Document:

Exhibit

Exhibit 10.33

December 15, 2017

Christopher White
906 Alder Place
Newport Beach, CA  92660

Dear Chris,

I am pleased to confirm the offer for you to join A10 Networks (the “Company”), in the position of Executive Vice President Worldwide Sales at our Corporate Headquarters located in San Jose, CA. This is a full time, regular position, reporting to Lee Chen, CEO. The terms of our offer and the benefits currently provided by the Company are as follows:

Total Target Cash Compensation.  Your 2018 annual total target cash compensation will be $630,000 distributed sixty percent (60%) base salary and forty percent (40%) incentive.  Effective January 1, 2019, your total target cash compensation will be distributed fifty percent (50%) base salary and fifty percent (50%) incentive.

Salary. Your starting base salary will be at a rate of $378,000 per year subject to annual review, less applicable taxes and other withholdings in accordance with the Company’s normal payroll schedule.

Incentive. You will be eligible to receive an annual performance based bonus target of $252,000, paid in accordance with the A10 Executive Cash Incentive Plan. 

Sign-on Bonus.  You are also eligible to receive a sign-on bonus in the amount of $75,000 less statutory taxes; federal, state and employment upon commencement of employment, provided you agree to repay this amount to the Company should you voluntarily terminate your employment within one year. 

Restricted Stock Grant. We will recommend to the Board of Directors of the Company (the “Board”) that you be granted an award of restricted stock units (the “RSU Award”) to cover a number of shares of the Company’s Common Stock equivalent to a value of US$700,000 under the Company’s 2014 Equity Incentive Plan, as amended (the “Plan”).  Each restricted stock unit granted represents the right to receive one share of the Company’s Common Stock upon vesting. 25% of the recommended RSU Award shall vest on each yearly anniversary of your vest base date (assuming your continued employment with the Company on each vesting date) such that the entire RSU Award shall vest over 4 years (for administrative reasons, the vest base date will be the 5th day of the month following your employment start date).  The number of shares subject to the RSU Award will be determined by dividing the dollar value of the award by the average closing trading price of the Company’s Common Stock during the 30 calendar day period prior to your employment start date, rounded down to the nearest whole share.

Stock Option Grant. We will recommend to the Board that you be granted a stock option (the “Option Award”) to purchase a number of shares of the Company’s Common Stock equivalent to a value of US$700,000 of the Company’s Common Stock under the Plan. The exercise price for the Option Award will be no less than the fair market value of one share of the Company’s Common Stock on the date of grant, as determined by the Board in accordance with the terms of the Plan. Generally, the Option Award shall vest and become exercisable (assuming your continued employment with the Company or one of its subsidiaries or affiliates through each vesting date) as follows: twenty-five percent (25%) of the shares subject to the Option Award shall vest on the one-year anniversary of the vesting commencement date (as set  forth in the relevant notice of grant provided with your Option Award agreement) and an additional one-forty-eighth (1/48) of  the shares subject to the Option Award shall vest at the end of each full month  thereafter. The number of shares subject to the Option Award will be determined by using the Company’s standard Black-Scholes assumptions applied as of the date of grant.

Additionally in February 2018, we will recommend to the Board that you be granted an award of performance stock units (the "PSU Award") under the "Plan.

Change in Control and Severance Benefits.  We will recommend to the Board that you be eligible for the Company’s standard executive change in control severance benefits package.  A copy of the form of this agreement is included for your information.
Employee Stock Purchase Plan. You will be eligible to participate in the Company’s 2014 Employee Stock Purchase Plan, as amended (the “ESPP”), whereby you will have the opportunity (but not the obligation) to enroll in the ESPP and purchase shares of the Company’s common stock at a discount from the market price. There are two opportunities each year to enroll in the ESPP approximately each May and November. You will receive a notice about these opportunities from the stock administration office of the Company.

Benefits.  You will be entitled to receive the Company’s employee benefits made available to other employees at your level to the full extent of your eligibility.  The effective date of medical, dental and vision insurance will be your first day of employment.  The Company reserves the right to change or otherwise modify, in its sole discretion, the preceding benefits and terms of employment.

Confidentiality.  As an employee of the Company, you will have access to certain confidential information of the Company and you may, during the course of your employment, develop certain information or inventions that will be the property of the Company.  To protect the interests of the Company, you will need to sign the Company's standard "Confidential Information and Invention Assignment Agreement" as a condition of your employment.  We wish to impress upon you that we do not want you to, and we hereby direct you not to, bring with you any confidential or proprietary material of any former employer or to violate any other obligations you may have to any former employer.  During the period that you render services to the Company, you agree to not engage in any employment, business or activity that is in any way competitive with the business or proposed business of the Company.  You will disclose to the Company in writing any other gainful employment, business or activity that you are currently associated with or participate in that competes with the Company.  You will not assist any other person or organization in competing with the Company or in preparing to engage in competition with the business or proposed business of the Company.  In accepting this offer, you expressly represent and agree that (1) You have not and will not bring to the Company or use for the benefit of the Company any unauthorized third-party intellectual property, including but not limited to what they consider to be trade secrets (“Former Employer Confidential Information”), (2) You have not and will not disclose to the Company any proprietary or otherwise confidential information of a prior employer's business, (3) You will not communicate to anyone at the Company any information that you acquired or learned during your employment that might in any respect be considered Former Employer Confidential Information , (3) prior to accepting this position at the Company you have not provided to anyone at A10 any written Former Employer Confidential Information that in any way could be considered to be Former Employer Confidential Information, and (4) prior to your accepting this position at the Company, you have not conveyed anything orally to anyone at A10 that might in any way be considered Former Employer Confidential Information.

