Document:

Exhibit 10.30

  

   

    

  
    PURCHASER RIGHTS AGREEMENT

    

    

    This PURCHASER RIGHTS AGREEMENT (this “Agreement”),

        dated as of May 24, 2019, is entered into by and between NextDecade Corporation, a Delaware corporation (“NextDecade” or the “Company”), and each of the parties set forth on the signature pages hereto under the heading “Purchasers” (the “Purchasers”).  Each of NextDecade and the Purchaser are referred to herein as a “Party” and collectively as the “Parties.”

    

    

    RECITALS:

    

    

    WHEREAS, the Company has commenced a convertible preferred equity and warrant offering (the “Series B Preferred Equity Offering”), pursuant to which the Purchaser has purchased shares of the Company’s Series B Convertible Preferred Stock (the “Series B Preferred Stock”), together with certain associated Warrants (as defined herein); and

     

      

    WHEREAS, in connection with the purchase of the Series B Preferred Stock, the Purchaser was granted the additional rights
        set forth in this Agreement.

     

      

    NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, and for other good and
        valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

     

      

    Section 1.          DEFINITIONS.  As used in this Agreement, the following terms shall have the following meanings:

     

      

    “Affiliate” means, with respect
        to any specified Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person.

     

      

    “Agreement” has the meaning
        assigned to it in the preamble hereto.

     

      

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

     

      

    “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.

     

      

    “Commission” means the United
        States Securities and Exchange Commission.

     

      

    “Common Stock” means the common
        stock of the Company, $0.0001 par value.

     

      

    “Company” has the meaning
        assigned to it in the preamble hereto.

     

      

    “EPC Contract” means a fixed
        price, date certain engineering, procurement and construction contract with respect to the Project.

     

      

    “FID Equity” means capital or
        funds raised by the Company or any of its controlled affiliates on or after FID in order to finance the development, construction, commissioning and/or operation of the Project.

     

      

    
      
        

    

    
    “FID Equity Notice” has the
        meaning set forth in Section 2(a) of this Agreement.

     

      

    “FID Equity Securities” means
        any equity or equity-linked securities (including, without limitation, preferred equity, combinations of equity and/or any other instruments or forms of equity capital, as well as warrants, options, purchase rights, and other securities that are
        exercisable or exchangeable for or convertible into, equity securities of the Company or its controlled affiliates), issued by the Company or any of its controlled affiliates, whether offered and sold in a private placement or as part of a public
        offering, to the extent such securities or other instruments are issued in exchange for FID Equity.

     

      

    “Final Investment Decision” or
        “FID” means the Board has affirmatively voted or consented to undertake construction of the Project and the Company has given a full notice to proceed under
        an EPC Contract.

        

      

    “Governmental Authority” means
        any federal, national, supranational, foreign, state, provincial, local, county, municipal or other government, any governmental, regulatory or administrative authority, agency, department, bureau, board, commission or official or any
        quasi-governmental or private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental authority, or any court, tribunal, judicial or arbitral body, or any Self-Regulatory Organization.

     

      

    “Law” means any federal,
        national, supranational, foreign, state, provincial, local, county, municipal or similar statute, law, common law, guideline, policy, ordinance, regulation, rule, code, constitution, treaty, requirement, judgment or judicial or administrative
        doctrines enacted, promulgated, issued, enforced or entered by any Governmental Authority.

     

      

    “NextDecade” has the meaning
        assigned to it in the preamble hereto.

     

      

    “Parity Stock” has the meaning
        ascribed to such term in the Series B Certificate of Designations.

     

      

    “Party” or “Parties” has the meaning assigned to it in the preamble hereto.

     

      

    “Person” means any individual,
        partnership, firm, corporation, limited liability company, association, joint venture, trust, Governmental Authority, 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.

     

      

    “Project” means the LNG
        liquefaction and export facility to be located on the U.S. Gulf Coast known as the Rio Grande LNG Project.

     

      

    “Purchaser” has the meaning
        assigned to it in the preamble hereto.

     

      

    “Purchaser FID Equity Preference Amount”
        means an aggregate amount of FID Equity Securities equal to $50 million, which amount shall be applied (i) as to an FID on Trains 1 and 2, up to a maximum of $35.7 million and (ii) as to an FID on Train 3, up to a maximum of $14.3 million such that
        the Purchaser FID Equity Preference Amount does not exceed $50 million.

     

      

    
      2

      
        

    

    “Purchaser Rights Agreement”
        means this Agreement.

     

      

    “Self-Regulatory Organization”
        means any securities exchange, futures exchange, contract market, any other exchange or corporation or similar self-regulatory body or organization applicable to a Party to this Agreement.

     

      

    “Series B Certificate of Designations”
        means the Certificate of Designations of Series B Convertible Preferred Stock of NextDecade Corporation, dated as of September 28, 2018.

     

      

    “Series B Preferred Equity Offering”
        has the meaning assigned to it in the Recitals hereto.

     

      

    “Series B Preferred Stock” has
        the meaning assigned to it in the Recitals hereto.

     

      

    “Series B Purchase Price” means
        the aggregate purchase price to be paid by the Purchaser pursuant to the Series B Stock Purchase Agreement in respect of all shares of Series B Preferred Stock that the Purchaser has purchased pursuant thereto.

     

      

    “Series B Stock Purchase Agreement”
        means that certain Series B Convertible Preferred Stock Purchase Agreement, dated as of May 17, 2019, by and among the Company and the Purchaser.

     

      

    “Series C Notice” has the
        meaning assigned to it in Section 3(a) of this Agreement.

     

      

    “Series C Preferred Stock” has
        the meaning assigned to such term in the Series B Certificate of Designations.

     

      

    “Trains 1 and 2” means the
        first two liquefaction units to be constructed as part of the Project.

     

      

    “Train 3” means the third
        liquefaction unit to be constructed as part of the Project.

     

      

    “Warrants” means the warrants
        to purchase shares of Common Stock provided for in the Series B Stock Purchase Agreement.

