Redemption of Units.

   

  		(a)	         

   

  		(i)	Upon the terms and subject to the conditions set forth in this Section 4.6, each of the Members (other than PubCo and its wholly owned Subsidiaries) (the “Redeeming Member”) shall be entitled, from time to time, to cause
          the Company to redeem all or a portion of such Member’s Units (together with the surrender and delivery of the same number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock (a “Redemption”)

          or, at the Company’s election made in accordance with Section 4.6(a)(iii), cash equal to the Cash Election Amount calculated with respect to such Redemption. Absent the prior written consent of the Managing Member, with respect to each
          Redemption of 250,000 Units or less, a Redeeming Member shall be (A) required to redeem at least a number of Units equal to the lesser of 250,000 Units and all of the Units then held by such Redeeming Member and (B) permitted to effect a
          Redemption of Units no more frequently than once per calendar quarter; except such limitations shall not apply with respect to any sales of Class A Common Stock pursuant to a trading plan adopted pursuant to Rule 10b5-1 of the Exchange Act by a
          Major Member with respect to the Class A Common Stock if the Managing Member approved such trading plan for purposes of this Agreement in advance of its adoption (or amendment, if applicable); provided that such approval shall not be unreasonably
          withheld, conditioned or delayed unless the Managing Member determines, in its sole discretion, that approval is subject to the Redemption Limits. In addition, the Managing Member may, in its discretion, adopt a policy to limit Redemptions of
          250,000 Units or less to a particular period during each quarter; except such limitations shall not apply with respect to any sales of Class A Common Stock pursuant to a trading plan adopted pursuant to Rule 10b5-1 of the Exchange Act by a Major
          Member with respect to the Class A Common Stock if the Managing Member approved such trading plan for purposes of this Agreement in advance of its adoption (or amendment, if applicable); provided that such approval shall not be unreasonably
          withheld, conditioned or delayed unless the Managing Member determines, in its sole discretion, that approval is subject to the Redemption Limits. Notwithstanding the foregoing, with respect to each redemption of more than 250,000 Units, a
          Redeeming Member may redeem more than once per calendar quarter, subject to any additional limitations and restrictions on Redemptions imposed by the Managing Member pursuant to the Redemption Limits in Section 4.6(j). Upon the Redemption
          of all of a Member’s Units, such Member shall, for the avoidance of doubt, cease to be a Member of the Company.

   

  		(ii)	In order to exercise the redemption right under Section 4.6(a)(i), the Redeeming Member shall provide written notice (the “Redemption Notice”) to the Company, with a copy to PubCo (the date of delivery of such Redemption
          Notice, the “Redemption Notice Date”), stating:

   

  		(A)	the number of Units (together with the surrender and delivery of an equal number of shares of Class B Common Stock) the Redeeming Member elects to have the Company redeem;

   

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

   

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

   

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

   

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

   

  		(iii)	Upon receipt of a Redemption Notice, the Company shall be entitled to elect (a “Cash Election”) to settle the Redemption by delivering to the Redeeming Member, in lieu of the applicable number of shares of Class A Common Stock
          that would be received in such Redemption, an amount of cash equal to the Cash Election Amount for such Redemption. In order to make a Cash Election with respect to a Redemption, the Company must provide written notice of such election to the
          Redeeming Member (with a copy to PubCo) prior to 5:00 p.m., Houston time, on or prior to the second Business Day after the Redemption Notice Date. If the Company fails to provide such written notice prior to such time, it shall not be entitled to
          make a Cash Election with respect to such Redemption and such Units (together with the same number of shares of Class B Common Stock) subject to such Redemption shall be settled for an equivalent number of shares of Class A Common Stock. If the
          Company elects the Cash Election, the Redeeming Member may retract its Redemption Notice by giving written notice (the “Cash Election Retraction Notice”) to the Company (with a copy to PubCo) within two (2) Business Days of delivery
          of the notice of Cash Election by the Company to the Redeeming Member.

   

  
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  		(iv)	Unless otherwise required by applicable Law, for U.S. federal income (and applicable state and local) tax purposes, each of the Redeeming Member, the Company and PubCo, as the case may be, agree to treat each Redemption and, in the event PubCo
          exercises its Call Right, each transaction between the Redeeming Member and PubCo, as a sale of the Redeeming Member’s Units (together with the same number of shares of Class B Common Stock) to PubCo in exchange for shares of Class A Common Stock
          or cash, as applicable.

   

  		(b)	        

   

  		(i)	Subject to (A) the satisfaction of any contingency described in Section 4.6(a)(ii)(C) that is specified in the relevant Redemption Notice, including that the Redemption Notice may be conditioned on the closing of an underwritten
          distribution of the shares of Class A Common Stock that may be issued in connection with such proposed Redemption, and (B) a validly submitted Cash Election Retraction Notice under Section 4.6(a)(iii), the Redemption shall be completed on
          the Redemption Date; provided, that if a valid Cash Election has not been made, the Redeeming Member may, at any time prior to the Redemption Date, revoke its Redemption Notice by giving written notice (the “Retraction Notice”)

          to the Company (with a copy to PubCo) The timely delivery of a Retraction Notice shall terminate all of the Redeeming Member’s, the Company’s and PubCo’s rights and obligations arising from the retracted Redemption Notice.

   

  
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  		(ii)	Notwithstanding anything to the contrary in this Agreement, in the event the Company does not elect the Cash Election in connection with a Redemption, a Redeeming Member shall be entitled to revoke its Redemption Notice and issue a Retraction
          Notice or delay the consummation of a Redemption if any of the following conditions exists: (i) any registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Member at or immediately
          following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the Commission or no such resale registration statement has yet become effective; (ii) the Company shall have failed to cause any
          related prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption; (iii) the Company shall have exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement
          under the Registration Rights Agreement and such deferral, delay or suspension shall affect the ability of such Redeeming Member to have its Class A Common Stock registered at or immediately following the consummation of the Redemption; (iv) the
          Company shall have disclosed to such Redeeming Member any material non-public information concerning the Company, the receipt of which results in such Redeeming Member being prohibited or restricted from selling Class A Common Stock at or
          immediately following the Redemption without disclosure of such information (and the Company does not permit disclosure); (v) any stop order relating to the registration statement pursuant to which the Class A Common Stock was to be registered by
          such Redeeming Member at or immediately following the Redemption shall have been issued by the Commission; (vi) there shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class A
          Common Stock is then traded; (vii) there shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that restrains or prohibits the Redemption; (viii) the Company shall have failed to comply in all
          material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such Redeeming Member to consummate the resale of Class A Common Stock to be received upon such redemption
          pursuant to an effective registration statement; or (ix) the Redemption Date would occur three (3) Business Days or less prior to, or during, a Black-Out Period. If a Redeeming Member delays the consummation of a Redemption pursuant to this Section

            4.06(b)(iii), the Redemption Date shall occur on the fifth Business Day following the date on which the conditions giving rise to such delay cease to exist (or such earlier day as the Company and such Redeeming Member may agree in writing).

   

  		(iii)	Unless the Redeeming Member has timely delivered a Retraction Notice as provided in Section 4.6(b)(i), issued a Retraction Notice or delayed the consummation of a Redemption, in each case, under Section 4.6(b)(ii), or has timely
          delivered a Cash Election Retraction Notice under Section 4.6(a)(iii) or, subject to the foregoing and Section 4.6(e), PubCo has validly elected its Call Right pursuant to Section 4.6(f), on the Redemption Date (to be
          effective immediately prior to the close of business on the Redemption Date) (A) the Redeeming Member shall transfer and surrender the Units to be redeemed (and a corresponding number of shares of Class B Common Stock) to the Company, in each
          case free and clear of all liens and encumbrances, (B) PubCo shall contribute to the Company the consideration the Redeeming Member is entitled to receive under Section 4.6(a)(i) and, as described in Section 4.1(e), the Company
          shall issue to PubCo a number of Units or other Equity Securities of the Company as consideration for such contribution, (C) the Company shall (x) cancel the redeemed Units, (y) transfer to the Redeeming Member the consideration the Redeeming
          Member is entitled to receive under Section 4.6(a)(i), and (z) if the Units are certificated, issue to the Redeeming Member a certificate for a number of Units equal to the difference (if any) between the number of Units evidenced by the
          certificate surrendered by the Redeeming Member pursuant to clause (iii)(A) of this Section 4.6(b) and the number of redeemed Units, and (D) PubCo shall cancel the surrendered shares of Class B Common Stock. Notwithstanding any other
          provisions of this Agreement to the contrary, in the event that the Company makes a valid Cash Election, PubCo shall only be obligated to contribute to the Company an amount in cash equal to the net proceeds (after deduction of any Discount) from
          the sale by PubCo of a number of shares of Class A Common Stock equal to the number of Units and Class B Common Stock to be redeemed with such cash or from the sale of other PubCo Equity Securities used to fund the Cash Election Amount; provided

          that PubCo’s Capital Account shall be adjusted in accordance with Section 7.9; provided further, that the contribution of such net proceeds shall in no event affect the Redeeming Member’s right to receive the Cash Election
          Amount; provided further, for the avoidance of doubt, if the Cash Election Amount to which the Redeeming Member is entitled exceeds the full amount that is contributed to the Company by PubCo, then the Company shall still be required to
          pay the Redeeming Member the full Cash Election Amount.

