Document:

EX-10.16

 Exhibit 10.16 

Execution Version 

NOTE PURCHASE AGREEMENT 

THIS NOTE PURCHASE AGREEMENT (this “Agreement”) is entered into this 31st
day of December, 2017, by and among Legacy Reserves LP, a Delaware limited partnership (the “Company”), and Fir Tree Value Master Fund, L.P., a Cayman Islands exempted limited partnership, Fir Tree Capital Opportunity Master
Fund, L.P., a Cayman Islands exempted limited partnership, Fir Tree Capital Opportunity Master Fund III, L.P., a Cayman Islands exempted limited partnership, FT SOF IV Holdings, LLC, a Delaware limited liability company, FT SOF V Holdings, LLC, a
Delaware limited liability company, and FT SOF VII Holdings, LLC, a Delaware limited liability company (collectively, the “Sellers” and individually, a “Seller”). 

WHEREAS, the Sellers collectively own beneficially, through Depository Trust Company (“DTC”), $187,077,000 principal amount
of the Company’s 6.625% Senior Notes due 2021 (the “Notes”) (with the principal amount of the Notes held by each Seller specified on Exhibit A), issued under the indenture, dated as of May 28, 2013, among the
Company, Legacy Reserves Finance Corporation, the guarantors named therein and Wilmington Trust, National Association, as trustee, as supplemented by the First Supplemental Indenture, dated as of August 25, 2015 (the
“Indenture”); and 
 WHEREAS, the Company desires to buy from the Sellers, and the Sellers desire to sell to the Company,
all of the Notes owned by each of the Sellers, on the terms and subject to the conditions set forth herein, and in the amounts specified in Exhibit A hereto. 

NOW, THEREFORE, the Company and each Seller, in consideration of the terms and conditions set forth herein and other good and valuable
consideration the sufficiency of which is hereby acknowledged, agree as follows: 
  

	 	1.	CERTAIN DEFINITIONS AND PRINCIPLES OF CONSTRUCTION AND INTERPRETATION. Each term defined in the Indenture and used herein without definition has the meaning assigned to such term in the Indenture. The principles of
construction and interpretation set forth in Section 1.04 of the Indenture shall apply to, and are hereby incorporated by reference in, this Agreement. 

  

	 	2.	PURCHASE OF NOTES. 

  

	 	a.	The Company hereby purchases from the Sellers, and the Sellers hereby convey, sell, assign and transfer to the Company, free and clear of all liens, encumbrances and rights of others (except for those imposed by the
Indenture or those resulting from any actions taken or failed to be taken by the Company), the Notes specified on Exhibit A for the purchase price set forth on Exhibit A with respect to each Seller. The Notes will be delivered against the
payment of the Purchase Price (as defined below) at the settlement of the purchase and sale of Notes provided for in Section 4 (the “Settlement”). Following the execution and delivery of this Agreement
until the time of Settlement and subject to the terms of this Agreement, each Seller shall hold its interest in the Notes sold by such Seller hereunder as agent for the Company. 

 

	 	b.	For U.S. federal income tax purposes, the parties hereto intend that the date of this Agreement shall be treated as the “trade date” as that term is used in Revenue Rulings
93-84, 1993-2 C.B. 225 and 66-97, 1966-1 C.B. 190. Accordingly the parties (and their
owners, as determined for federal income tax purposes, in the case of any parties hereto that are disregarded entities for U.S. federal income tax purposes) hereto intend that the date hereof shall be the effective date of the sale of the Notes for
U.S. federal income tax purposes and shall agree to report the transaction in a manner consistent with such treatment for U.S. federal income tax purposes, unless otherwise required by applicable law. 

	 	3.	PURCHASE PRICE. 

  

	 	a.	The purchase price to be paid by the Company to each Seller (the “Purchase Price”) shall be equal to the purchase price set forth opposite such Seller’s name on Exhibit A
(which Purchase Price shall be delivered against, without limitation, all principal, accrued interest and other amounts owing in respect of the Notes), as set forth on Exhibit A. 

 

	 	b.	Notwithstanding anything in this Agreement to the contrary, in the event that, at any time and from time to time, during the 30-day period immediately following the date hereof,
the Company or any Affiliate thereof enters into a definitive agreement that would result in the redemption of all or any portion of the Company’s 6.625% Senior Notes due 2021 issued under the Indenture (the “6.625% Senior
Notes”), or otherwise redeems all or any portion of the 6.625% Senior Notes, at a redemption price (the “Redemption Price”) equal to 90% or greater of the principal amount of the 6.625% Senior Notes, plus accrued but unpaid
interest thereon, then the Company shall pay to each Seller, the amount by which the Redemption Price in respect of such Notes exceeds the Purchase Price paid to such Seller by the Company in respect of such Notes hereunder (with respect to each
Seller, a “Make Whole Payment”). If all or any portion of the Redemption Price is in a form other than cash, the Company and Sellers shall mutually agree upon the value thereof.    Each Make Whole Payment shall
be made promptly following (and in no event more than ten business days after) the consummation of the applicable redemption, and shall for all purposes be treated by the Company and the applicable Sellers as an adjustment to the Purchase Price.
Each Make Whole Payment shall be made in cash by wire transfer of immediately available cash funds to the Wire Transfer Instructions (or such other accounts designated by the applicable Sellers in writing). 

 

	 	4.	SETTLEMENT. 

  

	 	a.	Subject to each of the terms of this Agreement, the date of the Settlement shall be January 5, 2018 (the “Settlement Date”). 