     

      

    Section 2.          FID EQUITY RIGHT OF FIRST REFUSAL.

     

      

    As an inducement for the Purchaser to enter into the transactions contemplated by the Series B Stock Purchase Agreement,
        the Company agrees, effective upon the Purchaser’s funding the Series B Purchase Price in full, as follows:

     

      

    (a)          If the Company proposes to consummate the issuance and sale of FID Equity Securities, then Company shall give written notice (an “FID Equity Notice”)

        to the Purchaser of the proposed issuance and sale of all such FID Equity Securities.  The FID Equity Notice shall provide information consistent with notices to other third-party prospective investors, as determined by the Company with its
        financial advisor.

     

      

    
      3

      
        

    

    (b)         The Purchaser shall have the right to participate in the process to raise FID Equity Securities by the Company and its advisors.  The Purchaser shall be required to comply with the syndication process as established by the Company’s
        advisors, and the Purchaser will have access to information consistent with third-party prospective investors.  Provided that the Purchaser gives notice to the Company consistent with the syndication process, the Purchaser shall have the right, but
        not the obligation, to purchase up to the Purchaser FID Equity Preference Amount of FID Equity Securities, on the same terms and conditions as other investors who purchase a comparable amount of FID Equity Securities.

     

      

    (c)          To the extent that the Purchaser does not exercise its right, pursuant to Section 2(b), to purchase the full amount of the Purchaser FID
        Equity Preference Amount of FID Equity Securities, then Company shall be free to issue the FID Equity Securities with respect to which such exercise was not made; provided,
        however, that if the terms of such FID Equity Securities allocated for sale to third parties are more favorable than the terms originally offered to the
        Purchaser, the Company shall be obligated to offer those same, improved, terms to the Purchaser and the Purchaser shall be allowed another opportunity to accept or reject such improved terms as provided herein.  If the Purchaser elects to purchase
        FID Equity Securities pursuant to Section 2(b), then the Company shall sell to the Purchaser, and the Purchaser shall purchase from the Company, for the
        consideration and on the terms as established by the syndication process, the FID Equity Securities that the Purchaser has duly elected to purchase pursuant to this Section

            2(c) and the Company may issue the balance, if any, of the FID Equity Securities it proposed to issue in such FID Equity Notice in accordance with the immediately preceding sentence.

     

      

    (d)          If the sale of the FID Equity Securities is not completed within six (6) months of the date on which the FID Equity Notice is given, then the Company shall not thereafter sell FID Equity Securities without complying anew with the
        procedures described in this Section 2.

     

      

    (e)           Upon the advice of its financial adviser, the Company may modify the process and timing related to Section 2.

     

      

    Section 3.          SERIES C PURCHASE RIGHT.

     

      

    As an inducement for the Purchaser to enter into the transactions contemplated by the Series B Stock Purchase Agreement,
        until FID, the Company agrees, effective upon the Purchaser’s funding the Series B Purchase Price in full, as follows:

     

      

    (a)          If the Company proposes to consummate the issuance and sale of any shares of Series C Preferred Stock, then Company shall give written notice (a “Series
            C Notice”) to the Purchaser of the proposed issuance and sale of all such shares of Series C Preferred Stock.  The Series C Notice shall provide information consistent with notices to other third-party prospective investors, as
        determined by the Company with its financial advisor.

     

      

    (b)         The Purchaser shall have the right to purchase a number of shares of Series C Preferred Stock equal to its pro rata share of any issuance of Series C Preferred Stock, which pro rata share shall be determined based on (i) the
        Purchaser’s percentage ownership of the then outstanding Series B Preferred Stock and Series A Preferred Stock (treating all such Series B Preferred Stock and Series A Preferred Stock as a single class), or (ii) if no Series A Preferred Stock or
        Series B Preferred Stock is then outstanding, the Purchaser’s percentage ownership of Series B Preferred Stock and Series A Preferred Stock as of the last date on which such securities were outstanding.

     

      

    
      4

      
        

    

    (c)         To the extent that the Purchaser does not exercise its right, pursuant to Section 3(b), to purchase the total number of shares of Series C
        Preferred Stock that the Purchaser is entitled to purchase, then Company shall be free to sell such shares of Series C Preferred Stock with respect to which such exercise was not made; provided, however, that if the terms of the issuance of such shares of Series C Preferred Stock allocated for sale to third
        parties are more favorable than the terms of the Series C Preferred Stock originally offered to the Purchaser, the Company shall offer those same, improved, terms to the Purchaser and the Purchaser shall be allowed another opportunity to accept or
        reject the more favorable terms as provided herein.  If the Purchaser elects to purchase shares of Series C Preferred Stock pursuant to Section 3(b), then
        the Company shall sell to the Purchaser, and the Purchaser shall purchase from the Company, for the consideration and on the terms as established in connection with such offering, the shares of Series C Preferred Stock that the Purchaser has duly
        elected to purchase pursuant to this Section 3.

     

      

    (d)         If the sale of the Series C Preferred Stock is not completed within six (6) months of the date on which the Series C Notice is given, then the Company shall not thereafter sell Series C Preferred Stock without complying anew with the
        procedures described in this Section 3.

     

      

    Section 4.          MISCELLANEOUS.

     

      

    4.1        Representations and Warranties. The Company hereby represents to the Purchaser that (i) it has full organizational power and authority to execute and deliver
        this Agreement and to comply with its obligations hereunder; (ii) the execution and delivery of this Agreement by it have been duly and validly authorized by all necessary organizational action on its part; and (iii) this Agreement has been duly
        and validly executed and delivered by it and the provisions of this Agreement constitute valid and binding obligations of it, enforceable against it in accordance with the terms hereof, except that such enforceability (x) may be limited by
        bankruptcy, insolvency, moratorium or other similar laws affecting or relating to the enforcement of creditors’ rights generally, and (y) is subject to general principles of equity and the discretion of the court before which any proceedings
        seeking injunctive relief or specific performance may be brought.

