Document:

EX-10.9

 Exhibit 10.9 

FORM OF ATLAS ENERGY GROUP, LLC 

ANNUAL INCENTIVE PLAN FOR SENIOR EXECUTIVES 
  

	1.	Purpose 

 The purpose of the Atlas Energy Group, LLC Annual Incentive Plan for Senior
Executives (the “Plan”) is to enhance the ability of Atlas Energy Group, LLC, a Delaware limited liability company (the “Company”), to attract, reward, and retain senior executive employees, to strengthen employee
commitment to the success of the Company, and to align employee interests with those of the unit holders by providing variable compensation, based on the achievement of performance objectives. To this end, the Plan provides a means of annually
rewarding participants based on the performance of the Company and its business units and, where appropriate, on a Participant’s (as defined below) personal performance. 
  

	2.	Definitions 

 “Award” shall mean an incentive award earned by a
Participant under the Plan for any Performance Period. 
 “Board” shall mean the Board of Directors of the Company. 

“Change in Control” means the occurrence of any of the following: 

(a) a merger, consolidation, share exchange, division, or other reorganization or transaction of the Company with any entity, other than such
a transaction that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 60%
of the combined voting power immediately after such transaction of the surviving entity’s outstanding securities or, in the case of a division, the outstanding securities of each entity resulting from the division; 

(b) the equity holders of the Company approve a plan of complete liquidation or winding-up of the Company; 

(c) a sale or disposition (in one transaction or a series of transactions) of all or substantially all of the assets of the Company; 

(d) during any period of 24 consecutive months, individuals who at the beginning of such period constituted the Board (including for this
purpose any new director whose election or nomination for election or appointment was approved by a vote of at least 2/3 of the directors then still in office who were directors at the beginning of such period) cease for any reason to constitute at
least a majority of the Board; or 
 (e) any other sale of assets or restructuring transaction that has the effect of the enumerated
transactions or events described in any of clauses (a) through (d) above. 

 Notwithstanding the foregoing, with respect to any Award that is subject to Section 409A of
the Code, Change in Control shall mean a “change of control event,” as defined in the regulations and guidance issued under Section 409A of the Code. In addition, notwithstanding the foregoing, the Committee may specify a more limited
definition of Change in Control for a particular Award, as the Committee deems appropriate. 
 “Code” shall mean the
Internal Revenue Code of 1986, as amended or any successor statute thereto. 
 “Committee” shall mean the Compensation
Committee of the Board. 
 “Company” shall have the meaning set forth in Section 1. 

“Participant” for any Performance Period, shall mean a senior executive employee of the Company or a subsidiary who is
designated by the Committee to participate in the Plan. 
 “Performance Goals” shall mean performance objectives
established by the Committee for each Performance Period for the purpose of determining the extent to which a Participant will receive an Award for such Performance Period. The Committee may consider factors including, but not limited to,
performance relative to an appropriate group designated by the Committee, total market return and distribution paid to unitholders and factors related to the operation of the business including growth of reserves, growth in production, processing
and intake of natural gas, health and safety performance, environmental compliance, and risk management. The aforementioned performance criteria may be considered either individually or in any combination, applied to the Company as a whole, to a
subsidiary, to a business unit of the Company or any subsidiary, to an affiliate of the Company or any subsidiary, or to any individual, measured either annually or cumulatively over a period of time. To the extent applicable, the Committee, in
determining whether and to what extent a Performance Goal has been achieved, shall use the information set forth in the Company’s audited financial statements and other objectively determinable information. The Performance Goals established by
the Committee may be (but need not be) different each Performance Period, and different Performance Goals may be applicable to different Participants. 

“Performance Period” shall mean the fiscal year of the Company or any other period of up to 12 months designated by the
Committee with respect to which an Award may be earned. 
 “Plan” shall have the meaning set forth in Section 1. 

