Document:

Exhibit 4.6

 

Form
of Subordinated Note

 

(FACE OF SECURITY) 

 

[Each Global Security shall bear substantially
the following legend:

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

[If the Security has original issue discount
for U.S. federal income tax purposes, insert tax legend:

 

[FOR PURPOSES OF SECTIONS 1272, 1273 AND
1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND THE RULES AND REGULATIONS THEREUNDER, THIS NOTE IS BEING ISSUED WITH
ORIGINAL ISSUE DISCOUNT; PLEASE CONTACT DONALD NOTMAN, CHIEF FINANCIAL OFFICER, OCULAR THERAPETUIX, INC., 15 CROSBY DRIVE, BEDFORD,
MASSACHUSETTS 01730, TELEPHONE: (781) 357-4000, TO OBTAIN INFORMATION REGARDING THE ISSUE PRICE, THE ISSUE DATE, THE AMOUNT OF
ORIGINAL ISSUE DISCOUNT AND THE YIELD TO MATURITY.]

 

     

     

    

 

OCULAR THERAPEUTIX, INC.

[ Title of Security ]

 

	No. [   ]	CUSIP No.:  [   ]
	 	[Common Code][ISIN]:   [    ]
	 	[$   ]

 

OCULAR THERAPEUTIX, INC.,
a Delaware corporation (the “Issuer”, which term includes any successor corporation), for value received promises to
pay to [If the Security is a Global Security -- CEDE & CO.][If the Security is not a Global Security -- __________]
or registered assigns, the principal sum of __________ on __________,____ (the “Maturity Date”) [If the Security
is to bear interest prior to maturity, insert--, and to pay interest thereon from _____________ or from the most recent interest
payment date to which interest has been paid or duly provided for, [semiannually in arrears on ______ and ______ in each year],
commencing _________, ____ (each, an “Interest Payment Date”) at the rate of [___% per annum], until the principal
hereof is paid or made available for payment [If applicable insert--, and (to the extent that the payment of such interest
shall be legally enforceable) at the rate of ___% per annum on any overdue principal and on any overdue installment of interest].
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture
(as defined below), be paid to the Holder in whose name this Security (or one or more predecessor Securities) is registered at
the close of business on the record date for such interest, which shall be the _______ or ________ (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date (each, an “Interest Record Date”). Interest will be computed
on the basis of [a 360-day year of twelve 30-day months].]

 

[If the Security is
not to bear interest prior to maturity, insert--The principal of this Security shall not bear interest except in the case of
a default in payment of principal upon acceleration, upon redemption or at maturity and, in each such case, the overdue principal
of this Security shall bear interest at the rate of ___% per annum (to the extent that the payment of such interest shall be legally
enforceable), which shall accrue from the date of such default in payment to the date payment of such principal has been made or
duly provided for. Interest on any overdue principal shall be payable on demand.]

 

Reference is made to the
further provisions set forth on the reverse of this Security contained herein, which will for all purposes have the same effect
as if set forth at this place.

 

     

     

    

 

IN WITNESS WHEREOF, the
Issuer has caused this Security to be signed manually or by facsimile by its duly authorized officer under its corporate seal.

 

		OCULAR THERAPEUTIX, INC.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	Attest:	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

This is one of the Securities
of the series designated herein and referred to in the within-mentioned Indenture.

 

	Dated:  [   ]	 	 
	 	 	 
	 	____________, as Trustee
	 	 	 
		By:	

	 	 	Title:	 

 

     

     

    

 

(REVERSE
OF SECURITY)

 

OCULAR
THERAPEUTIX, INC.

 

[ Title
of Security ]

 

		1.	Indenture

 

This Security is one of
a duly authorized issue of debentures, notes or other evidence of indebtedness (hereinafter called the “Securities”)
of the Issuer of the series hereinafter specified, which series is initially limited in aggregate principal amount to [$]____________,
all of such Securities issued and to be issued under an Indenture dated as of ________, _____ (the “Indenture”) between
the Issuer and __________________________ as trustee (the “Trustee”). Capitalized terms herein are used as defined
in the Indenture unless otherwise indicated. The terms of the Securities include those stated in the Indenture and those made part
of the Indenture by reference to the Trust Indenture Act of 1939, as in effect on the date of the Indenture. The Securities are
subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms.
To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Security and the terms of
the Indenture, the terms of the Indenture shall control.

