Document:

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN
SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

MARINA
BIOTECH, INC.

 

	Warrant
    Shares: 	Initial
    Exercise Date: _______, 2018

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, __________________________________________________
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close
of business on the five (5) year anniversary of the final closing date of the Offering (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Marina Biotech, Inc., a Delaware corporation (the “Company”),
up to _____ shares (the “Warrant Shares”) of the Company’s common stock, par value $0.006 per share (“Common
Stock”).

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth
in that certain Subscription Agreement (the “Subscription Agreement”) dated [●], 2018, by and between the Company
and the Holder.

 

Section
2. Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time
and from time to time on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or
such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of
the Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto;
and, within three (3) business days of the date said Notice of Exercise is delivered to the Company, the Company shall have received
payment of the aggregate Exercise Price of the Warrant Shares thereby purchased by wire transfer or cashier’s check drawn
on a United States bank, or, if available, pursuant to the cashless exercise procedure specified in Section 2(d) below. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case,
the Holder shall surrender this Warrant to the Company for cancellation within three (3) business days of the date the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder
in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise Form within four (4) business days of receipt of such notice. In the event of any dispute or discrepancy, the records
of the Company shall be controlling and determinative in the absence of manifest error. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion
of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than
the amount stated on the face hereof.

 

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b) Exercise
Price. The exercise price per share of the Common Stock under this Warrant shall be equal to $0.55, subject to adjustment
as provided herein (the “Exercise Price”).

 

c) Exercise
Limitation. Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be acquired
by the Holder upon exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to ensure
that, following such conversion (or other issuance), the total number of shares of Common Stock then beneficially owned by such
Holder and its affiliates and any other persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s
for purposes of Section 13(d) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), does not
exceed 9.99% of the total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common
Stock issuable upon such conversion). For such purposes, beneficial ownership shall be determined in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder.

 

d) Cashless
Exercise. This Warrant may be exercised, in whole or in part, from time to time in accordance with the terms hereof
(including this Section 2(d)) by means of a “cashless exercise” (the “Cashless Exercise”) in which the
Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A),
where:

 

	 	(A)
    = 	the
    closing price of the Company’s Common Stock on the Trading Market on the Trading Day immediately preceding the date
    on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable
    Notice of Exercise, or, if the Company’s Common Stock is not quoted or reported on a Trading Market, the fair market
    value of the Company’s Common Stock as determined by the Company’s Board of Directors in good faith;
	 	 	 
	 	(B)
    = 	the
    Exercise Price of this Warrant, as adjusted hereunder; and
	 	 	 
	 	(X)
    = 	the
    number of Warrant Shares that would be issuable upon such exercise of this Warrant in accordance with the terms of this Warrant
    if such exercise were by means of a cash exercise rather than a cashless exercise.

 

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“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means the OTCQB tier of the OTC Markets; provided, that if the Common Stock ceases to be listed thereon, “Trading
Market” shall mean (i) any other securities market or exchange on which the Common Stock is principally listed or quoted
for trading on the date in question, including the NYSE MKT, the NASDAQ Capital Market, the Nasdaq Global Market or the Nasdaq
Global Select Market (or any successors to any of the foregoing) or (ii) if the Common Stock is not then listed or quoted for
trading on any such securities market or exchange and if prices for the Common Stock are then reported in the “Pink Sheets,”
OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices).

 

e) Mechanics
of Exercise.

 

(i) Delivery
of Certificates Upon Exercise. Certificates for the Warrant Shares purchased or exercised hereunder shall be transmitted
by the Company’s transfer agent to the Holder by crediting the account of the Holder’s broker with the Depository
Trust Company through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting to the resale of the Warrant Shares by the
Holder or (B) the Warrant Shares are eligible for resale without volume or manner-of-sale limitations pursuant to Rule 144, and
otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise within five (5) business days
from the delivery to the Company of the Notice of Exercise Form, surrender of this Warrant (if required), and payment of the aggregate
Exercise Price as set forth above (unless such Warrant Shares are exercised pursuant to the Cashless Exercise, if permitted) (such
date, the “Warrant Share Delivery Date”). This Warrant shall be deemed to have been exercised, the Warrant Shares
shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be deemed to have
become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised by payment to the Company
of the Exercise Price (or by Cashless Exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant
to Section 2(d)(vi) prior to the issuance of such shares, have been paid.

 

(ii) Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of a Holder and upon surrender of this Warrant, promptly deliver to the Holder a new Warrant evidencing the rights of the Holder
to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical
with this Warrant in all material respects.

 

(iii) Rescission
Rights. If, following receipt by the Company of a duly executed and properly completed Notice of Exercise Form from
a Holder, the Company fails to cause the Company’s transfer agent to transmit to the Holder a certificate or certificates
representing the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the
right to rescind such exercise.

 

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(iv) Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. If, following receipt by the Company of a duly
executed and properly completed Notice of Exercise Form from a Holder, the Company fails, prior to the applicable Warrant Share
Delivery Date, to, in accordance with the provisions of Section 2(d)(i) above, (i) deliver to such Holder the applicable certificate
or certificates or (ii) cause its transfer agent to credit the account of such Holder or such Holder’s broker, and if after
such Warrant Share Delivery Date the Holder is required by its broker to purchase (in an open market transaction or otherwise),
or the Holder’s brokerage firm is required to purchase, shares of Common Stock to deliver in satisfaction of a sale by such
Holder of the Warrant Shares which such Holder was entitled to receive upon such exercise (a “Buy-In”), then the Company
shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage
commissions, if any) for the shares of Common Stock so purchased exceeds (y) the product of (1) the aggregate number of Warrant
Shares that the Holder was entitled to receive from the exercise at issue (or, if less, the number of shares actually delivered
in satisfaction of such sale) and (2) the actual price at which the sell order giving rise to such purchase obligation was executed
(including any brokerage commissions), and (B) at the option of the Holder, either reissue (if surrendered) the portion of the
Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be
deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely
complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total
purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

(v) No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

(vi) Charges,
Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any
issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses
shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by (x) the Assignment Form attached
hereto duly executed by the Holder, and such other documentation as the Company may require regarding the assignee, as a condition
thereto, and (y) the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto, if any.

 

(vii) Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise
of this Warrant, pursuant to the terms hereof.

 

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Section
3. Certain Adjustments.

 

a) Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a dividend or otherwise
makes a distribution or distributions on shares of Common Stock or any other equity or equity equivalent securities payable in
shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant or upon the conversion of the Company’s Series C Convertible Preferred Stock, Series D Convertible
Preferred Stock or Series E Convertible Preferred Stock, or any debt securities), (ii) subdivides outstanding shares of Common
Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock
into a smaller number of shares or (iv) issues by reclassification of shares of Common Stock any shares of capital stock of the
Company, then, in each case, (1) the Exercise Price shall be multiplied by a fraction of which (x) the numerator shall be the
number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and (y) the denominator
shall be the number of shares of Common Stock outstanding immediately after such event and (2) the number of shares issuable upon
exercise of this Warrant shall be proportionally adjusted (rounded up to the nearest whole share), such that the aggregate Exercise
Price for all of the Warrant Shares shall remain unchanged (subject to rounding). Any adjustment made pursuant to this Section
3(a) shall become effective immediately after the effective date of the applicable event described in subsection (i) through (iv)
above.

