Document:

Exhibit 10.2 

   

  

  INDEMNIFICATION AGREEMENT

   

  This Indemnification Agreement (this “Agreement”)
      is entered into as of October 21, 2021 (the “Effective Date”) by and between Aris Water Solutions, Inc., a Delaware corporation (the “Company”), and William A. Zartler (the “Indemnitee”).

   

  RECITALS

   

  WHEREAS, the Board of Directors (the “Board”)
      has determined that the inability to attract and retain qualified persons as directors and officers is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there shall be adequate
      certainty of protection through insurance and indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the Company;

   

  WHEREAS, the Company has adopted provisions in its
      Bylaws providing for indemnification and advancement of expenses of its directors and officers to the fullest extent authorized by the General Corporation Law of the State of Delaware (the “DGCL”), and the Company wishes to clarify and enhance
      the rights and obligations of the Company and the Indemnitee with respect to indemnification and advancement of expenses;

   

  WHEREAS, in order to induce and encourage highly
      experienced and capable persons such as the Indemnitee to serve and continue to serve as directors and officers of the Company and in any other capacity with respect to the Company as the Company may request, and to otherwise promote the desirable
      end that such persons shall resist what they consider unjustified lawsuits and claims made against them in connection with the good faith performance of their duties to the Company, with the knowledge that certain costs, judgments, penalties, fines,
      liabilities, and expenses incurred by them in their defense of such litigation are to be borne by the Company and they shall receive appropriate protection against such risks and liabilities, the Board has determined that the following Agreement is
      reasonable and prudent to promote and ensure the best interests of the Company and its stockholders; and

   

  WHEREAS, the Company desires to have the Indemnitee
      continue to serve as a director or officer of the Company and in any other capacity with respect to the Company as the Company may request, as the case may be, free from undue concern for unpredictable, inappropriate, or unreasonable legal risks and
      personal liabilities by reason of the Indemnitee acting in good faith in the performance of the Indemnitee’s duty to the Company; and the Indemnitee desires to continue so to serve the Company, provided, and on the express condition, that he
      or she is furnished with the protections set forth hereinafter.

   

  AGREEMENT

   

  NOW, THEREFORE, in consideration of the Indemnitee’s
      continued service as a director or officer of the Company, the parties hereto agree as follows:

   

  1.            Definitions. For purposes of this Agreement:

   

  
     

    
      
 

  

   

  (a)         A “Change in Control” will be deemed to have occurred if, with respect to any particular 24-month period, the individuals who, at the beginning of such 24-month period, constituted the Board (the “Incumbent
        Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the beginning of such 24-month period whose election, or nomination for
      election by the stockholders of the Company, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for
      this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents
      by or on behalf of a person other than the Board.

   

  (b)         “Disinterested Director” means a director of the Company who is not or was not a party to the Proceeding in respect of which indemnification is being sought by the Indemnitee.

   

  (c)         “Expenses” includes, without limitation, expenses incurred in connection with the defense or settlement of any action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry,
      judicial, administrative, or legislative hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal, administrative,
      legislative, investigative, or other nature, attorneys’ fees, witness fees and expenses, fees and expenses of accountants and other advisors, retainers and disbursements and advances thereon, the premium, security for, and other costs relating to any
      bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of establishing a right to indemnification or advancement under Sections 9, 11, 13, and 16 hereof, but shall not include the amount of judgments, fines, ERISA excise
      taxes, or penalties actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf of the Indemnitee.

   

  (d)         “Independent Counsel” means a law firm or a member of a law firm that neither is presently nor in the past five years has been retained to represent (i) the Company or the Indemnitee in any matter material
      to either such party or (ii) any other party to the Proceeding giving rise to a request for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of
      professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s right to indemnification under this Agreement.

   

  (e)         “Proceeding” means any action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or
      completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee was or is a party
      or is threatened to be made a party or is otherwise involved in by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the
      Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit
      plan, or by reason of anything done or not done by the Indemnitee in any such capacity, whether or not the Indemnitee is serving in such capacity at the time any expense, liability, or loss is incurred for which indemnification or advancement can be
      provided under this Agreement.

   

  
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  2.            Service by the Indemnitee. The
      Indemnitee shall serve and/or continue to serve as a director or officer of the Company faithfully and to the best of the Indemnitee’s ability so long as the Indemnitee is duly elected or appointed and until such time as the Indemnitee’s successor is
      elected and qualified or the Indemnitee is removed as permitted by applicable law or tenders a resignation in writing.