Ethical Conduct.  You will abide by the Company's Code of Business Conduct and Ethics, the Company's Employee Handbook and other applicable policies pertaining to intellectual property and other matters. 

No Breach of Obligations to Prior Employers.  You represent and warrant that your signing of this offer letter, agreement(s) concerning stock options granted to you, if any, under the Plan (as defined above) and the Company's Confidential Information And Invention Assignment Agreement will not violate any agreement currently in place between yourself and current or past employers.  You further represent and warrant that there is no other contract or duty on your part which conflicts with or is inconsistent with your employment by A10.

Authorization to Work.  Please note that because of employer regulations adopted in the Immigration Reform and Control Act of 1986, within three (3) business days of starting your new position you will need to present documentation demonstrating that you have authorization to work in the United States.  If you have questions about this requirement, which applies to U.S. citizens and non-U.S. citizens alike, you may contact our Human Resources Department.

At Will Employment.  While we look forward to a long and profitable relationship, should you decide to accept our offer, you will be an at-will employee of the Company, which means the employment relationship can be terminated by either of us for any reason, at any time, with or without prior notice and with or without cause.  Any statements or representations to the contrary (and, indeed, any statements contradicting any provision in this letter) should be regarded by you as ineffective.  Further, your participation in any stock option or benefit program is not to be regarded as assuring you of continuing employment for any particular period of time.  Any modification or change in your at will employment status may only occur by way of a written employment agreement signed by you and the Chief Executive Officer of the Company.

Background Check. This offer is contingent upon successful background and reference checks.  This offer can be rescinded based upon data received in the verification.

Contingent Offer. Your employment will be subject to your execution of the Company’s Confidential Information and Invention Assignment Agreement relating to non-disclosure of confidential information and assignment of inventions to the Company. A copy is included with this offer. We also require successful completion of any outstanding reference and background checks and presentation of documentation giving you the right to work in the United States as noted above.

Entire Agreement. This offer, once accepted, constitutes the entire agreement between you and the Company with respect to the subject matter hereof and supersedes all prior offers, negotiations and agreements, if any, whether written or oral, relating to such subject matter. You acknowledge that neither the Company nor its agents have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this agreement for the purpose of inducing you to execute the agreement, and you acknowledge that you have executed this agreement in reliance only upon such promises, representations and warranties as are contained herein.

Acceptance. This offer will remain open until December 20, 2017. If you decide to accept our offer, and I hope you will, please sign the enclosed copy of this letter in the space indicated and return it to me. Your signature will acknowledge that you have read and understood and agreed to the terms and conditions of this offer letter and the attached documents, if any. Should you have anything else that you wish to discuss, please do not hesitate to call me.

Chris, we are very excited to enhance our Leadership Team with your experience and capabilities. We strongly believe you make an outstanding addition to the team and look forward to the opportunity to welcome you to the Company.
Sincerely,

Laurie Buzzell
Vice President, Worldwide Human Resources

I have read and understood this offer letter and hereby acknowledge, accept and agree to the terms as set forth above and further acknowledge that no other commitments were made to me as part of my employment offer except as specifically set forth herein.

_____________________________________
Christopher White

Date:  ________________________________

Start Date:  January 2, 2018Exhibit 4.1

 

Execution Version

 

 

 

 

 

SHAREHOLDERS’ AGREEMENT

 

DATED AS OF AUGUST 23, 2018

 

AMONG

 

FALCON MINERALS CORPORATION

 

AND

 

THE OTHER PARTIES HERETO

 

 

 

 

 

     

     

    

 

TABLE OF
CONTENTS

 

	 	Page
	 	 
	Article I INTRODUCTORY MATTERS	1
	1.1	Defined Terms	1
	1.2	Construction	5
	Article II CORPORATE GOVERNANCE MATTERS	6
	2.1	Board	6
	2.2	Board Designees	7
	2.3	Certain Transactions	9
	2.4	Corporate Opportunity	9
	2.5	Holdback Agreement	10
	Article III GENERAL PROVISIONS	10
	3.1	Termination	10
	3.2	Notices	10
	3.3	Amendment; Waiver	11
	3.4	Further Assurances	12
	3.5	Assignment	12
	3.6	Third Parties	12
	3.7	Governing Law	12
	3.8	Jurisdiction; Waiver of Jury Trial	12
	3.9	Specific Performance	13
	3.10	Entire Agreement	13
	3.11	Severability	13
	3.12	Table of Contents, Headings and Captions	13
	3.13	Grant of Consent	13
	3.14	Counterparts	13
	3.15	Effectiveness	13
	3.16	No Recourse	13

 

     

     

    

 

SHAREHOLDERS’ AGREEMENT

 

This Shareholders’
Agreement (this “Agreement”) is entered into as of August 23,
2018 by and among Falcon Minerals Corporation, a Delaware corporation formerly named Osprey Energy Acquisition Corp. (the “Company”),
Osprey Sponsor, LLC, a Delaware limited liability company (“Osprey Sponsor”), Edward Cohen, Jonathan Z. Cohen,
Daniel C. Herz, Jeffrey F. Brotman, Royal Resources L.P., a Delaware limited partnership (“Royal LP”), Royal
Resources GP L.L.C., a Delaware limited liability company (“Royal GP” and collectively with Royal LP, “Royal”),
Noble Royalties Acquisition Co., LP, a Delaware limited partnership (“NRAC”), Hooks Ranch Holdings LP, a Delaware
limited partnership (“Hooks Holdings”), DGK ORRI Holdings, LP, a Delaware limited partnership (“DGK
Holdings”, and collectively with NRAC and Hooks Holdings, the “Contributors” and each a “Contributor”),
and Blackstone Management Partners, L.L.C. (“Blackstone”). Each of the parties to this Agreement is sometimes
referred to individually in this Agreement as a “Party,” and all of the parties to this Agreement are sometimes
collectively referred to in this Agreement as the “Parties.”