 

b) Subsequent
Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall
sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any
offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents entitling any
Person to acquire shares of Common Stock, at an effective price per share less than the then Exercise Price (such lower price,
the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (it being
understood for purposes of the foregoing that if the holder of the Common Stock or Common Stock Equivalents so issued shall at
any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices
or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to
receive shares of Common Stock at an effective price per share which is less than the Exercise Price, such issuance shall be deemed
to have occurred for less than the Exercise Price on such date of the Dilutive Issuance), then the Exercise Price shall be reduced
and only reduced to equal the Base Share Price. Such adjustment shall be made whenever such Common Stock or Common Stock Equivalents
are issued or deemed issued. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(b)
in respect of an Exempt Issuance. The Company shall notify the Holder in writing, no later than the Trading Day following the
issuance or deemed issuance of any Common Stock or Common Stock Equivalents subject to this Section 3(b), indicating therein the
applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice the
“Dilutive Issuance Notice”). For purposes of clarification, whether or not the Company provides a Dilutive
Issuance Notice pursuant to this Section 3(b), upon the occurrence of any Dilutive Issuance, after the date of such Dilutive Issuance
the Holder is entitled to receive Warrant Shares at the Base Share Price regardless of whether the Holder accurately refers to
the Base Share Price in the Notice of Exercise.

 

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“Common
Stock Equivalents” means any securities of the Company or its Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Common Stock.

 

“Exempt
Issuance” means the issuance of: (a) shares of Common Stock or options to employees, officers or directors of the Company
pursuant to any stock or option plan duly adopted for such purpose by a majority of the non-employee members of the Board of Directors
of the Company or a majority of the members of a committee of non-employee directors established for such purpose, including,
without limitation, the Company’s 2014 Long-Term Incentive Plan; (b) securities upon the exercise or exchange of or conversion
of any securities issued pursuant to the Subscription Agreement and/or other securities exercisable or exchangeable for or convertible
into shares of Common Stock issued and outstanding on the date of the Subscription Agreement, provided that such securities have
not been amended since the date of the Subscription Agreement to increase the number of such securities or to decrease the exercise
price, exchange price or conversion price of any such securities or to extend the term of such securities; or (c) securities pursuant
to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that
any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries,
an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the
Company significant additional benefits in addition to the investment of funds, but shall not include a transaction in which the
Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing
in securities.

 

c) Fundamental
Transaction. If, at any time while this Warrant is outstanding, the Company, directly or indirectly, in one or more
related transactions, (i) effects any merger or consolidation of the Company with or into another person, (ii) effects any sale,
lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets, (iii) is the
subject of any purchase offer, tender offer or exchange offer (whether by the Company or another person) and is completed pursuant
to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property
and such offer has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, (v) consummates a stock or share purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with another person or “group” (as such term is defined in Section 13(d) of the Exchange Act) whereby such other person
or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the
other person or other persons making or party to, or associated or affiliated with the other persons making or party to, such
stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any
subsequent exercise of this Warrant in accordance with the terms hereof (including payment of the Exercise Price), the Holder
shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to
the occurrence of such Fundamental Transaction (without regard to any limitation in Section 2(c) on the exercise of this Warrant),
the number of shares of capital stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration, whether in cash, securities or otherwise (the “Alternate Consideration”), payable
with respect to each share of Common Stock in connection with such Fundamental Transaction. For purposes of any such exercise,
the Exercise Price shall be appropriately allocated to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall, in its
sole discretion, apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any
successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to
assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with
the provisions of this Section 3(c) and shall, at the option and request of the Holder, deliver to the Holder in exchange for
this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant which is exercisable for the Alternate Consideration, and with an exercise price equal to the Exercise Price.
Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that
from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring
to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect
as if such Successor Entity had been named as the Company herein.

 

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d) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.

 

e) Notice
to the Holder.

 

(i) Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment.

 

(ii) Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock,
(C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any
sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common
Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder
at its last address as it shall appear upon the Warrant Register of the Company, at least twenty (20) calendar days prior to the
applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for
the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of
which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants
are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is
expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall
be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or
in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder
is entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event
triggering such notice.

 

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Section
4. Transfer of Warrant.

 

a) Transferability.
Subject to compliance with any applicable federal and state securities laws and the satisfaction and delivery of any reasonable
conditions and documentation required by the Company, and to the provisions of Section 1.9 of the Subscription Agreement, this
Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office
of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this
Warrant shall promptly be cancelled. The Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant
Shares without having a new Warrant issued.

 

b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the principal office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a) as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Initial Exercise Date and shall be identical with this Warrant in all material respects except as to the number of Warrant
Shares issuable pursuant thereto.

 

c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the
registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the
Holder, and for all other purposes, absent actual notice to the contrary.

 

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Section
5. Miscellaneous.

 

a) No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(a).

 

b) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will, make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a business day, then, such action may be taken or such right may be exercised on the following
business day.

 

d) Authorized
Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to allow for the issuance of the Warrant Shares upon the exercise of this Warrant. The Company
further covenants that its officers are authorized to execute and issue the necessary certificates for the Warrant Shares upon
the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to
assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation or of any
requirements of the trading market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which
may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights
represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and
charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

Except
and to the extent waived or consented to by the Holder, the Company shall not, including, without limitation, by amending its
certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of its obligations pursuant
to this Warrant, but will at all times act in good faith in the carrying out of all its obligations hereunder. Without limiting
the generality of the foregoing, the Company will (A) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (B) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this
Warrant and (C) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public
regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this
Warrant, including, without limitation, in connection with any action which would result in an adjustment in the number of Warrant
Shares for which this Warrant is exercisable or in the Exercise Price.

 

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e) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with Section 6.6 of the Subscription Agreement.

 

f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant will have restrictions upon resale
imposed by state and federal securities laws.

 

g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of either party
shall operate as a waiver of such right or otherwise prejudice either party’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable and documented attorneys’
fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise
enforcing any of its rights, powers or remedies hereunder.

 

h) Notices.
Any notice, request or other document required or permitted to be given or delivered pursuant to this Warrant shall be delivered
in accordance with the notice provisions of Section 6.1 of the Subscription Agreement.

 

i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability
of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted
by the Company or by creditors of the Company.

 

j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to seek specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and
not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k) Successors
and Assigns. Subject to applicable federal and state securities laws, this Warrant and the rights and obligations evidenced
hereby are intended to be and shall inure to the benefit of, and be binding upon and enforceable by, the successors of the Company
and the successors and permitted assigns of the Holder.

 

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

[Signature
Page Follows]

 

    	10

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
above indicated.

 

	 	MARINA
    BIOTECH, INC.
	 	 	        
	 	By:
    	 
	 	Name:	 
	 	Title:	 

 

    	11

    	 

    

 

NOTICE
OF EXERCISE

 

TO:
MARINA BIOTECH, INC.