 

	 	b.	At the Settlement, the Company shall make a wire transfer of immediately available funds to the Sellers in the amounts specified in Exhibit A hereto and in accordance with the wire transfer instructions delivered
by the Sellers to the Company on the date hereof (the “Wire Transfer Instructions”). 

  

	 	c.	At the Settlement, each Seller shall effect by book entry, in accordance with the applicable procedures of DTC and the terms of the Indenture, the delivery to the Company in the amounts specified in Exhibit A
hereto. 

  

	 	d.	 The obligation of the Company to effectuate the Settlement and the occurrence of the Settlement Date shall be
subject to (i) the accuracy of the representations and warranties of each of the Sellers made herein; (ii) the occurrence of the “Settlement Date,” as defined in that certain Note Purchase Agreement, dated as of the date hereof,
among the Sellers and GSO Energy Select Opportunities Fund 

  
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LP, GSO Energy Partners-A LP, GSO Energy Partners-B LP, GSO Energy
Partners-C LP, GSO Energy Partners-C II LP, GSO Energy Partners-D LP, GSO Palmetto Opportunistic Investment Partners LP and GSO
CSF III HoldCo LP (without giving effect to any amendment, modification, supplement or waiver thereto without the consent of the Company hereunder) (the “Other Note Purchase Agreement”); and (iii) the effectiveness of the Third
Amendment, dated as of December 31, 2017, to the Credit Agreement dated as of October 25, 2016, by and among the Company, the financial institutions from time to time party thereto as lenders, and Cortland Capital Market Services LLC, as
the Administrative Agent.  

  

	 	e.	The obligation of each Seller to effectuate the Settlement and the occurrence of the Settlement Date shall be subject to (i) the accuracy of the representations and warranties of the Company made herein,
(ii) the occurrence of the “Settlement Date,” as defined in the Other Note Purchase Agreement and (iii) delivery on the date hereof of a legal opinion of Company counsel in form and substance attached hereto as Exhibit B.

  

	 	5.	REPRESENTATIONS OF SELLERS. Each Seller, severally and not jointly, makes the following representations to the Company as of the date hereof and as of the Settlement Date: 

 

	 	a.	Each Seller has the requisite corporate, limited liability company and/or limited partnership power and authority enter into this Agreement and to perform its obligations hereunder. 

 

	 	b.	The Notes set forth by such Seller’s name in Exhibit A are owned beneficially by such Seller and constitute all of the Notes owned by such Seller and, in the aggregate, the total amount of Notes listed on
Exhibit A constitute all of the Notes beneficially owned by the Sellers and their Affiliates. Such Seller has full right and title to such Notes, free and clear of any lien or encumbrance whatsoever (except for those imposed by the
Indenture), and full and unrestricted right and power to sell such Notes pursuant to the provisions of this Agreement without obtaining the consent or approval of any other person that has not been obtained. 

 

	 	c.	The sale of the Notes by each Seller hereunder does not violate or represent a breach of, or constitute a default under, any instruments governing such Seller, any law, regulation or order, or any agreement to which
such Seller is a party or by which such Seller is bound. The Seller is not party to any other agreement, commitment, contract or other instrument which would adversely affect its ability to perform its obligations hereunder and/or the purchase and
sale transactions contemplated by this Agreement. 

  

	 	d.	This Agreement has been duly executed and delivered by each Seller and constitutes a legal, valid and binding obligation of such Seller enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

  
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	 	e.	Each Seller acknowledges and agrees that none of the Company nor any of its Affiliates has given any investment advice or rendered any opinion to any Seller as to whether the sale of the Notes is prudent, and no Seller
hereto is relying on any representation or warranty by any other party hereto, except as expressly set forth in this Agreement. 

  

	 	f.	Each Seller has made an independent decision to sell and transfer the Notes to the Company based on the information available to such Seller, which such Seller has determined is adequate for that purpose.

  

	 	g.	Each Seller acknowledges that the Company and its Affiliates may be in possession of material, non-public, confidential information concerning the Notes or the Company or its
Affiliates (the “Material Information”) that is not known or otherwise available to the Sellers and that may be material in the decision to sell the Notes, including but not limited to the information of the type described below:

  

	 	i.	Financial and Operational Details: Information including, but not limited to, internal and external budgets, projections, corporate office expenditures, employee compensation and senior management incentive plans
relating to the Company, its subsidiaries and its general partner (the “Company Group”) and their respective Affiliates and certain other persons; 

 

	 	ii.	Litigation: Information regarding current status of certain litigation pending against the Company Group and its Affiliates and certain other persons; 

 

	 	iii.	Strategic Discussions: Information regarding strategic decisions considered by the Company Group, including, but not limited to, expansions, divestitures, mergers, acquisitions, joint venture partnerships,
corporate or other conversions, restructurings and other strategic matters considered by the Company Group, and other strategic board discussions; 

  

	 	iv.	Capital Raise: Information related to the Company Group’s efforts to raise capital from various sources, including, without limitation, the proposed terms thereof; 

 

	 	v.	Management and Board: Information relating to hiring, firing, compensation, retention and/or promotion regarding the Company Group’s managers; 

 

	 	vi.	Capital Budgeting and Capital Structure Alternatives: Information regarding uses of the Company Group’s capital, including priorities for capital deployment, and capital structure, including any amendments,
refinancing plans, dividends and other material items related to the capital structure and the fundings of loans or other capital contemplated in connection with this Agreement and the Other Note Purchase Agreement; and 

  
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	 	vii.	Other Miscellaneous Information: Other information, including material nonpublic information, gathered from conversations with Company Group’s management and other stakeholders. 

