Form of Registration Rights Agreement


 Exhibit 10.3 
 REGISTRATION RIGHTS AGREEMENT 
 by and among 
 ATLAS PIPELINE PARTNERS, L.P. 
 and

 THE PURCHASERS NAMED HEREIN 






 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	Article I DEFINITIONS	  	1
				
		 	Section 1.01	  	Definitions	  	1
		 	Section 1.02	  	Registrable Securities	  	2
		
	Article II REGISTRATION RIGHTS	  	3
				
		 	Section 2.01	  	Registration	  	3
		 	Section 2.02	  	Sale Procedures	  	4
		 	Section 2.03	  	Cooperation by Holders	  	8
		 	Section 2.04	  	Expenses	  	8
		 	Section 2.05	  	Indemnification	  	8
		 	Section 2.06	  	Rule 144 Reporting	  	11
		 	Section 2.07	  	Transfer or Assignment of Registration Rights	  	11
		 	Section 2.08	  	Limitation on Subsequent Registration Rights	  	11
		
	Article III MISCELLANEOUS	  	12
				
		 	Section 3.01	  	Communications	  	12
		 	Section 3.02	  	Successor and Assigns	  	12
		 	Section 3.03	  	Aggregation of Purchased Units	  	12
		 	Section 3.04	  	Recapitalization, Exchanges, Etc. Affecting the Units	  	12
		 	Section 3.05	  	Change of Control	  	12
		 	Section 3.06	  	Specific Performance	  	12
		 	Section 3.07	  	Counterparts	  	13
		 	Section 3.08	  	Headings	  	13
		 	Section 3.09	  	Governing Law	  	13
		 	Section 3.10	  	Severability of Provisions	  	13
		 	Section 3.11	  	Entire Agreement	  	13
		 	Section 3.12	  	Amendment	  	13
		 	Section 3.13	  	No Presumption	  	13
		 	Section 3.14	  	Obligations Limited to Parties to Agreement	  	13







 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of August 20, 2009, by and among Atlas Pipeline
Partners, L.P., a Delaware limited partnership (“Atlas Pipeline Partners”), and each of the Purchasers set forth in Exhibit A (each, a “Purchaser” and, collectively, the “Purchasers”).

 WHEREAS, this Agreement is made in connection with the Closing of the issuance and sale of the Purchased Units pursuant to the Common Unit
Purchase Agreement, dated as of August 17, 2009, by and among Atlas Pipeline Partners and the Purchasers (the “Purchase Agreement”); 
 WHEREAS, Atlas Pipeline Partners has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Purchasers pursuant to the Purchase Agreement; and 
 WHEREAS, it is a condition to the obligations of each Purchaser and Atlas Pipeline Partners under the Purchase Agreement that this Agreement be executed
and delivered. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions. Capitalized terms used herein without definition shall have the meanings given to them in the Purchase Agreement. The terms set forth below are used herein as so
defined: 
 “Agreement” has the meaning specified therefor in the introductory paragraph. 
 “Atlas Pipeline Partners” has the meaning specified therefor in the introductory paragraph. 
 “Effectiveness Period” has the meaning specified therefor in Section 2.01(a)(i) of this Agreement. 
 “Holder” means the record holder of any Registrable Securities. 
 “Liquidated Damages” has the meaning specified therefor in Section 2.01(a)(ii) of this Agreement. 
 “Liquidated Damages Multiplier” means the product of $6.35 times the number of Purchased Units purchased by such Purchaser. 

“Losses” has the meaning specified therefor in Section 2.05 of this Agreement. 