   

  3.            Indemnification and Advancement of Expenses. The Company shall indemnify and hold harmless the Indemnitee, and shall pay to the Indemnitee in advance of the final disposition of any Proceeding all
      Expenses incurred by the Indemnitee in defending any such Proceeding, to the fullest extent authorized by the DGCL, as the same exists or may hereafter be amended, all on the terms and conditions set forth in this Agreement. Without diminishing the
      scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and advancement of Expenses provided hereunder shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification
      or advancement of Expenses shall be paid to the Indemnitee:

   

  (a)         to the extent expressly prohibited by
      applicable law or the Bylaws of the Company;

   

  (b)         for and to the extent that payment is actually made to the Indemnitee under a valid and collectible insurance policy or under a valid and enforceable indemnity clause, provision of the certificate of
      incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the Indemnitee shall reimburse the Company for any amounts paid by the Company and subsequently so recovered by the Indemnitee), except with respect to
      any excess beyond the amount actually paid to the Indemnitee under any insurance policy, provision of the certificate of incorporation or bylaws, or other agreement; or

   

  (c)         in connection with an action, suit, or proceeding, or part thereof voluntarily initiated by the Indemnitee (including claims and counterclaims, whether such counterclaims are asserted by (i) the Indemnitee, or
      (ii) the Company in an action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding or arbitration pursuant to Section 11 to enforce rights under this Agreement, unless the action, suit, or proceeding, or part thereof, was
      authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise determines that indemnification or advancement of Expenses is appropriate.

   

  4.            Action or Proceedings Other than an
        Action by or in the Right of the Company. Except as limited by Section 3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to,
      or was or is otherwise involved in, any Proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director,
      officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including
      service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee shall be indemnified against all expense, liability, and loss (including
      judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection with such Proceeding, if the Indemnitee acted in good faith
      and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his or her conduct was unlawful.

   

  
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  5.            Indemnity in Proceedings by or in the Right of the Company. Except as limited by Section 3 above, the Indemnitee shall be entitled to the indemnification rights provided in this Section if the
      Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved in, any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that the Indemnitee is or was a
      director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another
      corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the
      Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the
      Indemnitee in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; provided, however, that no such
      indemnification shall be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the
      Court of Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is entitled to
      indemnification for such expense, liability, and loss as such court shall deem proper.

   

  6.            Indemnification for Costs, Charges, and Expenses of Successful Party. Notwithstanding any limitations of Sections 3(c), 4 and 5 above, to the extent that the Indemnitee has been successful, on the
      merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim, issue, or matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately determined, by final
      judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses actually and
      reasonably incurred by the Indemnitee in connection therewith.

   

  7.            Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expense, liability, and loss (including
      judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred in connection with any Proceeding, or in connection with any judicial proceeding or
      arbitration pursuant to Section 11 to enforce rights under this Agreement, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually
      and reasonably incurred to which the Indemnitee is entitled.

   

  
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  8.            Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled to indemnification
      against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf if the Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or related to the Indemnitee’s service as a director or
      officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending, or
      completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee neither is, nor is threatened to be made, a party.

   

  9.            Determination of Entitlement to Indemnification. To receive indemnification under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall
      include documentation or information that is necessary for such determination and is reasonably available to the Indemnitee. Upon receipt by the Secretary of the Company of a written request by the Indemnitee for indemnification, the entitlement of
      the Indemnitee to indemnification, to the extent not required pursuant to the terms of Section 6 or Section 8 of this Agreement, shall be determined by the following person or persons who shall be empowered to make such determination (as selected by
      the Board of Directors, except with respect to Section 9(e) below): (a) the Board of Directors of the Company by a majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (b) a committee of Disinterested Directors
      designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c) if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of
      Directors, a copy of which shall be delivered to the Indemnitee; (d) the stockholders of the Company; or (e) in the event that a Change in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which
      shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved by the Indemnitee, except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the
      Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so to approve (or so to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon
      application to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary determination is made, such indemnification shall be paid in full by the Company not later than 60 calendar
      days after receipt by the Secretary of the Company of a written request for indemnification. If the person making such determination shall determine that the Indemnitee is entitled to indemnification as to part (but not all) of the application for
      indemnification, such person shall reasonably prorate such partial indemnification among the claims, issues, or matters at issue at the time of the determination.

   

  
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  10.          Presumptions and Effect of Certain
        Proceedings. The Secretary of the Company shall, promptly upon receipt of the Indemnitee’s written request for indemnification, advise in writing the Board of Directors or such other person or persons empowered to make the determination as
      provided in Section 9 that the Indemnitee has made such request for indemnification. Upon making such request for indemnification, the Indemnitee shall be presumed to be entitled to indemnification hereunder and the Company shall have the burden of
      proof in making any determination contrary to such presumption. If the person or persons so empowered to make such determination shall have failed to make the requested determination with respect to indemnification within 60 calendar days after
      receipt by the Secretary of the Company of such request, a requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to such indemnification, absent actual fraud in the
      request for indemnification. The termination of any Proceeding described in Sections 4 or 5 by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself (a) create a presumption that
      the Indemnitee did not act in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding, had reasonable cause to believe his or her conduct
      was unlawful or (b) otherwise adversely affect the rights of the Indemnitee to indemnification except as may be provided herein.