 

(1) The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2) Payment
shall take the form of (check applicable box):

 

[  ]
in lawful money of the United States; or

 

[  ]
by the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 1(d),
to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 1(d).

 

(3) Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 	 	 

 

The
Warrant Shares shall be delivered to the following DWAC Account Number:

 

	 	 	 

 

	 	 	 

 

(4) Accredited
Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities
Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	 

	Signature of Authorized Signatory of Investing Entity:	 

	Name of Authorized Signatory:	 

	Title of Authorized Signatory:	 

	Date:	 

 

    	12

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this
form and supply required information.

Do
not use this form to exercise the warrant.)

 

FOR
VALUE RECEIVED, [___] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned
to

_________________________________________________ whose address is

 _____________________________________________________________

 _____________________________________________________________

 

Dated:
_________ _____

 

	 	the
    Holder’s Signature:	 	 
	 	 	 	 
	 	the
    Holder’s Address:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

Signature
Guaranteed: ___________________________________________________

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

 

    	13EX-10.22

 Exhibit 10.22 

IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE 
  

			
	 	
	IN RE LEGACY RESERVES LP PREFERRED UNITHOLDER LITIGATION	  	 Consolidated
 C.A. No. 2018-0225-JTL

  

			
	 	
	 JEFFREY L. DOPPELT,

 
	  	
	 Plaintiff,

 
	  	C.A. No. 2017-0802-JTL
	 v.

 
 LEGACY RESERVES LP AND LEGACY RESERVES GP, LLC,

 
 Defendants.
	  	

 STIPULATION AND AGREEMENT OF SETTLEMENT 

This Stipulation and Agreement of Settlement dated July 6, 2018 (the “Stipulation”), is made and entered into by and among the
Parties in the following actions: the action in the Delaware Court of Chancery captioned Doppelt v. Legacy Reserves LP, et al., C.A. No. 2017-0802-VCL (the “Doppelt I Action”); the action in
the Delaware Court of Chancery captioned In re Legacy Reserves LP Preferred Unitholder Litigation, Cons. C.A. No. 2018-0225-VCL, (the “Consolidated Action”) into which was consolidated the
action in the Delaware Chancery Court captioned Chammah Ventures, LLC v. Legacy Reserves LP, et al., C.A. No. 2018-0242-VCL (the “Chammah Ventures Action”). This Stipulation sets forth the
terms and conditions of the settlement of the Actions, and is intended by the Parties signing below to fully, finally, and forever resolve, discharge, and settle all Released Claims. 

  
 1 

 WHEREAS: 

A.     On or about April 17, 2014, Legacy Reserves LP (the “Partnership”) consummated an offering of
2,300,000 Series A Preferred Units. 
 B.    On or about June 17, 2014, the Partnership consummated an offering of
7,200,000 Series B Preferred Units (together with the Series A Preferred Units, the “Preferred Units” and the holders of such Preferred Units, the “Preferred Unitholders”). 

C.    On or about January 21, 2016, the Partnership announced that it had suspended distributions to both the Series A
and Series B Preferred Units. 
 D.    On November 8, 2017, Jeffrey Doppelt, a holder of Series A Preferred Units
and Series B Preferred Units (“Doppelt”), filed the Doppelt I Action in the Delaware Court of Chancery, which sought, among other things, injunctive relief, damages, equitable relief, and attorneys’ fees from the Partnership and
Legacy Reserves GP, LLC (the “Partnership GP”) with respect to an alleged breach of the Fifth Amended and Restated Agreement of Limited Partnership of Legacy Reserves LP dated April 10, 2017 (the “Partnership Agreement”),
and the implied covenant of good faith and fair dealing, based on the treatment of the accrued but unpaid distributions to Preferred Unitholders as guaranteed payments for tax purposes. 

  
 2 

 E.    On March 23, 2018, the Partnership and the Partnership GP filed a
motion to dismiss the Doppelt I Action and Plaintiff Doppelt filed a motion for summary judgment on his claim for breach of contract in the Doppelt I Action. On April 20, 2018, the Partnership and the Partnership GP filed a brief in opposition
to Plaintiff Doppelt’s motion for summary judgment on Plaintiff Doppelt’s claim for breach of contract in the Doppelt I Action and Plaintiff Doppelt filed a brief in opposition to the Partnership’s and the Partnership GP’s motion
to dismiss the Doppelt I Action. On May 11, 2018, the Partnership and the Partnership GP filed a reply brief in further support of their motion to dismiss the Doppelt I Action and Plaintiff Doppelt filed a reply brief in further support of his
motion for summary judgment on his claim for breach of contract in the Doppelt I Action. 
 F.    On or about
March 23, 2018, the Partnership, the Partnership GP, Legacy Reserves Inc. (“New Legacy”), and Legacy Reserves Merger Sub LLC (the “Merger Sub”) entered into a proposed transaction by which the Partnership and the Partnership
GP would become subsidiaries of New Legacy (the “Reorganization Transaction”), which was announced on March 26, 2018. 

G.    As part of the Reorganization Transaction, New Legacy, the Merger Sub, the Partnership, and the Partnership GP
entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which the Merger Sub, a subsidiary of New Legacy, would merge with and into the Partnership, with the Partnership continuing as the surviving entity and a
wholly owned subsidiary of New Legacy. 

  
 3 

 H.    Pursuant to the Merger Agreement, all Series A Preferred Units and
Series B Preferred Units were to be converted, purportedly pursuant to Sections 16.4(c) and 17.4(c) of the Partnership Agreement, respectively, into the right to receive 1.9620 and 1.72236 shares of New Legacy, respectively, and this consideration
would discharge, eliminate, and cancel all rights associated with the Preferred Units. 
 I.    On March 28, 2018,
Doppelt filed an action in the Delaware Court of Chancery styled as Doppelt v. Legacy Reserves LP, et al., No. 2018-0225-VCL (the “Doppelt II Action”), a putative class action which sought,
among other things, injunctive relief, damages, equitable relief, and reasonable attorneys’ and experts’ fees and expenses from the Partnership, the Partnership GP, and New Legacy (collectively, “Legacy” or the
“Defendants”) with respect to alleged breaches of the Partnership Agreement in connection with the Reorganization Transaction. 

J.    Immediately upon filing the Doppelt II Action, Doppelt’s counsel began discussions with Defendants’ counsel
(“Defendants’ Counsel”) with respect to acceptance of service of process and the expedition of proceedings to allow briefing and hearing on preliminary injunctive relief or summary judgment motions. 

  
 4 

 K.    On April 3, 2018, a purported Preferred Unitholder, Chammah
Ventures, LLC (“Chammah Ventures”), filed the Chammah Ventures Action in the Delaware Court of Chancery, a putative class action which sought, among other things, injunctive relief, damages, equitable relief, and attorneys’ fees from
the Partnership, the Partnership GP, and New Legacy with respect to alleged breaches of the Partnership Agreement in connection with the Reorganization Transaction. 