     

      

    4.2        Payments.  All payments made by or on behalf of the Company or any of their Affiliates to the Purchaser or its respective assigns, successors or designees
        pursuant to this Agreement shall be without withholding, set-off, counterclaim or deduction of any kind.

     

      

    4.3       Arm’s Length Transaction.  The Company acknowledges and agrees that (i) the Series B Preferred Equity Offering and any other transactions described in this
        Agreement are an arm’s-length commercial transaction between the Parties and (ii) the Purchaser has not assumed nor will it assume an advisory or fiduciary responsibility in the Company’s favor with respect to any of the transactions contemplated
        by this Agreement or the process leading thereto, and the Purchaser has no obligation to the Company with respect to the transactions contemplated by this Agreement except those obligations expressly set forth in this Agreement or the Offering
        Documents to which it is a party.

     

      

    
      5

      
        

    

    4.4      No Waiver of Rights.  All waivers hereunder must be made in writing, and the failure of any Party at any time to require another Party’s performance of any
        obligation under this Agreement shall not affect the right subsequently to require performance of that obligation.  Any waiver of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding
        breach of such provision or a waiver or modification of any other provision.

     

      

    4.5        Notices.  All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have
        been duly given or made upon receipt) by delivery in person, by an internationally recognized overnight courier service, by email or registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following
        addresses (or at such other address for any Party as shall be specified by such Party in a notice given in accordance with this Section 4.5).

     

      

    
      
        	

              	(a)	
                If to the Company, to:

              

         

        

      

    

    	
            NextDecade Corporation

          
	
            1000 Louisiana Street, Suite 3900

          
	
            Houston, Texas 77002

          
	
            Attention:

          	
            Krysta De Lima, General Counsel

          
	 	
            krysta@next-decade.com

          
	 
	
            With a copy (which shall not
                    constitute notice to the Company) to:

          
	 
	
            K&L Gates LLP

          
	
            214 North Tryon Street, 47th Floor

          
	
            Charlotte, North Carolina 28202

          
	
            Fax: (704) 353-3106

          
	
            Attention:

          	
            Sean M. Jones

          
	 	
            Sean.Jones@klgates.com

          

    

    

    
      
        	

              	(b)	
                If to the Purchaser to the notice address set forth in the Stock Purchase Agreement.

              

      

    

     

      

    Any of the foregoing addresses may be changed by giving notice of such change in the foregoing manner, except that notices for changes of
        address shall be effective only upon receipt.

     

      

    4.6         Headings.  The section and subsection headings in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation
        of this Agreement.

     

      

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

     

      

    
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    4.8       Entire Agreement. This Agreement and the agreements and documents referenced herein constitute the entire agreement of the Parties with respect to the subject
        matter hereof and supersede all prior agreements and undertakings, both written and oral, between the Parties with respect to the subject matter hereof.

     

      

    4.9       Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. 
        Except as set forth below or as otherwise agreed by the Parties in writing, neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned by either Party (whether by operation of law or otherwise)
        without the prior written consent of the other Party.  Notwithstanding the foregoing, the rights, obligations and interests of the Purchaser in this Agreement may be assigned or otherwise transferred, in whole or in part, by the Purchaser to any
        Affiliate of the Purchaser without the consent of the Company; provided, however,
        that any such assignee or transferee, as a condition precedent to such transfer, becomes a Party to this Agreement and assumes the obligations of the Purchaser, in each case, with respect to the transferred rights under this Agreement.

     

      

    4.10       No Third-Party Beneficiaries.  This Agreement shall be binding upon and inure solely to the benefit of the Parties and their respective successors and permitted
        assigns and, except as expressly set forth in Section 4.9 of this Agreement, nothing herein, express or implied, is intended to or shall confer upon any
        other Person any legal or equitable right, benefit or remedy of any nature whatsoever.

     

      

    4.11      Amendment.  This Agreement may not be altered, amended, or modified except by a written instrument executed by or on behalf of the Company and the Purchaser.

     

      

    4.12      Governing Law.  This Agreement shall be interpreted, construed and enforced in accordance with the laws of the State of New York, without regard to the conflicts
        of law principles thereof.

     

      

    4.13      Consent to Jurisdiction.  Each of the Parties (a) irrevocably and unconditionally agrees that any actions, suits or proceedings, at law or equity, arising out of
        or relating to this Agreement or any agreements or transactions contemplated hereby shall be heard and determined by the federal or state courts located in New York County in the State of New York; (b) irrevocably submits to the jurisdiction of
        such courts in any such action, suit or proceeding; (c) consents that any such action, suit or proceeding may be brought in such courts and waives any objection that such Party may now or hereafter have to the venue or jurisdiction of such courts
        or that such action or proceeding was brought in an inconvenient forum; and (d) agrees that service of process in any such action, suit or proceeding may be effected by providing a copy thereof by any of the methods of delivery permitted by Section 4.5 to such Party at its address as provided in Section 4.5
        (provided that nothing herein shall affect the right to effect service of process in any other manner permitted by Law).

     

      

    
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    4.14      Waiver of Jury Trial.  EACH OF THE PARTIES HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
        ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT (WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY).  EACH OF THE PARTIES HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
        ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
        ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 4.14.

     

      

    4.15      Counterparts.  This Agreement may be executed and delivered (including by facsimile or electronic transmission) in one or more counterparts, and by the different
        Parties in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement.  Signatures of the Parties transmitted by electronic mail shall be deemed
        to be their original signatures for all purposes.

     

      

    4.16     Specific Performance.  Each Party acknowledges that, in view of the uniqueness of the securities referenced herein and the transactions contemplated by this
        Agreement, the other Party would not have an adequate remedy at law for money damages in the event that this Agreement has not been performed in accordance with its terms, and therefore agrees that the other Party shall be entitled to specific
        performance and injunctive or other equitable relief, without the necessity of proving the inadequacy of monetary damages as a remedy.