“Target Award” shall mean the target amount that a Participant will earn as an Award for a Performance Period if the target
level of performance is achieved for each of the Performance Goals set by the Committee for the Participant. A Participant’s Target Award shall be determined by the Committee based on the Participant’s responsibility level, position, or
such other criteria as the Committee shall determine. 
  

	3.	Eligibility 

 All senior executive employees of the Company and its subsidiaries are
eligible to participate in the Plan. The Committee shall designate which senior executive employees shall participate in the Plan for each Performance Period. In order to be eligible to receive an Award with respect to any Performance Period, an
employee must be actively employed by the Company or a subsidiary on the last day of the Performance Period, except as provided in Section 7. 

  
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	4.	Administration 

 (a) Committee Authority. The Plan shall be administered by the
Committee. The Committee shall have full discretionary authority to establish the rules and regulations relating to the Plan, to interpret the Plan and those rules and regulations, to select Participants in the Plan, to determine each
Participant’s Target Award and Award amount, to approve all Awards, to decide the facts in any case arising under the Plan and to make all other determinations, including factual determinations, and to take all other actions necessary or
appropriate for the proper administration of the Plan, including the delegation of such authority or power, where appropriate. All powers of the Committee shall be executed in its sole discretion, in the best interest of the Company, not as a
fiduciary, and in keeping with the objectives of the Plan, and need not be uniform as to similarly situated individuals. 
 (b) Committee
Determinations. All Awards shall be made conditional upon the Participant’s acknowledgement, in writing or by acceptance of the Award, that all decisions and determinations of the Committee shall be final, conclusive, and binding on the
Participant, his or her beneficiaries, and any other person having or claiming an interest under such Award. Awards need not be uniform as among Participants. The Committee’s administration of the Plan, including all such rules and regulations,
interpretations, selections, determinations, approvals, decisions, delegations, amendments, terminations, and other actions, shall be final, conclusive, and binding on the Company and all employees of the Company, including the Participants and
their respective beneficiaries. 
  

	5.	Determination of Awards 

 (a) Target Awards and Performance Goals. As soon as
practicable following the beginning of the Performance Period, the Committee shall determine the senior executive employees who shall be Participants during that Performance Period, each Participant’s Target Award, and the Performance Goals for
each Participant, all of which shall be set forth in the Committee’s minutes. The Performance Goals may provide for differing amounts to be paid based on differing thresholds of performance. The Committee shall specify in the minutes how the
financial calculations for the Performance Goals will be made, including what, if any, adjustments shall be made in the event of a change in capitalization, extraordinary event, change in applicable accounting rules or principles, or other event.
The Committee shall establish a target dollar amount that may be paid to a Participant for the Performance Period. The Company shall notify each Participant of the applicable Performance Goals and other terms of Awards for the Performance Period.

 (b) Earning an Award. A Participant will earn an Award for a Performance Period based on the level of achievement of the
Performance Goals established by the Committee for that period; provided that the Committee may reduce or increase an Award for any Performance Period based on its assessment of personal performance or other factors. 

  
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	6.	Payment of Awards 

 The Committee shall certify and announce the Awards that will be paid
by the Company to each Participant as soon as practicable following the final determination of the Company’s financial results for the relevant Performance Period. Subject to the provisions of Section 7, payment of the Awards certified by
the Committee shall be made as soon as practicable following the close of the Performance Period, but in any event within 2.5 months after the close of the Performance Period and as otherwise consistent with the requirements of
Section 409A of the Code. Awards shall be paid in cash, in equity, or in a combination thereof. Any common or phantom units may be issued under a long-term incentive plan of the Company or of its subsidiaries. 

 

	7.	Limitations on Rights to Payment of Awards 

 (a) Employment. No Participant shall
have any right to receive payment of an Award under the Plan for a Performance Period unless the Participant remains in the employ of the Company through the last day of the Performance Period; provided, however, that the Committee may
determine that if a Participant’s employment with the Company terminates prior to the end of the Performance Period, the Participant shall remain eligible to receive a prorated portion of any Award that would otherwise have been earned for the
Performance Period, in such circumstances as the Committee deems appropriate. If payments are to be made under the Plan after a Participant’s death, such payments shall be made to the personal representative of the Participant’s estate.