 “Purchase Agreement” has the meaning specified therefor in the recitals of this
Agreement. 
 “Purchaser” and “Purchasers” have the meanings specified therefor in the introductory
paragraph of this Agreement. 
 “Purchaser Underwriter Registration Statement” has the meaning specified therefor in
Section 2.02(l) of this Agreement. 
 “Registrable Securities” means: (i) the Purchased Units and (ii) the
Warrant Units, all of which Registrable Securities are subject to the rights provided herein until such rights terminate pursuant to the provisions hereof. 
 “Registration Expenses” has the meaning specified therefor in Section 2.04(a) of this Agreement. 
 “Registration Statement” has the meaning specified therefor in Section 2.01(a)(i) of this Agreement. 
 “SEC” means the U.S. Securities and Exchange Commission. 
 “Selling
Expenses” has the meaning specified therefor in Section 2.04(a) of this Agreement. 
 “Selling Holder” means a
Holder who is selling Registrable Securities pursuant to a registration statement. 
 “Target Effective Date” has the
meaning specified therefor in Section 2.01(a)(i) of this Agreement. 
 “Warrant Units” has the meaning specified in the
Warrant. 
 Section 1.02 Registrable Securities. Any Registrable Security will cease to be a Registrable Security when:
(a) a registration statement covering such Registrable Security is effective and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) such Registrable Security has been disposed of
pursuant to any section of Rule 144 (or any similar provision then in force) under the Securities Act; (c) one year after the Closing Date; (d) such Registrable Security is held by Atlas Pipeline Partners or one of its Subsidiaries; or
(e) such Registrable Security has been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities. 
  

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 ARTICLE II 
 REGISTRATION RIGHTS 
 Section 2.01 Registration. 
 (a) Registration. 
 (i) Deadline To
File and Go Effective. As soon as practicable following the date hereof, but in any event prior to thirty (30) days after the Closing Date, Atlas Pipeline Partners shall prepare and file a registration statement under the Securities
Act to permit the resale of the Registrable Securities from time to time, including as permitted by Rule 415 under the Securities Act (or any similar provision then in force), with respect to all of the Registrable Securities (the
“Registration Statement”). Atlas Pipeline Partners shall use its commercially reasonable efforts to cause the Registration Statement to become effective no later than ninety (90) days (one hundred and twenty
(120) days if the Registration Statement is reviewed by the SEC) after the Closing Date (the “Target Effective Date”). A Registration Statement filed pursuant to this Section 2.01 shall be on such appropriate
registration form of the Commission as shall be selected by Atlas Pipeline Partners. Atlas Pipeline Partners will use its commercially reasonable efforts to cause the Registration Statement filed pursuant to this Section 2.01 to be
continuously effective under the Securities Act until the earlier of (i) the date as of which all such Registrable Securities are sold by the Purchasers and (ii) one year following the Closing Date (the “Effectiveness
Period”). The Registration Statement when effective (including the documents incorporated therein by reference) shall comply as to form with all applicable requirements of the Securities Act and the Exchange Act and shall not contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 
 (ii) Failure To Go Effective. If the Registration Statement required by this Section 2.01 is not effective by the Target Effective Date, then each Purchaser shall be entitled to a payment with respect
to such Purchaser’s Registrable Securities, as liquidated damages and not as a penalty, of 1% of the Liquidated Damages Multiplier and an additional 1% of the Liquidated Damages Multiplier per 30-day period for each subsequent 30 days (the
“Liquidated Damages”). The Liquidated Damages payable pursuant to the immediately preceding sentence shall be payable within ten Business Days of the end of each such 30-day period. Liquidated Damages for any period of
less than 30-days shall be prorated by multiplying Liquidated Damages to be paid in a full 30-day period by a fraction, the numerator of which is the number of days for which Liquidated Damages are owed, and the denominator of which is 30. Any
Liquidated Damages shall be paid to each Purchaser in cash or immediately available funds. Any obligation of Atlas Pipeline Partners to pay Liquidated Damages (other than Liquidated Damages owing but not yet paid) to a Purchaser shall cease one
year following the Closing Date. As soon as practicable following the date that the Registration Statement or any post-effective amendment thereto becomes effective, but in any event within two Business Days of such date, Atlas Pipeline
Partners shall provide the Purchasers with written notice of the effectiveness of the Registration Statement. 
 (iii) Waiver of
Liquidated Damages. If Atlas Pipeline Partners is unable to cause a Registration Statement to become effective by the Target Effective Date as a result of an acquisition, merger, reorganization, disposition or other similar transaction,
then Atlas Pipeline Partners may request a waiver of the Liquidated Damages, which may be granted or withheld by the consent of the Holders of two-thirds of the aggregate of the Purchased Units, voting as a single class, in their sole discretion.