 

	 	h.	If the Material Information were disclosed to a Seller, the Material Information could foreseeably affect (i) the applicable Seller’s willingness to enter into the transaction contemplated hereby and
(ii) the price the applicable Seller would be willing to receive in connection with the sale of the Notes. Moreover, the Material Information may indicate that the value of the Notes is substantially different from the purchase price
contemplated to be paid by the Company to the applicable Seller for the Notes. 

  

	 	i.	Notwithstanding the Company’s possession of the Material Information, which is not being disclosed, and the other items set forth in this Agreement, each Seller desires to enter into this Agreement.

  

	 	j.	Each Seller is a sophisticated investor with respect to the Notes and has adequate information concerning the business and financial condition of the Company, and understands the disadvantage to which any party hereto
may be subject on account of the disparity of information as between the parties. Each Seller believes, by reason of its business or financial experience, that it is capable of evaluating the merits and risks of the purchase and sale of the Notes
pursuant to this Agreement, and of protecting its own interest in connection with such transfer. 

  

	 	k.	To the fullest extent permitted by law, each Seller, on behalf of itself and each of its Affiliates, expressly waives and fully releases and discharges the Company, including its Affiliates and the Company’s and
its Affiliates’ respective current and former partners, members, managers, officers, directors, employees, representatives and agents (collectively, the “Company Released Persons”), from any and all actions, proceedings, suits,
judgments, liens and executions of any kind, claims, debts, loss, damages and demands whatsoever, in law or in equity, including attorneys’ fees, that each Seller ever had, now has or hereafter shall or may have, whether known or unknown for,
upon or by reason of, any claim asserted with regard to, based upon or arising from any of the Company’s failure to disclose or any of the Sellers’ failure or inability to obtain and review, in connection with the transactions contemplated
under this Agreement, the Material Information, including, without limitation, claims they may have or hereafter acquire under applicable U.S. (federal or state) securities laws, but in any event excluding claims arising as a result of fraud or
based on any breach by a Company Released Person of any provision, representation, warranty or covenant of this Agreement or any other agreement by and between such Seller and any Company Released Person (“Seller Excluded Claims”).
Each Seller shall not institute or maintain any cause of action, suit, complaint or other proceeding against any Company Released Person as a result of a Company Released Person’s failure to disclose the Material Information to the applicable
Seller, other than with respect to Seller Excluded Claims. Each Seller shall indemnify each Company Released Person from any loss, claim, cost, expense or damage arising out of any breach by the applicable Seller of its representations, warranties
or covenants under this Agreement. 

  
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	 	l.	Each Seller is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act. 

  

	 	m.	The Company is relying on the representations set forth in this Section 6 in engaging in the transaction contemplated hereby, and would not engage in such transaction in the absence of such
representations. 

  

	 	6.	REPRESENTATIONS OF THE COMPANY. The Company represents as follows to each Seller as of the date hereof and as of the Settlement Date: 

 

	 	a.	The Company has the requisite limited partnership power and authority enter into this Agreement and to perform its obligations hereunder. 

 

	 	b.	The purchase of the Notes by the Company hereunder does not violate or represent a breach of, or constitute a default under, any instruments governing the Company, any law, regulation or order, or any agreement to which
the Company is a party or by which the Company is bound. The Company is not party to any other agreement, commitment, contract or other instrument which would adversely affect its ability to perform its obligations hereunder and/or the purchase and
sale transactions contemplated by this Agreement, including the Indenture, the indenture, dated as of December 4, 2012, among the Company, Legacy Reserves Finance Corporation, the guarantors named therein and Wilmington Trust, National
Association, as trustee, as supplemented by the First Supplemental Indenture, dated as of August 25, 2015, and the Credit Agreement dated as of October 25, 2016, by and among the Company, the financial institutions from time to time party
thereto as lenders, and Cortland Capital Market Services LLC, as the Administrative Agent, as amended. 

  

	 	c.	This Agreement has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

 

	 	d.	The Company acknowledges and agrees that no Seller nor any of their respective Affiliates has given any investment advice or rendered any opinion to the Company as to whether the purchase or sale of the Notes is prudent
or suitable, and the Company is not relying on any representation or warranty by any other party hereto, except as expressly set forth in this Agreement. 

  

	 	e.	Since December 31, 2014, the Company (and its predecessor, if any) has, in all material respects, timely filed all reports, schedules, forms, statements and other documents required to be filed by it with the
Commission pursuant to the reporting requirements of the Exchange Act (all of the foregoing filed prior to the Effective Date, and all exhibits included therein and financial statements, notes and schedules thereto and documents incorporated by
reference therein being hereinafter referred to as the “SEC Documents”). As of their respective filing dates, the SEC Documents complied in all material respects with the requirements of the Exchange Act and the rules and regulations of
the SEC promulgated thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the Commission, contained any untrue statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

  
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	 	f.	Each of the Sellers is relying on the representations set forth in this Section 6 in engaging in the transaction contemplated hereby, and would not engage in such transaction in the absence of
such representations. 

  

	 	7.	MISCELLANEOUS. 

  

	 	a.	Except as expressly provided in this Agreement, all of the covenants, terms, provisions, conditions and agreements contained herein shall be binding upon and shall inure to the benefit of the successors and assigns of
the Company and each Seller. 

  

	 	b.	The provisions of this Agreement shall survive the occurrence of the Settlement Date. 

  

	 	c.	The Company and the Sellers agree to execute any and all documents, amendments, notices and certificates, and to take any such additional actions, which may be necessary or convenient to effect the consummation of the
transactions contemplated by this Agreement and further the intent of the parties hereunder. 

  

	 	d.	This Agreement may be amended or modified only by a writing signed by the Company and each of the Sellers. 