 (b) Leaves of Absence. If a Participant is on an authorized leave of absence during the Performance Period, the Participant may be
eligible to receive a prorated portion of any Award that would otherwise have been earned, as determined by the Committee. 
  

	8.	Change in Control 

 Unless the Committee determines otherwise, if a Change in Control
occurs prior to the end of a Performance Period, (a) each Participant shall receive an Award for the Performance Period in which the Change in Control occurs, based on performance measured as of the date of the Change in Control, or as
otherwise determined by the Committee, and subject to such adjustment as the Committee deems appropriate, (b) the Performance Period shall end as of the date of the Change in Control, and (c) Awards shall be paid within 60 days after
the Change in Control (regardless of whether the Participant remains employed after the Change in Control). 
  

	9.	Deferrals 

 Notwithstanding Section 6, the Committee may permit a Participant to
defer receipt of an Award that would otherwise be payable to the Participant. The Committee shall establish rules and procedures for any such deferrals, consistent with the applicable requirements of Section 409A of the Code. 

  
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	10.	Amendments 

 The Committee may at any time amend the Plan. No amendment that adversely
affects any Participant’s rights to an Award that has been earned prior to the date of the amendment shall be effective unless the Participant consents to the amendment. 
  

	11.	Termination 

 The Committee may terminate the Plan at any time. In the case of
termination of the Plan, each Participant may receive all or a portion of the Award that would otherwise have been earned for the then-current Performance Period had the Plan not been terminated, as determined by the Committee. Each Award shall be
paid as soon as practicable, but in no event later than 2.5 months after the Performance Period in which the Plan terminates. 
  

	12.	Miscellaneous Provisions 

 (a) No Employment Right. The Plan is not a contract
between the Company and any employee or Participant. Neither the establishment of the Plan, nor any action taken hereunder, shall be construed as giving any employee or any Participant any right to be retained in the employ of the Company. The
Company is under no obligation to continue the Plan. Nothing contained in the Plan shall limit or affect in any manner or degree the normal and usual powers of management, exercised by the officers and the Board or committees thereof, to change the
duties or the character of employment of any employee or to remove any individual from the employment of the Company at any time and for any reason, all of which rights and powers are expressly reserved. 

(b) No Assignment. A Participant’s right and interest under the Plan may not be assigned or transferred, except upon death as
provided in Section 7 of the Plan, and any attempted assignment or transfer shall be null and void. 
 (c) No Funding of the Plan;
Limitation on Rights. The Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any Awards under the Plan. Nothing contained in the
Plan and no action taken pursuant hereto shall create or be construed to create a fiduciary relationship between the Company and any Participant or any other person. No Participant or any other person shall under any circumstances acquire any
property interest in any specific assets of the Company. To the extent that any person acquires a right to receive payment from the Company hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company.

 (d) Obligations to the Company. If a Participant becomes entitled to payment of an Award under the Plan, and if at such time the
Participant has outstanding any debt, obligation, or other liability representing an amount owing to the Company, then the Company may offset such amount owed to it against the Award otherwise distributable. Any determination under this
Section 12(d) shall be made by the Committee in its sole discretion. 

  
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 (e) Withholding Taxes. All Awards under the Plan shall be subject to applicable federal
(including FICA), state, and local tax withholding requirements. The Company may require that the Participant or his or her personal representative pay to the Company the amount of any federal, state, or local taxes that the Company is required to
withhold with respect to such Awards, or the Company may deduct from other wages paid by the Company the amount of any withholding taxes due with respect to such Awards. 

(f) Compliance with Law. It is the intent of the Company that the Awards under the Plan qualify for the “short-term deferral”
exception to Section 409A of the Code. To the extent that any legal requirement of Section 409A of the Code as set forth in the Plan ceases to be required under Section 409A of the Code, that Plan provision shall cease to apply. The
Committee may revoke any Award if it is contrary to law or modify an Award to bring it into compliance with any valid and mandatory government regulation. 