 (b) Delay Rights. Notwithstanding anything to the contrary contained herein, Atlas Pipeline Partners may, upon written notice
to all of the Selling Holders whose Registrable 

  

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Securities are included in the Registration Statement, suspend such Selling Holders’ use of any prospectus which is a part of the Registration Statement
(in which event each such Selling Holder shall discontinue sales of the Registrable Securities pursuant to the Registration Statement) but such Selling Holder may settle any sales of Registrable Securities, if (i) Atlas Pipeline Partners is
pursuing an acquisition, merger, reorganization, disposition or other similar transaction and Atlas Pipeline Partners determines in good faith that Atlas Pipeline Partners’ ability to pursue or consummate such a transaction would be materially
adversely affected by any required disclosure of such transaction in the Registration Statement or (ii) Atlas Pipeline Partners has experienced some other material non-public event, the disclosure of which at such time, in the good faith
judgment of Atlas Pipeline Partners, would materially adversely affect Atlas Pipeline Partners; provided, however, in no event shall such Selling Holders be suspended from selling Registrable Securities pursuant to the Registration
Statement for a period that exceeds an aggregate of 20 days in any 90-day period or 45 days in any 365-day period. When providing such a notice, Atlas Pipeline Partners will not provide any Selling Holder with any additional material non-public
information. Upon disclosure of such information or the termination of the condition described above, Atlas Pipeline Partners shall (i) provide prompt notice to the Selling Holders whose Registrable Securities are included in the Registration
Statement, (ii) promptly terminate any suspension of sales it has put into effect and (iii) take such other reasonable actions to permit sales of Registrable Securities as contemplated in this Agreement. 
 (c) Additional Rights to Liquidated Damages. If (i) the Holders shall be prohibited from selling their Registrable Securities under the
Registration Statement as a result of a suspension pursuant to Section 2.01(b) of this Agreement in excess of the periods permitted therein or (ii) the Registration Statement is filed and effective but, during the Effectiveness Period,
shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment to the Registration Statement, a supplement to the prospectus or a report filed with the Commission pursuant
to Section 13(a), 13(c), 14 or l5(d) of the Exchange Act; and the Holders are not then permitted to sell the Registrable Securities without restriction under Rule 144, then, until the suspension is lifted, a post-effective amendment, supplement
or report is filed with the Commission and declared effective, or the Holders are permitted to sell the Registrable Securities without restriction under Rule 144, but not including any day on which a suspension is lifted or such amendment,
supplement or report is filed and declared effective, if applicable, Atlas Pipeline Partners shall owe the Holders an amount equal to the Liquidated Damages, following (x) the date on which the suspension period exceeded the permitted period
under Section 2.01(b) of this Agreement or (y) the date after the Registration Statement ceased to be effective or failed to be useable for its intended purposes, as liquidated damages and not as a penalty. For purposes of this
Section 2.01(c), a suspension shall be deemed lifted on the date that notice that the suspension has been lifted is delivered to the Holders pursuant to Section 3.01 of this Agreement or the date that a post-effective amendment is declared
effective. 
 Section 2.02 Sale Procedures. In connection with its obligations under this Article II, Atlas Pipeline
Partners will, as expeditiously as possible: 
 (a) prepare and file with the Commission such amendments and supplements to the Registration
Statement and the prospectus used in connection therewith as may be 

  

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necessary to cause the Registration Statement to be effective and to keep the Registration Statement effective for the Effectiveness Period and as may be
necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by the Registration Statement; 
 (b) furnish to each Selling Holder (i) as far in advance as reasonably practicable before filing the Registration Statement or any other registration statement contemplated by this Agreement or any supplement or
amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the
Commission), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling
Holder with respect to such information prior to filing the Registration Statement or such other registration statement or supplement or amendment thereto, and (ii) such number of copies of the Registration Statement or such other registration
statement and the prospectus included therein and any supplements and amendments thereto as such Persons may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration
Statement or other registration statement; 
 (c) if applicable, use its commercially reasonable efforts to register or qualify the
Registrable Securities covered by the Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders shall reasonably request;
provided, however, that Atlas Pipeline Partners will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action which would subject it to general
service of process in any such jurisdiction where it is not then so subject; 
 (d) promptly notify each Selling Holder, at any time when a
prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the filing of the Registration Statement or any other registration statement contemplated by this Agreement or any prospectus to be used in
connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) any written
comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to the Registration Statement or any other registration statement or any prospectus or
prospectus supplement thereto; 
 (e) immediately notify each Selling Holder, at any time when a prospectus relating thereto is required to
be delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in the Registration Statement or any other registration statement contemplated by this Agreement, as
then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing;
(ii) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any other registration 