 

RECITALS

 

WHEREAS, on June 3,
2018, the Company, Royal and the Contributors entered into a Contribution Agreement (the “Contribution Agreement”),
pursuant to which the Contributors agreed to contribute certain assets to a Subsidiary of the Company in exchange for, among other
things, Class C Common Stock of the Company (the “Transactions”); and

 

WHEREAS, in connection
with the Transactions, the Parties wish to set forth certain understandings with respect to certain governance matters of the Company
following the Closing.

 

NOW, THEREFORE, the
Parties agree as follows:

 

Article
I 

INTRODUCTORY MATTERS

 

1.1 Defined
Terms. In addition to the terms defined elsewhere herein, the following terms have the following meanings when used herein
with initial capital letters:

 

“Affiliate”
means any Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common
control with the Person specified. For purposes of this Agreement, “control” of a Person (including its correlative
meanings, “controlled by” and “under common control with”) means the power, direct or indirect, to direct
or cause the direction of the management and policies of such Person whether through ownership of voting securities or ownership
interests, by contract or otherwise.

 

“Agreement”
has the meaning given to it in the Preamble.

 

“Beneficially
Own” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act.

 

    	 	1	 

     

    

 

“Blackstone
Conditions” means collectively, the Blackstone Highest Condition, the Blackstone Higher Condition, the
Blackstone Lower Condition and the Blackstone Minimum Condition.

 

“Blackstone
Designator” means a Blackstone Party, or any group of Blackstone Parties collectively, then holding of record
a majority of Outstanding Osprey Interests Beneficially Owned by all Blackstone Parties.

 

“Blackstone
Director” means the Initial Blackstone Directors, any Blackstone Designee elected and serving on the Board, and any individual
appointed to the Board pursuant to Section 2.2(c) to fill any vacancy created on the Board as a result of the death, disability,
retirement, removal or resignation of any Blackstone Director.

 

“Blackstone
Designee” has the meaning set forth in Section 2.2(a) hereof.

 

“Blackstone
Higher Condition” means that the combined voting power of the Class C Common Stock and the Class A Common
Stock Beneficially Owned by the Royal Owners represents equal to or less than 40% and more than 20% of the voting power of all
shares of the Company’s capital stock entitled to vote generally in the election of directors.

 

“Blackstone
Highest Condition” means that the combined voting power of the Class C Common Stock and the Class A Common
Stock Beneficially Owned by the Royal Owners represents more than 40% of the voting power of all shares of the Company’s
capital stock entitled to vote generally in the election of directors.

 

“Blackstone
Lower Condition” means that the combined voting power of the Class C Common Stock and the Class A Common
Stock Beneficially Owned by the Royal Owners represents equal to or less than 20% and more than 10% of the voting power of all
shares of the Company’s capital stock entitled to vote generally in the election of directors.

 

“Blackstone
Minimum Condition” means that the combined voting power of the Class C Common Stock and the Class A Common
Stock Beneficially Owned by the Royal Owners represents equal to or less than 10% and more than 5% of the voting power of all shares
of the Company’s capital stock entitled to vote generally in the election of directors.

 

“Blackstone
Parties” means Royal, the Contributors, Blackstone and any other Person that is both a controlled Affiliate of
Blackstone and holds Common Stock.

 

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

 

“Business
Day” means a day other than Saturday, Sunday or any day on which banks located in Houston, Texas or New York, New York
are authorized or obligated to close.

 

“Business
Opportunity” means any interest, expectancy, co-participation rights or other rights in or to any business opportunity
or transaction involving the direct or indirect acquisition of or investment in any oil and gas fee mineral interests or Royalties;
provided, however, that “Business Opportunity” shall not include any direct or indirect acquisition of or investment
in of (a) up to five percent (5%) as a passive investor in any class of securities of a business or entity if such securities
are listed on, or otherwise convertible into securities listed on, a national securities exchange or (b) any securities of
a business or entity, if less than 10% of the consolidated revenue of such business or entity for the most recent completed fiscal
year prior to such acquisition is generated from oil and gas fee mineral interests and Royalties.

 

    	 	2	 

     

    

 

“Certificate
of Incorporation” means the certificate of incorporation of the Company, as it may be amended, restated or otherwise
modified from time to time.

 

“Class
A Common Stock” means the shares of Class A common stock, par value $0.0001 per share, of the Company, and any
other capital stock of the Company into which such stock is reclassified or reconstituted.

 

“Class
B Common Stock” means the shares of Class B common stock, par value $0.0001 per share, of the Company, and any
other capital stock of the Company into which such stock is reclassified or reconstituted.

 

“Class
C Common Stock” means the shares of Class C common stock, par value $0.0001 per share, of the Company, and any
other capital stock of the Company into which such stock is reclassified or reconstituted.

 

“Closing”
has the meaning ascribed thereto in the Contribution Agreement.

 

“Common
Stock” means collectively the Class A Common Stock, the Class B Common Stock and/or the Class C Common Stock.

 

“Company”
has the meaning set forth in the Preamble.

 

“Director”
means any director of the Company.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time.

 

“Governmental
Authority” means any court, tribunal, arbitrator, authority, agency, commission, regulatory body, official instrumentality
of the United States or any other nation, or any tribal, state, county, city, local or other political subdivision or similar governing
entity.

 

“Independent
Directors” means the Directors who qualify as an independent director pursuant to applicable SEC Guidance and the rules
of the stock exchange on which the Common Stock is traded.

 

“Initial Blackstone
Directors” means the six individuals designated as such on Exhibit A.