     

      

    4.17     Amendment of Company Documents.  Neither the Company nor the Board shall (a) permit the bylaws or certificate of incorporation of the Company to be amended in
        any manner that would eliminate or have any negative impact on any of the provisions hereof or the rights conveyed to the Purchaser hereunder or (b) enter into any agreement, instrument or other arrangement that conflicts with the rights and
        provisions of this Agreement.

     

      

    4.18    Waiver of Consequential Damages.  In no event shall any Party or its Affiliates, or their respective managers, members, shareholders or representatives, be
        liable hereunder at any time for punitive, incidental, consequential special or indirect damages, including loss of future profits, revenue or income, or loss of business reputation of any other Party or any of its Affiliates, whether in contract,
        tort (including negligence), strict liability or otherwise, and each Party hereby expressly releases each other Party, its Affiliates, and their respective managers, members, shareholders, partners, consultants, representatives, successors and
        assigns therefrom.

     

      

    4.19     Rules of Construction.  The Parties and their respective legal counsel participated in the preparation of this Agreement, and therefore, this Agreement shall be
        construed neither against nor in favor of any of the Parties, but rather in accordance with the fair meaning thereof. All definitions set forth in this Agreement are deemed applicable whether the words defined are used in this Agreement in the
        singular or in the plural, and correlative forms of defined terms have corresponding meanings.  The term “including” is not limiting and means “including without limitation.”  The term “or” has, except where otherwise indicated, the inclusive
        meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement.  Section, subsection,
        clause, schedule, annex and exhibit references are to this Agreement unless otherwise specified.  Any reference to this Agreement shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions,
        and supplements thereto and thereof, as applicable.  Whenever the context may require, any pronoun includes the corresponding masculine, feminine and neuter forms.

     

      

    [Signature pages follow]

     

      

    
      8

      
        

    

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

     

      

    	 	
            NEXTDECADE CORPORATION

          

    

    

    	 	
            By:

          	 	 

    	 	
            Name:

          	
            Matthew Schatzman

          
	 	
            Title:

          	
            President and Chief Executive Officer

          

    

    

    
      9

      
        

    

    	 	
            PURCHASERS:

          
	 	 
	 	
            York Tactical Energy Fund, L.P.

          
	 	 

    	 	
            By:

          	 	 

    	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    	 	
            York Tactical Energy Fund PIV-AN, L.P.

          
	 	 	 
	 	
            By:

          	 	 

    	 	
            Name:

          	 
	 	
            Title:EX-4.1

 Exhibit 4.1 

REGISTRATION RIGHTS AGREEMENT 

BY AND BETWEEN 
 RATTLER
MIDSTREAM LP 
 AND 

ENERGEN RESOURCES CORPORATION 

 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of May 28, 2019, by and between
Rattler Midstream LP, a Delaware limited partnership (the “Partnership”), and Energen Resources Corporation, an Alabama corporation (“Energen”). 

WHEREAS, in connection with the adoption of the First Amended and Restated Agreement of Limited Partnership of the Partnership dated the date
hereof (as amended from time to time, the “Partnership Agreement”), Energen holds Class B Units of the Partnership (the “Class B Units”) that are exchangeable, together with the Units of the
Operating Company (as defined below) (the “OpCo Units”), for Common Units of the Partnership (the “Common Units”); and 

WHEREAS, Energen may from time to time acquire additional Common Units or Class B Units. 

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: 
 ARTICLE I 

DEFINITIONS 

Section 1.01.    Definitions. Capitalized terms used herein without definition shall have the meanings given
to them in the Partnership Agreement. The terms set forth below are used herein as so defined: 
 “Affiliate” means, with
respect to any Person, any other Person that directly or indirectly through one or more intermediaries Controls, is Controlled by or is under common Control with, the Person in question. 

“Agreement” has the meaning given to such term in the introductory paragraph. 

“Business Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of
the United States of America or the State of Texas shall not be regarded as a Business Day. 
 “Class B
Units” has the meaning given to such term in the recitals of this Agreement. 
 “Commission” means the Securities
and Exchange Commission. 
 “Common Units” has the meaning given to such term in the recitals of this Agreement. 

“Control” or “control” (including the terms “controlled” and
“controlling”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Effectiveness Period” has the meaning given to such term in Section 2.01. 

  
 1 

 “Energen” has the meaning given to such term in the introductory paragraph.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Exchange Agreement” means the Exchange Agreement, dated as of the date hereof, among the Partnership,
Energen, the General Partner and the Operating Company, pursuant to which Energen can tender OpCo Units, together with Class B Units, in exchange for Common Units. 

“Holder” means the record holder of any Registrable Securities. 

“Losses” has the meaning given to such term in Section 2.07(a). 

“Managing Underwriter(s)” means, with respect to any Underwritten Offering, the
book-running lead manager(s) of such Underwritten Offering. 
 “Notice” has the
meaning given to such term in Section 2.01. 
 “OpCo Units” has the meaning given to such term in
the recitals of this Agreement 
 “Operating Company” means Rattler Midstream Operating LLC, a Delaware limited liability
company. 
 “Partnership” has the meaning given to such term in the introductory paragraph. 

“Partnership Agreement” has the meaning given to such term in the recitals of this Agreement. 

“Person” means an individual or a corporation, firm, limited liability company, partnership, joint venture, trust,
unincorporated organization, association, government agency or political subdivision thereof or other entity. 
 “Registrable
Securities” means (i) the aggregate number of Common Units acquired or that may be acquired by Energen or any of its Affiliates in accordance with the Exchange Agreement; (ii) any securities of the Partnership or any of its
subsidiaries issued or issuable with respect to the securities referred to in clause (i) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization;
and (iii) any other Common Units or other securities of the Partnership held by Energen or any of its Affiliates from time to time, which Registrable Securities are subject to the rights provided herein until such rights terminate pursuant to
the provisions hereof. 
 “Registration Expenses” means all expenses (other than Selling Expenses) incident to the
Partnership’s performance under or compliance with this Agreement to effect the registration of Registrable Securities on a Registration Statement pursuant to Section 2.01 and/or in connection with an Underwritten
Offering pursuant to Section 2.02(a), and the disposition of such Registrable Securities, including, without limitation, all registration, filing, securities exchange listing and securities exchange fees, all registration,
filing, qualification and other fees and expenses of 

  
 2 

 
complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, fees of transfer agents and registrars, all word processing, duplicating and printing expenses,
any transfer taxes and the fees and disbursements of counsel and independent public accountants for the Partnership, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and
compliance. 
 “Registration Statement” has the meaning given to such term in Section 2.01. 