  

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statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by Atlas Pipeline Partners of any
notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. When providing such a notice, Atlas Pipeline Partners will not provide
any Selling Holder with any additional material non-public information. Following the provision of such notice, Atlas Pipeline Partners agrees to as promptly as practicable amend or supplement the prospectus or prospectus supplement or take other
appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in
the light of the circumstances then existing and to take such other action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 
 (f) upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal letters or
other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such offering of Registrable Securities;

 (g) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make
available to its security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 
 (h) cause all such Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized
quotation system on which similar securities issued by Atlas Pipeline Partners are then listed; 
 (i) use its commercially reasonable
efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of Atlas Pipeline Partners to enable the Selling Holders to
consummate the disposition of such Registrable Securities; 
 (j) provide a transfer agent and registrar for all Registrable Securities
covered by such registration statement not later than the effective date of such registration statement; 
 (k) enter into customary
agreements and take such other actions as are reasonably requested by the Selling Holders, if any, in order to expedite or facilitate the disposition of such Registrable Securities; 
 (l) If any Purchaser could reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in
connection with the registration statement in respect of any registration of Registrable Securities of such Purchaser pursuant to this Agreement, and any amendment or supplement thereof (any such registration statement or amendment or supplement, a
“Purchaser Underwriter Registration Statement”), then for a period of one year following the Closing Date, Atlas Pipeline Partners will cooperate with such Purchaser in allowing such Purchaser to conduct customary
“underwriter’s due diligence” with respect to Atlas Pipeline Partners and satisfy its obligations in respect thereof. In addition, for a 

  

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period of one year following the Closing Date at any Purchaser’s request, Atlas Pipeline Partners will furnish to such Purchaser, on the date of the
effectiveness of any Purchaser Underwriter Registration Statement and thereafter no more often than on a quarterly basis, (i) a letter, dated such date, from Atlas Pipeline Partners’ independent certified public accountants in form and
substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to such Purchaser, (ii) an opinion, dated as of such date, of counsel representing Atlas Pipeline
Partners for purposes of such Purchaser Underwriter Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, including a standard “10b-5” opinion for such offering, addressed to such
Purchaser and (iii) a standard officer’s certificate from the Chief Executive Officer and Chief Financial Officer of Atlas Pipeline Partners addressed to such Purchaser. Atlas Pipeline Partners will also permit one legal counsel to
such Purchaser(s) to review and comment upon any such Purchaser Underwriter Registration Statement at least five Business Days prior to its filing with the Commission and all amendments and supplements to any such Purchaser Underwriter Registration
Statement within a reasonable number of days prior to their filing with the Commission and not file any Purchaser Underwriter Registration Statement or amendment or supplement thereto in a form to which such Purchaser’s legal counsel reasonably
objects; 
 (m) Each Selling Holder, upon receipt of notice from Atlas Pipeline Partners of the happening of any event of the kind described
in Section 2.02(e) of this Agreement, shall forthwith discontinue disposition of the Registrable Securities until the supplemented or amended prospectus contemplated by Section 2.02(e) of this Agreement has been filed or until it is
advised in writing by Atlas Pipeline Partners that the use of the prospectus may be resumed, and, if so directed by Atlas Pipeline Partners, such Selling Holder will deliver to Atlas Pipeline Partners (at Atlas Pipeline Partners’ expense) all
copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice; 
 (n) If requested by a Purchaser, Atlas Pipeline Partners shall: (i) as soon as practicable incorporate in a prospectus supplement or post-effective
amendment such information as such Purchaser reasonably requests to be included therein relating to the sale and distribution of Registrable Securities, including information with respect to the number of Registrable Securities being offered or
sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) as soon as practicable make all required filings of such prospectus supplement or post-effective
amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) as soon as practicable, supplement or make amendments to any Registration Statement; and 
 (o) Include in the plan of distribution section of a registrations statement the following language with respect to the selling unitholders: 