 

“Initial Independent
Directors” means the three individuals designated as such on Exhibit A.

 

“Initial Sponsor
Designees” means the two individuals designated as such on Exhibit A.

 

    	 	3	 

     

    

 

“Initial Term”
means the period beginning on the Closing and ending on the third annual meeting of stockholders of the Company following the Closing.

 

“Law”
means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive, requirement,
or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration
of any of the foregoing by, any Governmental Authority.

 

“Necessary
Action” means, with respect to a specified result, all actions (to the extent such actions are permitted by applicable
Law and, in the case of any action by the Company that requires a vote or other action on the part of the Board, to the extent
such action is consistent with the fiduciary duties that the Company’s directors may have in such capacity) necessary to
cause such result, including (i) calling special meetings of stockholders, (ii) voting or providing a written consent or proxy
with respect to shares of Common Stock, (iii) causing the adoption of stockholders’ resolutions and amendments to the organizational
documents of the Company, (iv) executing agreements and instruments and (v) making or causing to be made, with Governmental Authorities,
all filings, registrations or similar actions that are required to achieve such result.

 

“Non-Participating
Demand Offering” means any demand offering under the Sponsor Registration Rights Agreement in which none of the Blackstone
Parties participates as a selling security holder.

 

“Osprey Sponsor”
shall mean Osprey Sponsor, LLC, a Delaware limited liability company, or any successor thereto. In the event that the Osprey Sponsor,
LLC is dissolved, liquidated or wound up for any reason, then thereafter the Sponsor Designator shall be the Osprey Sponsor for
purposes of this Agreement.

 

“Outstanding
Osprey Interests” means the outstanding shares of Common Stock.

 

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

 

“Royal”
has the meaning set forth in the Preamble.

 

“Royal Owners”
means Royal, its limited partners and its Affiliates, including the Blackstone Parties.

 

“Royal Registration
Rights Agreement” means that certain Registration Rights Agreement entered into on or about the date hereof by and among
the Company, Royal LP, and the Contributors.

 

“Royalties”
means lessor’s royalties, non-participating royalties, overriding royalties, production payments, net profits interests and
similar burdens payable out of production.

 

“SEC”
means the Securities and Exchange Commission.

 

    	 	4	 

     

    

 

“SEC Guidance”
means (a) any publicly available written or oral interpretations, questions and answers, guidance and forms of the SEC, (b) any
oral or written comments, requirements or requests of the SEC or its staff, (c) the Securities Act and the Exchange Act and (d)
any other rules, bulletins, releases, manuals and regulations of the SEC.

 

“Sponsor Designator”
means Osprey Sponsor or, in the event that Osprey Sponsor shall have been dissolved, liquidated or wound up for any reason, Jonathan
Z. Cohen (or, upon the death or disability of Jonathan Z. Cohen, Daniel C. Herz (or, upon the death or disability of both Jonathan
Z. Cohen and Daniel C. Herz, Jeffrey F. Brotman)).

 

“Sponsor Designees”
means the Initial Sponsor Designees for so long as they continue to serve on the Board and, prior to the expiration of the Initial
Term, any individual appointed to the Board pursuant to Section 2.2(c) to fill any vacancy created on the Board as a result
of the death, disability, retirement, removal or resignation of any Initial Sponsor Designee.

 

“Sponsor Registration
Rights Agreement” means that certain Registration Rights Agreement dated July 20, 2017 by and among the Company and Osprey
Sponsor. 

 

“Subsidiary”
“means, with respect to a Person, any Person, whether incorporated or unincorporated, of which (a) at least 50% of the
securities or ownership interests having by their terms ordinary voting power to elect a majority of the board of directors or
other Persons performing similar functions, (b) a general partner interest or (c) a managing member interest, is directly
or indirectly owned or controlled by the subject Person or by one or more of its respective Subsidiaries.

 

“Transfer”
(including its correlative meanings, “Transferor,” “Transferee” and “Transferred”) shall mean,
with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant
a security interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to such security.
When used as a noun, “Transfer” shall have such correlative meaning as the context may require.

 

“Total
Number of Directors” means the total number of directors comprising the Board.

 

“Transactions”
has the meaning set forth in the Preamble.

 

1.2 Construction.

 

(a) All
article, section, subsection, schedules and exhibit references used in this Agreement are to articles, sections, subsections, schedules
and exhibits to this Agreement unless otherwise specified. The exhibits and schedules attached to this Agreement constitute a part
of this Agreement and are incorporated herein for all purposes.

 

(b) If
a term is defined as one part of speech (such as a noun), it shall have a corresponding meaning when used as another part of speech
(such as a verb). Unless the context of this Agreement clearly requires otherwise, words importing the masculine gender shall include
the feminine and neutral genders and vice versa. The words “includes” or “including” shall mean “including
without limitation,” the words “hereof,” “hereby,” “herein,” “hereunder”
and similar terms in this Agreement shall refer to this Agreement as a whole and not any particular section or article in which
such words appear and any reference to a Law shall include any rules and regulations promulgated thereunder, and any reference
to any Law in this Agreement shall only be a reference to such Law as of the date of this Agreement. Currency amounts referenced
herein are in U.S. Dollars. Terms defined in the singular have the corresponding meanings in the plural, and vice versa.

 

    	 	5	 

     

    

 

(c) Whenever
this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified. Whenever
any action must be taken hereunder on or by a day that is not a Business Day, then such action may be validly taken on or by the
next day that is a Business Day.

 

(d) All
accounting terms used herein and not expressly defined herein shall have the meanings given to them under GAAP.