L.    On April 3, 2018, a motion to expedite was filed in connection with the Chammah Ventures Action, through which
Chammah Ventures sought an expedited summary judgment and injunction hearing on its claim for breach of the Partnership Agreement. On April 4, 2018, a motion to expedite was filed in connection with the Doppelt II Action, in which Doppelt
sought a hearing on a motion for a preliminary injunction prior to the close of the Reorganization Transaction and requested that the Court set an expedited discovery schedule prior to any such hearing. On April 5, 2018, a motion to consolidate
the Doppelt II Action and the Chammah Ventures Action was filed by Doppelt. 
 M.    On April 13, 2018, the Court
issued an order consolidating the Doppelt II Action and the Chammah Ventures Action, under a new caption, In re Legacy Reserves LP Preferred Unitholder Litigation, Consolidated C.A. No. 2018-0225-JTL,
and the Court appointed Plaintiff Doppelt as lead plaintiff (“Lead Plaintiff”) and his counsel as lead counsel for the putative class action (“Lead Counsel”), and granted Lead Plaintiff’s motion to expedite the Consolidated
Action. 

  
 5 

 N.    On April 23, 2018, Lead Plaintiff filed an amended complaint in
the Consolidated Action containing a new cause of action for breach of the Partnership Agreement based on the assertion that the Reorganization Transaction could not be consummated without amending the Partnership Agreement (the “Amended
Complaint” and, together with the complaints filed in the Actions, the “Complaints”). 
 O.    On
April 24, 2018, the Court in the Consolidated Action granted the parties’ stipulation and proposed order regarding expedited proceedings (the “Scheduling Stipulation”). 

P.    Pursuant to the Scheduling Stipulation, the parties conducted expedited discovery in April and May 2018, which
included the production of approximately 14,000 pages of documents by Defendants and several thousand more pages by subpoenaed third parties. The expedited discovery also included three depositions: two witnesses from the Partnership and one witness
from non-party Lazard Freres & Co. LLC. 
 Q.    On or about
April 27, 2018, a purported Preferred Unitholder, Patrick L. Irish (“Irish”), filed a putative class action complaint on behalf of the Preferred Unitholders in the District Court for Midland County, Texas, entitled Irish v. Legacy
 

  
 6 

 Reserves LP, et al., No. CV54418 (the “Texas Action”), which seeks, among other things,
injunctive relief, damages, equitable relief, and reasonable attorneys’ fees and expenses from the Partnership, the Partnership GP, New Legacy, and the Merger Sub with respect to alleged breaches of the Partnership Agreement in connection with
the Reorganization Transaction. 
 R.    On May 7, 2018, Legacy filed a motion to dismiss the Amended Complaint in
the Consolidated Action, and on May 17, 2018, Lead Plaintiff filed his opening brief in support of his motion for a preliminary injunction in the Consolidated Action, which also constituted his brief opposing Legacy’s motion to dismiss the
Amended Complaint. On May 26, 2018, Legacy filed a reply brief in further support of their motion to dismiss the Amended Complaint and in opposition to Lead Plaintiff’s motion for a preliminary injunction in the Consolidated Action. On
May 30, 2018, Lead Plaintiff filed a reply brief in support of his motion for a preliminary injunction in the Consolidated Action. 

S.    On June 4, 2018, Vice Chancellor Laster of the Delaware Court of Chancery heard argument on Lead
Plaintiff’s motion for a preliminary injunction and Defendants’ motion to dismiss the Amended Complaint in the Consolidated Action, with the Court reserving decision. 

T.    Following the preliminary injunction hearing, the Parties entered into settlement discussions and reached an
agreement as to material terms of a resolution of the Actions, which was memorialized in a Memorandum of Understanding dated as of June 22, 2018 (the “MOU”), and filed with the Court on June 25, 2018. After the Parties executed
the MOU, they negotiated and executed this Stipulation. 

  
 7 

 U.    Pursuant to the MOU, Plaintiff has withdrawn the motion for preliminary
injunction and the Parties are entering this Stipulation of Settlement to be presented to the Court for approval. 

V.    A hearing on the parties’ pending motions in the Doppelt I Action had been scheduled for July 10, 2018 at
the Delaware Court of Chancery in Wilmington, Delaware, but was removed from the Court’s calendar on June 26, 2018. 

W.    Doppelt represents to have owned at all relevant times and continues to own Series A and Series B Preferred Units.

 X.    Lead Counsel, on behalf of Lead Plaintiff, and Defendants’ Counsel have engaged in arm’s-length negotiations concerning a possible settlement of the Actions. 

Y.    Following the expedited discovery described above in the Consolidated Action, and consultation with expert advisors,
counsel for Lead Plaintiff and counsel for Defendants have concluded that the terms contained in the MOU and in this Stipulation are fair and adequate to the Partnership, its Preferred Unitholders, the holders (the “Unitholders”) of its
units representing limited partner interests (the “Units”), the Partnership GP, the Merger Sub, New Legacy, and members of the 

  
 8 

 
Settlement Class (as defined below), and the parties believe that it is reasonable to pursue the settlement of the Actions based on the procedures and terms outlined herein and the benefits and
protections offered hereby, and the parties wish to set forth the terms of their agreement in this Stipulation. 

Z.    In connection with settlement discussions and negotiations leading to the execution and filing of the MOU, Lead
Counsel and counsel for Defendants did not discuss the appropriateness or amount of any application by Lead Counsel for an award of attorneys’ fees and expenses. 

AA.    All Defendants have denied, and continue to deny, that they have committed any violation of law of any kind or
engaged in any of the wrongful acts alleged in the Actions, and expressly maintain that they have diligently and scrupulously complied with any and all legal duties and obligations, and are entering into this Stipulation solely to eliminate the
delay, burden, and expense of further litigation. 
 BB.    All parties recognize the time and expense that would be
incurred by further litigation of the Actions and the uncertainties inherent in such litigation. 
 NOW THEREFORE, IT IS STIPULATED AND
AGREED, by and among the Parties, by and through their undersigned counsel, and subject to the approval of the Court, that the Actions shall be fully and finally compromised and settled, that the Released Claims shall be released as against the
Released Parties, and that the Actions shall be dismissed with prejudice, upon and subject to the terms and conditions of the Settlement, as follows: 

  
 9 

 DEFINITIONS 

1.    The following terms, as used in this Stipulation, have the meanings specified below: 

(a)    “Actions” consists of the Doppelt I Action and the Consolidated Action. 

(b)     “Defendants” or “Legacy” means, collectively, the Partnership, the Partnership GP, and New
Legacy. 
 (c)    “Final Court Approval” means entry of the Order and Final Judgment (as defined below) by the
Court after a final fairness hearing. 
 (d)     “GP Purchase” means the purchase by New Legacy of all of the
outstanding membership interests of the Partnership GP from Lion GP Interests, LLC. 
 (e)     “Notice Costs”
means the costs, fees and expenses related to providing notice of the Settlement to the Settlement Class. 

(f)    “Order and Final Judgment” means the Order and Final Judgment to be entered in the Consolidated Action,
substantially in the form of Exhibit C attached hereto. 