   

  
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  		(c)	If (i) there is any reclassification, reorganization, recapitalization or other similar transaction pursuant to which the shares of Class A Common Stock are converted or changed into another security, securities or other property (other than as
          a result of a subdivision or combination or any transaction subject to Section 4.1(g)), or (ii) PubCo, by dividend or otherwise, distributes to all holders of the shares of Class A Common Stock evidences of its Indebtedness or assets,
          including securities (including shares of Class A Common Stock and any rights, options or warrants to all holders of the shares of Class A Common Stock to subscribe for or to purchase or to otherwise acquire shares of Class A Common Stock, or
          other securities or rights convertible into, exchangeable for or exercisable for shares of Class A Common Stock) but excluding (A) any cash dividend or distribution, or (B) any such distribution of Indebtedness or assets, in either case (A) or
          (B) received by PubCo from the Company in respect of the Units, then upon any subsequent Redemption, in addition to the shares of Class A Common Stock or the Cash Election Amount, as applicable, each Member shall be entitled to receive the amount
          of such security, securities or other property that such Member would have received if such Redemption had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization, other similar transaction,
          dividend or other distribution, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split,
          reclassification, recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of
          doubt, if there is any reclassification, reorganization, recapitalization or other similar transaction in which the shares of Class A Common Stock are converted or changed into another security, securities or other property, or any dividend or
          distribution (other than an excluded dividend or distribution, as described above), this Section 4.6 shall continue to be applicable, mutatis mutandis, with respect to such security or other property. This Agreement shall apply to
          the Units held by the Members and their Permitted Transferees as of the date hereof, as well as any Units hereafter acquired by a Member and his or her or its Permitted Transferees.

   

  
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  		(d)	PubCo shall at all times keep available, solely for the purpose of issuance upon a Redemption, out of its authorized but unissued shares of Class A Common Stock, such number of shares of Class A Common Stock that shall be issuable upon the
          Redemption of all outstanding Units (other than those Units held by PubCo or any Subsidiary of PubCo); provided, that nothing contained herein shall be construed to preclude PubCo from satisfying its obligations with respect to a
          Redemption by delivery of cash pursuant to a Cash Election or shares of Class A Common Stock that are held in the treasury of PubCo. PubCo covenants that all shares of Class A Common Stock that shall be issued upon a Redemption or exercise of a
          Call Right by PubCo shall, upon issuance thereof, be validly issued, fully paid and non-assessable. In addition, for so long as the shares of Class A Common Stock are listed on a National Securities Exchange, PubCo shall use its reasonable best
          efforts to cause all shares of Class A Common Stock issued upon a Redemption or exercise of a Call Right by PubCo, in each case, to be listed on such National Securities Exchange at the time of such issuance.

   

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

   

  		(i)	Notwithstanding anything to the contrary in this Section 4.6, but subject to Section 4.6(g) and without limitation to the rights of the Members under this Section 4.6, including the right to revoke a Redemption Notice
          which shall apply mutatis mutandis to any Call Right elected by PubCo, including the right of a member to revoke a Redemption Notice if PubCo elects settlement by the Cash Election Amount, PubCo may, in its sole discretion, by means of
          delivery of a Call Election Notice in accordance with, and subject to the terms of, this Section 4.6(f), elect to purchase directly and acquire such Units (together with the surrender and delivery of the same number of shares of Class B
          Common Stock) on the Redemption Date by paying to the Redeeming Member (or, on the Redeeming Member’s written order, its designee) that number of shares of Class A Common Stock the Redeeming Member (or its designee) would otherwise receive
          pursuant to Section 4.6(a)(i) or, at PubCo’s election, an amount of cash equal to the Cash Election Amount of such shares of Class A Common Stock (the “Call Right”), whereupon PubCo shall acquire the Units offered for
          redemption by the Redeeming Member (together with the surrender and delivery of the same number of shares of Class B Common Stock to PubCo for cancellation). PubCo shall be treated for all purposes of this Agreement as the owner of such Units.

   

  
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  		(ii)	PubCo may, at any time prior to the Redemption Date, in its sole discretion deliver written notice (a “Call Election Notice”) to the Company and the Redeeming Member setting forth its election to exercise its Call Right; provided
          that any such election does not prejudice the ability of the parties to consummate a Redemption or a Call Right on the Redemption Date. A Call Election Notice may be revoked by PubCo at any time; provided that any such revocation does
          not prejudice the ability of the parties to consummate a Redemption on the Redemption Date. The right to consummate a Call Right in all events shall be exercisable for all the Units set forth in the applicable Redemption Notice that would have
          otherwise been subject to the Redemption. Except as otherwise provided by this Section 4.6(f), an exercise of the Call Right shall be consummated pursuant to the same timeframe and in the same manner as the relevant Redemption would have
          been consummated if PubCo had not delivered a Call Election Notice.

   

  		(f)	In connection with a PubCo Change of Control that is approved by the board of directors of PubCo, PubCo shall have the right, in its sole discretion, to require each Member (other than PubCo and its wholly owned Subsidiaries) to effect a
          Redemption of some or all of such Member’s Units (together with the surrender and delivery of the same number of shares of Class B Common Stock); provided that a Cash Election shall not be permitted pursuant to such a Redemption under
          this Section 4.6(g). Any Redemption pursuant to this Section 4.6(g) shall be effective contingent upon and immediately prior to the consummation of the PubCo Change of Control (and, for the avoidance of doubt, shall not be
          effective if such PubCo Change of Control is not consummated) (the “Change of Control Redemption Date”). From and after the Change of Control Redemption Date, (i) the Units and shares of Class B Common Stock subject to such
          Redemption shall be deemed to be transferred to PubCo on the Change of Control Redemption Date and (ii) such Member shall cease to have any rights with respect to the Units and shares of Class B Common Stock subject to such Redemption (other than
          the right to receive shares of Class A Common Stock pursuant to such Redemption). PubCo shall provide written notice of an expected PubCo Change of Control to all Members within the earlier of (x) five (5) Business Days following the execution of
          the agreement with respect to such PubCo Change of Control and (y) thirty (30) Business Days before the proposed date upon which the contemplated PubCo Change of Control is to be effected, indicating in such notice such information as may
          reasonably describe the PubCo Change of Control transaction, subject to applicable law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types of consideration to be paid for shares
          of Class A Common Stock in the PubCo Change of Control, any election with respect to types of consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with such PubCo Change of Control,
          and the number of Units (and corresponding shares of Class B Common Stock) held by such Member that PubCo intends to require to be subject to such Redemption. Following delivery of such notice and on or prior to the Change of Control Redemption
          Date, the Members shall take all actions reasonably requested by PubCo to effect such Redemption, including taking any reasonable action and delivering any document reasonably required pursuant to the remainder of this Section 4.6 to
          effect a Redemption.

   

  
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  		(g)	In the event that (i) the Members (other than PubCo and its wholly owned Subsidiaries) beneficially own, in the aggregate, less than 5% of the then outstanding Units and (ii) the Class A Common Stock is listed or admitted to trading on a
          National Securities Exchange, PubCo shall have the right, in its sole discretion, to require any Member (other than PubCo and its wholly owned Subsidiaries) that beneficially owns less than 1% of the then outstanding Units, to effect a Redemption
          of some or all of such Member’s Units (together with the surrender and delivery of the same number of shares of Class B Common Stock); provided that a Cash Election shall not be permitted pursuant to such a Redemption under this Section

            4.6(h). PubCo shall deliver written notice to the Company and any such Member of its intention to exercise its Redemption right pursuant to this Section 4.6(h) (a “Minority Member Redemption Notice”) at least five (5)
          Business Days prior to the proposed date upon which such Redemption is to be effected (such proposed date, the “Minority Member Redemption Date”), indicating in such notice the number of Units (and corresponding shares of Class B
          Common Stock) held by such Member that PubCo intends to require to be subject to such Redemption. Any Redemption pursuant to this Section 4.6(h) shall be effective on the Minority Member Redemption Date. From and after the Minority Member
          Redemption Date, (i) the Units and shares of Class B Common Stock subject to such Redemption shall be deemed to be transferred to PubCo on the Minority Member Redemption Date and (ii) such Member shall cease to have any rights with respect to the
          Units and shares of Class B Common Stock subject to such Redemption (other than the right to receive shares of Class A Common Stock pursuant to such Redemption). Following delivery of a Minority Member Redemption Notice and on or prior to the
          Minority Member Redemption Date, the Members shall take all actions reasonably requested by PubCo to effect such Redemption, including taking any action and delivering any document required pursuant to the remainder of this Section 4.6 to
          effect a Redemption.

   

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

   

  
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  		(i)	Any Units acquired by the Company under this Section 4.6 and transferred by the Company to PubCo shall remain outstanding and shall not be cancelled as a result of their acquisition by the Company. Notwithstanding any other provision of
          this Agreement, PubCo shall be automatically admitted as a Member of the Company with respect to any Units or other Equity Securities in the Company it receives under this Agreement (including under this Section 4.6 in connection with any
          Redemption).