(g) Governing Law. The validity, construction, interpretation, and effect of the Plan shall exclusively be governed by and determined
in accordance with the law of Delaware, without giving effect to the conflict of laws provisions thereof. 
 Adopted by the Board of
Directors on [—], 2015 

  
 6AGREEMENT FOR CONVERSION OF

AGREEMENT FOR CONVERSION OF

INDEBTEDNESS TO SERIES B VOTING PREFERRED STOCK

THIS AGREEMENT OF CONVERSION OF INDEBTEDNESS TO SERIES B PREFERRED VOTING STOCK (“Agreement”) is made and entered into the 21 day of November, 2014, by and among Microelectronics Technology Company, (the “Company”), and Rancho Capital Management Inc. (the “Holder”).

RECITALS

A.

Pursuant to the provisions of that certain written Convertible Redeemable Note dated June 30, 2014, the Company is indebted to the Holder in the principal amount of $50,000.00 (the “Indebtedness”).

B.

The Company and the Holder, and each of them, desire that the Holder convert the Indebtedness into 1,000 shares of the Company’s Series B Voting Preferred Stock, on the terms and subject to the conditions specified in this Agreement.

NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL PROMISES, COVENANTS, AND UNDERTAKINGS SPECIFIED IN THIS AGREEMENT AND FOR OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY ACKNOWLEDGED, WHICH THE INTENT TO BE OBLIGATED LEGALLY AND EQUITABLY, THE PARTIES TO THIS AGREEMENT HEREBY REPRESENT, WARRANT AND AGREE AS FOLLOWS:

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Recitals. The above recitals are true and correct and, by this reference, are made a part of this Agreement proper, as though specified completely and specifically at length in this Agreement proper

2.

Conversion of Indebtedness. The Indebtedness shall be, and hereby is, converted to 1,000 shares of the Company’s Series B Voting Preferred Stock (the “Shares”).

3.

Ownership of the Indebtedness. The Holder is the owner of the Indebtedness and has not sold, assigned, transferred, conveyed, or otherwise disposed of the Indebtedness, or any portion thereof.

4.

Due Diligence By the Holder. The Holder has relied solely upon such independent investigations and due diligence made by the Holder in making its decision to convert the Indebtedness to the Shares as the Holder has determined to be necessary or appropriate.

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5.

No Determination By Agency. No agency or regulatory authority has approved or made any finding or determination regarding the fairness of the conversion of the Indebtedness to the Shares.

6.

Nature of Investment in the Shares. The Holder understands that the conversion of the Indebtedness to the Shares is a speculative investment and involves certain risks.

7.

Forward Looking Information Regarding the Company. The Holder understands that the information provided to the Holder by the Company regarding the conversion of the Indebtedness to the Shares specifies certain forward looking and anticipatory information, that involves risks and uncertainties, including information regarding the Company’s business and expectations.  The Holder understands that such information, generally, is not based on historical facts and, therefore, the Company’s actual results may differ materially from those specified or contemplated by that information.  The Holder understands that the results of the Company’s operations, including, but not limited to, revenue and profits, may differ materially from those specified in or contemplated by that information.  The Holder understands that in evaluating that information, the Holder has considered various factors which may cause results to differ materially from any information provided to the Holder by the Company in connection with the conversion of the Indebtedness to the Shares.  The Holder understands that the forward looking, anticipatory information provided to the Holder by the Company in connection with the conversion of the Indebtedness to the Shares is made in good faith and based upon the current judgment of the Company regarding its proposed business.  The Holder understands that actual results from the operations of the Company will almost always vary, sometimes materially, from any future performance suggested or contemplated by that information.

8.