  
 10 

 (g)     “Released Parties” means the Defendants or any of their
parent entities, controlling persons, associates, affiliates, including any person or entity owning, directly or indirectly, any portion of the Partnership GP, or subsidiaries and each and all of their respective officers, directors, stockholders,
principals, representatives, employees, attorneys, financial or investment advisors, consultants, accountants, investment bankers, commercial bankers, underwriters, lenders, entities providing fairness opinions, advisors or agents, insurers,
reinsurers, heirs, executors, trustees, general or limited partners or partnerships, limited liability companies, members, joint ventures, personal or legal representatives, estates, administrators, predecessors, successors, assigns, or any person
or entity acting for or on behalf of any of them and each of them. 
 (h)    “Releasing Parties” means Lead
Plaintiff or any member of the Settlement Class (and Lead Plaintiff’s or any Settlement Class member’s present or past heirs, executors, estates, administrators, predecessors, successors, assigns, parents, subsidiaries, associates,
affiliates, employers, employees, agents, consultants, insurers, directors, managing directors, officers, partners, principals, members, attorneys, accountants, financial, legal, and other advisors, investment bankers, underwriters, lenders, and any
other representatives of any of these persons and entities). 

  
 11 

 (i)    “Reorganization Transaction” means the proposed transaction
entered into by the Partnership, the Partnership GP, New Legacy, and the Merger Sub on or about March 23, 2018, pursuant to which the Partnership and the Partnership GP would become subsidiaries of New Legacy, which was publicly announced on
March 26, 2018. 
 (j)    “Scheduling Order” means the order, substantially in the form attached hereto as
Exhibit A, to be entered by the Court scheduling the Settlement Fairness Hearing and directing notice be provided to Settlement Class. 

(k)    “Settled Claims” means any claims, demands, rights, actions, causes of action, liabilities, damages,
losses, obligations, judgments, duties, suits, costs, expenses, matters, and issues known or unknown, contingent or absolute, suspected or unsuspected, disclosed or undisclosed, liquidated or unliquidated, matured or unmatured, accrued or unaccrued,
apparent or unapparent, including claims that have been or could have been, or in the future can or might be asserted in any court, tribunal, or proceeding including Unknown Claims (as defined herein), whether individual, direct, class, derivative,
representative, legal, equitable, or any other type, which arise out of or relate to a Releasing Party’s holding of Preferred Units or such Releasing Party’s status as a Preferred Unitholder, which the Releasing Parties ever had, now have,
or may have had against the Released Parties relating to the subject matter of the Actions, the Complaints, the treatment of the accrued but 

  
 12 

 
unpaid distributions for tax purposes, any entitlement to the accrued but unpaid distributions, the calculation of those distributions, the negotiations leading up to the Merger Agreement, the
terms of the Merger Agreement, the GP Purchase, the Reorganization Transaction and other transactions contemplated therein, or disclosures related to, the subject matter of the Actions, the Complaints, the treatment of the accrued but unpaid
distributions for tax purposes, any entitlement to the accrued but unpaid distributions, or the calculation of those distributions, including any disclosures with respect to these matters made in connection with Legacy’s obligations under the
Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (including the adequacy and completeness of such disclosures). The Settled Claims shall not include any claims to enforce this Stipulation or claims, if any,
arising from the tax reporting of the accrued but unpaid distributions inhering to prior holders of Preferred Units who sold their Preferred Units prior to March 26, 2018. 

(l)    “Settlement” shall mean the agreement between the Parties that, in consideration for the full settlement
and release of the Settled Claims as part of, and upon the closing of, the Reorganization Transaction, each Series A Preferred Unit and each Series B Preferred Unit shall be converted into the right to receive a number of shares of common stock in
New Legacy as set forth in ¶¶ 2 and 3 herein. 

  
 13 

 (m)    “Settlement Class” consists of all record and beneficial
owners of the Series A Preferred Units and Series B Preferred Units during the period beginning on January 21, 2016, through the date of the consummation of the Reorganization Transaction, including any and all of their respective successors in
interest, predecessors, representatives, trustees, executors, administrators, heirs, assigns or transferees, immediate and remote, and any person or entity acting for or on behalf of, or claiming under, any of them, and each of them. Excluded from
the Settlement Class are Defendants and any entity in which a Defendant has or had a controlling interest, and the legal representatives, successors and assigns of any such excluded person. 

(n)    “Settlement Class Member” means a member of the Settlement Class. 

(o)    “Settlement Fairness Hearing” means the hearing set by the Court to consider final approval of the
Settlement. 
 (p)    “Settlement Notice” means the Notice of Pendency and Proposed Settlement of Preferred
Unitholder Action, Settlement Fairness Hearing, and Right to Appear and/or Object, substantially in the form attached hereto as Exhibit B, which is to be mailed to Settlement Class Members. 

  
 14 

 (q)     “Unknown Claims” means any claim that Lead Plaintiff or any
member of the Settlement Class does not know or suspect exists in his, her or its favor at the time of the release of the Settled Claims as against the Released Parties, or any claim that Defendants do not know or suspect exist in their favor
at the time of the release of the Settled Claims as against the Releasing Parties, including without limitation those which, if known, might have affected the decision to enter into the Settlement. 

SETTLEMENT CONSIDERATION 

2.    In consideration for the full settlement and release of the Settled Claims (as defined in ¶ 1(k)), upon the
closing of the Reorganization Transaction, each Series A Preferred Unit and each Series B Preferred Unit shall be converted into the right to receive a number of shares of common stock in New Legacy as follows: with respect to the Series A Preferred
Units, each Series A Preferred Unit will be converted into 2.92033118 shares of common stock in New Legacy (for a total of 6,716,762 shares of common stock of New Legacy for the 2,300,000 Series A Preferred Units outstanding), and with respect to
the Series B Preferred Units, each Series B Preferred Unit will be converted into 2.90650421 shares of common stock in New Legacy (for a total of 20,926,830 shares of common stock of New Legacy for the 7,200,000 shares of Series B Preferred Units
outstanding). In total between the Series A Preferred Units and Series B Preferred Units, the Settlement provides 

  
 15 

 
for an additional 10,730,000 shares of common stock in New Legacy over and above the 16,913,592 shares of New Legacy common stock to be delivered to the holders of Series A Preferred Units and
Series B Preferred Units in the Reorganization Transaction as it was announced on March 26, 2018, for a total of 27,643,592 shares of New Legacy common stock. The additional 10,730,000 shares are intended, when added to the New Legacy common
stock to be delivered in the Reorganization Transaction as it was announced on March 26, 2018, to provide the Preferred Unitholders with an interest in New Legacy equal to 26.44% of the equity interest in New Legacy that will be held, upon the
consummation of the Reorganization Transaction, collectively by the Partnership’s current Unitholders and Preferred Unitholders based on the amount of Units representing limited partner interests in Legacy as of June 22, 2018. The Merger
Agreement shall be amended to reflect the terms of this Settlement, as defined in this Stipulation, and any other agreement or Court order affecting the terms of this Stipulation, with respect to the consideration to be received by the Preferred
Unitholders as a result of the Reorganization Transaction, and to remove the provisions stating that each of the Series A Preferred Units and Series B Preferred Units will be converted into the right to receive 1.9620 and 1.72236 shares of New
Legacy, respectively. 
 3.     Without the consent of the Lead Plaintiff, until the earlier of (i) the date of the
consummation of the Reorganization Transaction or (ii) the termination of the 