  

	 	e.	 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND ANY DISPUTE OF CLAIMS
ARISING IN CONNECTION THEREWITH SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. With respect to all matters relating to this Agreement, each of the parties hereto hereby irrevocably and
unconditionally (i) submits to the exclusive jurisdiction of the U.S. District Court for the Southern District of New York State or, if that court does not have subject matter jurisdiction, in any State court located in the City and County of
New York; (ii) agrees that such party shall bring any and all claims concerning this Agreement and/or the transactions contemplated hereunder (whether based on contract, tort or otherwise) solely in such courts and that such claims shall be
heard and determined exclusively in such courts, (iii) waives, to the fullest extent such party may effectively do so, the defense of an inconvenient forum, (iv) agrees that a final judgment of such courts shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law, and (v) consents to the service of any process, summons, notice or document in any such suit, action or proceeding by registered mail addressed to
the addresses specified in Section 7g. below. Nothing herein will affect the right of any party hereto to serve legal process in any other manner permitted by law or affect such party’s right to bring any suit, action
or proceeding against the other party or such other party’s property in the courts of other jurisdictions. EACH PARTY HERETO IRREVOCABLY 

  
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WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS FEE LETTER OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

  

	 	f.	This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement. Delivery of an executed signature page to this Agreement by facsimile transmission or in electronic (e.g., “pdf” or “tif”) format shall be as effective as delivery of a manually signed
counterpart of this Amendment. 

  

	 	g.	Any notice, request, claim, demand or other communication under this Agreement shall be in writing and shall be delivered by hand, by e-mail or by overnight courier service to the
address for each party listed below, and shall be deemed to have been given when receipt is acknowledged for personal delivery or e-mail or one day after deposit with overnight courier service, addressed as
follows: 

 If to the Company: 

Legacy Reserves LP 
 303 W.
Wall Street, Suite 1800 
 Midland, Texas 79701 

Attention:     Bert Ferrara 

Email:           bferrara@legacylp.com 

with a copy (which shall not constitute notice) to: 

Kirkland & Ellis LLP 

609 Main Street 
 Houston, Texas
77002 
 Attention:     Matthew R. Pacey, P.C. 

    Michael P. Fisherman 

Email:     matt.pacey@kirkland.com 

       michael.fisherman@kirkland.com 

If to any Seller: 
 c/o Fir
Tree, Inc. 
 55 West 46th Street, 29th Floor 

New York, NY 10036 
 Attention:
    Brian A. Meyer, General Counsel 
 Email:
          bmeyer@firtree.com 

  
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 with a copy (which shall not constitute notice) to: 

Lowenstein Sandler LLP 
 1251
Avenue of the Americas 
 New York, NY 10020 

Attention:     Steven E. Siesser, Esq. 

Email:           ssiesser@lowenstein.com 

	 	

	 	h.	The obligations and liabilities hereunder of the Company and each Seller shall be several and not joint (and not joint and several). The execution and/or delivery of any agreements or documents by the Company and each
Seller in connection with the Settlement, including this Agreement, shall be without recourse to or warranty by any of their respective Affiliates and with respect to the other Sellers, as applicable. 

	 	

	 	i.	Each party hereto acknowledges and agrees that it will pay its own costs and expenses in connection with the negotiation and performance of this Agreement and the transactions contemplated hereby. 

	 	

	 	j.	If the Settlement Date shall not have occurred on or prior to January 5, 2018, this Agreement may be terminated by either the Sellers, on the one hand, or the Company, on the other hand, upon written notice to the other
parties; provided, however, that the right to terminate this Agreement under this Section 7j shall not be available to the Sellers or the Company if they fail to perform any of their material respective obligations under
this Agreement and such failure causes or results in, the failure of the Settlement Date to occur on or prior to January 5, 2018. In the event of the termination of this Agreement as provided in this Section 7j, this
Agreement shall forthwith terminate and this Agreement and the transactions contemplated hereby shall become void and have no effect, except that nothing herein will relieve any party from liability for any breach of this Agreement by such party
occurring prior to such termination of any representation, warranty, agreement or covenant contained herein. 

	 	

 [Remainder of the page is left intentionally blank] 

  
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	COMPANY:
	
	LEGACY RESERVES LP
		
	By:	 	Legacy Reserves GP, LLC,
	its general partner

  

			
		
	By:	 	 /s/ James Daniel Westcott

	Name:	 	James Daniel Westcott
	Title:	 	Executive Vice President and Chief
	Financial Officer

 [Signature Page to Note Purchase Agreement] 

 
			
	SELLERS:
	
	FIR TREE VALUE MASTER FUND, L.P.
		
	By:	 	 /s/ Brian A. Meyer

	Name:	 	Brian A. Meyer
	Title:	 	Authorized Person

  

			
	FIR TREE CAPITAL OPPORTUNITY MASTER FUND, L.P.
		
	By:	 	 /s/ Brian A. Meyer

	Name:	 	Brian A. Meyer
	Title:	 	Authorized Person

  

			
	FIR TREE CAPITAL OPPORTUNITY MASTER FUND III, L.P.
		