 

This Security is one of
a series of Securities designated pursuant to the Indenture [and a [Supplemental Indenture] dated _____, _____, issued pursuant
to Section 2.01 and Section 2.03 thereof (the “Supplemental Indenture”)] as ________________. The Securities are general
unsecured obligations of the Issuer. The Issuer may, subject to the provisions of the Indenture and applicable law, issue additional
Securities of any series under the Indenture.

 

		2.	Method of Payment.

 

The Issuer shall pay interest
on the Securities (except defaulted interest) to the persons who are the registered Holders at the close of business on the Interest
Record Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent
to such Interest Record Date and prior to such Interest Payment Date. Holders must surrender Securities to the Trustee to collect
principal payments. The Issuer shall pay principal and interest in money of [the United States] that at the time of payment
is legal tender for payment of public and private debts. [However, the payments of interest, and any portion of the principal (other
than interest payable at maturity or on any redemption or repayment date or the final payment of principal) shall be made by the
Paying Agent, upon receipt from the Issuer of immediately available funds by __________ [a./p.m.], New York City time (or
such other time as may be agreed to between the Issuer and the Paying Agent or the Issuer), directly to a Holder (by Federal funds
wire transfer or otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to such payment date
requesting that such payment will be so made and designating the bank account to which such payments shall be so made and in the
case of payments of principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same
principal amount as the unredeemed principal amount of the Securities surrendered.]

 

     

     

    

 

		3.	Redemption.

 

[The Securities of
this series may be redeemed at any time [on or after ______, ______], as a whole or in part, at the option of the
Issuer, upon mailing notice of such redemption not less than 10 and not more than 60 days to the Holders of such Securities, at
a redemption price equal to ___________.]

 

		4.	Paying Agent and Security Registrar

 

Initially, [the Trustee]
will act as Paying Agent and Security Registrar.  The Issuer may change any Paying Agent or Security Registrar without
notice to the Holders.

 

		5.	Denominations; Transfer; Exchange.

 

The Securities are in
registered form, without coupons, in denominations of [$2,000] and multiples of [$1,000]. A Holder shall register
the transfer of or exchange Securities in accordance with the Indenture. The Issuer may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable
in connection therewith as permitted by the Indenture. [The Issuer need not register the transfer of or exchange (a) any Securities
for a period of fifteen (15) days preceding the first notice that such Securities are to be redeemed, or (b) any Securities selected,
called or being called for redemption in whole or in part, except, in the case of any Security to be redeemed in part, the portion
thereof not to be so redeemed.]

 

		6.	Persons Deemed Owners.

 

The registered Holder
of a Security shall be treated as the owner of it for all purposes.

 

		7.	Unclaimed Funds.

 

If funds for the payment
of principal or interest remain unclaimed for two years, the Trustee and the Paying Agent will repay the funds to the Issuer. After
that, all liability of the Trustee and such Paying Agent with respect to such funds shall cease.

 

		8.	Defeasance.

 

The Indenture [as amended
by the Supplemental Indenture] contains provisions for defeasance at any time of (a) the entire indebtedness of the Issuer
on this Security and (b) certain restrictive covenants and the related Events of Default, upon compliance by the Issuer with certain
conditions set forth therein, which provisions [apply] to this Security.

 

		9.	Amendment; Supplement; Waiver.

 

Subject to certain exceptions,
the Securities of this series, [the Supplemental Indenture] and the provisions of the Indenture relating to the Securities of this
series may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount
of the Securities of this series then outstanding, and any existing Default or Event of Default, other than the non-payment of
the principal amount of or interest on the Securities of this series, or compliance with certain provisions may be waived with
the consent of the Holders of a majority in aggregate principal amount of all the Securities of this series, then outstanding.

 

    5

     

    

 

Without notice to or consent of any Holder,
the parties thereto may amend or supplement the Indenture and the Securities to, among other things, cure any ambiguity, defect
or inconsistency, provide for uncertificated Securities in addition to or in place of certificated Securities, or make any other
change that does not adversely affect the rights of any Holder of a Security.