   

  		(j)	The Managing Member may impose additional limitations and restrictions on Redemptions (including limiting Redemptions or creating priority procedures for Redemptions; provided, that, such limitations or procedures are applied in a
          non-discriminatory manner amongst all similarly situated Members), to the extent it determines, in its sole discretion, such limitations and restrictions to be necessary or appropriate to avoid undue risk that the Company may be classified as a
          “publicly traded partnership” within the meaning of Section 7704 of the Code (the “Redemption Limits”). Furthermore, the Managing Member may require any Member or group of Members to redeem all of their Units to the extent it determines, in its
          sole discretion, that such Redemption is necessary or appropriate to avoid undue risk that the Company may be classified as a “publicly traded partnership” within the meaning of Section 7704 of the Code. Upon delivery of any notice by the
          Managing Member to such Member or group of Members requiring such Redemption, such Member or group of Members shall exchange, subject to exercise by PubCo of its Call Right pursuant to Section 4.6(f)(i), all of their Units effective as of
          the date specified in such notice (and such date shall be deemed to be a Redemption Date for purposes of this Agreement) in accordance with this Section 4.6 and otherwise in accordance with the requirements set forth in such notice.

   

  Article V

    

    ALLOCATIONS OF PROFITS AND LOSSES

   

  Section 5.1     Profits and Losses. After giving effect to the allocations
    under Section 5.2 and subject to Section 5.4, Profits and Losses (and, to the extent determined by the Managing Member to be necessary and appropriate to achieve the resulting Capital Account balances described below, any allocable
    items of income, gain, loss, deduction or credit includable in the computation of Profits and Losses) for each Fiscal Year or other taxable period shall be allocated among the Members during such Fiscal Year or other taxable period in a manner such
    that, after giving effect to the special allocations set forth in Section 5.2 and all distributions through the end of such Fiscal Year or other taxable period, the Capital Account balance of each Member shall be equal on a pro rata
    basis in accordance with the number of Units held by each Member.

   

  
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  Section 5.2     Special Allocations.

   

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

   

  		(b)	Any Member Nonrecourse Deductions for any Fiscal Year or other taxable period shall be specially allocated to the Member who bears economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are
          attributable in accordance with Treasury Regulations Section 1.704-2(i). If more than one Member bears the economic risk of loss for such Member Nonrecourse Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt
          shall be allocated among the Members according to the ratio in which they bear the economic risk of loss. This Section 5.2(b) is intended to comply with the provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted
          consistently therewith.

   

  		(c)	Notwithstanding any other provision of this Agreement to the contrary, if there is a net decrease in Company Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Company Minimum Gain for a prior Fiscal
          Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this Section 5.2(c)), each Member shall be specially allocated items of Company
          income and gain for such Fiscal Year or other taxable period in an amount equal to such Member’s share of the net decrease in Company Minimum Gain during such year (as determined pursuant to Treasury Regulations Section 1.704-2(g)(2)). This
          section is intended to constitute a minimum gain chargeback under Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.

   

  		(d)	Notwithstanding any other provision of this Agreement except Section 5.2(c), if there is a net decrease in Member Minimum Gain during any Fiscal Year or other taxable period (or if there was a net decrease in Member Minimum Gain for a
          prior Fiscal Year or other taxable period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this Section 5.2(d)), each Member shall be specially allocated items of
          Company income and gain for such year in an amount equal to such Member’s share of the net decrease in Member Minimum Gain (as determined pursuant to Treasury Regulations Section 1.704-2(i)(4)). This section is intended to constitute a partner
          nonrecourse debt minimum gain chargeback under Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

   

  
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  		(e)	Notwithstanding any provision hereof to the contrary except Section 5.2(a) and Section 5.2(b), no Losses or other items of loss or expense shall be allocated to any Member to the extent that such allocation would cause such
          Member to have an Adjusted Capital Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the end of such Fiscal Year or other taxable period. All Losses and other items of loss and expense in excess of the limitation set
          forth in this Section 5.2(e) shall be allocated to the Members who do not have an Adjusted Capital Account Deficit in proportion to their relative positive Capital Accounts but only to the extent that such Losses and other items of loss
          and expense do not cause any such Member to have an Adjusted Capital Account Deficit.

   

  		(f)	Notwithstanding any provision hereof to the contrary except Section 5.2(c) and Section 5.2(d), in the event any Member unexpectedly receives any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of
          Treasury Regulations Section 1.704-1(b)(2)(ii)(d), items of income and gain (consisting of a pro rata portion of each item of income, including gross income, and gain for the Fiscal Year or other taxable period) shall be specially
          allocated to such Member in an amount and manner sufficient to eliminate any Adjusted Capital Account Deficit of that Member as quickly as possible; provided that an allocation pursuant to this Section 5.2(f) shall be made only if and to
          the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article V have been tentatively made as if this Section 5.2(f) were not in this Agreement. This Section

            5.2(f) is intended to constitute a qualified income offset under Treasury Regulations Section 1.704-1(b)(2)(ii) (d) and shall be interpreted consistently therewith.

   

  		(g)	If any Member has a deficit balance in its Capital Account at the end of any Fiscal Year or other taxable period that is in excess of the sum of (i) the amount that such Member is obligated to restore and (ii) the amount that the Member is
          deemed to be obligated to restore pursuant to the penultimate sentence of Treasury Regulations Sections 1.704-2(g)(1) and (i)(5), that Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as
          possible, provided that an allocation pursuant to this Section 5.2(g) shall be made only if and to the extent that such Member would have a deficit balance in its Capital Account in excess of such sum after all other allocations provided
          for in this Article V have been made as if Section 5.2(f) and this Section 5.2(g) were not in this Agreement.

   

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

   

  
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  		(i)	The allocations set forth in Sections 5.2(a) through 5.2(h) (the “Regulatory Allocations”) are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding
          any other provision of this Article V (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future Regulatory Allocations) shall be taken into account in allocating other items of income, gain, loss and
          deduction among the Members so that, to the extent possible, the net amount of such allocation of other items and the Regulatory Allocations to each Member should be equal to the net amount that would have been allocated to each such Member if
          the Regulatory Allocations had not occurred. This Section 5.2(i) is intended to minimize to the extent possible and to the extent necessary any economic distortions which may result from application of the Regulatory Allocations and shall
          be interpreted in a manner consistent therewith.

   

  Section 5.3     Allocations for Tax Purposes in General.

   

  		(a)	Except as otherwise provided in this Section 5.3, each item of income, gain, loss and deduction of the Company for U.S. federal income tax purposes shall be allocated among the Members in the same manner as such item is allocated under
          Sections 5.1 and 5.2.

   

  		(b)	In accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying the principles of Code Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and
          deduction with respect to any Company property having a Gross Asset Value that differs from such property’s adjusted U.S. federal income tax basis shall, solely for U.S. federal income tax purposes, be allocated among the Members to account for
          any such difference using such method or methods determined by the Managing Member to be appropriate and in accordance with the applicable Treasury Regulations.

   

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

   

  		(d)	Allocations pursuant to this Section 5.3 are solely for purposes of U.S. federal, state and local taxes and shall not affect or in any way be taken into account in computing any Member’s Capital Account or share of Profits, Losses,
          other items or distributions pursuant to any provision of this Agreement.

   

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

   

  
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  Section 5.4     Other Allocation Rules.

   

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

   

  		(b)	The provisions regarding the establishment and maintenance for each Member of a Capital Account as provided by Section 4.4 and the allocations set forth in Sections 5.1, 5.2 and 5.3 are intended to comply with
          the Treasury Regulations and to reflect the intended economic entitlement of the Members. If the Managing Member determines, in its sole discretion, that the application of the provisions in Sections 4.4, 5.1, 5.2 or 5.3
          would result in non-compliance with the Treasury Regulations or would be inconsistent with the intended economic entitlement of the Members, the Managing Member is authorized to make any appropriate adjustments to such provisions.

   

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

   

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

   

  Article VI

    

    DISTRIBUTIONS

   

  Section 6.1     Distributions.

   

  		(a)	Distributions. To the extent permitted by applicable Law and hereunder, and except as otherwise provided in Section 11.3, distributions to Members may be declared by the Managing Member out of funds legally available therefor in
          such amounts and on such terms (including the payment dates of such distributions) as the Managing Member shall determine using such record date as the Managing Member may designate; any such distribution shall be made to the Members as of the
          close of business on such record date on a pro rata basis (except that, for the avoidance of doubt, repurchases or redemptions made in accordance with Section 4.1(f) or payments made in accordance with Sections 7.4 or 7.9
          need not be on a pro rata basis), in accordance with the number of Units owned by each Member as of the close of business on such record date; provided, however, that the Managing Member shall have the obligation to make
          distributions as set forth in Sections 6.2 and 11.3(b)(iii); and provided, further, that, notwithstanding any other provision herein to the contrary, no distributions shall be made to any Member to the extent such
          distribution would render the Company insolvent or violate the Act. For purposes of the foregoing sentence, insolvency means the inability of the Company to meet its payment obligations when due. Promptly following the designation of a record
          date and the declaration of a distribution pursuant to this Section 6.1, the Managing Member shall give notice to each Member of the record date, the amount and the terms of the distribution and the payment date thereof.