	By:	 	 /s/ Brian A. Meyer

	Name:	 	Brian A. Meyer
	Title:	 	Authorized Person

  

			
	FT SOF IV HOLDINGS, LLC
		
	By:	 	 /s/ Brian A. Meyer

	Name:	 	Brian A. Meyer
	Title:	 	Authorized Person

  

			
	FT SOF V HOLDINGS, LLC
		
	By:	 	 /s/ Brian A. Meyer

	Name:	 	Brian A. Meyer
	Title:	 	Authorized Person

  

			
	FT SOF VII HOLDINGS, LLC 
		
	By:	 	 /s/ Brian A. Meyer

	Name:	 	Brian A. Meyer
	Title:	 	Authorized Person

 [Signature Page to Note Purchase Agreement]EX-10.17

 Exhibit 10.17 

STANDSTILL AND VOTING AGREEMENT 

This STANDSTILL AND VOTING AGREEMENT (this “Agreement”) is made and entered into as of December 31, 2017 (the
“Effective Date”), by and among Legacy Reserves GP, LLC, a Delaware limited liability company (the “General Partner”), Legacy Reserves LP, a Delaware limited partnership (the “Partnership” and,
together with the General Partner, the “Legacy Entities”), and Fir Tree Capital Management LP, a Delaware limited partnership (f/k/a Fir Tree Inc.), (“ Fir Tree”), Fir Tree Value Master Fund, L.P., a Cayman Islands
exempted limited partnership, Fir Tree Capital Opportunity Master Fund, L.P., a Cayman Islands exempted limited partnership, Fir Tree Capital Opportunity Master Fund III, L.P., a Cayman Islands exempted limited partnership, FT SOF IV Holdings, LLC,
a Delaware limited liability company, FT SOF V Holdings, LLC, a Delaware limited liability company, FT SOF VII Holdings, LLC, a Delaware limited liability company, and Fir Tree E&P Holdings XI, LLC, a Delaware limited liability company
(collectively, the “Fir Tree Funds” and individually, a “Fir Tree Fund”). The Legacy Entities, Fir Tree and the Fir Tree Funds are herein referred to as the “Parties.” 

WHEREAS, the Parties believe that it is desirable to establish certain provisions with respect to the acquisition of Indebtedness (as defined
below), Preferred Units or Units and actions related to the Subject Units (as defined below) that are held by the Fir Tree Funds; and 

WHEREAS, the board of directors of the General Partner (the “Board”), on behalf of the General Partner in its individual
capacity and in its capacity as the general partner of the Partnership, has approved this Agreement upon the terms and subject to the conditions contained herein. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged by each Party, the Parties hereby agree as follows: 
  

	 	1.	CERTAIN DEFINITIONS AND PRINCIPLES OF CONSTRUCTIONS AND INTERPRETATION. Each term defined in the Fifth Amended and Restated Agreement of Limited Partnership of Legacy Reserves LP, dated as of April 10, 2017 (the
“Partnership Agreement”) and used herein, unless otherwise defined herein, has the meaning assigned to such term in the Partnership Agreement. The principles of construction and interpretation set forth in Section 1.2 of the
Partnership Agreement shall apply to, and are hereby incorporated by reference into, this Agreement. 

  

	 	2.	STANDSTILL. During the period commencing on the Effective Date and ending on the date that is one year after the Effective Date (the “Standstill Period”), without the approval of at least a majority of
the directors of the Board, each of the Fir Tree Funds agrees that none of it, Fir Tree, nor any of their respective parallel funds (but excluding, for the avoidance of doubt, any Portfolio Company (as defined below) or any Person filing periodic
reporting requirements under Sections 13 or 15(d) of the Exchange Act), shall, directly or indirectly: 

	 	a.	effect or seek, offer or propose to effect any acquisition (or proposal or option or agreement to acquire), of record or beneficially, by purchase or otherwise, of any of (i) (A) the 6.625% Senior Notes due 2021
issued pursuant to the Indenture, dated as of May 28, 2013, among Legacy Reserves LP, Legacy Reserves Finance Corporation, the guarantors named therein and Wilmington Trust, National Association, as trustee, (B) the 8% Senior Notes due
2020 issued pursuant to the Indenture, dated as of December 4, 2012, among Legacy Reserves LP, Legacy Reserves Finance Corporation, the guarantors named therein and Wilmington Trust, National Association, as trustee, (C) the Third Amended
and Restated Credit Agreement, dated April 1, 2014, by and among Legacy Reserves LP, as borrower, Wells Fargo Bank, National Association, as administrative agent, Compass Bank, as syndication agent, UBS Securities LLC and U.S. Bank National
Association, as co-documentation agents, and the lenders party thereto, as amended from time to time, or (D) the term loans issued pursuant to the Term Loan Credit Agreement, dated as of October 24,
2016, by and among Legacy Reserves LP, Cortland Capital Market Services LLC, as administrative agent and second lien collateral agent, and the lenders party thereto, as amended from time to time (collectively, “Indebtedness”),
(ii) Preferred Units or (iii) Units or shares of any class of capital stock or other equity interest (or other security or interest) of any member of the Partnership Group that are entitled to vote generally in the election of members of
the Board (“Voting Securities”), or rights or options to acquire interests in any Indebtedness, Preferred Units or Voting Securities (or any other Beneficial Ownership thereof), provided, however, that nothing in this
Section 2.a. shall prohibit the entry into ordinary course swap or derivative transactions for the purposes of mitigating risk with respect to the Fir Tree Funds and not impacting any vote of its Voting Securities in breach
of this Agreement; further, provided, however, that nothing set forth in this Section 2.a or elsewhere in this Agreement will prohibit Fir Tree or the Fir Tree Funds from acquiring Preferred Units or Voting
Securities (including Units), with respect to the Fir Tree Funds Effective Date Interests (as defined below); 

  

	 	b.	seek to influence the actions of the Board, take any action hostile to the Board or take any action contrary to any proposal recommended by the Board; or 

 

	 	c.	publicly disclose any intention, plan, or arrangement inconsistent with this Section 2. 

As used in this Agreement, “Portfolio Company” means any Person in which any of the Fir Tree Funds or any fund or account
managed, advised or sub-advised by Fir Tree or any of its Affiliates holds any equity or debt securities. 