   

  11.          Remedies of the Indemnitee in Cases of Determination Not to Indemnify or to Advance Expenses; Right to Bring Suit. In the event that a determination is made that the Indemnitee is not entitled to
      indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification pursuant to Sections 9 and 10, or if an advancement of Expenses is not timely made pursuant to Section 16, the Indemnitee may at
      any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement of Expenses, and any such suit shall be brought in the Court of Chancery of the State of Delaware. Alternatively, the
      Indemnitee at the Indemnitee’s option may seek an award in an arbitration to be conducted by a single arbitrator in the State of Delaware pursuant to the rules of the American Arbitration Association, such award to be made within 60 calendar days
      following the filing of the demand for arbitration. The Company shall not oppose the Indemnitee’s right to seek any such adjudication or award in arbitration. In any suit or arbitration brought by the Indemnitee to enforce a right to indemnification
      hereunder (but not in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that the Indemnitee has not met any applicable standard of conduct for indemnification set forth in the
      DGCL, including the standard described in Section 4 or 5, as applicable.  Further, in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such
      Expenses upon a final judicial decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the standard of conduct described above. Neither the failure of the Company (including the
      Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such suit or arbitration that indemnification of the Indemnitee is proper in the
      circumstances because the Indemnitee has met the standard of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of Disinterested Directors, Independent Counsel, or its stockholders)
      that the Indemnitee has not met the standard of conduct described above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the case of such a suit brought by the Indemnitee, be a defense to such
      suit. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of Expenses pursuant to the terms of an undertaking, the burden of
      proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Section 11 or otherwise shall be on the Company. If a determination is made or deemed to have been made pursuant to the terms of Section 9
      or 10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded from asserting that such determination has not been made or that the procedure by which such determination was made is not
      valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator pursuant to this Section 11 that the Company is bound by all the provisions of this Agreement and is precluded from making any assertions
      to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in
      connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest extent permitted by law, and in any suit brought by the Company to recover an advancement of Expenses pursuant to the
      terms of an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such suit to the extent the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense
      of such suit, to the fullest extent permitted by law.

   

  
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  12.          Non-Exclusivity of Rights. The
      rights to indemnification and to the advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other right that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or
      Disinterested Directors, provisions of a charter or bylaws (including the Certificate of Incorporation or Bylaws of the Company), or otherwise.

   

  13.          Expenses to Enforce Agreement. In the event that the Indemnitee is subject to or intervenes in any action, suit, or proceeding in which the validity or enforceability of this Agreement is at issue or
      seeks an adjudication or award in arbitration to enforce the Indemnitee’s rights under, or to recover damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action, suit, or proceeding, shall be
      entitled to recover from the Company and shall be indemnified by the Company against any Expenses actually and reasonably incurred by the Indemnitee in connection therewith.

   

  14.          Continuation of Indemnity. All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee is a director, officer, employee, agent, or trustee of the
      Company or while a director, officer, employee, agent, or trustee is serving at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise,
      including service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving at
      the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan. This Agreement shall be
      binding upon all successors and assigns of the Company (including any transferee of all or substantially all of its assets and any successor by merger or operation of law) and shall inure to the benefit of the Indemnitee’s heirs, executors, and
      administrators.

   

  
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  15.          Notification and Defense of Proceeding. Promptly after receipt by the Indemnitee of notice of any Proceeding, the Indemnitee shall, if a request for indemnification or an advancement of Expenses in
      respect thereof is to be made against the Company under this Agreement, notify the Company in writing of the commencement thereof; but the omission so to notify the Company shall not relieve it from any liability that it may have to the Indemnitee.
      Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which the Indemnitee notifies the Company:

   

  (a)         The Company shall be entitled to participate therein at its own expense;

   

  (b)         Except as otherwise provided in this Section 15(b), to the extent that it may wish, the Company, jointly with any other indemnifying party similarly notified, shall be entitled to assume the defense thereof, with
      counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election so to assume the defense thereof, the Company shall not be liable to the Indemnitee under this Agreement for any expenses of counsel subsequently
      incurred by the Indemnitee in connection with the defense thereof except as otherwise provided below. The Indemnitee shall have the right to employ the Indemnitee’s own counsel in such Proceeding, but the fees and expenses of such counsel incurred
      after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably
      concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the defense of such Proceeding, or (iii) the Company shall not within 60 calendar days of receipt of notice from the Indemnitee in fact have
      employed counsel to assume the defense of the Proceeding, in each of which cases the fees and expenses of the Indemnitee’s counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding
      brought by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in (ii) above; and

   

  (c)         Notwithstanding any other provision of this
      Agreement, the Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without the Company’s written consent, or for any judicial or other award, if the Company was
      not given an opportunity, in accordance with this Section 15, to participate in the defense of such Proceeding. The Company shall not settle any Proceeding in any manner that would impose any penalty or limitation on or disclosure obligation with
      respect to the Indemnitee, or that would directly or indirectly constitute or impose any admission or acknowledgment of fault or culpability with respect to the Indemnitee, without the Indemnitee’s written consent. Neither the Company nor the
      Indemnitee shall unreasonably withhold its consent to any proposed settlement.