 

		10.	Defaults and Remedies.

 

If an Event of Default
(other than certain bankruptcy Events of Default with respect to the Issuer) occurs and is continuing, the Trustee or the Holders
of at least 25% in aggregate principal amount of Securities of this series then outstanding (voting as a separate class) by notice
in writing to the Issuer (and also to the Trustee if such notice is given by the Holders) may declare [the entire principal]
of the Securities of this series and the interest accrued thereon, if any, to be due and payable immediately in the manner and
with the effect provided in the Indenture. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then [the entire principal] of the Securities then outstanding and interest accrued thereon, if any, shall become automatically
due and payable immediately in the manner and with the effect provided in the Indenture.  Holders of Securities may not
enforce the Indenture or the Securities except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture
or the Securities unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein
provided, Holders of a majority in aggregate principal amount of the Securities then outstanding to direct the Trustee in its exercise
of any trust or power. The Trustee may withhold from Holders of Securities notice of certain continuing Defaults or Events of Default
if it determines that withholding notice is in their interest.

 

		11.	Subordination.

 

Reference is made to the
Indenture, including, without limitation, provisions subordinating the payment of principal of and premium, if any, and interest
on the Securities to the prior payment in full of all Senior Indebtedness as defined in the Indenture.  Such further
provisions shall for all purposes have the same effect as though fully set forth at this place.

 

		12.	Trustee Dealings with Issuer.

 

The Trustee under the
Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the
Issuer as if it were not the Trustee.

 

		13.	No Recourse Against Others.

 

No stockholder, director,
officer, employee or incorporator, past, present or future as such, of the Issuer or any predecessor or successor corporation thereof
shall have any liability for any obligation under the Securities or the Indenture or for any claim based on, in respect of or by
reason of, such obligations or their creation. Each Holder of a Security by accepting a Security waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the Securities.

 

    6

     

    

 

		14.	Authentication.

 

This Security shall not
be valid until the Trustee manually signs the certificate of authentication on this Security.

 

		15.	Abbreviations and Defined Terms.

 

Customary abbreviations
may be used in the name of a Holder of a Security or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by
the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).

 

		16.	CUSIP Numbers.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on
the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such numbers
as printed on the Securities and reliance may be placed only on the other identification numbers printed hereon.

 

		17.	Governing Law.

 

The laws of the State
of New York shall govern the Indenture and this Security thereof, and for all purposes this Security shall be governed by and construed
in accordance with the laws of such State without regard to any principle of conflict of laws that would require or permit the
application of the laws of any other jurisdiction, except as may otherwise be required by mandatory provisions of law.

 

    7

     

    

 

ASSIGNMENT
FORM

 

I or we assign and transfer
this Security to

 

	 
	(Print or type name, address and zip code of assignee or transferee)
	 
	 
	(Insert Social Security or other identifying number of assignee or transferee)

 

and irrevocably appoint ______________________________________________
agent to transfer this Security on the books of the Issuer.  The agent may substitute another to act for him.

 

	Dated:	 	 	Signed:	 
	 	 	 	 	(Signed exactly as name appears on the other side of this Security)

 

	Signature

                                                                    Guarantee:
		 
	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

 

    8Exhibit 10.1

 

 

 

CONTRIBUTION AGREEMENT

 

between

 

TEXAS PACIFIC LAND
TRUST,

and

 

TEXAS PACIFIC LAND
CORPORATION

 

Dated [●], 2020

 

    

     

    

 

CONTRIBUTION AGREEMENT

 

THIS CONTRIBUTION AGREEMENT
(this “Agreement”) is entered into and effective as of [●] a.m. (Central Time) on [●], 2020 (the “Effective
Date”), between Texas Pacific Land Trust (the “Trust”) and Texas Pacific Land Corporation, a Delaware
corporation and a wholly-owned subsidiary of the Trust (“TPL Corp”) (each, a “Party”, and
collectively, the “Parties”).