Knowledge and Experience of the Holder. The Holder has the requisite knowledge and experience to evaluate the relative business and tax aspects and risks, or the Holder has relied upon the advice of experience advisors with regard to the relative business and tax aspects and risks, and other considerations involved in the conversion of the Indebtedness to the Shares.

9.

Pre-existing Relationship Among the Holder and the Company. The Holder has a pre-existing relationship with the Company, and that pre-existing relationship was developed and formed prior to, and independent and not as a result of, the Holder’s decision to convert the Indebtedness to the Shares.  As a result of that pre-existing relationship with the Company and because of the Holder’s business or financial experience, it is reasonable for the Company to 

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assume that the Holder has the capacity to protect the Holder’s interests in connection with the conversion of the Indebtedness to the Shares.

10.

No Registration of the Shares. The Holder understands that the conversion of the Indebtedness to the Shares has not been registered with the Securities and Exchange Commission (the “Commission”) pursuant to the Securities Act of 1933, as amended (the “Act”), because of that certain exemption from the registration and prospectus delivery requirements of the Act specified by the provisions of Section 3(a)(9) of the Act.  The Holder understands that the Holder has no right to require that the Shares be registered or qualified with any securities commission, regulator, administrator, or similar authority of any jurisdiction.  The Holder is aware that the Company has no obligation to assist the Holder in obtaining any exemption from any registration or qualification requirements imposed by applicable law or registering or qualifying the Shares in any jurisdiction.  The Holder is aware that the Holder shall be responsible for compliance with all conditions on transfer imposed by the Commission or any securities administrator or similar authority of any state of province.

11.

Responsibility Re: Tax Consequences. The Holder understands that any tax consequences resulting from its conversion of the Indebtedness to the Shares will depend upon the Holder’s particular circumstances, and the Company will not be responsible or liable for any tax consequences resulting from the conversion of the Indebtedness to the Shares.

12.

No Commission or Other Remuneration. No commission or other remuneration has been paid or has agreed to be paid or given, directly, or indirectly, for soliciting the exchange and conversion of the Indebtedness for the Shares.

13.

Release of the Indebtedness. In consideration of the issuance by the Company to the Holder of the Shares, the Holder hereby irrevocably, unconditionally, and forever releases, acquits, and discharges the Company from any and all liability, debts, demands and rights relating to, and any cause of action that could have been asserted in connection with, the Indebtedness.

14.

Capacity to Execute Agreement. Each party to this Agreement represents, warrants, and covenants that such party has the complete right and authority to enter into, execute, and deliver this Agreement, and the person executing this Agreement on behalf of such party has the complete right and authority to commit and obligate such party fully and completely as specified in this Agreement.

15.

Lack of Duress. Each party to this Agreement represents, warrants, and covenants that such party executes and delivers this Agreement of such party’s free will and with no threat, menace, coercion or duress, whether economic of physical.  

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Moreover, each party to this Agreement represents, warrants, and covenants that such party executes this Agreement acting on such party’s judgment and advice of such party’s counsel, without any representation, express or implied, of any kind from the other party to this Agreement, except as specified expressly in this Agreement.

16.

Survival of Covenants, Representations and Warranties. All covenants, representations, and warranties made by the parties to this Agreement shall be deemed made for the purpose of inducing each such party to enter into and execute and deliver this Agreement.  The representations, warranties, and covenants specified in this Agreement shall survive any investigation by either such party, whether before or after the execution of this Agreement.  The covenants, representations, and warranties of the parties to this Agreement are made only to and for the benefit of those parties and shall not create or vest rights in other person.

17.

Entire Agreement. This Agreement is the final written expression and complete and exclusive specification of all the agreements, conditions, promises, representations, warranties, and covenants among the parties to this Agreement with respect to the subject matter of this Agreement, and this Agreement supersedes all prior or contemporaneous agreements, negotiations, representations, warranties, covenants, understandings and discussion by and among those parties, their respective counsel, and any other person with respect to the subject matter specified in this Agreement.  This Agreement may be amended only by an instrument in writing which specifically refers to this Agreement and indicates that such instrument is intended to amend this Agreement and signed by each of the parties to this Agreement.