   

  
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  16.          Advancement of Expenses. All
      Expenses incurred by the Indemnitee in defending any Proceeding described in Section 4 or 5 shall be paid by the Company in advance of the final disposition of such Proceeding at the request of the Indemnitee. The Indemnitee’s right to advancement
      shall not be subject to the satisfaction of any standard of conduct and advances shall be made without regard to the Indemnitee’s ultimate entitlement to indemnification under the provisions of this Agreement or otherwise. To receive an advancement
      of Expenses under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall reasonably evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by an undertaking, by
      or on behalf of the Indemnitee, to repay all amounts so advanced if it shall ultimately be determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled
      to be indemnified for such Expenses by the Company as provided by this Agreement or otherwise. The Indemnitee’s undertaking to repay any such amounts is not required to be secured. Each such advancement of Expenses shall be made within 20 calendar
      days after the receipt by the Secretary of the Company of such written request. The Indemnitee’s entitlement to Expenses under this Agreement shall include those incurred in connection with any action, suit, or proceeding by the Indemnitee seeking an
      adjudication or award in arbitration pursuant to Section 11 of this Agreement (including the enforcement of this provision) to the extent the court or arbitrator shall determine that the Indemnitee is entitled to an advancement of Expenses hereunder.

   

  17.          Severability; Prior Indemnification Agreements. If any provision or provisions of this Agreement shall be held to be invalid, illegal, or unenforceable as applied to any person or entity or
      circumstance for any reason whatsoever, then, to the fullest extent permitted by law (a) the validity, legality, and enforceability of such provision in any other circumstance and of the remaining provisions of this Agreement (including, without
      limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not by themselves invalid, illegal, or unenforceable) and the application of such provision to other
      persons or entities or circumstances shall not in any way be affected or impaired thereby, and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of this Agreement
      containing any such provision held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed so as to give effect to the intent of the parties that the Company provide protection to the
      Indemnitee to the fullest extent set forth in this Agreement. This Agreement shall supersede and replace any prior indemnification agreements entered into by and between the Company and the Indemnitee and any such prior agreements shall be terminated
      upon execution of this Agreement.

   

  18.          Headings; References; Pronouns. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
      construction thereof. References herein to section numbers are to sections of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the singular or plural as appropriate.

   

  19.          Other Provisions.

   

  (a)         This Agreement and all disputes or
      controversies arising out of or related to this Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because of
      conflicts of laws principles of the State of Delaware.

   

  
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  (b)         This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the
      parties and delivered to the other party.

   

  (c)         This Agreement shall not be deemed an employment contract between the Company and any Indemnitee who is an officer of the Company, and, if the Indemnitee is an officer of the Company, the Indemnitee specifically
      acknowledges that the Indemnitee may be discharged at any time for any reason, with or without cause, and with or without severance compensation, except as may be otherwise provided in a separate written contract between the Indemnitee and the
      Company.

   

  (d)         In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee (excluding insurance obtained on the Indemnitee’s own
      behalf), and the Indemnitee shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such
      rights.

   

  (e)         This Agreement may not be amended, modified, or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on
      behalf of each party. No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof, and no single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to
      enforce such right or power, or any course of conduct, shall preclude any other or further exercise thereof or the exercise of any other right or power.

   

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  IN WITNESS WHEREOF, the Company and the Indemnitee have
      caused this Agreement to be executed as of the date first written above. 

   

  	 	ARIS WATER SOLUTIONS, INC.
	 	 	 
	 	By:	/s/ Amanda M. Brock
	 	 	Name: Amanda M. Brock
	 	 	Title: President and Chief Executive Officer
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	/s/ William A. Zartler
	 	Signature
	 	 	 
	 	Name: William A. Zartler

  

   

  Signature page to indemnification agreementExhibit
10.3

 

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (this “Agreement”) is entered into as of October 21, 2021 (the “Effective
Date”) by and between Aris Water Solutions, Inc., a Delaware corporation (the “Company”), and Amanda
M. Brock (the “Indemnitee”).

 

RECITALS

 

WHEREAS,
the Board of Directors (the “Board”) has determined that the inability to attract and retain qualified persons
as directors and officers is detrimental to the best interests of the Company’s stockholders and that the Company should
act to assure such persons that there shall be adequate certainty of protection through insurance and indemnification against
risks of claims and actions against them arising out of their service to and activities on behalf of the Company;

 

WHEREAS,
the Company has adopted provisions in its Bylaws providing for indemnification and advancement of expenses of its directors and
officers to the fullest extent authorized by the General Corporation Law of the State of Delaware (the “DGCL”),
and the Company wishes to clarify and enhance the rights and obligations of the Company and the Indemnitee with respect to indemnification
and advancement of expenses;

 

WHEREAS,
in order to induce and encourage highly experienced and capable persons such as the Indemnitee to serve and continue to serve
as directors and officers of the Company and in any other capacity with respect to the Company as the Company may request, and
to otherwise promote the desirable end that such persons shall resist what they consider unjustified lawsuits and claims made
against them in connection with the good faith performance of their duties to the Company, with the knowledge that certain costs,
judgments, penalties, fines, liabilities, and expenses incurred by them in their defense of such litigation are to be borne by
the Company and they shall receive appropriate protection against such risks and liabilities, the Board has determined that the
following Agreement is reasonable and prudent to promote and ensure the best interests of the Company and its stockholders; and

 

WHEREAS,
the Company desires to have the Indemnitee continue to serve as a director or officer of the Company and in any other capacity
with respect to the Company as the Company may request, as the case may be, free from undue concern for unpredictable, inappropriate,
or unreasonable legal risks and personal liabilities by reason of the Indemnitee acting in good faith in the performance of the
Indemnitee’s duty to the Company; and the Indemnitee desires to continue so to serve the Company, provided, and on
the express condition, that he or she is furnished with the protections set forth hereinafter.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the Indemnitee’s continued service as a director or officer of the Company, the parties hereto
agree as follows:

 

1.            Definitions. For purposes of this Agreement:

 

(a)         A “Change in Control” will
be deemed to have occurred if, with respect to any particular 24-month period, the individuals who, at the beginning of such 24-month
period, constituted the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority
of the Board; provided, however, that any individual becoming a director subsequent to the beginning of such 24-month
period whose election, or nomination for election by the stockholders of the Company, was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual
or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation
of proxies or consents by or on behalf of a person other than the Board.