 

WITNESS:

 

WHEREAS, the
Trust is the sole holder of 100% of the outstanding limited liability company membership interests (the “Membership Interests”)
in [●], a Texas limited liability company (“TPL Holdco”);

 

WHEREAS, prior
to the date hereof, the Trust formed TPL Corp under the terms of the General Corporation Law of the State of Delaware and contributed
$1,000 to TPL Corp in exchange for all 1,000 issued and outstanding shares (the “Initial Shares”) of common
stock of TPL Corp, par value $0.01 per share (the “Common Stock”);

 

WHEREAS, the
Trust intends to take steps to reorganize into a corporation, domiciled in the State of Delaware (the “Corporate Reorganization”);

 

WHEREAS, in
order to effect the Corporate Reorganization, the Trust is undertaking and causing to be undertaken a series of transactions pursuant
to which, among other things, (a) the Trust entered into that certain Contribution Agreement, dated [●], between (i) the
Trust, (ii) the Trustees of the Trust, David E. Barry and John R. Norris III, on behalf of themselves and for their predecessors
in title (the “Trustees”), and (iii) each agent, general and state agent, assistant general and state agent
or successor agent or general and state agent for the Trustees (the “Trustees’ Agents”, and collectively with
the Trustees and the Trust, the “Contributing Parties”), on the one hand, and TPL Holdco, on the other hand,
pursuant to which the Trust and each of the other Contributing Parties contributed, granted, conveyed, assigned, transferred and
delivered to TPL Holdco all of the Contributing Parties’ respective right, title and interest, in, to and under all of the
properties and assets of the Trust and all other rights, obligations and liabilities of the Trust, and (b) the Trust shall, pursuant
to this Agreement, contribute, grant, convey, assign, transfer and deliver to TPL Corp all of its right, title and interest to,
and all responsibilities and liabilities related to and arising from, (i) the Membership Interests and (ii) all of the bank accounts,
brokerage accounts, cash and cash equivalents held by the Trust (together with the Membership Interests, the “Contributed
Interests”).

 

WHEREAS, the
Common Stock has been registered with the U.S. Securities and Exchange Commission and has been approved for listing and trading
on the New York Stock Exchange;

 

WHEREAS, the
Trust is willing and desires to contribute to TPL Corp, and TPL Corp is willing and desires to accept from the Trust, the Contributed
Interests on the terms and conditions set forth below;

 

NOW, THEREFORE,
in consideration of the promises and mutual representations, warranties and covenants in this Agreement, the Parties hereto agree
as follows:

 

     

     

    

 

Article I

DEFINITIONS

 

Section 1.1
Capitalized terms used in this Agreement have the meanings and are subject to the rules of construction set forth
in Appendix A.

 

Article II

CONTRIBUTION

 

Section 2.1 Contribution.
Subject to the terms and conditions provided for in this Agreement, the Trust hereby contributes, grants, conveys, assigns,
transfers and delivers to TPL Corp, its successors and assigns, for its and their own use forever, all of the Trust’s
right, title and interest to, and all responsibilities and liabilities related to and arising from, the Contributed Interests
(such contribution of the Contributed Interests, the “Contribution”).

 

Article III

CONSIDERATION

 

Section 3.1 Assumption
of Rights, Obligations and Liabilities. TPL Corp hereby accepts the Contribution and assumes, and agrees to be subject
to, all rights, obligations and liabilities of, and arising under, the Contributed Interests to the full extent that the
Trust has or has been subject heretofore.

 

Section 3.2 TPL
Corp Bylaws. In consideration of the Contribution, TPL Corp shall adopt, immediately following the effectiveness of this
Agreement, the amended and restated bylaws attached hereto as Appendix B.

 

Section 3.3 Share
Issuance. In consideration of the Contribution and subject to the terms and conditions provided for in this Agreement,
TPL Corp hereby issues to the Trust [●] shares of the Common Stock (the “TPL Corp Issued Shares”)
and the Trust hereby accepts the TPL Corp Issued Shares in exchange for the Contributed Interests and agrees to be subject to
all rights and obligations with respect to the TPL Corp Issued Shares.

 

Section 3.4 Redemption
and Cancellation of the Initial Shares. TPL Corp hereby redeems all of the Initial Shares and refunds to the Trust, and
the Trust hereby accepts the refund of, the Trust’s initial capital contribution of $1,000 in connection with the
formation of TPL Corp and any interest or other profit that may have resulted from the investment or other use of such
initial capital contribution to TPL Corp. Immediately following such redemption, TPL Corp shall cause the Initial Shares to
be cancelled.

 

    2

     

    

 

Article IV

INDEMNIFICATION

 

Section 4.1 Indemnification by TPL Corp.