  
 16 

 
Merger Agreement, neither of the Partnership nor New Legacy will: (a) declare, authorize, set aside, or pay any dividend or distribution payable in Units, stock, or other equity securities
in respect of any of its existing equity securities; (b) split, combine, divide, subdivide, reverse split, consolidate, reclassify, recapitalize, or effect any other similar transaction with respect to any of its or its subsidiaries’
capital stock or other securities or equity interests; or (c) alter the 1-to-1 conversion ratio of Units into New Legacy common stock as set forth in the Merger
Agreement; provided, however, that this paragraph 3 shall not prohibit the Partnership or New Legacy from issuing equity securities in exchange for fair value in a bona fide sale, exchange or issuance or pursuant to a currently existing
equity incentive plan. 
 4.    On June 28, 2018, Lead Plaintiff caused his Motion for a Preliminary Injunction in
the Consolidated Action to be withdrawn pursuant to the MOU, and Lead Plaintiff shall take no action to further pursue any preliminary injunctive proceedings. All proceedings in the Actions, which, without limitation and for the avoidance of doubt,
include any obligation of any third-party to respond to any subpoena or other discovery demand, other than proceedings to seek final approval of the settlement contemplated by this Stipulation, shall be stayed until the Reorganization Transaction is
consummated. If the Merger Agreement is terminated or the Reorganization Transaction does not occur, the Parties will apply to the Court to schedule any further proceedings. 

  
 17 

 5.    Until this Stipulation receives Final Court Approval, Lead Plaintiff
will not seek any further damages based on any claims relating to the Preferred Units (including claims unknown or undiscovered as of the date of the final approval of this Settlement) arising out of, relating to, or in connection with the
institution, prosecution, assertion, settlement, or resolution of the Actions, the treatment of the accrued but unpaid distributions for tax purposes, any entitlement to the accrued but unpaid distributions, the negotiations, terms, substance, or
language of the Merger Agreement, or the GP Purchase, or the adequacy of any disclosure in any public filing by Legacy, as described further in paragraph 7 below, provided that if the Parties are not able to obtain Final Court Approval, this
provision will not affect Plaintiffs’ right to seek such damages. 
 CLASS CERTIFICATION 

6.    Solely for purposes of the Settlement and for no other purpose, the Parties stipulate and agree to:
(a) certification of the Consolidated Action as a non-opt out class action pursuant to Delaware Court of Chancery Rules 23(a), 23(b)(1) and 23(b)(2) on behalf of the Settlement Class; (b) appointment
of Lead Plaintiff as Class Representative for the Settlement Class; and (c) appointment of Lead Counsel as counsel for the Settlement Class (“Class Counsel”). 

  
 18 

 RELEASES 

7.    Upon entry of the Order and Final Judgment approving the Settlement, and provided that the Merger Agreement is not
terminated and the Reorganization Transaction is consummated, the Releasing Parties shall be deemed to have, and by operation of the Order and Final Judgment, shall have, completely, fully, finally and forever compromised, settled, released,
discharged, extinguished, relinquished, and dismissed with prejudice the Settled Claims against the Releasing Parties and shall covenant not to sue and shall be barred from suing any Defendant or any other Released Party for any Settled Claim.
Notwithstanding anything contained herein, if the Reorganization Transaction is not consummated or the Merger Agreement is terminated, the releases and covenants contained herein will be null and void, and the Parties will jointly move to vacate the
Order and Final Judgment in its entirety. 
 8.    With respect to any and all Settled Claims, the Parties stipulate and
agree that, upon entry of the Order and Final Judgment, and provided that the Merger Agreement is not terminated and Reorganization Transaction is consummated, Lead Plaintiff and Defendants shall expressly waive, and each of the other Settlement
Class Members shall be deemed to have waived, and by operation of the Order and Final Judgment shall have expressly waived, any and all provisions, rights, and 

  
 19 

 
benefits conferred by any law of any state or territory of the United States, or principle of common law or foreign law, which is similar, comparable, or equivalent to California Civil Code
§ 1542, which provides: 
 A general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 

Lead Plaintiff and Defendants acknowledge, and each of the other Settlement Class Members shall be deemed by operation of law to have
acknowledged, that the foregoing waiver was separately bargained for and a key element of the Settlement. Notwithstanding anything contained herein, if the Reorganization Transaction is not consummated or the Merger Agreement is terminated, the
releases and covenants contained herein will be null and void and the Parties will jointly move to vacate the Order and Final Judgment in its entirety. 

9.    Provided the Merger Agreement is not terminated and the Reorganization Transaction is consummated in accordance with
the terms of this Settlement, Lead Plaintiff will not seek any further damages from Defendants or any other Released Party based on the Settled Claims, and the Settlement Class Members will be enjoined from seeking any damages from Defendants
or any other Released Party based on the Settled Claims. 
 10.    Lead Plaintiff and the Settlement Class Members,
by operation of law, have acknowledged that they may discover facts in addition to or different from 

  
 20 

 
those now known or believed to be true by them with respect to the Settled Claims, but Lead Plaintiff, and by operation of law, the Settlement Class Members will, pursuant to the Order and
Final Judgment, and provided that the Reorganization Transaction is consummated and the Merger Agreement is not terminated, have completely, fully, finally, and forever compromised, settled, released, discharged, extinguished, and dismissed, with
prejudice, any and all Settled Claims, known or unknown, suspected or unsuspected, contingent or absolute, accrued or unaccrued, apparent or unapparent, which now exist, or heretofore existed, or may hereafter exist, and without regard to the
subsequent discovery of additional or different facts. Lead Plaintiff acknowledges, and the Settlement Class Members by operation of law shall be deemed to have acknowledged, that Unknown Claims (as defined in ¶ 1(q)), are expressly
included in the definition of “Settled Claims” (as defined in ¶ 1(k)), and that such inclusion was expressly bargained for and was a key element of the Settlement and was relied upon by each and all of the Released Parties in entering
into this Stipulation. 
 11.    Pursuant to the Order and Final Judgment, and provided that the Merger Agreement is not
terminated and the Reorganization Transaction is consummated, Defendants and the Released Parties shall be deemed to have, and by operation of the judgment shall have, fully, finally, and forever released, relinquished, and discharged Lead
Plaintiff, each and all of the Settlement Class Members, and Lead 

  
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Counsel and other counsel that have appeared in the Consolidated Action from all claims (including Unknown Claims) arising out of, relating to, or in connection with the institution, prosecution,
assertion, settlement, or resolution of the Actions or the Settled Claims. 
 SCHEDULING ORDER AND NOTICE 

12.    Promptly upon execution of this Stipulation, Lead Plaintiff and Defendants shall submit this Stipulation to the
Court and shall jointly apply for entry of the Scheduling Order, substantially in the form attached hereto as Exhibit A, providing for, among other things: (a) preliminary certification of the Settlement Class for purposes of the
Settlement only; (b) approval of the form and content of notice of the Settlement; and (c) the scheduling of the Settlement Fairness Hearing. 