 

 

 

(b)         “Disinterested Director” means
a director of the Company who is not or was not a party to the Proceeding in respect of which indemnification is being sought
by the Indemnitee.

 

(c)         “Expenses” includes, without
limitation, expenses incurred in connection with the defense or settlement of any action, suit, arbitration, alternative dispute
resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened, pending,
or completed proceeding, whether brought by or in the right of the Company or otherwise, including any and all appeals, whether
of a civil, criminal, administrative, legislative, investigative, or other nature, attorneys’ fees, witness fees and expenses,
fees and expenses of accountants and other advisors, retainers and disbursements and advances thereon, the premium, security for,
and other costs relating to any bond (including cost bonds, appraisal bonds, or their equivalents), and any expenses of establishing
a right to indemnification or advancement under Sections 9, 11, 13, and 16 hereof, but shall not include the amount of judgments,
fines, ERISA excise taxes, or penalties actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf
of the Indemnitee.

 

(d)         “Independent Counsel” means
a law firm or a member of a law firm that neither is presently nor in the past five years has been retained to represent (i) the
Company or the Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise
to a request for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not
include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest
in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s right to indemnification
under this Agreement.

 

(e)         “Proceeding” means any action,
suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative
hearing, or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise,
including any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which
the Indemnitee was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the
Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent,
or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee
of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee
benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity, whether or not the Indemnitee
is serving in such capacity at the time any expense, liability, or loss is incurred for which indemnification or advancement can
be provided under this Agreement.

 

2

 

2.            Service by the Indemnitee. The Indemnitee
shall serve and/or continue to serve as a director or officer of the Company faithfully and to the best of the Indemnitee’s
ability so long as the Indemnitee is duly elected or appointed and until such time as the Indemnitee’s successor is elected
and qualified or the Indemnitee is removed as permitted by applicable law or tenders a resignation in writing.

 

3.            Indemnification and Advancement of Expenses.
The Company shall indemnify and hold harmless the Indemnitee, and shall pay to the Indemnitee in advance of the final disposition
of any Proceeding all Expenses incurred by the Indemnitee in defending any such Proceeding, to the fullest extent authorized by
the DGCL, as the same exists or may hereafter be amended, all on the terms and conditions set forth in this Agreement. Without
diminishing the scope of the rights provided by this Section, the rights of the Indemnitee to indemnification and advancement
of Expenses provided hereunder shall include but shall not be limited to those rights hereinafter set forth, except that no indemnification
or advancement of Expenses shall be paid to the Indemnitee:

 

(a)         to the extent expressly prohibited by applicable
law or the Bylaws of the Company;

 

(b)         for and to the extent that payment is actually
made to the Indemnitee under a valid and collectible insurance policy or under a valid and enforceable indemnity clause, provision
of the certificate of incorporation or bylaws, or agreement of the Company or any other company or other enterprise (and the Indemnitee
shall reimburse the Company for any amounts paid by the Company and subsequently so recovered by the Indemnitee), except with
respect to any excess beyond the amount actually paid to the Indemnitee under any insurance policy, provision of the certificate
of incorporation or bylaws, or other agreement; or

 

(c)         in connection with an action, suit, or proceeding,
or part thereof voluntarily initiated by the Indemnitee (including claims and counterclaims, whether such counterclaims are asserted
by (i) the Indemnitee, or (ii) the Company in an action, suit, or proceeding initiated by the Indemnitee), except a judicial proceeding
or arbitration pursuant to Section 11 to enforce rights under this Agreement, unless the action, suit, or proceeding, or
part thereof, was authorized or ratified by the Board of Directors of the Company or the Board of Directors otherwise determines
that indemnification or advancement of Expenses is appropriate.

 

4.            Action or Proceedings Other than an Action
by or in the Right of the Company. Except as limited by Section 3 above, the Indemnitee shall be entitled to the indemnification
rights provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise
involved in, any Proceeding (other than an action by or in the right of the Company) by reason of the fact that the Indemnitee
is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent, or trustee
of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee of another
corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit
plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the Indemnitee
shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties, amounts
paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee in connection
with such Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not
opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe
his or her conduct was unlawful.