“Securities Act” means the Securities Exchange Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Selling Expenses” means all underwriting fees, discounts and selling commissions applicable to the sale of Registrable
Securities. 
 “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement.

 “Testing-the-Waters
Communication” means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. 

“Underwritten Offering” means an offering (including an offering pursuant to a Registration Statement) in which Common Units
are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 

“Written Testing-the-Waters
Communication” means any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Securities Act. 

Section 1.02.    Registrable Securities. Any Registrable Security will cease to be a Registrable Security:
(a) at the time a Registration Statement covering such Registrable Security has been declared effective by the Commission, or otherwise has become effective, and such Registrable Security has been sold or disposed of pursuant to such
Registration Statement; (b) at the time such Registrable Security has been disposed of pursuant to Rule 144 (or any similar provision then in effect under the Securities Act); (c) ten years after Energen ceases to be an Affiliate of the
Partnership; (d) if such Registrable Security is held by the Partnership or one of its subsidiaries; (e) at the time such Registrable Security has been transferred in a private transaction in which the transferor’s rights under this
Agreement are not assigned to the transferee of such securities; or (f) if such Registrable Security has been transferred in a private transaction in which the transferor’s rights under this Agreement are assigned to the transferee and
such transferee is not an Affiliate of Energen or the Partnership at the time that is two years following the transfer of such Registrable Security to such transferee. 

ARTICLE II 

REGISTRATION RIGHTS 

Section 2.01.    Demand Registration. Upon the written request (a “Notice”) by Holders
collectively owning at least 5% of the then-outstanding Registrable Securities, the Partnership shall 

  
 3 

 
file with the Commission, as soon as reasonably practicable, but in no event more than 90 days following the receipt of the Notice, a registration statement (each a “Registration
Statement”) under the Securities Act providing for the resale of such Registrable Securities (which may, at the option of the Holders giving such Notice, be a registration statement under the Securities Act that provides for the resale of
such Registrable Securities pursuant to Rule 415 from time to time by the Holders). There shall be no limit on the number of Registration Statements that may be required by the Holders pursuant to this Section 2.01. The
Partnership shall use its commercially reasonable efforts to cause each Registration Statement to be declared effective by the Commission as soon as reasonably practicable after the initial filing of the Registration Statement. Any Registration
Statement shall provide for the resale pursuant to any method or combination of methods legally available to, and requested by, the Holders of any and all such Registrable Securities covered by such Registration Statement. The Partnership shall use
its commercially reasonable efforts to cause each Registration Statement filed pursuant to this Section 2.01 to be continuously effective, supplemented and amended to the extent necessary to ensure that it is available for
the resale of all such Registrable Securities by the Holders until all such Registrable Securities covered by such Registration Statement have ceased to be Registrable Securities (the “Effectiveness Period”). Each Registration
Statement when effective (and the documents incorporated therein by reference) shall comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and shall not 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 not misleading (in the case of any prospectus contained in such Registration Statement, in light of the circumstances under
which a statement is made). 
 Section 2.02.    Underwritten Offerings. 

(a)    Request for Underwritten Offering. In the event that Holders collectively holding at least 5% of the then-outstanding Registrable Securities elect to dispose of Registrable Securities under a Registration Statement pursuant to an Underwritten Offering, and such Holders reasonably anticipate gross proceeds of at
least $50 million pursuant to such Underwritten Offering, the Partnership shall, upon request by such Holders, retain underwriters in order to permit such Holders to effect such sale through an Underwritten Offering and take all commercially
reasonable actions as are requested by the Managing Underwriter to expedite or facilitate the disposition of such Registrable Securities. The Partnership shall, upon request of the Holders, cause its management to participate in a roadshow or
similar marketing effort in connection with any such Underwritten Offering. 
 (b)    Limitation on Underwritten
Offerings. In no event shall the Partnership be required hereunder to participate in more than three Underwritten Offerings in any 12-month period. 

(c)    General Procedures. In connection with any Underwritten Offering pursuant to this
Section 2.02, the Holders of a majority of the Registrable Securities being sold in such Underwritten Offering shall be entitled, subject to the Partnership’s consent (which is not to be unreasonably withheld), to
select the Managing Underwriter. In connection with any Underwritten Offering under this Agreement, each Selling Holder and the Partnership shall be obligated to enter into an underwriting agreement that contains such representations and warranties,
covenants, indemnities and other rights and obligations as are customary in 

  
 4 

 
underwriting agreements for firm commitment offerings of securities. No Selling Holder may participate in such Underwritten Offering unless such Selling Holder agrees to sell its Registrable
Securities on the basis provided in such underwriting agreement and completes and executes all questionnaires, powers of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement and furnish to the
Partnership such information as the Partnership may reasonably request for inclusion in a Registration Statement or prospectus or any amendment or supplements thereto, as the case may be. Each Selling Holder may, at its option, require that any or
all of the representations and warranties by, and the other agreements on the part of, the Partnership to and for the benefit of such underwriters also be made to and for such Selling Holder’s benefit and that any or all of the conditions
precedent to the obligations of such underwriters under such underwriting agreement also be conditions precedent to such Selling Holder’s obligations. If any Selling Holder disapproves of the terms of an Underwritten Offering contemplated by
this Section 2.02, such Selling Holder may elect to withdraw from the Underwritten Offering by notice to the Partnership and the Managing Underwriter; provided, however, that such withdrawal must be made at a
time prior to the time of pricing of such Underwritten Offering. No such withdrawal shall affect the Partnership’s obligation to pay Registration Expenses. 