 

(e) Each
Party acknowledges that it and its attorneys have been given an equal opportunity to negotiate the terms and conditions of this
Agreement and that any rule of construction to the effect that ambiguities are to be resolved against the drafting Party or any
similar rule operating against the drafter of an agreement shall not be applicable to the construction or interpretation of this
Agreement.

 

Article
II 

CORPORATE GOVERNANCE MATTERS

 

2.1 Board.

 

(a) Initial
Board. The Parties acknowledge and agreed that, pursuant to the Contribution Agreement, effective as of immediately following
the Closing, the Board was reconstituted to be composed of eleven Directors, divided into three classes of Directors, in accordance
with the terms of the Certificate of Incorporation. Of such eleven Directors, (a) six shall be the Initial Blackstone Directors,
(b) two shall be the Initial Sponsor Designees and (c) three shall be the Initial Independent Directors. Such directors
shall be in the class of directors as set forth on Exhibit A. Without limiting the Contribution Agreement, the Parties shall
take reasonable best efforts to carry out the foregoing, and the Company shall take all Necessary Action to accomplish the same.

 

(b) Board
Size and Structure. During the Initial Term, the Total Number of Directors shall be (a) eleven when the Blackstone Highest
Condition is satisfied (consisting of six Blackstone Designees, two Sponsor Designees and three Independent Directors), (b) eleven
when the Blackstone Higher Condition is satisfied (consisting of four Blackstone Designees, two Sponsor Designees and five Independent
Directors), (c) nine Directors when the Blackstone Lower Condition is satisfied (consisting of two Blackstone Designees, two
Sponsor Designees and five Independent Directors), (d) eight Directors when the Blackstone Minimum Condition is satisfied
(consisting of one Blackstone Designee, two Sponsor Designees and five Independent Directors) and (e) seven Directors when none
of the Blackstone Conditions is satisfied (consisting of two Sponsor Designees and five Independent Directors). After the Initial
Term and during the term of this Agreement, the Total Number of Directors shall be (a) nine when the Blackstone Highest Condition
is satisfied (consisting of six Blackstone Designees and three Independent Directors), (b) nine when the Blackstone Higher
Condition is satisfied (consisting of four Blackstone Designees and five Independent Directors), (c) seven Directors when
the Blackstone Lower Condition is satisfied (consisting of two Blackstone Designees and five Independent Directors), and (d) six
Directors when the Blackstone Minimum Condition is satisfied (consisting of one Blackstone Designee and five Independent Directors).
In addition to any vote or consent of the Board or the shareholders of the Company required by applicable Law or the Certificate
of Incorporation or bylaws of the Company, and notwithstanding anything to the contrary in this Agreement, any action by the Board
to increase or decrease the Total Number of Directors (other than any decrease in the Total Number of Directors as contemplated
by the first two sentences of this Section 2.1(b)), shorten the term of any Director or amend the Certificate of Incorporation
or bylaws of the Company with the effect of de-staggering the Board or providing for the establishment of any classes of Directors
inconsistent with Section 2.1(a) shall require, (i) for so long as the Blackstone Designator has the right to designate
an individual for nomination to the Board pursuant to this Article II, the prior written consent of the Blackstone Designator,
and (ii) during the Initial Term, the prior written consent of the Sponsor Designator.

 

    	 	6	 

     

    

 

2.2 Board Designees.

 

(a) Blackstone
Designees. The Blackstone Designator shall have the right, but not the obligation, to designate individuals for nomination
by the Board to be elected as Directors by the stockholders of the Company in accordance with the Certificate of Incorporation
or bylaws of the Company as follows (each individual so designated, a “Blackstone Designee”):

 

(i) During
the period commencing on the first date on which the Blackstone Highest Condition is satisfied and ending on the first date on
which the Blackstone Highest Condition ceases to be satisfied, the Blackstone Designator shall have the right to designate for
nomination for election to the Board a number of individuals that, when added with all other Blackstone Designees (including the
Initial Blackstone Directors) whose term is not expiring at such meeting, equals six individuals in the aggregate (and there shall
be three Independent Directors, selected in accordance with Section 2.2(b)).

 

(ii) During
the period commencing on the first date on which the Blackstone Higher Condition is satisfied and ending on the first date on which
the Blackstone Higher Condition ceases to be satisfied, the Blackstone Designator shall have the right to designate a number of
individuals that, when added with all other Blackstone Designees (including the Initial Blackstone Directors) whose term is not
expiring at such meeting, equals four individuals in the aggregate (and there shall be five Independent Directors, selected in
accordance with Section 2.2(b)).

 

(iii) During
the period commencing on the first date on which the Blackstone Lower Condition is satisfied and ending on the first date on which
the Blackstone Lower Condition ceases to be satisfied, the Blackstone Designator shall have the right to designate for nomination
for election to the Board a number of individuals that, when added with all other Blackstone Designees (including the Initial Blackstone
Directors) whose term is not expiring at such meeting, equals two individuals in the aggregate (and there shall be five Independent
Directors, selected in accordance with Section 2.2(b)).

 

    	 	7	 

     

    

 

(iv) During
the period commencing on the first date on which the Blackstone Minimum Condition is satisfied and ending on the first date on
which the Blackstone Minimum Condition ceases to be satisfied, the Blackstone Designator shall have the right to designate a number
of individuals that, when added with all other Blackstone Designees (including the Initial Blackstone Directors) whose term is
not expiring at such meeting, equals one (1) individual in the aggregate (and there shall be five Independent Directors, selected
in accordance with Section 2.2(b)).

 

(v) Commencing
on the first date on which none of the Blackstone Conditions is satisfied, the Blackstone Designator will no longer have any rights
to designate any Directors for nomination for election to the Board by the Company or the Board.