   

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

   

  		(c)	Distributions In-Kind. Except as otherwise provided in this Agreement, any distributions may be made in cash or in kind, or partly in cash and partly in kind, as determined by the Managing Member. To the extent that the Company
          distributes property in-kind to the Members, the Company shall be treated as making a distribution equal to the Fair Market Value of such property for purposes of Section 6.1(a) and such property shall be treated as if it were sold for an
          amount equal to its Fair Market Value. Any resulting gain or loss shall be allocated to the Member’s Capital Accounts in accordance with Sections 5.1 and 5.2.

   

  Section 6.2     Tax-Related Distributions. The Company shall, subject to any
    restrictions contained in any agreement to which the Company is bound, advance distributions out of legally available funds at such times and in such amounts as the Managing Member reasonably determines is necessary to enable PubCo to (i) timely
    satisfy all of its U.S. federal, state and local and non-U.S. tax liabilities, and (ii) timely meet its obligations pursuant to any and all Tax Receivable Agreements. If PubCo receives a distribution described in this Section 6.2(a)(i) (but
    not, for the avoidance of doubt, this Section 6.2(a)(ii)), the Company shall use commercially reasonable efforts to make any such distributions to all Members on a pro rata basis, in accordance with the number of Units owned by each
    Member.

   

  Section 6.3     Distribution Upon Withdrawal. No withdrawing Member shall be
    entitled to receive any distribution or the value of such Member’s Interest in the Company as a result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided in this Agreement.

   

  
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  Article VII

    

    MANAGEMENT

   

  Section 7.1     The Managing Member; Fiduciary Duties.

   

  		(a)	PubCo shall be the sole Managing Member of the Company. Except as otherwise required by Law or as set forth in this Agreement, (i) the Managing Member shall have full and complete charge of all affairs of the Company, (ii) the management and
          control of the Company’s business activities and operations shall rest exclusively with the Managing Member, and the Managing Member shall make all decisions regarding the business, activities and operations of the Company (including the
          incurrence of costs and expenses) in its sole discretion without the consent of any other Member and (iii) the Members other than the Managing Member (in their capacity as such) shall not participate in the control, management, direction or
          operation of the activities or affairs of the Company and shall have no power to act for or bind the Company.

   

  		(b)	In connection with the performance of its duties as the Managing Member of the Company, except as otherwise set forth herein, the Managing Member acknowledges that it will owe to the Members the same fiduciary duties as it would owe to the
          stockholders of a Delaware corporation if it were a member of the board of directors of such a corporation and the Members were stockholders of such corporation. The Members acknowledge that the Managing Member will take action through its board
          of directors, and that the members of the Managing Member’s board of directors will owe comparable fiduciary duties to the stockholders of the Managing Member.

   

  Section 7.2     Officers.

   

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

   

  		(b)	The initial chief executive officer of the Company (the “Chief Executive Officer”) will be Amanda M. Brock.

   

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

   

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

   

  		(e)	Subject to this Agreement and to the rights, if any, of an Officer under a contract of employment, any Officer may be removed, either with or without cause, by the Managing Member. Any Officer may resign at any time by giving written notice to
          the Managing Member. Any resignation will take effect at the date of the receipt of that notice or at any later time specified in that notice; and, unless otherwise specified in that notice, the acceptance of the resignation will not be necessary
          to make it effective. Any resignation is without prejudice to the rights, if any, of the Company under any contract to which the Officer is a party. A vacancy in any office because of death, resignation, removal, disqualification or any other
          cause will be filled in the manner prescribed in this Agreement for regular appointments to that office.

   

  Section 7.3     Warranted Reliance by Officers on Others. In exercising their
    authority and performing their duties under this Agreement, the Officers shall be entitled to rely on information, opinions, reports, or statements of the following Persons or groups unless they have actual knowledge concerning the matter in question
    that would cause such reliance to be unwarranted:

   

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

   

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

   

  
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  Section 7.4     Indemnification. The Company shall indemnify and hold harmless,
    to the fullest extent permitted by applicable Law (including the Act) as it presently exists or may hereafter be amended, substituted or replaced (but, in the case of any such amendment, substitution or replacement only to the extent that such
    amendment, substitution or replacement permits the Company to provide broader indemnification rights than the Company is providing immediately prior to such amendment) any person who was or is made a party or is threatened to be made a party to or is
    otherwise involved in any threatened, pending or completed action, suit, investigation or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”) by reason of the fact that he, or a person for whom he is the
    legal representative, is or was a Manager entitled to indemnification under the Existing LLC Agreement, a Member, an Officer, or acting as the Managing Member, Company Representative of the Company or, while a Manager entitled to indemnification under
    the Existing LLC Agreement, a Member, an Officer, or acting as the, Managing Member, Company Representative of the Company, is or was serving at the request of the Company as a member, director, officer, trustee, employee or agent of another limited
    liability company or of a corporation, partnership, joint venture, trust, other enterprise or nonprofit entity, including service with respect to an employee benefit plan (a “Covered Person”), whether the basis of such Proceeding is
    alleged action in an official capacity as a member, director, officer, trustee, employee or agent, or in any other capacity while serving as a member, director, officer, trustee, employee or agent, against all expenses, liability and loss (including,
    without limitation, attorneys’ fees, judgments, fines, ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by such Covered Person in connection with such Proceeding. The Company shall, to the fullest extent
    not prohibited by applicable Law as it presently exists or may hereafter be amended, pay the expenses (including attorneys’ fees) incurred by a Covered Person in defending any Proceeding in advance of its final disposition; provided, however,
    that to the extent required by applicable Law, such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Covered Person to repay all amounts advanced if it should be
    ultimately determined by final judicial decision from which there is no further right to appeal that the Covered Person is not entitled to be indemnified under this Section 7.4 or otherwise. The rights to indemnification and advancement of
    expenses under this Section 7.4 shall be contract rights and such rights shall continue as to a Covered Person who has ceased to be a member, director, officer, trustee, employee or agent and shall inure to the benefit of his heirs, executors
    and administrators. Notwithstanding the foregoing provisions of this Section 7.4, except for Proceedings to enforce rights to indemnification and advancement of expenses, the Company shall indemnify and advance expenses to a Covered Person in
    connection with a Proceeding (or part thereof) initiated by such Covered Person only if such Proceeding (or part thereof) was authorized by the Managing Member.

   

  Section 7.5     Maintenance of Insurance or Other Financial Arrangements. In
    compliance with applicable Law, the Company (with the approval of the Managing Member) may purchase and maintain insurance or make other financial arrangements on behalf of any Person who is or was a Member, employee or agent of the Company, or at the
    request of the Company is or was serving as a manager, director, officer, employee or agent of another limited liability company, corporation, partnership, joint venture, trust or other enterprise, for any Liability asserted against such Person and
    Liability and expenses incurred by such Person in such Person’s capacity as such, or arising out of such Person’s status as such, whether or not the Company has the authority to indemnify such Person against such Liability and expenses.

   

  
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  Section 7.6     Resignation or Termination of Managing Member. PubCo shall not,
    by any means, resign as, cease to be or be replaced as Managing Member except in compliance with this Section 7.6. No termination or replacement of PubCo as Managing Member shall be effective unless proper provision is made, in compliance with
    this Agreement, so that the obligations of PubCo, its successor (if applicable) and any new Managing Member and the rights of all Members under this Agreement and applicable Law remain in full force and effect. No appointment of a Person other than
    PubCo (or its successor, as applicable) as Managing Member shall be effective unless PubCo (or its successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual rights, directly enforceable by such
    other Members against PubCo (or its successor, as applicable) and the new Managing Member (as applicable), to cause (a) PubCo to comply with all PubCo’s obligations under this Agreement (including its obligations under Section 4.6) other than
    those that must necessarily be taken in its capacity as Managing Member and (b) the new Managing Member to comply with all the Managing Member’s obligations under this Agreement.

   

  Section 7.7     No Inconsistent Obligations; Transactions between Company and Managing
        Member. The Managing Member represents that it does not have any contracts, other agreements, duties or obligations that are inconsistent with its duties and obligations (whether or not in its capacity as Managing Member) under this
    Agreement and covenants that, except as permitted by Section 7.1, it will not enter into any contracts or other agreements or undertake or acquire any other duties or obligations that are inconsistent with such duties and obligations. The
    Managing Member may cause the Company to contract and deal with the Managing Member, or any Affiliate of the Managing Member, provided such contracts and dealings are on terms comparable to and competitive with those available to the Company from
    others dealing at arm’s length or are approved by the Managing Member and otherwise are permitted by the Credit Agreement.