 

3

 

5.            Indemnity in Proceedings by or in the Right
of the Company. Except as limited by Section 3 above, the Indemnitee shall be entitled to the indemnification rights
provided in this Section if the Indemnitee was or is a party or is threatened to be made a party to, or was or is otherwise involved
in, any Proceeding brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that the
Indemnitee is or was a director, officer, employee, agent, or trustee of the Company or while a director, officer, employee, agent,
or trustee of the Company is or was serving at the request of the Company as a director, officer, employee, agent, or trustee
of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee
benefit plan, or by reason of anything done or not done by the Indemnitee in any such capacity. Pursuant to this Section, the
Indemnitee shall be indemnified against all expense, liability, and loss (including judgments, fines, ERISA excise taxes, penalties,
amounts paid in settlement by or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by the Indemnitee
in connection with such Proceeding if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to
be in or not opposed to the best interests of the Company; provided, however, that no such indemnification shall
be made in respect of any claim, issue, or matter as to which the DGCL expressly prohibits such indemnification by reason of any
adjudication of liability of the Indemnitee to the Company, unless and only to the extent that the Court of Chancery of the State
of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite the adjudication
of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification for such expense,
liability, and loss as such court shall deem proper.

 

6.            Indemnification for Costs, Charges, and Expenses
of Successful Party. Notwithstanding any limitations of Sections 3(c), 4 and 5 above, to the extent that the Indemnitee
has been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim,
issue, or matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately
determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that
the Indemnitee is otherwise entitled to be indemnified against Expenses, the Indemnitee shall be indemnified against all Expenses
actually and reasonably incurred by the Indemnitee in connection therewith.

 

7.            Partial Indemnification. If the Indemnitee
is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expense, liability,
and loss (including judgments, fines, ERISA excise taxes, penalties, amounts paid in settlement by or on behalf of the Indemnitee,
and Expenses) actually and reasonably incurred in connection with any Proceeding, or in connection with any judicial proceeding
or arbitration pursuant to Section 11 to enforce rights under this Agreement, but not, however, for all of the total amount
thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such expense, liability, and loss actually
and reasonably incurred to which the Indemnitee is entitled.

 

4

 

8.            Indemnification for Expenses of a Witness.
Notwithstanding any other provision of this Agreement, to the maximum extent permitted by the DGCL, the Indemnitee shall be entitled
to indemnification against all Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee’s behalf
if the Indemnitee appears as a witness or otherwise incurs legal expenses as a result of or related to the Indemnitee’s
service as a director or officer of the Company, in any threatened, pending, or completed action, suit, arbitration, alternative
dispute resolution mechanism, investigation, inquiry, judicial, administrative, or legislative hearing, or any other threatened,
pending, or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to
which the Indemnitee neither is, nor is threatened to be made, a party.

 

9.            Determination of Entitlement to Indemnification.
To receive indemnification under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company.
Such request shall include documentation or information that is necessary for such determination and is reasonably available to
the Indemnitee. Upon receipt by the Secretary of the Company of a written request by the Indemnitee for indemnification, the entitlement
of the Indemnitee to indemnification, to the extent not required pursuant to the terms of Section 6 or Section 8 of
this Agreement, shall be determined by the following person or persons who shall be empowered to make such determination (as selected
by the Board of Directors, except with respect to Section 9(e) below): (a) the Board of Directors of the Company by
a majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (b) a committee of Disinterested
Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c) if there
are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the
Board of Directors, a copy of which shall be delivered to the Indemnitee; (d) the stockholders of the Company; or (e) in
the event that a Change in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy
of which shall be delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved
by the Indemnitee, except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the
Indemnitee. Upon failure of the Board of Directors so to select such Independent Counsel or upon failure of the Indemnitee so
to approve (or so to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon application
to a court of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary
determination is made, such indemnification shall be paid in full by the Company not later than 60 calendar days after receipt
by the Secretary of the Company of a written request for indemnification. If the person making such determination shall determine
that the Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person
shall reasonably prorate such partial indemnification among the claims, issues, or matters at issue at the time of the determination.

 

5

 

10.          Presumptions and Effect of Certain Proceedings.
The Secretary of the Company shall, promptly upon receipt of the Indemnitee’s written request for indemnification, advise
in writing the Board of Directors or such other person or persons empowered to make the determination as provided in Section 9
that the Indemnitee has made such request for indemnification. Upon making such request for indemnification, the Indemnitee shall
be presumed to be entitled to indemnification hereunder and the Company shall have the burden of proof in making any determination
contrary to such presumption. If the person or persons so empowered to make such determination shall have failed to make the requested
determination with respect to indemnification within 60 calendar days after receipt by the Secretary of the Company of such request,
a requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely
entitled to such indemnification, absent actual fraud in the request for indemnification. The termination of any Proceeding described
in Sections 4 or 5 by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself (a) create a presumption that the Indemnitee did not act in good faith and in a manner the Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company, and with respect to any criminal Proceeding,
had reasonable cause to believe his or her conduct was unlawful or (b) otherwise adversely affect the rights of the Indemnitee
to indemnification except as may be provided herein.