“The selling unitholders may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third
parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those 

  

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derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions.
If so, the third party may use securities pledged by the selling unitholders or borrowed from the selling unitholders or others to settle those sales or to close out any related open borrowings of Units, and may use securities received from the
selling unitholders in settlement of those derivatives to close out any related open borrowings of Units.” 
 Section 2.03
Cooperation by Holders. Atlas Pipeline Partners shall have no obligation to include in the Registration Statement Registrable Securities of a Holder who has failed to timely furnish such information that Atlas Pipeline Partners
determines, after consultation with counsel, is reasonably required to be furnished or conformed in order for the registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 
 Section 2.04 Expenses. 
 (a)
Certain Definitions. “Registration Expenses” means all expenses incident to Atlas Pipeline Partners’ performance under or compliance with this Agreement to effect the registration of Registrable Securities on the
Registration Statement pursuant to Section 2.01 hereof, and the disposition of such securities, including, without limitation, all registration, filing, securities exchange listing and The New York Stock Exchange fees, all registration, filing,
qualification and other fees and expenses of complying with securities or blue sky laws, fees of the National Association of Securities Dealers, Inc., transfer taxes and fees of transfer agents and registrars, all word processing, duplicating and
printing expenses and the fees and disbursements of one counsel to the Holders and independent public accountants for Atlas Pipeline Partners, including the expenses of any special audits or “cold comfort” letters required by or incident
to such performance and compliance. “Selling Expenses” means all underwriting fees, discounts and selling commissions allocable to the sale of the Registrable Securities. 
 (b) Expenses. Atlas Pipeline Partners will pay all reasonable Registration Expenses as determined in good faith. In addition, except as
otherwise provided in Section 2.05 hereof, Atlas Pipeline Partners shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder. Each Selling Holder shall pay its pro
rata share of all Selling Expenses in connection with any sale of its Registrable Securities hereunder. 
 Section 2.05
Indemnification. 
 (a) By Atlas Pipeline Partners. In the event of an offering of any Registrable Securities under the
Securities Act pursuant to this Agreement, Atlas Pipeline Partners will indemnify and hold harmless each Selling Holder thereunder, its Affiliates that own Registrable Securities and their respective directors and officers and each Person, if any,
who controls such Selling Holder within the meaning of the Securities Act and the Exchange Act, and its directors and officers (collectively, the “Selling Holder Indemnified Persons”), against any losses, claims, 

  

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damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to
which such Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are
based upon any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, free writing prospectus or final
prospectus contained therein, or any amendment or supplement thereof, arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the
case of a prospectus, in light of the circumstances under which they were made) not misleading, in connection with the registration statement in respect of any registration of Atlas Pipeline Partners’ securities, and will reimburse each such
Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss or actions or proceedings; provided, however, that Atlas Pipeline Partners will
not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in strict conformity with information furnished by such
Selling Holder Indemnified Person in writing specifically for use in the Registration Statement or such other registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force and effect regardless of
any investigation made by or on behalf of such Selling Holder or any such Selling Holder, its directors or officers or controlling Person, and shall survive the transfer of such securities by such Selling Holder. 
 (b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless Atlas Pipeline Partners, its
directors and officers, and each Person, if any, who controls Atlas Pipeline Partners within the meaning of the Securities Act or of the Exchange Act, and its directors and officers, to the same extent as the foregoing indemnity from Atlas Pipeline
Partners to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in the Registration Statement or any preliminary prospectus or
final prospectus included therein, or any amendment or supplement thereto; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of any Selling Expenses)
received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification. 
 (c)
Notice. Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the
indemnifying party in writing thereof, but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party other than under this Section 2.05. In any action brought
against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with
counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to such
indemnified party under this Section 2.05 for any legal expenses subsequently incurred by such indemnified party in connection with the defense 

  