 

(b) Independent
Director Designees. During the Initial Term, the Sponsor Designator and, so long as any Blackstone Condition is satisfied,
the Blackstone Designator shall mutually designate for nomination for election to the Board any individuals to be nominated as
an Independent Director for election to the Board by the Company or the Board.

 

(c) Removal;
Replacement; Vacancies. The Blackstone Designator shall be entitled to remove any Blackstone Director from the Board, and,
during the Initial Term, the Sponsor Designator shall be entitled to remove any Sponsor Designee from the Board. In the event that
a vacancy is created on the Board at any time as a result of the death, disability, retirement, removal or resignation of any Blackstone
Director, the Blackstone Designator may designate a new individual to fill such vacancy, and the Board shall cause such designated
individual to be appointed to the Board to fill such vacancy as promptly as practicable and to serve in the class of Directors
of the Board in which such vacancy was created for the remainder of the term of such class. In the event that a vacancy is created
on the Board at any time as a result of the death, disability, retirement, removal or resignation of any Sponsor Designees during
the Initial Term, the Sponsor Designator may designate a new individual to fill such vacancy, and the Board shall cause such designated
individual to be appointed to the Board to fill such vacancy as promptly as practicable and to serve in the class of Directors
of the Board in which such vacancy was created for the remainder of the term of such class upon receipt from the Sponsor Designee
of a written acknowledgement that he/she is bound by the restrictions set forth in Section 2.4 of this Agreement. In the event
that a vacancy is created on the Board at any time as a result of the death, disability, retirement, removal or resignation of
any Independent Director during the Initial Term, the Sponsor Designator and, so long as any Blackstone Condition is satisfied,
the Blackstone Designator shall mutually agree on a new individual to fill such vacancy, and the Board shall cause such designated
individual to be appointed to the Board to fill such vacancy as promptly as practicable and to serve in the class of Directors
of the Board in which such vacancy was created for the remainder of the term of such class. Nothing in this Agreement shall require
any Blackstone Director to resign, or for the Blackstone Designator to remove any Blackstone Director from office or replace any
Blackstone Director prior to the expiration of such director’s term, regardless of the continued satisfaction of any of the
Blackstone Conditions. Nothing in this Agreement shall require any Sponsor Designee to resign, or for the Sponsor Designator to
remove from office or replace any Sponsor Designee during the Initial Term.

 

    	 	8	 

     

    

 

(d) Company
Necessary Action. The Company shall take all Necessary Action to cause the election of each designees to the Board as contemplated
by this Section 2.2. The Company agrees that taking all Necessary Action to effectuate the foregoing shall include (i) including
such designees in the slate of nominees recommended by the Board at any meeting of shareholders called for the purpose of electing
directors, (ii) nominating and recommending each such individual to be elected as a Director as provided herein and (iii) soliciting
proxies or consents in favor thereof.

 

(e) Further
Assurance. The Parties shall not, and shall cause its Affiliates and the designees to the Board not to, directly or indirectly,
(i) vote any shares of Common Stock Beneficially Owned by them or their Affiliates for the removal, or otherwise seek or contribute
to the removal of, any Director (other than a Director designated by such Party pursuant to the terms of this Agreement), (ii)
request, call or seek to call a meeting of the stockholders of the Company or, except as expressly provided herein, nominate any
individual for election to the Board at any meeting of stockholders of the Company, submit any stockholder proposal (pursuant to
Rule 14a-8 promulgated under the Exchange Act, the Company’s bylaws or otherwise) to seek representation on the Board or
any other proposal to be considered by the stockholders of the Company, or recommend that any other stockholders vote in favor
of, or otherwise publicly comment favorably or unfavorably about, or solicit votes or proxies for, any such nomination or proposal
submitted by another stockholder of the Company, or otherwise publicly seek to control or influence the Board, management or policies
of the Company, in each case, in a manner that is inconsistent with the composition of the Board as contemplated by this Section
2.2; provided that in no way shall the foregoing prohibit or limit any action by a Director taken in his or her capacity
as a Director in accordance with such Director’s fiduciary duties.

 

2.3 Certain
Transactions. The Company agrees that it shall not, and shall cause its Subsidiaries not to, enter into or effect any
agreement or transaction with any Blackstone Party or any Affiliate of a Blackstone Party without the consent or approval of a
majority of the Independent Directors then serving on the Board (or a properly empowered committee of the Board composed solely
of Independent Directors).

 

2.4 Corporate
Opportunity. Osprey Sponsor, Edward Cohen, Jonathan Cohen, Daniel Herz, Jeffrey Brotman, any Sponsor Designee and any
controlled Affiliates (including any jointly controlled Affiliates of the foregoing) of any of the foregoing (collectively, the
“Restricted Persons”) shall not, individually or through management of or investment or other participation
in another entity, invest or participate, or seek to invest or participate, in any new Business Opportunity without first presenting
such Business Opportunity to the Board for consideration. The Board will promptly, and in any event within thirty (30) days after
first being presented with such Business Opportunity, review such Business Opportunity and determine in good faith whether the
Company or its Subsidiaries should pursue such Business Opportunity. If the Company does not elect to pursue such Business Opportunity,
such Business Opportunity may be pursued by one or more Restricted Persons. Notwithstanding the foregoing, any Restricted Person
shall cease to be a Restricted Person (and cease to be bound by the terms of this Section 2.4) on the earlier of (a) the
date on which the Blackstone Lower Condition is not satisfied or (b) in the case of (i) Edward Cohen, Jonathan Cohen, Daniel
Herz, Jeffrey Brotman, eighteen (18) months following the date on which such person ceases to be an officer or director of the
Company, or (ii) any other natural person, one year following the date on which such natural person ceases to be an officer or
director of the Company.