 

11.          Remedies of the Indemnitee in Cases of Determination
Not to Indemnify or to Advance Expenses; Right to Bring Suit. In the event that a determination is made that the Indemnitee
is not entitled to indemnification hereunder or if payment is not timely made following a determination of entitlement to indemnification
pursuant to Sections 9 and 10, or if an advancement of Expenses is not timely made pursuant to Section 16, the Indemnitee
may at any time thereafter bring suit against the Company seeking an adjudication of entitlement to such indemnification or advancement
of Expenses, and any such suit shall be brought in the Court of Chancery of the State of Delaware. Alternatively, the Indemnitee
at the Indemnitee’s option may seek an award in an arbitration to be conducted by a single arbitrator in the State of Delaware
pursuant to the rules of the American Arbitration Association, such award to be made within 60 calendar days following the filing
of the demand for arbitration. The Company shall not oppose the Indemnitee’s right to seek any such adjudication or award
in arbitration. In any suit or arbitration brought by the Indemnitee to enforce a right to indemnification hereunder (but not
in a suit or arbitration brought by the Indemnitee to enforce a right to an advancement of Expenses), it shall be a defense that
the Indemnitee has not met any applicable standard of conduct for indemnification set forth in the DGCL, including the standard
described in Section 4 or 5, as applicable.  Further, in any suit brought by the Company to recover an advancement
of Expenses pursuant to the terms of an undertaking, the Company shall be entitled to recover such Expenses upon a final judicial
decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee has not met the
standard of conduct described above. Neither the failure of the Company (including the Disinterested Directors, a committee of
Disinterested Directors, Independent Counsel, or its stockholders) to have made a determination prior to the commencement of such
suit or arbitration that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the standard
of conduct described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of
Disinterested Directors, Independent Counsel, or its stockholders) that the Indemnitee has not met the standard of conduct described
above shall create a presumption that the Indemnitee has not met the standard of conduct described above, or, in the case of such
a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification
or to an advancement of Expenses hereunder, or brought by the Company to recover an advancement of Expenses pursuant to the terms
of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses,
under this Section 11 or otherwise shall be on the Company. If a determination is made or deemed to have been made pursuant
to the terms of Section 9 or 10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such
determination and is precluded from asserting that such determination has not been made or that the procedure by which such determination
was made is not valid, binding, and enforceable. The Company further agrees to stipulate in any court or before any arbitrator
pursuant to this Section 11 that the Company is bound by all the provisions of this Agreement and is precluded from making
any assertions to the contrary. If the court or arbitrator shall determine that the Indemnitee is entitled to any indemnification
or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in
connection with such adjudication or award in arbitration (including, but not limited to, any appellate proceedings) to the fullest
extent permitted by law, and in any suit brought by the Company to recover an advancement of Expenses pursuant to the terms of
an undertaking, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such
suit to the extent the Indemnitee has been successful, on the merits or otherwise, in whole or in part, in defense of such suit,
to the fullest extent permitted by law.

 

6

 

12.          Non-Exclusivity of Rights. The rights
to indemnification and to the advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other right
that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or Disinterested Directors,
provisions of a charter or bylaws (including the Certificate of Incorporation or Bylaws of the Company), or otherwise.

 

13.          Expenses to Enforce Agreement. In the
event that the Indemnitee is subject to or intervenes in any action, suit, or proceeding in which the validity or enforceability
of this Agreement is at issue or seeks an adjudication or award in arbitration to enforce the Indemnitee’s rights under,
or to recover damages for breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in whole or in part in such action,
suit, or proceeding, shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses
actually and reasonably incurred by the Indemnitee in connection therewith.

 

14.          Continuation of Indemnity. All agreements
and obligations of the Company contained herein shall continue during the period the Indemnitee is a director, officer, employee,
agent, or trustee of the Company or while a director, officer, employee, agent, or trustee is serving at the request of the Company
as a director, officer, employee, agent, or trustee of another corporation or of a partnership, joint venture, trust, or other
enterprise, including service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible
claims based on the fact that the Indemnitee was a director, officer, employee, agent, or trustee of the Company or was serving
at the request of the Company as a director, officer, employee, agent, or trustee of another corporation or of a partnership,
joint venture, trust, or other enterprise, including service with respect to an employee benefit plan. This Agreement shall be
binding upon all successors and assigns of the Company (including any transferee of all or substantially all of its assets and
any successor by merger or operation of law) and shall inure to the benefit of the Indemnitee’s heirs, executors, and administrators.

 

7

 

15.          Notification and Defense of Proceeding.
Promptly after receipt by the Indemnitee of notice of any Proceeding, the Indemnitee shall, if a request for indemnification or
an advancement of Expenses in respect thereof is to be made against the Company under this Agreement, notify the Company in writing
of the commencement thereof; but the omission so to notify the Company shall not relieve it from any liability that it may have
to the Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such Proceeding of which the Indemnitee
notifies the Company:

 

(a)          The Company shall be entitled to participate
therein at its own expense;

 

(b)          Except as otherwise provided in this Section 15(b),
to the extent that it may wish, the Company, jointly with any other indemnifying party similarly notified, shall be entitled to
assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its
election so to assume the defense thereof, the Company shall not be liable to the Indemnitee under this Agreement for any expenses
of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided below.
The Indemnitee shall have the right to employ the Indemnitee’s own counsel in such Proceeding, but the fees and expenses
of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the
Indemnitee unless (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee
shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct
of the defense of such Proceeding, or (iii) the Company shall not within 60 calendar days of receipt of notice from the Indemnitee
in fact have employed counsel to assume the defense of the Proceeding, in each of which cases the fees and expenses of the Indemnitee’s
counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought
by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in (ii) above; and