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thereof other than reasonable costs of investigation and of liaison with counsel so selected; provided, however, that, (i) if the
indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the indemnified party and the indemnifying party and counsel to the
indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, or if the interests of the indemnified party
reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such
action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, no
party shall settle any action brought against it with respect to which it is entitled to indemnification hereunder without the consent of the other party, unless the settlement thereof imposes no liability or obligation on, and includes a complete
and unconditional release from all liability of, the other party. 
 (d) Contribution. If the indemnification provided for in
this Section 2.05 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and
of such indemnified party on the other in connection with the statements or omissions which resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall such Selling Holder
be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault
of the indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state
a material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto
agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to
herein. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any Loss which is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person
who is not guilty of such fraudulent misrepresentation. 
 (e) Other Indemnification. The provisions of this Section 2.05
shall be in addition to any other rights to indemnification or contribution which an indemnified party may have pursuant to law, equity, contract or otherwise. 
  

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 Section 2.06 Rule 144 Reporting. With a view to making available the benefits of certain
rules and regulations of the Commission that may permit the sale of the Registrable Securities to the public without registration, Atlas Pipeline Partners agrees to use its commercially reasonable efforts to: 
 (a) make and keep public information regarding Atlas Pipeline Partners available, as those terms are understood and defined in Rule 144 under the
Securities Act, at all times from and after the date hereof; 
 (b) file with the Commission in a timely manner all reports and other
documents required of Atlas Pipeline Partners under the Securities Act and the Exchange Act at all times from and after the date hereof; and 
 (c) so long as a Holder owns any Registrable Securities, furnish, unless otherwise not available at no charge by access electronically to the Commission’s EDGAR filing system, to such Holder forthwith upon request a copy of the most
recent annual or quarterly report of Atlas Pipeline Partners, and such other reports and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such
securities without registration. 
 If Atlas Pipeline Partners fails for any reason to comply with the provisions of Section 2.06(a)
during the period beginning on the date which is six months from the Closing Date and ending one year from the Closing Date, then Atlas Pipeline Partners shall pay each Holder 1% of the Liquidated Damages Multiplier per 30-day period for those days
in excess of five days in the aggregate on which such Holder is unable to sell its Purchased Shares pursuant to Rule 144 under the Securities Act. Any such amounts shall be paid as liquidated damages and not as a penalty. The Liquidated Damages
payable pursuant to the immediately preceding sentence shall be payable within ten Business Days of the end of each such 30-day period. Liquidated Damages for any period of less than 30-days shall be prorated by multiplying Liquidated Damages
to be paid in a full 30-day period by a fraction, the numerator of which is the number of days for which Liquidated Damages are owed, and the denominator of which is 30. 
 Section 2.07 Transfer or Assignment of Registration Rights. The rights to cause Atlas Pipeline Partners to register Registrable Securities granted to the Purchasers by Atlas Pipeline Partners under
this Article II may be transferred or assigned by any Purchaser to one or more transferee(s) or assignee(s) of such Registrable Securities or by total return swap; provided, however, that, except with respect to a total return swap,
(a) unless such transferee is an Affiliate of such Purchaser or another Purchaser, each such transferee or assignee holds Registrable Securities in the amount of $5 million, based on the Common Unit Purchase Price, (b) Atlas Pipeline
Partners is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee and identifying the securities with respect to which such registration rights are being transferred or assigned, and
(c) each such transferee assumes in writing responsibility for its portion of the obligations of such Purchaser under this Agreement. 
 Section 2.08 Limitation on Subsequent Registration Rights. From and after the date hereof, Atlas Pipeline Partners shall not, without the prior written consent of the Holders of Registrable Securities, (i) enter into
any agreement with any current or future holder of any 

  