 

    	 	9	 

     

    

 

2.5 Holdback
Agreement. In connection with any underwritten offering pursuant to the Royal Registration Rights Agreement or the Sponsor
Registration Rights Agreement, the Blackstone Parties (in the case of an underwritten offering pursuant to the Sponsor Registration
Rights Agreement) and Osprey Sponsor and its affiliates (in the case of an underwritten offering pursuant to the Royal Registration
Rights Agreement) shall agree not to effect any sale or distribution of securities of the Company of the same or similar class
or classes of the securities included in the applicable registration statement or any securities convertible into or exchangeable
or exercisable for such securities, including a sale pursuant to Rule 144, and agree to such other restrictions on transfer,
in each case during such periods as reasonably requested (but in no event for a period longer than 90 days (or 120 days if requested
in writing by the managing underwriter) following the date of such offering; provided that such period shall
not be longer than the equivalent lock-up period for any participant in such offering).  Notwithstanding the foregoing, the
Blackstone Parties shall not be required to so agree not to effect sales or distributions of securities of the Company in more
than one Non-Participating Demand Offering in any 365 day period or more than two Non-Participating Demand Offerings in the aggregate.

 

Article
III 

GENERAL PROVISIONS

 

3.1 Termination.
This Agreement shall terminate, and be of no further force and effect upon the later of (a) such time as the Blackstone Designator
is no longer entitled to designate a Director for nomination to the Board pursuant to Section 2.2(a) hereof and (b) the
expiration of the Initial Term.

 

3.2 Notices.
Any notice, designation, request, request for consent or consent provided for in this Agreement shall be in writing and shall
be either personally delivered, or mailed first class mail (postage prepaid) or sent by reputable overnight courier service (charges
prepaid) to the Company at the address set forth below and to any other recipient at the address indicated on the Company’s
records, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice
to the sending party. Notices and other such documents will be deemed to have been given or made hereunder when sent by facsimile
(receipt confirmed) delivered personally, five (5) days after deposit in the U.S. mail and one (1) day after deposit with a reputable
overnight courier service.

 

		(a)	If to the Company, to:

 

Falcon Minerals Corporation

1845 Walnut Street, 10th Floor

Philadelphia, PA 19103

Attention: Jonathan Z. Cohen

Fax: (215) 640-6344

 

    	 	10	 

     

    

 

with a copy (not constituting notice) to :

 

Kirkland & Ellis LLP

609 Main Street

Houston, Texas 77002

Attention: Matthew R. Pacey

Fax: (713) 836-3601

 

		(b)	If to the Blackstone Parties or to the Blackstone Designator,
to:

 

The Blackstone Group L.P.

345 Park Avenue, Suite 3300

New York, New York 10154

Attention: Angelo G. Acconcia

Facsimile: (212) 201-2874

 

with a copy (not constituting notice) to:

 

Kirkland & Ellis LLP

609 Main Street

Houston, Texas 77002

Attention: Matthew R. Pacey and Rhett A. Van Syoc

Fax: (713) 836-3601

 

		(c)	If to Edward Cohen, Jonathan Cohen, Daniel Herz, Jeffrey
Brotman ,the Osprey Sponsor or the Sponsor Designator:

 

Osprey Sponsor, LLC

1845 Walnut Street, 10th Floor

Philadelphia, PA 19103

Attention: Jonathan Z. Cohen

Fax: (215) 640-6344

 

with a copy (not constituting notice) to:

 

Wachtell, Lipton, Rosen & Katz
LLP

51 West 52nd Street

New York, NY 10019

Attention: David K. Lam

Fax: (212) 403-2000

 

3.3 Amendment;
Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by the
Company and the other parties hereto. Neither the failure nor delay on the part of any party hereto to exercise any right, remedy,
power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege,
nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such
right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and
is signed by the party asserted to have granted such waiver.

 

    	 	11	 

     

    

 

3.4 Further
Assurances. The parties hereto will sign such further documents, cause such meetings to be held, resolutions passed, exercise
their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give
full effect to this Agreement and every provision hereof. To the fullest extent permitted by Law, the Company shall not directly
or indirectly take any action that is intended to, or would reasonably be expected to result in, any of the Parties’ being
deprived of the rights contemplated by this Agreement.

 

3.5 Assignment.
This Agreement will inure to the benefit of and be binding on the parties hereto and their respective successors and permitted
assigns. This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any attempted
assignment, without such consents, will be null and void; provided, however, that, without the prior written consent of the other
parties hereto, a Blackstone Party may assign this Agreement in its entirety, together with all of its rights and obligations
hereunder, to any of its Affiliates.

 

3.6 Third
Parties. Except as provided for in Article II hereof with respect to any Blackstone Party, this Agreement does
not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party
beneficiary hereto; provided that the Osprey Sponsor is an express third party beneficiary of, and may enforce, any of
the terms of this Agreement relating to, or for the benefit of, the Sponsor Designator and the Sponsor Designees.

 

3.7 Governing
Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware, without regard
to principles of conflicts of Laws thereof.

 

3.8 Jurisdiction;
Waiver of Jury Trial. In any judicial proceeding involving any dispute, controversy or claim arising out of or relating
to this Agreement, each of the parties unconditionally accepts the jurisdiction and venue of the courts of the State of Delaware
or if jurisdiction over the matter is vested exclusively in federal courts, the United States District Court for the District
of Delaware, and the appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding,
the parties agree that in addition to any method for the service of process permitted or required by such courts, to the fullest
extent permitted by Law, service of process may be made by delivery provided pursuant to the directions in Section 3.2
hereof. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING
INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

    	 	12	 

     

    

 

3.9 Specific
Performance. Each party hereto acknowledges and agrees that in the event of any breach of this Agreement by any of them,
the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees
to waive the defense in any action for specific performance that a remedy at Law would be adequate and agrees that the parties,
in addition to any other remedy to which they may be entitled at Law or in equity, shall be entitled to specific performance of
this Agreement without the posting of bond.