Section 2.03.    Delay Rights. Notwithstanding anything to the contrary contained herein, if the Partnership
determines that its compliance with its obligations under this Article II would be materially detrimental to the Partnership because such compliance would (a) materially interfere with a significant acquisition,
reorganization, financing or other similar transaction involving the Partnership, (b) require premature disclosure of material information that the Partnership has a bona fide business purpose for preserving as confidential or (c) render
the Partnership unable to comply with applicable securities laws, then the Partnership shall have the right to postpone compliance with its obligations under this Article II for a period of not more than three months;
provided, however, that such right pursuant to this Section 2.03 may not be utilized more than twice in any 12-month period. 

Section 2.04.    Sale Procedures. Whenever the Holders have requested that any Registrable Securities be
registered under this Agreement or have initiated an Underwritten Offering, such Holders shall, if applicable, cause such Registrable Securities to be exchanged into Common Units in accordance with the terms of the Exchange Agreement before or
substantially concurrently with the sale of such Registrable Securities. In connection with its obligations under this Article II, the Partnership will, as promptly as reasonably practicable: 

(a)    prepare and file with the Commission such amendments and supplements to each Registration Statement and the
prospectus used in connection therewith as may be necessary to keep each Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all
Registrable Securities covered by such Registration Statement; 
 (b)    if a prospectus supplement will be used in
connection with the marketing of an Underwritten Offering and the Managing Underwriter notifies the Partnership in writing that, in the sole judgment of such Managing Underwriter, inclusion of detailed information in such prospectus supplement is of
material importance to the success of the Underwritten Offering of such Registrable Securities, use commercially reasonable efforts to include such information in such prospectus supplement; 

  
 5 

 (c)    furnish to each Selling Holder (i) as far in advance as
reasonably practicable before filing a Registration Statement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated by
reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is
contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing a Registration Statement or supplement or amendment thereto, and (ii) such number of copies of such
Registration Statement and the prospectus included therein and any supplements and amendments thereto as such Persons may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such
Registration Statement; 
 (d)    if applicable, use its commercially reasonable efforts to register or qualify the
Registrable Securities covered by a Registration Statement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall reasonably request;
provided, however, that the Partnership will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action that would subject it to general service of process
in any jurisdiction where it is not then so subject; 
 (e)    promptly notify each Selling Holder and each underwriter,
at any time when a prospectus is required to be delivered under the Securities Act, of (i) the filing of a Registration Statement or any prospectus or prospectus supplement to be used in connection therewith, or any amendment or supplement
thereto, and, with respect to such Registration Statement or any post-effective amendment thereto, when the same has become effective; and (ii) any written comments from the Commission with respect to any
filing referred to in clause (i) and any written request by the Commission for amendments or supplements to a Registration Statement or any prospectus or prospectus supplement thereto; 

(f)    immediately notify each Selling Holder and each underwriter, at any time when a prospectus is required to be
delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in a Registration Statement, as then in effect, includes an untrue statement of a material fact or
omits to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading (in the case of the prospectus contained therein, in the light of the circumstances under which a statement is made);
(ii) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Partnership of any
notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Partnership agrees to, as
promptly as practicable, amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or 

  
 6 

 
necessary in order to make the statements therein not misleading in the light of the circumstances then existing and to take such other commercially reasonable action as is necessary to remove a
stop order, suspension, threat thereof or proceedings related thereto; 
 (g)    upon request and subject to appropriate
confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or
other body having jurisdiction (including any domestic or foreign securities exchange) relating to any offering of Registrable Securities; 

(h)    in the case of an Underwritten Offering, furnish upon request, (i) an opinion of counsel for the Partnership
dated the date of the closing under the underwriting agreement and (ii) a “cold comfort” letter, dated the pricing date of such Underwritten Offering (to the extent available) and a letter of like kind dated the date of the closing
under the underwriting agreement, in each case, signed by the independent public accountants who have certified the Partnership’s financial statements included or incorporated by reference into the applicable registration statement, and each of
the opinion and the “cold comfort” letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any prospectus supplement included therein) as have been
customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities by the Partnership and such other matters as such underwriters and Selling Holders may
reasonably request; 
 (i)    otherwise use its commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
promulgated thereunder; 
 (j)    make available to the appropriate representatives of the Managing Underwriter and
Selling Holders access to such information and Partnership personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; 

(k)    cause all Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or
nationally recognized quotation system on which similar securities issued by the Partnership are then listed; 

(l)    use its commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by
such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Partnership to enable the Selling Holders to consummate the disposition of the Registrable Securities; 

(m)    provide a transfer agent and registrar for all Registrable Securities covered by a Registration Statement not later
than the effective date of such registration statement; and 
 (n)    enter into customary agreements and take such
other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of the Registrable Securities. 

  
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 Each Selling Holder, upon receipt of notice from the Partnership of the happening of any
event of the kind described in subsection (f) of this Section 2.04, shall forthwith discontinue disposition of the Registrable Securities by means of a prospectus or prospectus supplement until such Selling
Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by subsection (f) of this Section 2.04 or until it is advised in writing by the Partnership that the use of the prospectus may
be resumed, and has received copies of any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by the Partnership, such Selling Holder will, or will request the Managing Underwriter, if any, to deliver
to the Partnership all copies in their possession or control of the prospectus and any prospectus supplement covering such Registrable Securities current at the time of receipt of such notice. 

Section 2.05.    Cooperation by Holders. The Partnership shall have no obligation to include in a Registration
Statement, or in an Underwritten Offering pursuant to Section 2.02(a), Registrable Securities of a Selling Holder who has failed to timely furnish such information that the Partnership determines, after consultation with
its counsel, is reasonably required in order for the Registration Statement or prospectus or prospectus supplement, as applicable, to comply with the Securities Act. 