 

(a)
Without limiting any other rights that a Person may have pursuant to law or any agreement or Organizational Document in
effect on the Effective Date or otherwise, from the Effective Date, TPL Corp shall indemnify, defend and hold harmless (i) the
Trust, (ii) each of the Trustees, (iii) the heirs, legatees, devisees, successors, assigns, executors, administrators, trustees
and Representatives of each of the Trustees and (iv) each Person who is now, or has been at any time prior to the Effective Date
or who was, is or becomes prior to the Effective Date, a trustee, officer, legal agent or fiduciary of the Trust, the Trustees
or any of its and their Representatives (including, for the avoidance of doubt, the Trustees’ Agents), in each case, when
acting in such capacity (each of the Persons in clauses (i), (ii), (iii) and (iv), an “Indemnified
Person” and collectively, the “Indemnified Persons”) against all losses, claims, damages, costs, fines,
penalties, expenses (including attorneys’ and other professionals’ fees and expenses), liabilities or judgments or
reasonable amounts that are paid in settlement, of or directly or indirectly incurred in connection with any Proceeding to which
such Indemnified Person is a party or is otherwise involved (including as a witness) based, in whole or in part, on or arising,
in whole or in part, out of the fact that such Person is or was a trustee, director, officer, employee or fiduciary of the Trust
or any of its Affiliates, or any of its and their Representatives (including, for the avoidance of doubt, the Trustees’ Agents),
or is or was serving at the request of the Trust or any of its Affiliates as a trustee, director, officer, employee or fiduciary
of another corporation, partnership, limited liability company, joint venture, employee benefit plan, trust or other enterprise,
as applicable, or by reason of anything done or not done by such Person in any such capacity, this Agreement or the transactions
contemplated herein and hereby, whether pertaining to any act or omission occurring or existing prior to, at or after the Effective
Date and whether asserted or claimed prior to, at or after the Effective Date (“Indemnified Liabilities”), in
each case to the fullest extent permitted under applicable law (and TPL Corp shall pay expenses incurred in connection therewith
in advance of the final disposition of any such Proceeding to each Indemnified Person to the fullest extent permitted under applicable
law). TPL Corp shall not settle any Proceeding in any manner that would impose any penalty or limitation on an Indemnified Person
without written consent from such Indemnified Person. The Indemnified Persons shall have authority to enter reasonable settlements
of any Proceeding, and neither TPL Corp nor the Indemnified Persons will unreasonably withhold their consent to any proposed settlement.
Without limiting the foregoing, in the event any such Proceeding is brought or threatened to be brought against any Indemnified
Persons (whether arising before or after the Effective Date), (i) the Indemnified Persons may retain legal counsel at their election,
and TPL Corp shall pay all reasonable fees and expenses of such counsel for the Indemnified Persons as promptly as statements therefor
are received, and (ii) TPL Corp shall use its best efforts to assist in the defense of any such matter. Any Indemnified Person
wishing to claim indemnification or advancement of expenses under this Section 4.1(a), upon learning of any such Proceeding,
shall notify TPL Corp thereof (but the failure to so notify shall not relieve a Party from any obligations that it may have under
this Section 4.1(a) except to the extent such failure materially prejudices such Party’s position with respect
to such claims). With respect to any determination of whether any Indemnified Person is entitled to indemnification by TPL Corp
under this Section 4.1(a), such Indemnified Person shall have the right to require that such determination be made
by special, independent legal counsel selected by the Indemnified Person and approved by TPL Corp (which approval shall not be
unreasonably withheld or delayed), and who has not otherwise performed material services for TPL Corp, TPL Holdco or the Indemnified
Person within the last three (3) years.

 

    3

     

    

 

(b)
TPL Corp shall indemnify any Indemnified Person against all reasonable costs and expenses (including reasonable attorneys’
and professionals’ fees and expenses or reasonable amounts paid in settlement), such amounts to be payable in advance upon
request as provided in Section 4.1(a), relating to the enforcement of such Indemnified Person’s rights under
this Section 4.1 or under any law, Organizational Document or contract regardless of whether such Indemnified Person
is ultimately determined to be entitled to indemnification hereunder or thereunder.