 

3.10 Entire
Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter
hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof
or thereof other than those expressly set forth herein and therein. This Agreement supersedes all other prior agreements and understandings
between the parties with respect to such subject matter.

 

3.11 Severability.
If any provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction,
shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby,
and each other provision hereof shall be valid and enforceable to the fullest extent permitted by Law, (ii) as to such Person
or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted
by Law, and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected
thereby.

 

3.12 Table
of Contents, Headings and Captions. The table of contents, headings, subheadings and captions contained in this Agreement
are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent
of any provision hereof.

 

3.13 Grant
of Consent. Any vote, consent or approval of, or designation by, or other action of, the Blackstone Designator hereunder
shall be effective if notice of such vote, consent, approval, designation or action is provided in accordance with Section
3.2 hereof by the Blackstone Party or Parties holding of record a majority of the Outstanding Osprey Interests then held of
record by Blackstone Parties as of the latest date any such notice is so provided.

 

3.14 Counterparts.
This Agreement and any amendment hereto may be signed in any number of separate counterparts, each of which shall be deemed an
original, but all of which taken together shall constitute one Agreement (or amendment, as applicable).

 

3.15 Effectiveness.
This Agreement shall become effective as of the Closing.

 

3.16 No
Recourse. This Agreement may only be enforced against, and any claims or cause of action that may be based upon,
arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made
against the entities that are expressly identified as parties hereto and no past, present or future Affiliate, director,
officer, employee, incorporator, member, manager, partner, shareholder, agent, attorney or representative of any party hereto
shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in
respect of, or by reason of, the transactions contemplated hereby.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement on the day and year first above written.

 

	 	COMPANY:
	 	 
	 	FALCON MINERALS CORPORATION
	 	 	 
	 	By:	/s/ Jonathan Z. Cohen
	 	Name:	 Jonathan Z. Cohen
	 	Title:	 Chief Executive Officer
	 	 	 
	 	OSPREY SPONSOR:
	 	 
	 	OSPREY SPONSOR, LLC
	 	 
	 	By:	 /s/ Jonathan Z. Cohen
	 	Name:	 Jonathan Z. Cohen
	 	Title:	 Chief Executive Officer

 

Signature Page to Shareholders’
Agreement

 

     

     

    

 

	 	ROYAL RESOURCES L.P.
	 	 	 
	 	By:	Royal Resources GP L.L.C., its general partner
	 	 	 
	 	By:	/s/ Angelo G. Acconica
	 	 	Name: Angelo G. Acconica
	 	 	Title: Chief Financial Officer and Treasurer
	 	 	 
	 	ROYAL RESOURCES GP L.L.C.
	 	 	 
	 	By:	/s/ Angelo G. Acconcia
	 	 	Name:  Angelo G. Acconcia
	 	 	Title:  Chief Financial Officer and Treasurer
	 	 	 
	 	NOBLE ROYALTIES ACQUISITION CO. L.P.
	 	 	 
	 	By:	Noble Royalties Acquisition Co. GP, LLC,
	 	 	its general partner
	 	 	 
	 	By:	/s/ Angelo G. Acconcia
	 	 	Name:  Angelo G. Acconcia
	 	 	Title:  Chief Financial Officer and Treasurer
	 	 	 
	 	HOOKS RANCH HOLDINGS LP
	 	 	 
	 	By:	Hooks Holding Company GP, LLC,
	 	 	its general partner
	 	 	 
	 	By:	/s/ Angelo G. Acconcia
	 	 	Name:  Angelo G. Acconcia
	 	 	Title:  Chief Financial Officer and Treasurer
	 	 	 
	 	DGK ORRI HOLDINGS, LP
	 	 	 
	 	By:	DGK ORRI GP LLC,
	 	 	its general partner
	 	 	 
	 	By:	/s/ Angelo G. Acconcia
	 	 	Name:  Angelo G. Acconcia
	 	 	Title:  Chief Financial Officer and Treasurer

 

	 	BLACKSTONE MANAGEMENT PARTNERS L.L.C.
	 	 	 
	 	By:	/s/ Angelo G. Acconcia
	 	 	Name:  Angelo G. Acconcia
	 	 	Title:  Senior Managing Director

 

Signature Page to Shareholders’
Agreement

 

     

     

    

 

	 	By:	 /s/ Edward Cohen
	 	Name:	 Edward Cohen
	 	 	 
	 	 	 
	 	By:	 /s/ Jonathan Z. Cohen
	 	Name:	Jonathan Z. Cohen
	 	 	 
	 	 	 
	 	By:	 /s/ Daniel C. Herz
	 	Name:	 Daniel C. Herz
	 	 	 
	 	 	 
	 	By:	 /s/ Jeffrey F. Brotman
	 	Name:	Jeffrey F. Brotman

 

Signature Page to Shareholders’
Agreement

 

     

     

    

 

EXHIBIT A

 

Initial Board

 

	 	 	Class I	 	Class II	 	Class III
	Initial Blackstone Directors	 	David I. Foley

                                                                       [Blackstone Designee]
	 	Adam M. Jenkins 
Jonathan R. Hamilton	 	Angelo G. Acconcia

                                                                       [Blackstone Designee]

	Initial Independent Directors	 	Steven R. Jones	 	William D. Anderson	 	Brian L. Frank
	Initial Sponsor Designees	 	 	 	 	 	Jonathan Z. Cohen 
Edward E. Cohen

 

 

Exhibit A

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