13.    In accordance with the terms of the Scheduling Order to be entered by the Court, Defendants shall (a) cause the
Settlement Notice, substantially in the form attached hereto as Exhibit B, to be mailed to all members of the Settlement Class identified in Legacy’s Preferred Unitholder records, including the mailing addresses of the Preferred
Unitholders as used by Legacy to send Schedule K-1s (Form 1065), or who otherwise may be identified through further reasonable effort; and (b) cause the Settlement Notice, substantially in the form
attached hereto as Exhibit B, and copies of this Stipulation and the Amended Complaint, to be posted on Legacy’s website. 

  
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 14.    Legacy or its successor(s) in interest shall pay or cause to be paid
any and all Notice Costs, regardless of whether the Court approves the Settlement or the Reorganization Transaction occurs. 

15.    Notice of the Settlement provided by U.S. mail shall be sufficient. 

STAY OF PROCEEDINGS 

16.    All proceedings in the Actions, except for those proceedings related to the Settlement, shall be stayed until the
resolution of all such Settlement-related proceedings. 
 FINAL ORDER AND JUDGMENT; DISMISSAL OF THE ACTION 

17.    The Stipulation shall be subject to the Final Court Approval and any appeals that may be taken with respect to such
Final Court Approval. 
 18.    Subject to performance, satisfaction, or waiver of the terms and conditions set forth
herein, the Order and Final Judgment substantially in the form of Exhibit C shall be entered dismissing the Actions with prejudice and on the merits and without costs to any Party, except as expressly provided herein. 

19.    Lead Plaintiff and Defendants in the Consolidated Action will present the Settlement to the Court for Final Court
Approval as soon as reasonably practicable following dissemination of appropriate notice to Settlement Class members, and will use their individual and collective best efforts to obtain Final Court Approval of the Settlement and entry of the
Order and Final Judgment 

  
 23 

 
dismissing the Actions with prejudice as to all Settled Claims and without costs to any Party, except in accordance with Plaintiff’s application for an award of attorneys’ fees and
expenses to be paid by Defendants or its insurers as expressly provided herein. 
 20.    Upon consummation of the
Reorganization Transaction, Lead Plaintiff and Defendants will cooperate with plaintiff’s counsel in the Texas Action in seeking a dismissal of that case with prejudice. 

TERMINATION 

21.    This Stipulation shall be null and void and of no force and effect pursuant to the terms hereof, unless otherwise
agreed to by the Parties, if: (a) the Merger Agreement is terminated either in accordance with its terms or otherwise; (b) the Reorganization Transaction does not occur; (c) Final Court Approval of the Settlement is not obtained for
any reason; or (d) the Court does not enter the Order and Final Judgment substantially in the form attached as Exhibit C or such other form of order approving the Settlement. In the event that this Stipulation shall become null and void as a
result of any of clauses (a) through (d) of this paragraph 21, this Stipulation shall not be deemed to prejudice in any way the respective positions of the Parties with respect to any of the Actions, including without limitation Lead
Counsel’s right to apply for attorneys’ fees and expenses based on benefits obtained as a result of the litigation and Defendants’ right to object to the same. 

  
 24 

 ATTORNEYS’ FEES AND EXPENSES 

22.    The Parties agree that Lead Counsel may apply for and obtain from the Court an award of certain attorneys’
fees, including reimbursement of some or all of their litigation-related expenses, related to the prosecution of the Actions to be paid by Defendants and/or their insurance carrier. Defendants agree not to oppose Lead Counsel’s request for Fees
and Expenses in an amount not to exceed $5.7 million, and Lead Counsel agrees not to make a request for Fees and Expenses in excess of $5.7 million. 

23.    Subject to the terms and conditions of this Stipulation and subject to Final Court Approval and an award of
attorneys’ fees and expenses by the Court, Legacy and/or its insurance carrier, on behalf of itself and for the benefit of the other Defendants in the Actions, shall pay or cause to be paid such fees and expenses as are awarded by the Court to
Lead Counsel within thirty (30) days of the entry of an order awarding them, subject to Lead Counsel’s joint and several obligation to refund any amounts by which the fee award may be subsequently reduced upon appeal or by collateral
attack. 

  
 25 

 24.    Any award of attorneys’ fees and expenses, whether or not such
fees and expenses have been agreed to by the Parties, shall not affect the validity of the Settlement set forth in this Stipulation. 

25.    The Released Parties shall bear no expenses, costs, damages, or fees alleged or incurred by Lead Plaintiff, by any
Settlement Class Member, or by any of their attorneys, experts, advisors, agents, or representatives, except as provided in this Stipulation with respect to the costs of notice to the Settlement Class and administration of the Settlement,
and with respect to Lead Counsel’s right to apply for an award of attorneys’ fees and expenses in the Actions to be paid by Defendants, as approved or awarded by the Court. For avoidance of any doubt, Lead Counsel intends, and nothing
herein shall constitute a waiver of Lead Counsel’s right, to seek, in accordance with paragraph 22 of this Stipulation, an award of attorneys’ fees and expenses in connection with the Settlement contemplated by this Stipulation. 

26.    To the extent the Court awards any attorneys’ fees or expenses to Lead Counsel pursuant to paragraphs 22 and 23
of this Stipulation, such fees or expenses shall not be paid until the Reorganization Transaction is consummated. 
 COOPERATION

 27.    Pending Final Court Approval, the Parties agree to use their best efforts to prevent, stay or seek
dismissal of or oppose entry of any interim or final relief in favor of any Settlement Class Member in any other litigation against any of the 

  
 26 

 
Parties that challenges the Settlement or the Reorganization Transaction (including the Merger Agreement) or otherwise involves a Settled Claim. In particular, the Parties will work with counsel
for plaintiff in the Texas Action to obtain a stay of that action pending Final Court Approval and to obtain dismissal of the Texas Action within five (5) business days of Final Court Approval. 

STIPULATION NOT AN ADMISSION 

28.    It is expressly understood that (a) Defendants have denied, and continue to deny, that they breached the
Partnership Agreement or engaged in any of the wrongful acts alleged in the Actions; (b) Defendants are entering into the Stipulation solely to eliminate the delay, burden, expense, and uncertainties inherent in further litigation;
(c) Lead Counsel believes that the Plaintiffs’ claims in the Actions have merit based on proceedings to date, but recognizes that the Defendants would continue to assert legal and factual defenses to their claims; and (d) Lead Counsel
has concluded that the terms of this Stipulation are fair and adequate to Lead Plaintiff and the Settlement Class, and that it is reasonable to pursue the Settlement based upon the terms and procedures outlined herein. 

AUTHORITY 

29.    This Stipulation will be executed by counsel to the Parties, each of whom represents and warrants that he or she
has been duly authorized and empowered to execute this Stipulation on behalf of such Party, and that it shall be binding on such Party in accordance with its terms. As so executed this Stipulation shall constitute one agreement. 