   

  Section 7.8     Reclassification Events of PubCo. If a Reclassification Event
    occurs, the Managing Member or its successor, as the case may be, shall, as and to the extent necessary, amend this Agreement in compliance with Section 12.1, and enter into any necessary supplementary or additional agreements, to ensure that,
    following the effective date of the Reclassification Event: (i) the redemption rights of holders of Units set forth in Section 4.6 provide that each Unit (together with the surrender and delivery of one share of Class B Common Stock) is
    redeemable for the same amount and same type of property, securities or cash (or combination thereof) that one share of Class A Common Stock becomes exchangeable for or converted into as a result of the Reclassification Event and (ii) PubCo or the
    successor to PubCo, as applicable, is obligated to deliver such property, securities or cash upon such redemption. PubCo shall not consummate or agree to consummate any Reclassification Event unless the successor Person, if any, becomes obligated to
    comply with the obligations of PubCo (in whatever capacity) under this Agreement.

   

  
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  Section 7.9     Certain Costs and Expenses. The Managing Member shall not be
    compensated for its services as the Managing Member of the Company except as expressly provided in this Agreement. The Company shall (i) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company (including the
    costs, fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company) incurred in pursuing and conducting, or otherwise related to, the activities of the Company and (ii) in
    the sole discretion of the Managing Member, reimburse the Managing Member for any reasonable out-of-pocket costs, fees or expenses incurred by it in connection with serving as the Managing Member. To the extent that the Managing Member determines in
    its sole discretion that such expenses are related to the business and affairs of the Managing Member that are conducted through the Company and/or its Subsidiaries (including expenses that relate to the business and affairs of the Company and/or its
    Subsidiaries and that also relate to other activities of the Managing Member), the Managing Member may cause the Company to pay or bear all expenses of the Managing Member, including, without limitation, costs of securities offerings not borne directly
    by Members, board of directors compensation and meeting costs, costs of periodic reports to its stockholders, litigation costs and damages arising from litigation, accounting and legal costs; provided that the Company shall not pay or bear any
    income tax obligations of the Managing Member. In the event that (i) shares of Class A Common Stock or other Equity Securities of PubCo were sold to underwriters in any public offering after the Effective Time, in each case, at a price per share that
    is lower than the price per share for which such shares of Class A Common Stock or other Equity Securities of PubCo are sold to the public in such public offering after taking into account underwriters’ discounts or commissions and brokers’ fees or
    commissions (including, for the avoidance of doubt, any deferred discounts or commissions and brokers’ fees or commissions payable in connection with or as a result of such public offering) (such difference, the “Discount”) and (ii) the
    proceeds from such public offering are used to fund the Cash Election Amount for any redeemed Units or otherwise contributed to the Company, the Company shall reimburse the Managing Member for such Discount by treating such Discount as an additional
    Capital Contribution made by the Managing Member to the Company, issuing Units in respect of such deemed Capital Contribution in accordance with Section 4.6(b)(ii), and increasing the Managing Member’s Capital Account by the amount of such
    Discount. For the avoidance of doubt, any payments made to or on behalf of the Managing Member pursuant to this Section 7.9 shall not be treated as a distribution pursuant to Section 6.1(a) but shall instead be treated as an expense of
    the Company.

   

  Section 7.10   Outside Activities of the Managing Member. The Managing Member
    shall not, directly or indirectly, enter into or conduct any business or operations, other than in connection with (a) the ownership, acquisition and disposition of Units, (b) the management of the business and affairs of the Company and its
    Subsidiaries, (c) the operation of the Managing Member as a reporting company with a class (or classes) of securities registered under Section 12 of the Exchange Act and listed on a securities exchange, (d) the offering, sale, syndication, private
    placement or public offering of stock, bonds, securities or other interests of the PubCo or the Company or any of its Subsidiaries, (e) financing or refinancing of any type related to the PubCo or the Company, its Subsidiaries or their assets or
    activities, (f) treasury and treasury management, (g) stock repurchases, (h) the declaration and payment of distributions or dividends with respect to any class of securities and (i) such activities as are incidental to the foregoing; provided,
    however, that, except as otherwise provided herein, the net proceeds of any financing raised by the Managing Member pursuant to the preceding clauses (d) and (e) shall be made available to the Company, whether as Capital Contributions, loans or
    otherwise, as appropriate; provided, further, that the Managing Member may, in its sole and absolute discretion, from time to time hold or acquire assets in its own name or otherwise other than through the Company and its Subsidiaries so long as the
    Managing Member takes commercially reasonable measures to ensure that the economic benefits and burdens of such assets are otherwise vested in the Company or its Subsidiaries, through assignment, mortgage, loan or otherwise or, if it is not
    commercially reasonable to vest such economic interests in the Company or any of its Subsidiaries, the Members shall negotiate in good faith to amend this Agreement to reflect such activities and the direct ownership of assets by the Managing Member.
    Nothing contained herein shall be deemed to prohibit the Managing Member from executing any guarantee of indebtedness of the Company or its Subsidiaries.

   

  
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  Article VIII

    

    ROLE OF MEMBERS

   

  Section 8.1     Rights or Powers.

   

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

   

  		(b)	The Company shall promptly (but in any event within three business days) notify the Members in writing if, to the Company’s knowledge, for any reason, it would be an “investment company” within the meaning of the Investment Company Act of 1940
          (the “Investment Company Act”), as amended. The Managing Member shall use its reasonable best efforts to ensure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act.

   

  Section 8.2     Voting.

   

  		(a)	Meetings of the Members may be called upon the written request of Members holding at least 50% of the outstanding Units. Such request shall state the location of the meeting and the nature of the business to be transacted at the meeting.
          Written notice of any such meeting shall be given to all Members not less than two Business Days and not more than 30 days prior to the date of such meeting. Members may vote in person, by proxy or by telephone at any meeting of the Members and
          may waive advance notice of such meeting. Whenever the vote or consent of Members is permitted or required under this Agreement, such vote or consent may be given at a meeting of the Members or may be given in accordance with the procedure
          prescribed in this Section 8.2. Except as otherwise expressly provided in this Agreement, the affirmative vote of the Members holding a majority of the outstanding Units shall constitute the act of the Members.

   

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

   

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

   

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

   

  Section 8.3     Various Capacities. The Members acknowledge and agree
    that the Members or their Affiliates will from time to time act in various capacities, including as a Member and as the Company Representative.

   

  Section 8.4     Investment Opportunities.

   

  		(a)	To the fullest extent permitted by applicable law, the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to any Member (other than Members who are officers or employees of the Company, PubCo or any of their
          respective subsidiaries), any of their respective affiliates (other than the Company, the Managing Member or any of their respective subsidiaries), or any of their respective officers, directors, agents, shareholders, members, and partners (each,
          a “Business Opportunities Exempt Party”). The Company renounces any interest or expectancy of the Company in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented to any
          Business Opportunities Exempt Party. No Business Opportunities Exempt Party who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company or any of its subsidiaries shall have
          any duty to communicate or offer such opportunity to the Company. No amendment or repeal of this Section 8.4 shall apply to or have any effect on the liability or alleged liability of any Business Opportunities Exempt Party for or with
          respect to any opportunities of which any such Business Opportunities Exempt Party becomes aware prior to such amendment or repeal. Any Person purchasing or otherwise acquiring any interest in any Units shall be deemed to have notice of and
          consented to the provisions of this Section 8.4. Neither the alteration, amendment or repeal of this Section 8.4, nor the adoption of any provision of this Agreement inconsistent with this Section 8.4, shall eliminate or
          reduce the effect of this Section 8.4 in respect of any business opportunity first identified or any other matter occurring, or any cause of action, suit or claim that, but for this Section 8.4, would accrue or arise, prior to
          such alteration, amendment, repeal or adoption.

   

  
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  Article IX

    

    TRANSFERS OF INTERESTS

   

  Section 9.1     Restrictions on Transfer.

   

  		(a)	Except as provided in Section 4.6 or any Transfer by a Member to a Permitted Transferee, no Member shall Transfer all or any portion of its Interest without the Managing Member’s prior written consent, which consent shall be granted or
          withheld in the Managing Member’s sole discretion. If, notwithstanding the provisions of this Section 9.1(a), all or any portion of a Member’s Interests are Transferred in violation of this Section 9.1(a), involuntarily, by
          operation of law or otherwise, then without limiting any other rights and remedies available to the other parties under this Agreement or otherwise, the Transferee of such Interest (or portion thereof) shall not be admitted to the Company as a
          Member or be entitled to any rights as a Member hereunder, and the Transferor will continue to be bound by all obligations hereunder, unless and until the Managing Member consents in writing to such admission, which consent shall be granted or
          withheld in the Managing Member’s sole discretion. Any attempted or purported Transfer of all or a portion of a Member’s Interests in violation of this Section 9.1(a) shall be null and void and of no force or effect whatsoever. For the
          avoidance of doubt, the restrictions on Transfer contained in this Article IX shall not apply to the Transfer of any capital stock of the Managing Member; provided that no shares of Class B Common Stock may be Transferred unless
          a corresponding number of Units are Transferred therewith in accordance with this Agreement.