Section 2.06.    Expenses. The Partnership will pay all reasonable Registration Expenses, including in the
case of an Underwritten Offering, regardless of whether any sale is made in such Underwritten Offering. Each Selling Holder shall pay all Selling Expenses in connection with any sale of its Registrable Securities hereunder. In addition, except as
otherwise provided in Section 2.07, the Partnership shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder. 

Section 2.07.    Indemnification. 

(a)    By the Partnership. In the event of a registration of any Registrable Securities under the Securities Act
pursuant to this Agreement, the Partnership will indemnify and hold harmless each Selling Holder participating therein, its directors, officers, employees and agents, and each Person, if any, who controls such Selling Holder within the meaning of
the Securities Act and the Exchange Act, and its directors, officers, employees or agents, against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively,
“Losses”), joint or several, to which such Selling Holder, director, officer, employee, agent or controlling Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or
proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus or any Written Testing-the-Waters Communication, in the light of the circumstances under which such statement is made) contained in any Written
Testing-the-Waters Communication, a Registration Statement, any preliminary prospectus or prospectus supplement, free writing prospectus or final prospectus or
prospectus supplement contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein (in the case of a prospectus or any Written Testing-the-Waters Communication, in the light of the circumstances under which they were made) not misleading, and
will reimburse each such Selling Holder, its directors, officers, 

  
 8 

 
employee and agents, and each such controlling Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss or actions or
proceedings as such expenses are incurred; provided, however, that the Partnership will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or
omission or alleged omission so made in conformity with information furnished by such Selling Holder, its directors, officers, employees and agents or such controlling Person in writing specifically for use in any Written Testing-the-Waters Communication, a Registration Statement, or prospectus or any amendment or supplement thereto, as applicable. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of such Selling Holder or any such directors, officers, employees agents or controlling Person, and shall survive the transfer of such securities by such Selling Holder. 

(b)    By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless
the Partnership, its directors, officers, employees and agents and each Person, if any, who controls the Partnership within the meaning of the Securities Act or of the Exchange Act, and its directors, officers, employees and agents, to the same
extent as the foregoing indemnity from the Partnership to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in any Written Testing-the-Waters Communication, a Registration Statement, any preliminary prospectus or prospectus supplement, free writing prospectus or final prospectus or prospectus
supplement contained therein, or any amendment or supplement thereof; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses)
received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification. 

(c)    Notice. Promptly after receipt by an indemnified party hereunder of notice of the commencement of any
action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying party shall not relieve it
from any liability that it may have to any indemnified party other than under this Section 2.07. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The
indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such
indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such indemnified party under this Section 2.07 for any legal expenses subsequently incurred by
such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense
or employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may
be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the
indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate
counsel and other 

  
 9 

 
reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no indemnified party shall settle
any action brought against it with respect to which it is entitled to indemnification hereunder without the consent of the indemnifying party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and
unconditional release from all liability of, the indemnifying party. 
 (d)    Contribution. If the
indemnification provided for in this Section 2.07 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any
Losses, then each indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and of such indemnified party on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations; provided,
however, that in no event shall the Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities
giving rise to such indemnification. The relative fault of the indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation that does not take
account of the equitable considerations referred to herein. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any Loss that is the subject of this paragraph. 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 is not guilty of fraudulent misrepresentation. 

(e)    Other Indemnification. The provisions of this Section 2.07 shall be in addition to
any other rights to indemnification or contribution that an indemnified party may have pursuant to law, equity, contract or otherwise. 

Section 2.08.    Rule 144 Reporting. With a view to making available the benefits of certain rules and
regulations of the Commission that may permit the sale of the Registrable Securities to the public without registration, the Partnership agrees to use its commercially reasonable efforts to: 

(a)    make and keep public information regarding the Partnership available, as those terms are understood and defined in
Rule 144 under the Securities Act, at all times from and after the date hereof; 

  
 10 

 (b)    file with the Commission in a timely manner all reports and other
documents required of the Partnership under the Exchange Act at all times from and after the date hereof; and 

(c)    so long as a Holder owns any Registrable Securities, furnish, unless otherwise available via EDGAR, to such Holder
forthwith upon request a copy of the most recent annual or quarterly report of the Partnership, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission
allowing such Holder to sell any such securities without registration. 
 Section 2.09.    Transfer or
Assignment of Registration Rights. The rights to cause the Partnership to register Registrable Securities granted to a Holder by the Partnership under this Article II may be transferred or assigned by such Holder to one
or more transferee(s) or assignee(s) of such Registrable Securities; provided, however, that (a) unless such transferee or assignee is an Affiliate of Energen, each such transferee or assignee holds Registrable Securities representing at
least 5% of the then outstanding Registrable Securities, (b) the Partnership is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee or assignee and identifying the Registrable
Securities with respect to which such registration rights are being transferred or assigned and (c) each such transferor or assignor agrees to be bound by this Agreement. 

Section 2.10.    Restrictions on Public Sale by Holders of Registrable Securities. Each Holder agrees to enter
into a customary letter agreement with underwriters providing such Holder will not affect any public sale or distribution of the Registrable Securities during the 90 calendar day period beginning on the date of a prospectus or prospectus supplement
filed with the Commission with respect to the pricing of an Underwritten Offering; provided, however, that (i) the duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed
by the underwriters on the Partnership or its (or the General Partner’s) officers or directors, or any other Unitholder on whom a restriction is imposed and (ii) the restrictions set forth in this Section 2.10
shall not apply to any Registrable Securities that are included in such Underwritten Offering by such Holder. 
 ARTICLE III 

MISCELLANEOUS 

Section 3.01.    Notices. Any notice, statement, demand, claim, offer or other written instrument required or
permitted to be given pursuant to this Agreement shall be in writing signed by the Party giving such notice and shall be sent by email, hand messenger delivery, overnight courier service, or certified mail (receipt requested) to each other Party at
the address set forth below; provided that to be effective any such notice sent originally by email must be followed within two Business Days by a copy of such notice sent by overnight courier service: 