 

(c)          Notwithstanding any other provision of this Agreement,
the Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding
effected without the Company’s written consent, or for any judicial or other award, if the Company was not given an opportunity,
in accordance with this Section 15, to participate in the defense of such Proceeding. The Company shall not settle any Proceeding
in any manner that would impose any penalty or limitation on or disclosure obligation with respect to the Indemnitee, or that
would directly or indirectly constitute or impose any admission or acknowledgment of fault or culpability with respect to the
Indemnitee, without the Indemnitee’s written consent. Neither the Company nor the Indemnitee shall unreasonably withhold
its consent to any proposed settlement.

 

16.          Advancement of Expenses. All Expenses
incurred by the Indemnitee in defending any Proceeding described in Section 4 or 5 shall be paid by the Company in advance
of the final disposition of such Proceeding at the request of the Indemnitee. The Indemnitee’s right to advancement shall
not be subject to the satisfaction of any standard of conduct and advances shall be made without regard to the Indemnitee’s
ultimate entitlement to indemnification under the provisions of this Agreement or otherwise. To receive an advancement of Expenses
under this Agreement, the Indemnitee shall submit a written request to the Secretary of the Company. Such request shall reasonably
evidence the Expenses incurred by the Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of the
Indemnitee, to repay all amounts so advanced if it shall ultimately be determined, by final judicial decision of a court of competent
jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled to be indemnified for such Expenses
by the Company as provided by this Agreement or otherwise. The Indemnitee’s undertaking to repay any such amounts is not
required to be secured. Each such advancement of Expenses shall be made within 20 calendar days after the receipt by the Secretary
of the Company of such written request. The Indemnitee’s entitlement to Expenses under this Agreement shall include those
incurred in connection with any action, suit, or proceeding by the Indemnitee seeking an adjudication or award in arbitration
pursuant to Section 11 of this Agreement (including the enforcement of this provision) to the extent the court or arbitrator
shall determine that the Indemnitee is entitled to an advancement of Expenses hereunder.

 

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17.          Severability; Prior Indemnification Agreements.
If any provision or provisions of this Agreement shall be held to be invalid, illegal, or unenforceable as applied to any person
or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law (a) the validity, legality,
and enforceability of such provision in any other circumstance and of the remaining provisions of this Agreement (including, without
limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable,
that are not by themselves invalid, illegal, or unenforceable) and the application of such provision to other persons or entities
or circumstances shall not in any way be affected or impaired thereby, and (b) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, all portions of any paragraph of this Agreement containing any such provision
held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal, or unenforceable) shall be construed
so as to give effect to the intent of the parties that the Company provide protection to the Indemnitee to the fullest extent
set forth in this Agreement. This Agreement shall supersede and replace any prior indemnification agreements entered into by and
between the Company and the Indemnitee and any such prior agreements shall be terminated upon execution of this Agreement.

 

18.          Headings; References; Pronouns. The headings
of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement
or to affect the construction thereof. References herein to section numbers are to sections of this Agreement. All pronouns and
any variations thereof shall be deemed to refer to the singular or plural as appropriate.

 

19.          Other Provisions.

 

(a)         This Agreement and all disputes or controversies
arising out of or related to this Agreement shall be governed by, and construed in accordance with, the internal laws of the State
of Delaware, without regard to the laws of any other jurisdiction that might be applied because of conflicts of laws principles
of the State of Delaware.

 

9

 

(b)         This Agreement may be executed in two or more
counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts
have been signed by each of the parties and delivered to the other party.

 

(c)          This Agreement shall not be deemed an employment
contract between the Company and any Indemnitee who is an officer of the Company, and, if the Indemnitee is an officer of the
Company, the Indemnitee specifically acknowledges that the Indemnitee may be discharged at any time for any reason, with or without
cause, and with or without severance compensation, except as may be otherwise provided in a separate written contract between
the Indemnitee and the Company.

 

(d)          In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee (excluding insurance
obtained on the Indemnitee’s own behalf), and the Indemnitee shall execute all papers required and shall do everything that
may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively
to bring suit to enforce such rights.

 

(e)          This Agreement may not be amended, modified,
or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated
as an amendment hereto, signed on behalf of each party. No failure or delay of either party in exercising any right or remedy
hereunder shall operate as a waiver thereof, and no single or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such right or power, or any course of conduct, shall preclude any other or further exercise
thereof or the exercise of any other right or power.

 

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10

 

IN
WITNESS WHEREOF, the Company and the Indemnitee have caused this Agreement to be executed as of the date first written above.

 

	 	ARIS WATER SOLUTIONS, INC.
	 	 	 
	 	By: 	/s/ Brenda R. Schroer
	 	 	Name: Brenda R. Schroer
	 	 	Title: Chief Financial Officer
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	/s/ Amanda M. Brock
	 	Signature
	 	 	 
	 	Name: Amanda M. Brock

 

Signature
Page to Indemnification Agreement

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