 

(c)
In the event that TPL Corp or any of its successors or assignees (i) consolidates with or merges into any other Person
and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers all or
substantially all of its properties and assets to any Person, then, in each such case, proper provisions shall be made so that
the successors and assigns of TPL Corp shall assume the obligations set forth in this Section 4.1. TPL Corp shall not
sell, transfer, distribute or otherwise dispose of any of its assets in a manner that would reasonably be expected to render TPL
Corp unable to satisfy its obligations under this Section 4.1. The provisions of this Section 4.1 are intended
to be for the benefit of, and shall be enforceable by, the Parties and each Person entitled to indemnification or insurance coverage
or expense advancement pursuant to this Section 4.1, and their respective heirs, successors, assigns and Representatives.
The rights of the Indemnified Persons under this Section 4.1 are in addition to any rights such Indemnified Persons
may have under the Organizational Documents of the Trust or TPL Corp. or any of its or their Affiliates, or under any contracts
or law. TPL Corp shall pay all expenses, including attorneys’ fees, that may be incurred by any Indemnified Person in enforcing
the indemnity and other obligations provided in this Section 4.1.
 

Article V

COVENANTS
 

Section 5.1
Further Assurances. In case at any time after the Effective Date any further action is necessary to carry
out the purposes of this Agreement, each of the Parties will take such further action as the other Parties reasonably may request.
 

Section 5.2
Tax Covenants.
 

(a)
The Parties agree that for U.S. federal and, to the extent permitted, for state and local Tax purposes, (i) the transactions
undertaken to effect the Corporate Reorganization, including the transactions contemplated under this Agreement, will not result
in a termination of the Trust’s taxable year, (ii) the Trust’s Tax attributes enumerated in Section 381(c) of the Internal
Revenue Code of 1986, as amended (the “Code”), or any similar provision of state or local law, will be taken
into account by TPL Corp as if there had been no Corporate Reorganization, and (iii) the part of the Trust’s last taxable
year that began before the Corporate Reorganization will be included in TPL Corp’s first taxable year that ends after the
Corporate Reorganization.
 

(b)
All sales, use, controlling interest, transfer, filing, recordation, registration and similar Taxes arising from or associated
with the transactions contemplated by this Agreement other than Taxes based on income or net worth (“Transaction Taxes”),
shall be borne in their entirety by TPL Corp. The Party responsible for filing Tax Returns in respect of Transaction Taxes under
applicable law shall prepare and file all such Tax Returns. The Parties shall provide such certificates and other information and
otherwise cooperate.
 

    4

     

    

 

Section 5.3
Tax Treatment of the Transaction. For U.S. federal income tax purposes, and to the extent permitted
for state and local income Tax purposes, the transactions to effect the Corporate Reorganization, including the transactions contemplated
under this Agreement, shall be treated as part of a plan of reorganization to effect a mere change in the identity, form and place
of organization of the Trust under Section 368(a)(1)(F) of the Code and the Treasury Regulations promulgated thereunder. The Parties
shall not take any position inconsistent with such treatment in notices to or filings with Governmental Authorities, in audit or
other Proceedings with respect to Taxes, or in other documents or notices relating to the transactions contemplated by this Agreement.
 

Article VI

MISCELLANEOUS
 

Section 6.1
Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the respective
Parties and their respective successors and assigns, and for the Trustees, their respective heirs, legatees, devisees, successors,
assigns, executors, administrators, trustees and Representatives.
 

Section 6.2
Amendment. This Agreement may not be amended or modified orally and no amendment or modification shall
be valid unless in writing and signed by the Parties.
 

Section 6.3
Rights of Third Parties. This Agreement shall not be construed to create any security interest, lien,
deed of trust, mortgage, pledge, charge, claim, restriction, easement, encumbrance or other similar interest or right on the Contributed
Interests or the TPL Corp Issued Shares or to create any express or implied rights, benefits or remedies in, of or for any persons
other than the Parties, except as expressly provided with respect to the Indemnified Persons in Article IV. Any Indemnified
Person under Article IV shall be an express third party beneficiary of this Agreement for the purposes of enforcing
its rights pursuant to Article IV.
 

Section 6.4
Notices. All notices to TPL Corp shall be in writing and shall be delivered or sent by first-class mail,
postage prepaid, overnight courier or by means of electronic transmission. Any such notice sent shall be addressed as follows:
 

	
        1700
Pacific Avenue

        Suite
2900 

        Dallas,
TX 75201 

        Attention:
Robert J. Packer 

        Email:
        robert@tpltrust.com
 
	
        With
a copy, which shall not constitute notice, to:

         

        George
J. Vlahakos, Esq. 