18.

Captions and Interpretations. Captions of the sections of this Agreement are for convenience and reference only, and the words specified therein shall in no way be held to explain, modify, amplify or aid in the interpretation, construction, or meaning of the provisions of this Agreement.  The language in this Agreement, in all events, shall be construed in accordance with the fair meaning of that language, as if prepared by both parties to this Agreement and not strictly for or against either such party.  Each party to this Agreement has reviewed and read this Agreement carefully.  The rule of construction which requires a court to resolve any ambiguities against the drafting party shall not apply in interpreting the provisions of this Agreement.

19.

Number and Gender.  Whenever the singular number is used in this Agreement and, when required by the context, the same shall include the plural, and vice versa; the masculine gender shall include the feminine and the neuter genders, and vice versa, and the word "person" shall include individual, company, sole 

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proprietorship, corporation, joint venture, association, joint stock company, fraternal order, cooperative, league, club, society, organization, trust, estate, governmental agency, political subdivision or authority, firm, municipality, congregation, partnership, or other form of entity, whether active or passive.

20.

Severability.  In the event any portion of this Agreement, for any reason, is determined to be invalid, such determination shall not affect the validity of any remaining portion of this Agreement, which remaining portion shall remain in complete force and effect, as if this Agreement had been executed with that invalid portion of this Agreement eliminated.  It is hereby declared the intention of the parties to this Agreement that those parties would have executed the remaining portion of this Agreement without including any portion which, for any reason, hereafter may be determined to be invalid.

21.

Execution in Counterparts. This Agreement may be prepared in multiple copies and forwarded (by facsimile or electronic transmission) to each of the parties to this Agreement (or their counsel) for signature. The signatures of those parties may be affixed to one copy or to separate copies of this Agreement and when all such copies are received (by facsimile or electronic transmission) and signed by both such parties, those copies shall constitute one agreement which is not otherwise separable or divisible.

22.

Expenses.  Each party to this Agreement shall pay such party's costs and expenses incurred by such party in connection with the preparation, execution and delivery of this Agreement and the action contemplated by the provisions of this Agreement.

23.

Further Assurances.  Each party, at any time and from time to time, at any other party's request, shall execute, acknowledge, and deliver any and all instruments and take any and all action that may be necessary or proper to carry out, perform, and effectuate the intents and purposes of the provisions of this Agreement.  In the event of refusal or failure to do so by any party, any other such party shall have the power and authority, as attorney-in-fact for the party so refusing or failing, to execute, acknowledge, and deliver such instrument and take any and all such action.

24.

Consent to Agreement. By executing this Agreement, each party represents that such party has read or caused to be read this Agreement in all particulars and consents to the rights, conditions, obligations, duties, and responsibilities imposed upon such party by the provisions of this Agreement.  Each party represents, warrants, and covenants that such party executes and delivers this Agreement of such party’s free will and with no threat, undue influence, menace, coercion or duress, whether economic or physical.  Moreover, each party represents, warrants, 

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and covenants that such party executes this Agreement acting on such party's independent judgment.

25.

Choice of Law and Consent to Jurisdiction. This Agreement shall be deemed to have been entered into in the State of Nevada. All questions concerning the validity, interpretation, or performance of any of the terms, conditions, and provisions of this Agreement or of any of the rights or obligations of the parties shall be governed by, and resolved in accordance with, the laws of the State of Nevada, without regard to conflicts of law principles.

IN WITNESS WHEREOF the parties to this Agreement have executed this Agreement in duplicate and in multiple counterparts, each of which shall have the force and effect of an original, on the date specified in the preamble of this Agreement.

THE COMPANY:

THE HOLDER:

Microelectronics Technology Company,

Rancho Capital Management Inc.

a Nevada corporation

By: Brett Everett

By: James Powell

Its: President

Its:  President

By: Brett Everett

Its: Secretary

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