As used in this Agreement, the “Fir Tree Funds Effective Date Interests” means direct or indirect interests in those Units or
Preferred Units that one or more of the Fir Tree Funds hold as of the Effective Date in connection with one or more total return swaps with unaffiliated bank counterparties as set forth on Exhibit D. 

  
 2 

	 	3.	STANDSTILL FEE. In consideration of the obligations of the Fir Tree Funds under Section 2, Section 4 and Section 6 of this Agreement to the
Partnership pursuant to this Agreement, the Partnership hereby agrees to pay to each of the Fir Tree Funds a standstill fee (the “Standstill Fee”) in an amount of cash and Units (the “Subject Units”) as set forth on
Exhibit A. The Standstill Fee shall be fully earned, non-refundable, due and payable promptly following the Effective Date but in no event later than January 5, 2018. The Partnership shall make a
wire transfer of immediately available funds to each of the Fir Tree Funds in the amount specified next to such Fir Tree Fund’s name in accordance with, and in the amounts specified in, the wire transfer instructions attached hereto as
Exhibit B and shall deliver evidence of issuance of the Subject Units credited to book-entry accounts maintained by the transfer agent of the Partnership in the amount as indicated on Exhibit A. The Partnership will
provide written evidence to the Fir Tree Funds that the Subject Units have been credited to an account in the name of the applicable Fir Tree Fund as indicated on Exhibit A by January 5, 2018. In connection with the payment of the
Standstill Fee, the Company shall have requested and caused, Kirkland & Ellis LLP, counsel for the Company to have furnished to Fir Tree and the Fir Tree Funds their opinion, dated the date such Standstill Fee is paid and addressed to Fir
Tree and the Fir Tree Funds, substantially in form and substance reasonably satisfactory to Fir Tree and the Fir Tree Funds. 

  

	 	4.	TRANSFER RESTRICTIONS 

  

	 	a.	During the period commencing on the Effective Date and ending on the date that is six months after the Effective Date (the “Lockup Period”), Fir Tree will not, and will cause its Affiliates not to,
directly or indirectly, (i) offer for sale, sell, pledge, or otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition by any Person at any time in the future of), any
of the Subject Units, or (ii) enter into any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of the Subject Units, whether any such transaction described
in clause (i) or (ii) above is to be settled by delivery of securities, in cash or otherwise (collectively, “Transfer”), other than: 

  

	 	i.	to an Affiliate of Fir Tree including the Fir Tree Funds and special purpose vehicles of the Fir Tree Funds (other than any Portfolio Company); 

 

	 	ii.	with the approval of a majority of the directors of the Board; or 

  

	 	iii.	entering into or maintaining one or more swaps, derivative transactions, or other risk mitigation transactions (i.e., purchasing puts) so long as the Fir Tree Funds maintain their long position in the Subject Units
during the Lockup Period. 

  
 3 

	 	b.	During the Lockup Period, Fir Tree will notify the Partnership in writing of its intent to engage in the Transfer of the Subject Units to any Person (other than to an Affiliate of Fir Tree including the Fir Tree Funds
and special purpose vehicles of the Fir Tree Funds (other than any Portfolio Company)), and the number of Subject Units it intends to Transfer, not less than three Business Days before, and not more than 93 days before, engaging in such Transfer.

  

	 	5.	EXCEPTIONS. Notwithstanding any other provision hereof, the Parties agree that the restrictions contained in this Agreement shall: 

  

	 	a.	other than as provided in Section 2, not prohibit Fir Tree from privately communicating with the Board or management of the Partnership or privately requesting or proposing a waiver,
termination or amendment of the provisions of this Agreement; 

  

	 	b.	subject to the restrictions set forth in Sections 2, 4 and 6, not limit the ability of the Fir Tree Funds or their Affiliates to vote or transfer their Units or otherwise exercise rights under their
Units; 

  

	 	c.	in no way prohibit, limit, impair or otherwise affect the ability of Fir Tree, the Fir Tree Funds or any of their respective Affiliates to vote, transfer or take any other action with respect to their Units (including
any swap or other derivatives transaction that transfers to another, in whole or in part, any of the economic benefits or risks of ownership of Units) other than the Subject Units, and 

 

	 	d.	terminate and be of no further force and effect following the expiration of the Standstill Period and, solely with respect to the Lockup Period in Section 4, upon the occurrence of a Major
Transaction (as defined below). 

 For the purposes of this Agreement, a “Major Transaction” shall have occurred
upon the effectiveness of a transaction involving all or a controlling portion of the Legacy Entities’ equity securities, or all or substantially all of the Legacy Entities’ assets (whether by merger, consolidation, business combination,
tender or exchange offer, recapitalization, restructuring, sale, equity issuance, or otherwise). 
  

	 	6.	VOTING. During the Standstill Period, each of the Fir Tree Funds: 

  

	 	a.	shall (and shall cause its Affiliates to) take such action (including, without limitation, if applicable, through the execution of one or more written consents if unitholders of the Partnership are requested to vote
through the execution of an action by written consent in lieu of any such annual or special meeting of unitholders of the Partnership) at each meeting of the unitholders of the Partnership (including without limitation at any adjournments or
postponements thereof) as may be required so that all Subject Units Beneficially Owned, directly or indirectly, by it and/or by any of its Affiliates are voted, at the election of the Fir Tree Funds in the same manner (“for,”
“against,” “withheld,” “abstain” or otherwise) as recommended by the Board to the other holders of Voting Securities (including without limitation with respect to director elections); and

  
 4 

	 	b.	shall (and shall cause its Affiliates to) be present, in person or by proxy, at all meetings of the unitholders of the Partnership so that all Subject Units Beneficially Owned by it or them from time to time may be
counted for the purposes of determining the presence of a quorum and voted in accordance with Section 6a at such meetings (including without limitation at any adjournments or postponements thereof). The foregoing provision
shall also apply to the execution by such Persons of any written consent in lieu of a meeting of holders of Voting Securities of the Partnership. 