   

  		(b)	In addition to any other restrictions on Transfer herein contained, including the provisions of this Article IX, in no event may any Transfer or assignment of Interests by any Member be made (i) to any Person who lacks the legal right,
          power or capacity to own Interests; (ii) if such Transfer (A) would be considered to be effected on or through an “established securities market” or a “secondary market or the substantial equivalent thereof,” as such terms are used in Treasury
          Regulations Section 1.7704-1, (B) would result in the Company having more than one hundred (100) partners, within the meaning of Treasury Regulations Section 1.7704-1(h)(1) (determined taking into account the rules of Treasury Regulations Section
          1.7704-1(h)(3)), or (C) would cause the Company to be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code or a successor provision or to be taxed as a corporation pursuant to the Code or successor of the
          Code; (iii) if such Transfer would cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section
          4975(e)(2) of the Code); (iv) if such Transfer would, in the opinion of counsel to the Company, cause any portion of the assets of the Company to constitute assets of any employee benefit plan pursuant to the Plan Asset Regulations or otherwise
          cause the Company to be subject to regulation under ERISA; (v) if such Transfer requires the registration of such Interests, pursuant to any applicable U.S. federal or state securities Laws; or (vi) if such Transfer subjects the Company to
          regulation under the Investment Company Act or the Investment Advisors Act of 1940, each as amended (or any succeeding law). Any attempted or purported Transfer of all or a portion of a Member’s Interests in violation of this Section 9.1(b)
          shall be null and void and of no force or effect whatsoever.

   

  
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  Section 9.2     Notice of Transfer. Other than in connection with Transfers
    made pursuant to Section 4.6, each Member shall, after complying with the provisions of this Agreement, but in any event no later than three Business Days following any Transfer of Interests, give written notice to the Company of such Transfer.
    Each such notice shall describe the manner and circumstances of the Transfer.

   

  Section 9.3     Transferee Members. A Transferee of Interests pursuant to this
    Article IX shall have the right to become a Member only if (i) the requirements of this Article IX are met, (ii) such Transferee executes an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and
    provisions of this Agreement and assuming all of the Transferor’s then existing and future Liabilities arising under or relating to this Agreement, (iii) such Transferee represents that the Transfer was made in accordance with all applicable securities
    Laws, (iv) the Transferor or Transferee shall have reimbursed the Company for all reasonable expenses (including attorneys’ fees and expenses) of any Transfer or proposed Transfer of a Member’s Interest, whether or not consummated and (v) if such
    Transferee or his or her spouse is a resident of a community property jurisdiction, then such Transferee’s spouse shall also execute an instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this
    Agreement to the extent of his or her community property or quasi-community property interest, if any, in such Member’s Interest. Unless agreed to in writing by the Managing Member, the admission of a Member shall not result in the release of the
    Transferor from any Liability that the Transferor may have to each remaining Member or to the Company under this Agreement or any other Contract between the Managing Member, the Company or any of its Subsidiaries, on the one hand, and such Transferor
    or any of its Affiliates, on the other hand. Written notice of the admission of a Member shall be sent promptly by the Company to each remaining Member. Notwithstanding anything to the contrary in this Section 9.3, and except as otherwise
    provided in this Agreement, following a Transfer by one or more Members (or a transferee of the type described in this sentence) to a Permitted Transferee of all or substantially all of their Interests, such transferee shall succeed to all of the
    rights of such Member(s) under this Agreement.

   

  Section 9.4     Legend. Each certificate representing a Unit, if any, will be
    stamped or otherwise imprinted with a legend in substantially the following form:

   

  “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE
    SECURITIES ACT OF 1933.

   

  THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH
    ACT.

   

  
    44 

    
      
 

  

   

  THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE FOURTH AMENDED AND RESTATED
    LIMITED LIABILITY COMPANY AGREEMENT OF SOLARIS MIDSTREAM HOLDINGS, LLC DATED AS OF OCTOBER 26, 2021 AMONG THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE SECURITIES WILL BE
    VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH SECURITIES.”

   

  Article X

    

    ACCOUNTING

   

  Section 10.1   Books of Account. The Company shall, and shall cause each
    Subsidiary to, maintain true books and records of account in which full and correct entries shall be made of all its business transactions pursuant to a system of accounting established and administered in accordance with GAAP, and shall set aside on
    its books all such proper accruals and reserves as shall be required under GAAP.

   

  Section 10.2   Tax Elections.

   

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

   

  		(i)	to adopt the calendar year as the Company’s Fiscal Year, if permitted under the Code;

   

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

   

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

   

  		(iv)	any other election the Managing Member may deem appropriate and in the best interests of the Company.

   

  		(b)	The Company shall not make any election to be an association taxable as a corporation for U.S. federal income tax purposes (including by filing any U.S. Internal Revenue Service Form 8832 that would cause the Company to be taxed as a
          corporation for U.S. federal income tax purposes).

   

  
    45 

    
      
 

  

   

  Section 10.3     Tax Returns; Information. The Managing Member shall
    arrange for the preparation and timely filing of all income and other tax and informational returns of the Company. The Managing Member shall furnish to each Member a copy of each approved return and statement, together with any schedules or other
    information which each Member may require in connection with such Member’s own tax affairs as soon as practicable (but in no event more than 75 days after the end of each Fiscal Year). The Members agree to take all actions reasonably requested by the
    Company or the Company Representative to comply with Sections 6225 or 6226 of the Code and the obligations of the Company Representative and providing confirmation thereof to the Company Representative.

   

  Section 10.4     Company Representative. The Managing Member is specially
    authorized and appointed to act as the Company Representative and in any similar capacity under state or local Law. The Company Representative may retain, at the Company’s expense, such outside counsel, accountants and other professional consultants as
    it may reasonably deem necessary in the course of fulfilling its obligations as Company Representative. Each Member agrees to cooperate with the Company Representative and to do or refrain from doing any or all things reasonably requested by the
    Company Representative with respect to the conduct of such proceedings. The Members shall cooperate in good faith in order to minimize the financial burden on the Company of any imputed underpayment under Section 6225 of the Code (or any successor
    provision), including an election and the furnishing of statements pursuant to Section 6226 of the Code or through the adoption of the procedure established by Section 6225(c) of the Code (or any successor provision).

   

  Section 10.5     Withholding Tax Payments and Obligations.

   

  		(a)	The Company and its Subsidiaries may withhold from distributions, allocations or portions thereof if it is required to do so by any applicable rule, regulation or law, and each Member hereby authorizes the Company and its Subsidiaries to
          withhold or pay on behalf of or with respect to such Member any amount of taxes that the Managing Member determines, in good faith, that the Company or any of its Subsidiaries is required to withhold or pay with respect to any amount
          distributable or allocable to such Member pursuant to this Agreement.

   

  		(b)	To the extent that any tax is paid by (or withheld from amounts payable to) the Company or any of its Subsidiaries and the Managing Member determines, in good faith, that such tax relates to one or more specific Members (including any tax
          payable by the Company or any of its Subsidiaries pursuant to Section 6225 of the Code with respect to items of income, gain, loss deduction or credit allocable or attributable to such Member), such tax shall be treated as an amount of taxes
          withheld or paid with respect to such Member pursuant to this Section 10.5.

   

  		(c)	For all purposes under this Agreement, any amounts withheld or paid with respect to a Member pursuant to this Section 10.5 shall be treated as if distributed to such Member at the time such withholding or payment is made. Further, to
          the extent that the cumulative amount of such withholding or payment for any period exceeds the distributions to which such Member is entitled for such period, the amount of such excess shall be considered a loan from the Company to such Member,
          with interest accruing at the Prime Rate in effect from time to time, compounded annually. The Managing Member may, in its discretion, either demand payment of the principal and accrued interest on such demand loan at any time (which payment
          shall not be deemed a Capital Contribution for purposes of this Agreement), and enforce payment thereof by legal process, or may withhold from one or more distributions to a Member amounts sufficient to satisfy such Member’s obligations under any
          such demand loan.

   

  
    46 

    
      
 

  

   

  		(d)	Neither the Company nor the Managing Member shall be liable for any excess taxes withheld in respect of any Member, and, in the event of overwithholding, a Member’s sole recourse shall be to apply for a refund from the appropriate Governmental
          Entity.

   

  		(e)	Notwithstanding any other provision of this Agreement, (i) any Person who ceases to be a Member shall be treated as a Member for purposes of this Section 10.5 and (ii) the obligations of a Member pursuant to this Section 10.5
          shall survive indefinitely with respect to any taxes withheld or paid by the Company that relate to the period during which such Person was actually a Member, regardless of whether such taxes are assessed, withheld or otherwise paid during such
          period.

   

  Article XI

    

    DISSOLUTION AND TERMINATION

   

  Section 11.1     Liquidating Events. The Company shall dissolve and commence
    winding up and liquidating upon the first to occur of the following (each, a “Liquidating Event”):

   

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

   

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

   

  The Members hereby agree that the Company shall not dissolve prior to the occurrence of a Liquidating Event and that no Member shall seek a
    dissolution of the Company, under Section 18-802 of the Act or otherwise, other than based on the matters set forth in subsections (a) and (b) above. If it is determined by a court of competent jurisdiction that the Company has dissolved prior to the
    occurrence of a Liquidating Event, the Members hereby agree to continue the business of the Company without a winding up or liquidation. In the event of a dissolution pursuant to Section 11.1(b), the relative economic rights of each class of
    Units immediately prior to such dissolution shall be preserved to the greatest extent practicable with respect to distributions made to Members pursuant to Section 11.3 in connection with such dissolution, taking into consideration tax and
    other legal constraints that may adversely affect one or more parties to such dissolution and subject to compliance with applicable laws and regulations, unless, with respect to any class of Units, holders of a majority of the Units of such class
    consent in writing to a treatment other than as described above.