  
 27 

 30.    Lead Plaintiff and Lead Counsel represent and warrant that
(a) Lead Plaintiff is a holder of Series A Preferred Units and Series B Preferred Units and has been a holder of Series A Preferred Units and Series B Preferred Units at all relevant times and continued to hold Series A Preferred Units and
Series B Preferred Units as of the date this Stipulation was signed and provided proof of such ownership prior to execution of the Stipulation, and (b) none of Lead Plaintiff’s claims or causes of action referred to in any of the
complaints or this Stipulation, or any claims Lead Plaintiff could have alleged, have been assigned, encumbered, or in any manner transferred in whole or in part. 

SUCCESSORS AND ASSIGNS 

31.    This Stipulation shall be binding upon and shall inure to the benefit of the Parties and their respective agents,
successors, executors, heirs, and assigns. 
 GOVERNING LAW AND FORUM 

32.    This Stipulation shall be governed by, and construed in accordance with, the laws of the State of Delaware, without
regard to conflict of laws principles. 
 33.    The Parties hereby irrevocably and unconditionally (a) consent and
submit to the exclusive jurisdiction of the Delaware Court of Chancery, for any actions, suits or proceedings arising out of or relating to this Stipulation, (b) waive 

  
 28 

 
any objection to the laying of venue of any such litigation in the Delaware Court of Chancery and agree not to plead or claim that such litigation brought therein has been brought in any
inconvenient forum, (c) waive any right to trial by jury with respect to any actions, suits or proceedings arising out of or relating to this Stipulation, and (d) consent to service of process by registered or certified mail in connection
with any actions, suits or proceedings arising out of or relating to this Stipulation. 
 ENTIRE AGREEMENT AND AMENDMENTS 

34.    This Stipulation constitutes the entire agreement among the Parties with respect to the subject matter hereof, and
may not be amended nor any of its provisions waived except by a writing signed by all of the Parties hereto. For the avoidance of doubt, this Stipulation shall supersede and replace the MOU as the operative agreement of Settlement between the
Parties. 
 COUNTERPARTS 

35.    This Stipulation may be executed in any number of actual, telecopied or electronically mailed counterparts and by
each of the different Parties on several counterparts, each of which when so executed and delivered will be an original. This Stipulation will become effective when the actual or telecopied counterparts have been signed by each of the Parties to
this Stipulation and delivered to the other Parties. The executed signature page(s) from each actual, telecopied or electronically mailed counterpart may be joined together and attached and will constitute one and the same instrument. 

  
 29 

 NOTICE TO PARTIES 

36.    If any Party is required to give notice to any other Party under this Stipulation, such notice shall be in writing
and shall be deemed to have been duly given upon receipt of hand delivery or facsimile or email transmission, with confirmation of receipt. Notice shall be provided as follows: 

 

			
	 If to Lead Plaintiff or Lead Counsel:
  
	  	 If to Defendants:
  

	 Rosenthal, Monhait & Goddess, P.A.

Attn: Carmella P. Keener
 919 North Market Street, Suite 1401

Citizens Bank Center
 Wilmington, Delaware 19801

Telephone: (302) 656-4433
  

Carol S. Shahmoon
 Gregory E. Keller

CSS Legal Group PLLC
 One Great Neck Road, Suite 7

Great Neck, New York 11021
 Telephone: (646) 517-4399
	  	 Richards, Layton & Finger, P.A.

Attn: Gregory V. Varallo
 Attn: Robert L. Burns

920 North King Street
 Wilmington, Delaware 19801

Telephone: (302) 651-7700
  

Kirkland & Ellis LLP
 Attn: Yosef J. Riemer, P.C.

Attn: Shireen A. Barday
 601 Lexington Avenue

New York, New York 10022
 Telephone: (212) 446-4800

 BREACH 

37.    The Parties agree that in the event of any breach of this Stipulation, all of the Parties’ rights and remedies
at law, equity, or otherwise, are expressly reserved. 

  
 30 

 REVIEW OF STIPULATION 

38.    Each Party represents and warrants that such Party, or a responsible officer or other fiduciary thereof, has read
this Stipulation and understands its contents. 
 INVESTIGATION OF SETTLEMENT 

39.    Each Party represents and warrants that such Party, or a responsible officer or other fiduciary thereof, has made
such investigation of the facts pertaining to the Settlement provided for in this Stipulation, and of all the matters pertaining thereto, as the Party deems necessary and advisable. 

INTERPRETATION 

40.    This Stipulation will be deemed to have been mutually prepared by the Parties and will not be construed against any
of them by reason of authorship. 
 41.    Section and/or paragraph titles have been inserted for convenience only and
will not be used in interpreting the terms of this Stipulation. 
 42.    The terms and provisions of this Stipulation
are intended solely for the benefit of the Parties and their respective successors and permitted assigns, and it is not the intention of the Parties to confer third-party beneficiary rights or remedies upon any other person, except with respect to
(a) any rights conferred upon Settlement Class Members; (b) any attorneys’ fees and expenses to be paid to Lead Counsel pursuant to the terms of this Stipulation; and (c) the Released Parties who are not signatories hereto,
who shall be third-party beneficiaries under this Stipulation and entitled to enforce it in accordance with its terms. 

  
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 CONTINUING JURISDICTION 

43.    The consummation of this Settlement as embodied in this Stipulation shall be under the authority of the Court, and
the Court shall retain jurisdiction for the purpose of enforcing the terms of this Stipulation. 

  
 32 

			
	 /s/ Carmella P. Keener
	  	 /s/ Gregory V. Varallo

	 Carmella P. Keener (#2810)
 Jessica Zeldin
(#3558)
 ROSENTHAL, MONHAIT & GODDESS, P.A.
 919 North
Market Street, Suite 1401
 Citizens Bank Center
 Wilmington,
Delaware 19801
 (302) 656-4433
  

OF COUNSEL:
  

CSS LEGAL GROUP PLLC
 Carol S. Shahmoon

Gregory E. Keller
 One Great Neck Road

Suite 7
 Great Neck, New York 11021

(646) 517-4399
  

Co-lead Counsel for Lead Plaintiff Jeffrey Doppelt
	  	 Gregory V. Varallo (#2242)
 Robert L. Burns
(#5314)
 Matthew W. Murphy (#5938)
 RICHARDS, LAYTON &
FINGER, P.A.
 One Rodney Square
 920 North King Street

Wilmington, Delaware 19801
 (302)
651-7700
  
 OF COUNSEL:

 
 KIRKLAND & ELLIS LLP

Yosef J. Riemer, P.C.
 Shireen A. Barday

601 Lexington Avenue
 New York, New York 10022

(212) 446-4800
  

KIRKLAND & ELLIS LLP
 Jonathan G.C. Fombonne

609 Main Street
 Houston, Texas 77002

(713) 836-3600
  

Counsel for Defendants Legacy Reserves LP, Legacy Reserves GP, LLC, and Legacy Reserves Inc.

 Dated: July 6, 2018 

  
 33

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