  

	 	7.	REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP. Each of the Legacy Entities represents and warrants to Fir Tree and the Fir Tree Funds as set forth on Exhibit C hereto as of the Effective Date.

  

	 	8.	MISCELLANEOUS 

  

	 	a.	Fir Tree represents and warrants to the Legacy Entities that, as of the Effective Date, the Subject Units constitute all of the Units, Indebtedness and Voting Securities beneficially owned and for which voting power is
held by Fir Tree or its Affiliates and Fir Tree and its Affiliates do not own any option, warrant, call or other right to acquire or receive any Voting Securities or Indebtedness other than the Fir Tree Funds Effective Date Interests. During the
Lockup Period, Fir Tree and the Fir Tree Funds will have the sole right to vote and transfer the Subject Units, and none of such Subject Units are subject to any voting agreement, voting trust or other agreement, arrangement or restriction with
respect to the voting or the transfer of such Subject Units, except as set forth in this Agreement. 

  

	 	b.	Except as expressly provided in this Agreement, all of the covenants, terms, provisions, conditions and agreements contained herein shall be binding upon and shall inure to the benefit of the successors and assigns of
each Legacy Entity and each Fir Tree Fund. Notwithstanding anything to the contrary in this Agreement, the covenants under this Agreement applicable to the Fir Tree Funds, Fir Tree or their Affiliates shall not be binding upon any non-Affiliate transferee of the Subject Units. 

  

	 	c.	No Party may transfer or assign any portion of its rights and obligations under this Agreement without the prior written consent of the other Parties. Notwithstanding the foregoing, each Fir Tree Fund may assign its
rights and obligations under this Agreement without the prior approval of any other Party to any fund or account managed, advised or sub-advised by Fir Tree or any of its Affiliates; provided that any
such assignment shall not relieve such Fir Tree Fund of any of its obligations hereunder. 

  

	 	d.	The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all interests of the Partnership Group or any successor or assign of any member of the Partnership Group (whether
by merger, consolidation, sale of assets or otherwise), which may be issued in respect of, in exchange for or in substitution of, such interests, and shall be appropriately adjusted for combinations, stock or other splits, recapitalizations, pro
rata distributions and the like occurring after the Effective Date. 

  
 5 

	 	e.	Each of the Legacy Entities and the Fir Tree Funds agree to execute any and all documents, amendments, notices and certificates, and to take any such additional actions, which may be necessary or convenient to further
the intent of the Parties hereunder. 

  

	 	f.	This Agreement may be amended or modified only by a writing signed by each of the Legacy Entities, Fir Tree and each of the Fir Tree Funds. 

 

	 	g.	The Parties agree that damages in the event of breach of this Agreement by a Party may be difficult, if not impossible, to ascertain, and the Parties would not have any adequate remedy at law in the event that any of
the provisions of this agreement were not performed in accordance with their specific terms or were otherwise breached. It is therefore agreed that, without the necessity of posting bond or other undertaking, each Party, in addition to and without
limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of
the Parties hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. In the event that any action or suit is brought in equity to enforce
the provisions of this Agreement, no Party will allege, and each Party hereby waives the defense or counterclaim, that there is an adequate remedy at law. The existence of this right will not preclude any such Person from pursuing any other rights
and remedies at law or in equity, which such Person may have. 

  

	 	h.	Each of the Parties covenants, agrees and acknowledges that no Person other than each Fir Tree Fund (and such Fir Tree Fund’s transferees or assignees who are Affiliates of the Fir Tree Funds) and the Legacy
Entities shall have any obligation hereunder and no liability for money damages under this Agreement shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, securityholder
or Affiliate of any of the Fir Tree Funds, its Affiliates or the Legacy Entities or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, securityholder or Affiliate of any of the foregoing
(other than such transferees or assignees), whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability for damages
whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, securityholder or Affiliate of any of the Fir Tree Funds or the
Legacy Entities or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, securityholder or Affiliate of any of the foregoing (other than such transferees 

  
 6 

	 	or assignees), as such, for any obligations of any of the Fir Tree Funds or the Legacy Entities under this Agreement or for any claim based on, in respect of or by reason of such obligation or its creation.
Notwithstanding anything to the contrary herein, this Section 8h shall in no way limit any equitable remedies, specific performance, or injunctions that any member of the Partnership Group or its Affiliates may seek or have
against such Persons for their actions that cause a Fir Tree Fund to violate this Agreement. 

  

	 	i.	The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 

  

	 	j.	Unless otherwise specified, all references to days or months shall be deemed to refer to a section or subsection of this Agreement. The words “hereof,” “herein” and
“hereunder” and words of similar import referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Reference to any agreement, document or instrument means such agreement,
document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Whenever required by the context, references to a Fiscal Year shall refer to a portion thereof. The use of the
words “or,” “either” and “any” shall not be exclusive. The Parties have participated jointly in the negotiation and drafting of this Agreement, accordingly, the language used in this Agreement shall
be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Person. If an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement. Wherever a conflict exists between this
Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict. 

  

	 	k.	The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

  

	 	l.	Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and
this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein or if such term or provision could be drawn more narrowly so as not to be illegal,
invalid, prohibited or unenforceable in such jurisdiction, it shall be so narrowly drawn, as to such jurisdiction, without invalidating the remaining terms and provisions of this Agreement or affecting the legality, validity or enforceability of
such term or provision in any other jurisdiction. 

