Document:

'JUL-25-02 THU 08:13 AM ASG FAX NO

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "Agreement") made and entered into as of the 8th day of November, 2006 among AMERICAN SEAFOODS, L.P., ("Parent") and AMERICAN SEAFOODS INTERNATIONAL LLC ("ASI"), AMERICAN PRIDE SEAFOODS LLC ("Employer" or the "Company") and John D. Cummings who resides at 3 Penhollow Lane, Hampton Falls, New Hampshire, 03844 ("Executive").

W I T N E S S E T H:

WHEREAS, ASI, Parent and Executive are parties to that certain Employment Agreement dated as of April 8, 2002; and

WHEREAS, ASI, Parent, Employer and Executive desire now to amend and restated the original Employment Agreement, including replacing ASI with Employer as the employer of Executive.

NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, and intending to be legally bound hereby, it is hereby agreed as follows:

	Employment Term.  Employer, replacing ASI, agrees to employ Executive, and Executive agrees to be so employed, in the capacity of President of American Pride Seafoods LLC, for a term commencing on the date hereof and ending on December 31, 2011 (the "Initial Term"); provided, however, that, notwithstanding anything to the contrary set forth in this Agreement, this Agreement may be earlier terminated pursuant to the terms hereof.  The term of this Agreement will automatically extend past the Initial Term for succeeding periods of one year each unless either party terminates this Agreement as of the end of the Initial Term, or as of the end of any subsequent one-year period (in either case, the "Termination Date"), by delivering notice to the other party specifying the applicable Termination Date not earlier than 180 days and not later than 120 days prior to the date so specified.  "Employment Term" as used herein shall mean the term of this Agreement including any automatic extensions pursuant to the preceding sentence.

	Position and Duties.  Executive shall (in accordance with Section 11 hereof) diligently and conscientiously devote his full business time, attention, energy, skill and best efforts to the business of Employer and the discharge of his duties hereunder.  Executive's duties under this Agreement shall be to serve as President of Employer, with the responsibilities, rights, authority and duties customarily pertaining to such office and as may be established from time to time by or under the direction of the Board of Directors or similar governing body of Employer (the "Board") or its designees, and Executive shall report to the Chief Executive Officer of American Seafoods Group LLC, the Company's parent.  Executive shall also act as an officer and/or director and/or manager of such subsidiaries of Employer as may be designated by the Board, commensurate with Executive's office, all without further compensation, other than as provided in this Agreement.  Executive's principal office will be in New Bedford, Massachusetts.

	Compensation.

	Base Salary.  Employer shall pay Executive base salary compensation at an annual rate of $280,000.  In January 2007 and annually thereafter, the, Board shall review Executive's base salary in light of the performance of Executive and the Company, and may, in its sole discretion, increase or decrease (but not decrease below $280,000) such base salary by an amount it determines to be appropriate.  Executive's annual base salary payable, hereunder, as it may be increased or decreased from time to time, is referred to herein as "Base Salary."  Base Salary shall be paid in equal installments in accordance with Employer's payroll practices in effect from time to time for executive officers, but in no event less frequently than monthly.

	Bonus.  Executive shall be entitled to participate in all annual incentive plans, profits participation plans, equity-based incentive plans and other bonus and compensation plans of Employer offered from time to time during the term of Executive's employment hereunder by Employer to employees or executives of Executive's rank to the extent Executive qualifies under the eligibility provisions of the applicable plan or plans, in each case consistent with Employer's then-current practice as approved by the Board from time to time.

	Benefits.  Executive shall be eligible to participate in all employee benefit programs of Employer offered from time to time during the term of Executive's employment hereunder by Employer to employees or executives of Executive's rank, to the extent that Executive qualifies under the eligibility provisions of the applicable plan or plans, in each case consistent with Employer's then-current practice as approved by the Board from time to time.  The foregoing shall not be construed to require Employer to establish such plans or to prevent the modification or termination of such plans once established, and no such action or failure thereof shall affect this Agreement. Executive recognizes that Employer and its affiliates have the right, in their sole discretion, to amend, modify or terminate their benefit plans without creating any rights in Executive.

	Vacation.  Executive shall be entitled to up to four weeks of paid vacation per calendar year.  A maximum of one week of vacation time may be carried over from one calendar year and into the following calendar year; provided, however, that the vacation time be exercised prior to the end of the subsequent calendar year.