   

  
    47 

    
      
 

  

   

  Section 11.2     Bankruptcy. For purposes of this Agreement, the “bankruptcy”
    of a Member shall mean the occurrence of any of the following: (a) any Governmental Entity shall take possession of any substantial part of the property of that Member or shall assume control over the affairs or operations thereof, or a receiver or
    trustee shall be appointed, or a writ, order, attachment or garnishment shall be issued with respect to any substantial part thereof, and such possession, assumption of control, appointment, writ or order shall continue for a period of 90 consecutive
    days; or (b) a Member shall admit in writing of its inability to pay its debts when due, or make an assignment for the benefit of creditors; or apply for or consent to the appointment of any receiver, trustee or similar officer or for all or any
    substantial part of its property; or shall institute (by petition, application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization, arrangement, readjustment of debts, dissolution, liquidation, or similar proceeding under the Laws
    of any jurisdiction; or (c) a receiver, trustee or similar officer shall be appointed for such Member or with respect to all or any substantial part of its property without the application or consent of that Member, and such appointment shall continue
    undischarged or unstayed for a period of 90 consecutive days or any bankruptcy, insolvency, reorganization, arrangements, readjustment of debt, dissolution, liquidation or similar proceedings shall be instituted (by petition, application or otherwise)
    against that Member and shall remain undismissed for a period of 90 consecutive days.

   

  Section 11.3     Procedure.

   

  		(a)	In the event of the dissolution of the Company for any reason, the Members shall commence to wind up the affairs of the Company and to liquidate the Company’s investments; provided that if a Member is in bankruptcy or dissolved,
          another Member, who shall be the Managing Member (“Winding-Up Member”) shall commence to wind up the affairs of the Company and, subject to Section 11.4(a), such Winding-Up Member shall have full right and unlimited
          discretion to determine in good faith the time, manner and terms of any sale or sales of the Property or other assets pursuant to such liquidation, having due regard to the activity and condition of the relevant market and general financial and
          economic conditions. The Members shall continue to share profits, losses and distributions during the period of liquidation in the same manner and proportion as though the Company had not dissolved. The Company shall engage in no further business
          except as may be necessary, in the reasonable discretion of the Managing Member or the Winding-Up Member, as applicable, to preserve the value of the Company’s assets during the period of dissolution and liquidation.

   

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

   

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

   

  
    48 

    
      
 

  

   

  		(ii)	Second, to set up such cash reserves which the Managing Member reasonably deems necessary for contingent or unforeseen Liabilities or future payments described in Section 11.3(b)(i) (which reserves when they become unnecessary shall be
          distributed in accordance with the provisions of subsection (iii), below); and

   

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

   

  		(c)	Except as provided in Section 11.4(a), no Member shall have any right to demand or receive property other than cash upon dissolution and termination of the Company.

   

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

   

  Section 11.4     Rights of Members.

   

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

   

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

   

  Section 11.5     Notices of Dissolution. In the event a Liquidating Event
    occurs or an event occurs that would, but for the provisions of Section 11.1, result in a dissolution of the Company, the Company shall, within 30 days thereafter, (a) provide written notice thereof to each of the Members and to all other
    parties with whom the Company regularly conducts business (as determined in the discretion of the Managing Member), and (b) comply, in a timely manner, with all filing and notice requirements under the Act or any other applicable Law.

   

  Section 11.6     Reasonable Time for Winding Up. A reasonable time shall be
    allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets in order to minimize any losses that might otherwise result from such winding up.

   

  Section 11.7     No Deficit Restoration. No Member shall be personally liable
    for a deficit Capital Account balance of that Member, it being expressly understood that the distribution of liquidation proceeds shall be made solely from existing Company assets.

   

  
    49 

    
      
 

  

   

  Article XII

    

    GENERAL

   

  Section 12.1     Amendments; Waivers.

   

  		(a)	The terms and provisions of this Agreement may be modified or amended (including by means of merger, consolidation or other business combination to which the Company is a party) with the approval of the Managing Member and each Member who at
          such time holds (together with its Affiliates) at least five percent (5%) of the then outstanding Units; provided, however, that no amendment or modification to this Agreement may:

   

  		(i)	be made to this Section 12.1 without the prior written consent of the Managing Member and each of the Members;

   

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

   

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

   

  		(b)	Notwithstanding the foregoing subsection (a), the Managing Member, acting alone, may amend this Agreement, including Exhibit A, (i) to reflect the admission of new Members, Transfers of Interests, the issuance of additional Units or
          Equity Securities, as provided by the terms of this Agreement, and, subject to Section 12.1(a), subdivisions or combinations of Units made in compliance with Section 4.1(g), (ii) to the minimum extent necessary to (A) comply with
          the provisions of the Bipartisan Budget Act of 2015 and any Treasury Regulations or other administrative pronouncements promulgated thereunder and (B) to administer the effects of such provisions in an equitable manner and (iii) as necessary to
          avoid the Company being classified as a “publicly traded partnership” within the meaning of Section 7704(b) of the Code.

   

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

   

  Section 12.2     Further Assurances. Each party agrees that it will from time
    to time, upon the reasonable request of another party, execute such documents and instruments and take such further action as may be required to accomplish the purposes of this Agreement.

   

  
    50 

    
      
 

  

   

  Section 12.3     Successors and Assigns. All of the terms and provisions of
    this Agreement shall be binding upon the parties and their respective executors, administrators, successors and permitted assigns pursuant to the terms hereof. No party may assign its rights hereunder except as herein expressly permitted.

   

  Section 12.4     Entire Agreement. This Agreement, together with all Exhibits
    and Schedules hereto and all other agreements referenced therein and herein, constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous agreements, understandings,
    negotiations and discussions, whether oral or written, of the parties and there are no warranties, representations or other agreements between the parties in connection with the subject matter hereof except as specifically set forth herein and therein.

   

  Section 12.5     Rights of Members Independent. The rights available to the
    Members under this Agreement and at Law shall be deemed to be several and not dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference to any other such right. Any one or more and/or any
    combination of such rights may be exercised by a Member and/or the Company from time to time and no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof from time to
    time thereafter or simultaneously.

   

  Section 12.6     Governing Law. This Agreement, the legal relations between the
    parties and any Action, whether contractual or non-contractual, instituted by any party with respect to matters arising under or growing out of or in connection with or in respect of this Agreement shall be governed by and construed in accordance with
    the Laws of the State of Delaware applicable to contracts made and performed in such State and without regard to conflicts of law doctrines, except to the extent that certain matters are preempted by federal Law or are governed as a matter of
    controlling Law by the Law of the jurisdiction of organization of the respective parties.

   

  Section 12.7     Jurisdiction and Venue. The parties hereto hereby agree and
    consent to be subject to the jurisdiction of any federal court of the District of Delaware or the Delaware Court of Chancery over any action, suit or proceeding (a “Legal Action”) arising out of or in connection with this Agreement. The parties
    hereto irrevocably waive the defense of an inconvenient forum to the maintenance of any such Legal Action. Each of the parties hereto further irrevocably consents to the service of process out of any of the aforementioned courts in any such Legal
    Action by the mailing of copies thereof by registered mail, postage prepaid, to such party at its address set forth in this Agreement, such service of process to be effective upon acknowledgment of receipt of such registered mail. Nothing in this Section

      12.7 shall affect the right of any party hereto to serve legal process in any other manner permitted by law.

   

  Section 12.8     Headings. The descriptive headings of the Articles, Sections
    and subsections of this Agreement are for convenience only and do not constitute a part of this Agreement.

   

  Section 12.9     Counterparts. This Agreement and any amendment hereto or any
    other agreement (or document) delivered pursuant hereto may be executed and delivered (including by electronic means) in one or more counterparts and by different parties in separate counterparts. All of such counterparts shall constitute one and the
    same agreement (or other document) and shall become effective (unless otherwise provided therein) when one or more counterparts have been signed by each party and delivered to the other party.

   

  
    51 

    
      
 

  

   

  Section 12.10   Notices. Any notice or other communication hereunder must be
    given in writing and (a) delivered in person, (b) transmitted by facsimile, by telecommunications mechanism or electronically or (c) mailed by certified or registered mail, postage prepaid, receipt requested as follows:

   

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

   

  Solaris Midstream Holdings, LLC

    9811 Katy Freeway, Suite 700

    Houston, TX 77024

    Facsimile: (281) 501-3070

    Electronic mail: amanda.brock@solariswater.com

    Attention: Amanda M. Brock

    With copies (which shall not constitute notice) to:

   

  Gibson, Dunn & Crutcher LLP

    811 Main Street, Suite 3000

    Houston, TX 77002

    Facsimile: (346) 718-6602

    Electronic mail: hholmes@gibsondunn.com

    Attention: Hillary H. Holmes

   

  or to such other address or to such other Person as either party shall have last designated by such notice to the other parties. Each such notice or
    other communication shall be effective (i) if given by telecommunication or electronically, when transmitted to the applicable number or electronic mail address so specified in (or pursuant to) this Section 12.10 and an appropriate answerback
    is received or, if transmitted after 4:00 p.m. local time on a Business Day in the jurisdiction to which such notice is sent or at any time on a day that is not a Business Day in the jurisdiction to which such notice is sent, then on the immediately
    following Business Day, (ii) if given by mail, on the first Business Day in the jurisdiction to which such notice is sent following the date three days after such communication is deposited in the mails with first class postage prepaid, addressed as
    aforesaid or (iii) if given by any other means, on the Business Day when actually received at such address or, if not received on a Business Day, on the Business Day immediately following such actual receipt.