  
 7 

	 	m.	THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND ANY DISPUTE OF CLAIMS ARISING IN CONNECTION THEREWITH SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK. With respect to all matters relating to this Agreement, each of the Parties hereby irrevocably and unconditionally (i) submits to the exclusive jurisdiction of the U.S. District Court for the Southern District
of New York State or, if that court does not have subject matter jurisdiction, in any State court located in the City and County of New York; (ii) agrees that such Party shall bring any and all claims concerning this Agreement and/or the
transactions contemplated hereunder (whether based on contract, tort or otherwise) solely in such courts and that such claims shall be heard and determined exclusively in such courts, (iii) waives, to the fullest extent such Party may
effectively do so, the defense of an inconvenient forum, (iv) agrees that a final judgment of such courts shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law, and
(v) consents to the service of any process, summons, notice or document in any such suit, action or proceeding by registered mail addressed to the addresses specified in Section 8o below. Nothing herein will affect the
right of any Party to serve legal process in any other manner permitted by law or affect such Party’s right to bring any suit, action or proceeding against the other Party or such other Party’s property in the courts of other
jurisdictions. EACH PARTY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS FEE LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF. 

  

	 	n.	This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together
shall constitute one and the same agreement. Delivery of an executed signature page to this Agreement by facsimile transmission or in electronic (e.g., “pdf” or “tif”) format shall be as effective as delivery of a manually signed
counterpart of this Agreement. 

  

	 	o.	Any notice, request, claim, demand or other communication under this Agreement shall be in writing and shall be delivered by hand, by e-mail or by overnight courier service to the
address for each Party listed below, and shall be deemed to have been given when receipt is acknowledged for personal delivery or e-mail or one day after deposit with overnight courier service, addressed as
follows: 

  
 8 

 if to the Partnership to: 

Legacy Reserves LP 

303 W. Wall Street, Suite 1800 

Midland, Texas 79701 

Attention: Bert Ferrara 

Email: bferrara@legacylp.com 

with a copy to (which shall not constitute notice): 

Kirkland & Ellis LLP 

609 Main Street 

Houston, Texas 77002 

Attention: Matthew R. Pacey, P.C. 

Michael P. Fisherman 

Email: matt.pacey@kirkland.com 

michael.fisherman@kirkland.com 

if to the Fir Tree Funds to: 

c/o Fir Tree, Inc. 

55 West 46th Street, 29th Floor 

New York, NY 10036 

Attention: Brian A. Meyer, General Counsel 

Email: bmeyer@firtree.com 

with a copy to (which shall not constitute notice): 

Lowenstein Sandler LLP 

1251 Avenue of the Americas 

New York, NY 10020 

Attention: Steven E. Siesser, Esq. 

Email: ssiesser@lowenstein.com 
  

	 	p.	No partnership, joint venture or joint undertaking is intended to be, or is, formed between the Parties or any of them by reason of this Agreement or the transactions contemplated herein. 

 

	 	q.	Following the payment of the Standstill Fee, the Legacy Entities may, in their sole discretion, terminate this Agreement; provided that said termination shall not affect the liability of any Party for actions
prior to such termination. 

 [Signature page follows] 

  
 9 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date. 

 

	
	GENERAL PARTNER:
	LEGACY RESERVES GP, LLC
	
	By: /s/ James Daniel Westcott
	Name: James Daniel Westcott
	Title: Executive Vice President and Chief Financial Officer

  

	
	PARTNERSHIP:
	LEGACY RESERVES LP
	
	By: /s/ James Daniel Westcott
	Name: James Daniel Westcott
	Title: Executive Vice President and Chief Financial Officer

 [ Signature Page to Standstill and Voting Agreement ] 

 
	
	 FIR TREE:

	 FIR TREE CAPITAL MANAGEMENT LP

	
	 By: /s/ Brian A.
Meyer                                        
                    

	 Name: Brian A. Meyer

	 Title: Authorized Person

	
	 FIR TREE FUNDS:

	 FIR TREE VALUE MASTER FUND, L.P.

	
	 By: /s/ Brian A.
Meyer                                        
                    

	 Name: Brian A. Meyer

	 Title: Authorized Person

	
	 FIR TREE CAPITAL OPPORTUNITY MASTER FUND, L.P.

	
	 By: /s/ Brian A.
Meyer                                        
                    

	 Name: Brian A. Meyer

	 Title: Authorized Person

	
	
FIR TREE CAPITAL OPPORTUNITY MASTER FUND III, L.P.

	
	 By: /s/ Brian A.
Meyer                                        
                        

	 Name: Brian A. Meyer

	 Title: Authorized Person

	
	 FT SOF IV HOLDINGS, LLC

	
	 By: /s/ Brian A.
Meyer                                        
                        

	 Name: Brian A. Meyer

	 Title: Authorized Person

 [ Signature Page to Standstill and Voting Agreement ] 

 
	
	 FT SOF V HOLDINGS, LLC

	
	 By: /s/ Brian A.
Meyer                                    

	 Name: Brian A. Meyer

	 Title: Authorized Person

  

	
	 FT SOF VII HOLDINGS, LLC

	
	 By: /s/ Brian A.
Meyer                                        

	 Name: Brian A. Meyer

	 Title: Authorized Person

  

	
	 FIR TREE E&P HOLDINGS XI, LLC

	
	 By: /s/ Brian A.
Meyer                                        

	 Name: Brian A. Meyer

	 Title: Authorized Person

 [ Signature Page to Standstill and Voting Agreement ]

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