        1000
Louisiana Street 

        Suite
5900 

        Houston,
TX 77002 

        Email: gvlahakos@sidley.com
 

 

Any notice to TPL Corp required hereunder
shall be effective when sent if given in the manner set forth above; provided, however, that, with respect to the Trust,
notice shall only be deemed to have been given upon receipt of such notice by each Trustee.
 

    5

     

    

 

Section 6.5
Choice of Law; Submission to Jurisdiction; Waiver of Jury Trial.
 

(a)
THIS AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF OR
RELATE TO THIS AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 
 

(b)
THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF ANY DISTRICT COURT OF DALLAS COUNTY IN THE STATE OF TEXAS (OR IF SUCH
COURT DOES NOT HAVE JURISDICTION, THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF TEXAS IN DALLAS, TEXAS) IN CONNECTION
WITH ANY DISPUTE THAT ARISES IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT OR IN RESPECT
OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING
FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING
MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR
ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH
ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED EXCLUSIVELY BY SUCH A TEXAS STATE OR FEDERAL COURT. THE PARTIES HEREBY
CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND
AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER AS MAY BE PERMITTED
BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.
 

(c)
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT OR THE PERFORMANCE THEREOF.
 

Section 6.6
 Disclaimer of Warranties. The Trust makes no representations or warranties whatsoever and disclaims all
liability and responsibility for any other representation, warranty, statement or information made or communicated (orally or in
writing), including, without limitation, any opinion, information or advice that may have been provided by any officer, shareholder,
employee, agent or consultant of the Trust, any of the Trustees, or any Affiliates or Representatives of the Trust or the Trustees.
 

Section 6.7
Counterpart Execution. This Agreement may be executed in counterparts, each of which shall be deemed an
original, but all of which together shall constitute one agreement.
 

[Signature page follows.]
 

    6

     

    

 

IN WITNESS WHEREOF,
each of the Parties has caused this Agreement to be executed the day and year first above written.
 

TEXAS PACIFIC LAND TRUST
 

	By:	 	 
	 	Name:	 [●]	 
	 	Title: 	Trustee	 
	 	 	 	 
	By:	 	 
	 	Name: 	[●]	 
	 	Title:	Trustee	 

 
[Signature
                                         Page to Contribution Agreement]

 

     

     

    

 

TPL CORPORATION

 

	By:	 	 
	 	Name:	 [●]	 
	 	Title: 	[●]	 

 

[Signature
                                         Page to Contribution Agreement]

 

     

     

    

 

APPENDIX A
 

DEFINITION OF TERMS
 

Introductory Note
Regarding Construction. Whenever the context requires, the gender of all words used in this Agreement includes the masculine,
feminine and neuter and terms defined in the singular have the corresponding meanings in the plural, and vice versa. Except as
this Agreement otherwise specifies, all references herein to any law, are references to that law (and any rules and regulations
promulgated thereunder), as the same may have been amended. The word “includes” or “including” means “including,
but not limited to,” unless the context otherwise requires. The words “shall” and “will” are used
interchangeably and have the same meaning. The words “this Agreement,” “hereof,” “hereby,”
“herein,” “hereunder” and similar terms in this Agreement refer to this Agreement as a whole and not any
particular Section or Article in which such words appear. If a word or phrase is defined, its other grammatical forms have a corresponding
meaning. Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless business days are
specified. Time periods within or following which any payment is to be made or an act is to be done shall be calculated by excluding
the day on which the time period commences and including the day on which the time period ends. Unless specifically provided for
in this Agreement, the term “or” shall not be deemed to be exclusive. References to a Person are also to its successors
and/or permitted assigns, if any. All references to currency in this Agreement shall be to, and all payments required under this
Agreement shall be paid in, lawful currency of the United States.
 

Definitions.
 

“Affiliate”
means, as to any specified entity, any other entity that, directly or indirectly through one or more intermediaries or otherwise,
controls, is controlled by or is under common control with the specified entity. For purposes of this definition, “control”
of an entity means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such entity, whether by contract or otherwise.
 

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

“Code”
has the meaning set forth in Section 5.2(a).
 

“Common Stock”
has the meaning set forth in the recitals.
 

“Contributed
Interests” has the meaning set forth in the recitals.
 

“Contributing
Parties” has the meaning set forth in the recitals.
 

“Contribution”
has the meaning set forth in Section 2.1.
 