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securities of Atlas Pipeline Partners that would allow such current or future holder to require Atlas Pipeline Partners to include securities in any
registration statement filed by Atlas Pipeline Partners on a basis that is superior in any way to the piggyback rights granted to the Purchasers hereunder or (ii) grant registration rights to any other Person that would be superior to the
Purchasers’ registration rights hereunder. 
 ARTICLE III 
 MISCELLANEOUS 
 Section 3.01 Communications. All notices
and other communications provided for or permitted hereunder shall be made in writing by facsimile, electronic mail, courier service or personal delivery: 
 (a) if to Atlas Pipeline Partners, to the address set forth on its signature page; 
 (b) if to a Purchaser,
to the address set forth on Exhibit A; and 
 (c) if to a transferee of Purchaser, to such Holder at the address provided pursuant to
Section 2.07 hereof. 
 All such notices and communications shall be deemed to have been received: at the time delivered by hand, if
personally delivered; when receipt acknowledged, if sent via facsimile or electronic mail; and when actually received, if sent by courier service or any other means. 
 Section 3.02 Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including subsequent Holders of Registrable
Securities to the extent permitted herein. 
 Section 3.03 Aggregation of Purchased Units. All Purchased Units held or acquired
by Persons who are Affiliates of one another shall be aggregated for the purpose of determining the availability of any rights under this Agreement. 
 Section 3.04 Recapitalization, Exchanges, Etc. Affecting the Units. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all units of Atlas Pipeline
Partners or any successor or assign of Atlas Pipeline Partners (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be
appropriately adjusted for combinations, unit splits, recapitalizations and the like occurring after the date of this Agreement. 
 Section 3.05 Change of Control. Atlas Pipeline Partners shall not merge, consolidate or combine with any other Person unless the agreement providing for such merger, consolidation or combination expressly provides for the
continuation of the registration rights specified in this Agreement with respect to the Registrable Securities or other equity securities issued pursuant to such merger, consolidation or combination. 
 Section 3.06 Specific Performance. Damages in the event of breach of this Agreement by a party hereto may be difficult, if not
impossible, to ascertain, and it is therefore agreed that 

  

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each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief
in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or
competence of the court to grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity which such Person may have. 

Section 3.07 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 
 Section 3.08 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
 Section 3.09 Governing Law. The Laws of the State of New York shall govern this Agreement without regard
to principles of conflict of Laws. 
 Section 3.10 Severability of Provisions. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or
enforceability of such provision in any other jurisdiction. 
 Section 3.11 Entire Agreement. This Agreement is intended by
the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by Atlas Pipeline Partners set forth herein. This Agreement and the Purchase Agreement supersede all prior agreements and
understandings between the parties with respect to such subject matter. 
 Section 3.12 Amendment. This Agreement may be
amended only by means of a written amendment signed by Atlas Pipeline Partners and the Holders of a two-thirds of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely
affect the rights of any Holder hereunder without the consent of such Holder. 
 Section 3.13 No Presumption. If any claim
is made by a party relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party
or its counsel. 
 Section 3.14 Obligations Limited to Parties to Agreement. Each of the Parties hereto covenants, agrees
and acknowledges that no Person other than the Purchasers (and their permitted assignees) and Atlas Pipeline Partners shall have any obligation hereunder and that, notwithstanding that one or more of the Purchasers may be a corporation, partnership
or limited liability company, no recourse under this Agreement or the Purchase Agreement or under any 

  

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documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent,
general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the
foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or
otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or any former, current or future director, officer, employee,
agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of the Purchasers under this Agreement or the Purchase Agreement or any documents or instruments delivered in
connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation. 
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 IN WITNESS WHEREOF, the Parties hereto execute this Agreement, effective as of the date first above
written. 
  

			
	ATLAS PIPELINE PARTNERS, L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	


  

							
		 	Address for notices:	 	Atlas Pipeline Partners, L.P.
		 		 	West Pointe Corporate Center I
		 		 	1550 Coraopolis Heights Road, Second Floor
		 		 	Moon Township, PA 15108
		 		 	Fax:	 	412-262-2820
		 		 	Attn:	 	Matthew A. Jones
			
		 	With copies to:	 	Ledgewood
		 		 	1900 Market Street, Suite 750
		 		 	Philadelphia, PA 19103
		 		 	Fax:	 	215-735-2513
		 		 	Attn:	 	Lisa A. Ernst







 IN WITNESS WHEREOF, the Parties hereto execute this Agreement, effective as of the date first above
written. 
  

			
	Purchaser:
	  

		
	By:	 	  

	Name:	 	
	Title: