Kimbell Royalty Partners, LP (NYSE:KRP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.

Grant of Awards Under the Kimbell Royalty GP, LLC
2017 Long-Term Incentive Plan

On May5, 2017, the Conflicts Committee (the Committee) of the
Board of Directors (the Board) of Kimbell Royalty GP, LLC (the
General Partner), the general partner of Kimbell Royalty
Partners, LP (the Partnership), and the Board approved a form of
Restricted Unit Agreement (the Agreement) to be used in
connection with grants to be made under the Kimbell Royalty GP,
LLC 2017 Long-Term Incentive Plan (the Plan). The Agreement
contemplates that the total number of restricted units subject to
each individual grant will vest in one-third installments on each
of the first three anniversaries of the grant date, subject to
the grantees continuous service through the applicable vesting
date. Upon the occurrence of a change in control (as defined in
the Plan), all unvested restricted units will vest as of the date
of the change in control. Upon a grantees termination of service
for any reason other than death or disability, all unvested
restricted units will be immediately forfeited as of the date of
termination. In the case of termination resulting from death or
disability, all unvested restricted units will become fully
vested as of the date of termination.

In connection with the approval of the Agreement, the Committee
and the Board also approved the contingent grant and issuance of
restricted units under the Plan to the General Partners
directors, executive officers, consultants and employees,
including the individuals named below, which approval was
conditioned upon the Partnerships filing with the Securities and
Exchange Commission of a Registration Statement on FormS-8 (the
Registration Statement). The Partnership plans to file the
Registration Statement during the second quarter of 2017.

The form of the Agreement is filed herewith as Exhibit10.1 and is
incorporated by reference into this Item 5.02.

Item 9.01. Financial Statements and
Exhibits.

(d)Exhibits

About Kimbell Royalty Partners, LP (NYSE:KRP)

Kimbell Royalty Partners, LP owns and acquires mineral and royalty interests in oil and natural gas properties throughout the United States. As of December 31, 2015, the Company owned mineral and royalty interests in approximately 3.7 million gross acres and overriding royalty interests in approximately 0.9 million gross acres, with approximately 44% of its acres located in the Permian Basin. As of December 31, 2015, the Company’s mineral and royalty interests were located in 20 states and in every onshore basin across the continental United States, and included ownership in over 48,000 gross producing wells, including over 29,000 wells in the Permian Basin. The Company’s properties include Permian Basin, Mid-Continent, Terryville/Cotton Valley/Haynesville, Eagle Ford, Barnett Shale/Fort Worth Basin, Bakken/Williston Basin, San Juan Basin, Onshore California, DJ Basin/Rockies/Niobrara, Illinois Basin and others.

Kimbell Royalty Partners, LP (NYSE:KRP) Recent Trading Information

Kimbell Royalty Partners, LP (NYSE:KRP) closed its last trading session down -0.01 at 18.41 with 46,936 shares trading hands.