“Corporate
Reorganization” has the meaning set forth in the recitals.
 

“Effective
Date” has the meaning set forth in the preamble.
 

    Appendix
A-1

     

    

 

“Governmental
Authority” means any federal, state, local, foreign, multi-national, supra-national, national, regional or other governmental
agency, authority, administrative agency, regulatory body, commission, board, bureau, agency, officer, official, instrumentality,
court or arbitral tribunal having governmental or quasi-governmental powers or any other instrumentality or political subdivision
thereof.
 

“Indemnified
Liabilities” has the meaning set forth in Section 4.1(a).
 

“Indemnified
Persons” and “Indemnified Person” has the meaning set forth in Section 4.1(a).
 

“Initial Shares”
has the meaning set forth in the recitals.
 

“Membership
Interests” has the meaning set forth in the recitals.
 

“Organizational
Document” means, with respect to any entity or trust, the legal organizational and governing documents of such entity
or trust, including the declaration of trust, (including that certain Declaration of Trust, dated February 1, 1881, of the Trust),
certificate of incorporation, certificate of formation, certificate of limited partnership, bylaws, declaration of trust, limited
liability company agreement, operating agreement, or in each case, as currently in effect.
 

“Parties”
and “Party” have the meaning set forth in the preamble.
 

“Person”
means any natural person, business trust, corporation, general partnership, limited partnership, limited liability company, unlimited
liability corporation, proprietorship, other business organization, union, association or Governmental Authority.
 

“Proceeding”
means any actual or threatened claim (including a claim of a violation of applicable law), action, audit, demand, litigation, suit,
proceeding, investigation, grievance, citation, summons, subpoena, inquiry, hearing, originating application to a tribunal, arbitration
or other proceeding at law or in equity or order or ruling, in each case whether civil, criminal, administrative, investigative
or otherwise, whether in contract, in tort or otherwise, and whether or not such claim, action, audit, demand, litigation, suit,
proceeding, investigation grievance, citation, summons, subpoena, inquiry, hearing, originating application to a tribunal, arbitration
or other proceeding or order or ruling results in a formal civil or criminal litigation or regulatory action.
 

“Representative”
means as to any Person, its officers, agents, directors, employees, counsel, accountants, financial advisers and consultants.
 

    Appendix
A-2

     

    

 

“Tax”
means (i) any and all federal, state, provincial, county, local or foreign taxes or levies of any kind and any and all other
like assessments, customs, duties, imposts, charges or fees, including income, gross receipts, ad valorem, value added, excise,
real property, personal property, escheat, asset, sales, use, franchise, license, payroll, transaction, capital, capital gains,
net worth, withholding, estimated, social security, utility, workers’ compensation, severance, disability, wage, employment,
production, unemployment compensation, occupation, premium, windfall profits, transfer, gains, alternative or add-on minimum, stamp,
documentary, recapture, business license, business organization, environmental, profits, lease, or other taxes or other charges
imposed by or on behalf or payable to any Governmental Authority including tax liabilities arising under Treasury Regulation Section 1.1502-6
and any similar provisions from federal, state, local or foreign applicable law, together with any interest, fines, penalties,
assessments, or additions resulting from, attributable to, or incurred in connection with any of the foregoing (whether or not
disputed) and (ii) any transferee or other secondary or non-primary liability or other obligations with respect to any item
in clause (i) above, whether such liability or obligation arises by assumption, operation of law, contract, indemnity, guarantee,
as a successor or otherwise.
 

“Tax Return”
means any return, declaration, report, claim for refund, or information return or statement with respect to any Tax required to
be filed or actually filed with a Governmental Authority, including any schedule or attachment thereto, and including any amendment
thereof.
 

“TPL Corp”
has the meaning set forth in the preamble.
 

“TPL Corp
Issued Shares” has the meaning set forth in Section 3.3.
 

“TPL Holdco”
has the meaning set forth in the recitals.
 

“Transaction
Taxes” has the meaning set forth in Section 5.2(b).
 

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

“Trustees”
has the meaning set forth in the recitals.
 

“Trustees’
Agents” has the meaning set forth in the recitals.
 

    Appendix
A-3

     

    

 

APPENDIX B

 

AMENDED AND RESTATED BYLAWS OF TPL CORP
 

[●]

 

 
Appendix

B-1

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