   

  Section 12.11   Representation By Counsel; Interpretation. The parties
    acknowledge that each party to this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of Law, or any legal decision that would require interpretation
    of any claimed ambiguities in this Agreement against the party that drafted it has no application and is expressly waived.

   

  
    52 

    
      
 

  

   

  Section 12.12   Severability. If any provision of this Agreement is determined
    to be invalid, illegal or unenforceable by any Governmental Entity, the remaining provisions of this Agreement, to the extent permitted by Law shall remain in full force and effect, provided that the essential terms and conditions of this
    Agreement for all parties remain valid, binding and enforceable.

   

  Section 12.13   Expenses. Except as otherwise provided in this Agreement, each
    party shall bear its own expenses in connection with the transactions contemplated by this Agreement.

   

  Section 12.14   Waiver of Jury Trial. EACH OF THE COMPANY, THE MEMBERS, THE
    MANAGING MEMBER AND ANY INDEMNITEES SEEKING REMEDIES HEREUNDER, HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION BASED ON, OR ARISING OUT OF, UNDER OR
    IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.

   

  Section 12.15   No Third Party Beneficiaries. Except as expressly provided in Sections

      7.4 and 10.2, nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto and their respective successors and permitted assigns, any rights or remedies under this Agreement or
    otherwise create any third party beneficiary hereto.

   

  [Signatures on Next Page]

  
    53 

    
      
 

  

   

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

   

  	 	COMPANY:
	 	 	 
	 	SOLARIS MIDSTREAM HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Amanda M. Brock
	 	Name:	Amanda M. Brock
	 	Title:	President and Chief Executive Officer

   

  Signature Page To

      Fourth Amended And Restated Limited Liability Company Agreement Of

      Solaris Midstream Holdings, LLC

   

  
     

    
      
 

  

   

  	 	MEMBERS:
	 	 
	 	COG OPERATING LLC
	 	 	 
	 	By:	/s/ Andy O’Brien
	 	Name:	Andy O’Brien
	 	Title:	Vice President Treasury

   

  
     

    
      
 

  

   

  	 	TCP SOLARIS SPV LLC
	 	 
	 	By: Trilantic Capital Partners Associates V L.P., its managing member
	 	 
	 	By: Trilantic Capital Partners Associates MGP V LLC, its general partner
	 	 	 
	 	By:	/s/ Christopher Manning
	 	Name:	Christopher Manning
	 	Title:	Authorized Signatory
	 	 	 
	 	FLUID DELIVERY HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Christopher Manning
	 	Name:	Christopher Manning
	 	Title:	Manager

   

  Signature Page To

      Fourth Amended And Restated Limited Liability Company Agreement Of

      Solaris Midstream Holdings, LLC

   

  
     

    
      
 

  

   

  	 	YORKTOWN ENERGY PARTNERS XI, L.P.
	 	 
	 	By: Yorktown XI Company, LP, its general partner 
	 	 
	 	By: Yorktown XI Associates LLC, its general partner 
	 	 	 
	 	By:	/s/ W. Howard Keenan, Jr.
	 	Name:	W. Howard Keenan, Jr.
	 	Title:	Member

   

  Signature Page To

      Fourth Amended And Restated Limited Liability Company Agreement Of

      Solaris Midstream Holdings, LLC

   

  
     

    
      
 

  

   

  	 	HBC WATER RESOURCES LP
	 	 
	 	By: HBC Water Resources GP LP, its general partner
	 	 	 
	 	By:	/s/ Joseph Colonnetta
	 	Name:	Joseph Colonnetta
	 	Title:	Member
	 	 	 
	 	HBC WATER RESOURCES II LP
	 	 
	 	By: HBC Water Resources II GP LP, its general partner
	 	 	 
	 	By:	/s/ Joseph Colonnetta
	 	Name:	Joseph Colonnetta
	 	Title:	Member

   

  Signature Page To

      Fourth Amended And Restated Limited Liability Company Agreement Of

      Solaris Midstream Holdings, LLC

   

  
     

    
      
 

  

   

  	 	VISION RESOURCES, INC.
	 	 	 
	 	By:	/s/ David Maley
	 	Name:	David Maley
	 	Title:	President
	 	 	 
	 	SOLARIS MIDSTREAM INVESTMENT, LLC
	 	 	 
	 	By:	/s/ William A. Zartler
	 	Name:	William A. Zartler
	 	Title:	Chief Executive Officer

   

  Signature Page To

      Fourth Amended And Restated Limited Liability Company Agreement Of

      Solaris Midstream Holdings, LLC

   

  
     

    
      
 

  

   

  	 	FREEBIRD PARTNERS LP
	 	 
	 	By: Freebird Investments LLC, its general partner
	 	 	 
	 	By:	/s/ Curtis W. Huff
	 	Name:	Curtis W. Huff
	 	Title:	President
	 	 	 
	 	MURCHISON CAPITAL PARTNERS, L.P.
	 	 
	 	By: Murchison Management Corp., G.P., its general partner 
	 	 	 
	 	By:	/s/ Robert F. Murchison
	 	Name:	Robert F. Murchison
	 	Title:	President
	 	 	 
	 	GRELSI COMPANY, LLC
	 	 	 
	 	By:	/s/ Grant Harvey
	 	Name:	Grant Harvey
	 	Title:	Managing Member
	 	 	 
	 	GRELLA LAS, LLC
	 	 	 
	 	By:	/s/ Michael J. Grella
	 	Name:	Michael J. Grella
	 	Title:	Member

   

  Signature Page To

      Fourth Amended And Restated Limited Liability Company Agreement Of

      Solaris Midstream Holdings, LLC

   

  
     

    
      
 

  

   

  	 	BAM PERMIAN OPERATING, LLC
	 	 	 
	 	By:	/s/ Blake Morphew
	 	Name:	Blake Morphew
	 	Title:	Managing Member
	 	 	 
	 	H. BAIRD WHITEHEAD, LLC
	 	 	 
	 	By:	/s/ H. Baird Whitehead
	 	Name:	H. Baird Whitehead
	 	Title:	Member
	 	 	 
	 	FIRST TRUST CAPITAL PARTNERS, LLC
	 	 	 
	 	By:	/s/ James A. Bowen
	 	Name:	James A. Bowen
	 	Title:	Chairman
	 	 	 
	 	VOLANT CAPITAL MANAGEMENT LLC
	 	 	 
	 	By:	/s/ Scott Brown
	 	Name:	Scott Brown

   

  Signature Page To

      Fourth Amended And Restated Limited Liability Company Agreement Of

      Solaris Midstream Holdings, LLC

   

  
     

    
      
 

  

   

  	 	PRIVATEER ENERGY SERVICES, LLC
	 	 	 
	 	By:	/s/ Greg Garcia
	 	Name:	Greg Garcia
	 	Title:	Managing Member
	 	 	 
	 	By:	/s/ Jeffrey Jordan
	 	Name:	Jeffrey Jordan
	 	Title:	Managing Member
	 	 	 
	 	TINER FAMILY PARTNERSHIP
	 	 	 
	 	By:	/s/ Michael L. Tiner
	 	Name:	Michael L. Tiner
	 	Title:	Managing Member
	 	 	 
	 	SOONER SR LLC
	 	 	 
	 	By:	/s/ Greg A. Lanham
	 	Name:	Greg A. Lanham
	 	Title:	Managing Partner

   

  Signature Page To

      Fourth Amended And Restated Limited Liability Company Agreement Of

      Solaris Midstream Holdings, LLC

   

  
     

    
      
 

  

   

  	 	By:	/s/ Carlos Fierro
	 	Name:	Carlos Fierro
	 	 	 
	 	By:	/s/ Tim Harrington
	 	Name:	Tim Harrington
	 	 	 
	 	By:	/s/ Joe Rothbauer
	 	Name:	Joe Rothbauer
	 	 	 
	 	By:	/s/ Chris Work
	 	Name:	Chris Work

   

  Signature Page To

      Fourth Amended And Restated Limited Liability Company Agreement Of

      Solaris Midstream Holdings, LLC

   

  
     

    
      
 

  

   

  	 	MANAGING MEMBER:
	 	 
	 	ARIS WATER SOLUTIONS, INC.
	 	 	 
	 	By:	/s/ Amanda M. Brock
	 	Name:	Amanda M. Brock
	 	Title:	President and Chief Executive Officer

   

  Signature Page To

      Fourth Amended And Restated Limited Liability Company Agreement Of

      Solaris Midstream Holdings, LLC

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