 

	 	(a)	 if to Energen: 

Energen Resources Corporation 

500 West Texas, Suite 1200 

Midland, Texas 79701 
 Email:
MZmigrosky@diamondbackenergy.com 
 Attention: P. Matt Zmigrosky, General Counsel 

  
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	 	(b)	 if to a permitted transferee or assignee of a Holder, to such transferee or assignee furnished by such
transferee or assignee; and 

  

	 	(c)	 if to the Partnership: 

Rattler Midstream LP 
 c/o
Rattler Midstream GP LLC 
 500 West Texas, Suite 1200 

Midland, Texas 79701 
 Email:
MZmigrosky@diamondbackenergy.com 
 Attention: P. Matt Zmigrosky, General Counsel 

Each Party shall have the right to change the place to which notices shall be sent or delivered or to specify one additional address to which
copies of notices may be sent, in either case by similar notice sent or delivered in like manner to the other Party. Without limiting any other means by which a Party may be able to prove that a notice has been received by another Party, all notices
and communications shall be deemed to have been duly given: (i) at the time delivered by hand, if personally delivered; (ii) five Business Days after being deposited in the mail, postage prepaid, if mailed by first class certified mail,
receipt requested; (iii) when received, if sent by email, if received prior to 5 p.m., recipient’s time, on a Business Day, or on the next Business Day, if received later than 5 p.m., recipient’s time; and (iv) on the next
Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. In any case hereunder in which a Party is required or permitted to respond to a notice from another Party within a specified period,
such period shall run from the date on which the notice was deemed duly given as above provided, and the response shall be considered to be timely given if given as above provided by the last day of the period provided for such response. 

Section 3.02.    Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the
successors and assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 

Section 3.03.    Transfers and Assignment of Rights. All or any portion of the rights and obligations of the
Holders under this Agreement may be transferred or assigned by the Holders in accordance with Section 2.09 hereof. 

Section 3.04.    Recapitalization, Exchanges, Etc. Affecting the 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 Partnership or any successor or assign of the Partnership (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, pro rata distributions and the like occurring after the date of this Agreement. 

Section 3.05.    Specific Performance. Damages in the event of breach of this Agreement by a party hereto may
be difficult, if not impossible, to ascertain, and it is therefore agreed that 

  
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each party, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief in any court of competent jurisdiction,
enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an
injunction or other equitable relief. The existence of this right will not preclude any such party from pursuing any other rights and remedies at law or in equity that such party may have. 

Section 3.06.    Counterparts. This Agreement may be executed in counterparts (which may be delivered by
electronic transmission). Each counterpart when so executed and delivered shall be deemed an original, and both such counterparts taken together shall constitute one and the same instrument. 

Section 3.07.    Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
 Section 3.08.    Governing Law. The laws of the State of
Texas shall govern this Agreement. 
 Section 3.09.    Severability. Whenever possible each provision and
term of this Agreement will be interpreted in a manner to be effective and valid. If any term or provision of this Agreement or the application of any such term or provision to any Person or circumstance shall be held invalid, illegal or
unenforceable in any respect by a court of competent jurisdiction, the remaining provisions hereof, or the application of such term or provision to Persons or circumstances other than those as to which it has been held invalid, illegal or
unenforceable, will remain in full force and effect and will in no way be affected, impaired or invalidated thereby. If any term or provision of this Agreement is held to be prohibited or invalid, then such term or provision will be ineffective only
to the extent of such prohibition or invalidity without invalidating or affecting in any manner whatsoever the remainder of such term or provision or the other terms and provisions of this Agreement. Upon determination that any other term or
provision of this Agreement is invalid, void, illegal or unenforceable, a court of competent jurisdiction will modify such term or provision so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end
that the transactions contemplated hereby are fulfilled to the fullest extent possible under the Law. 

Section 3.10.    Scope of Agreement. The rights granted pursuant to this Agreement are intended to supplement
and not reduce or replace any rights any Holders may have under the Partnership Agreement with respect to the Registrable Securities. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. Except as provided in the Partnership Agreement, there are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein with respect to the rights granted by the Partnership set forth herein. Except as provided in the Partnership Agreement, this Agreement supersedes all prior agreements and understandings between the
parties with respect to such subject matter. 

  
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 Section 3.11.    Amendment. This Agreement may be modified,
amended or supplemented only by written agreement executed by the Partnership and the Holders of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely affect the
rights of any Holder hereunder without the consent of such Holder. 
 Section 3.12.    No Presumption. If
any claim is made by a party relating to any conflict, omission, or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a
particular party or its counsel. 
 Section 3.13.    Aggregation of Registrable Securities. All Registrable
Securities held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

Section 3.14.    Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and
acknowledges that no Person other than the Partnership and the Holders shall have any obligation hereunder and that, notwithstanding that one or more of the Holders may be a corporation, partnership or limited liability company, no recourse under
this Agreement or under any documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or
Affiliate of any of the Holders or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by
any legal or equitable proceeding, or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future
director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Holders or any former, current or future director, officer, employee, agent, general or limited partner, manager, member,
stockholder or Affiliate of any of the foregoing, as such, for any obligations of the Holders under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of
such obligation or its creation, except in each case for any transferee or assignee of the Holders hereunder. 
 [Signature page
follows.] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date
first above written. 
  

			
	RATTLER MIDSTREAM LP
		
	By:	 	 Rattler Midstream GP LLC,
 its general
partner

		
	By:	 	 /s/ Teresa L. Dick

	Name:	 	Teresa L. Dick
	Title:	 	Executive Vice President, Chief Financial Officer and Assistant Secretary
	
	ENERGEN RESOURCES CORPORATION
		
	By:	 	 /s/ Teresa L. Dick

	Name:	 	Teresa L. Dick
	Title:	 	Executive Vice President, Chief Accounting Officer and Assistant Secretary

  
 [Signature Page to
Registration Rights Agreement]

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