	Business Expenses.  To the extent that Executive's reasonable and necessary expenditures for travel, entertainment and similar items made in furtherance of Executive's duties under this Agreement comply with Employer's expense reimbursement policy, are wholly or partially deductible by Employer for federal income tax purposes pursuant to the Internal Revenue Code of 1986, as amended and are documented and substantiated by Executive as required by the Internal Revenue Service and the policies of Employer, Employer shall reimburse Executive for such expenditures; provided documentation, therefor is submitted not later than 45 days after such expense is incurred.

	Termination by the Company.

	Employer shall have the right to terminate the Employment Term under the following circumstances (and also as contemplated by Section 8(b)):

	upon the death of Executive;
	in the event of a disability which prevents or seriously inhibits  Executive from performing his duties for 60 consecutive days as determined in good faith by the Board, upon 30 days written notice from Employer to Executive; or
	for Cause (as defined below).

"Cause" as used in this Agreement shall mean (i) Executive's commission of a felony or any other crime involving moral turpitude, fraud, misrepresentation, embezzlement or theft, (ii) Executive's engaging in any activity that is harmful (including, without limitation, alcoholic or other self-induced affliction), in a material respect, to the Company or any of its subsidiaries, monetarily or otherwise, as determined by a majority of the Board; (iii) Executive's material malfeasance (including without limitation, any intentional act of fraud or theft), misconduct, or gross negligence in connection with the performance of his duties hereunder; (iv) Executive's significant violation of any statutory or common law duty of loyalty to the Company or any of its subsidiaries; (v) Executive's material breach of this Agreement or of a material Company policy (including without limitation, disclosure or misuse of any confidential or competitively sensitive information or trade secrets of the Company or a subsidiary); or (vi) Executive's refusal or failure to carry out directives or instructions of the Board that are consistent with the scope and nature of Executive's duties and responsibilities set forth herein, in the case of clause (v) or (vi) above, only if such breach or failure continues for more than 10 days following written notice from Employer describing such breach or failure.

	If this Agreement is terminated pursuant to Paragraph 7(a), or for any other reason (except by Executive pursuant to Paragraph 8 or by Employer other than pursuant to Paragraph 7(a)), Executive's rights and Employer's obligations hereunder shall forthwith terminate except that Employer shall pay Executive his Base Salary earned but not yet paid through the date of termination.  In addition, if Executive is terminated pursuant to Paragraph 7(a)(i) or 7(a)(ii), Employer shall also pay Executive within 30 days following receipt of audited financial statements for the year during which such termination occurred, a prorated annual bonus in respect of the partial year during which such termination occurred, the amount to be equal to the full amount of the annual cash bonus, if any, that would be due under Section 3(b) multiplied by a fraction, the numerator of which is the number of days in such fiscal year prior to such termination and the denominator of which is 365.

	Termination by Executive.

	Executive shall have the right to terminate the Employment Term for Good Reason (as defined below), upon 60 days' written notice to the Board given within 60 days following the occurrence of an event constituting Good Reason; provided that Employer shall have 10 days after the date such notice has been given to the Board in which to cure the conduct specified in such notice.  For purposes of this Agreement "Good Reason" shall mean:

	The Company's failure to pay or provide when due Executive's Base Salary, which failure is not cured within 10 days after the receipt by the Board from Executive of a written notice referring to this provision and describing such failure; or
	The failure to continue Executive in his position as provided in Paragraph 1 or removal of him from such position; or

(iii)A material diminution of Executive's responsibilities, duties or status, which diminution is not rescinded within 30 days after the date of receipt by the Board from Executive of a written notice referring to this provision and describing such diminution

	If this Agreement is terminated pursuant to Paragraph 8(a), or if Employer shall terminate Executive's employment under this Agreement other than pursuant to Paragraph 7(a), Executive shall be entitled to the following, which he acknowledges to be fair and reasonable, as his sole and exclusive remedy, in lieu of all other remedies at law or in equity, for any such termination:

	Base Salary earned but not yet paid through the date of termination;
	a prorated annual bonus in respect of the partial year during which such termination occurred, the amount to be equal to the full amount of the annual bonus, if any, that would be due under Section 3(b) multiplied by a fraction, the numerator of which is the number of days in such fiscal year prior to the termination and the denominator of which is 365; and
	An amount equal to Executive's actual Base Salary (not including any bonus paid or payable) for the 12-month period immediately prior to such termination (or the period during which Executive was employed by Employer if less than 12 months), payable in 24 equal installments during the 24-month period following such termination (the "Severance Pay Period").

In the event of any such termination, Executive shall use commercially reasonable efforts to secure alternative employment.  During the last 12 months of the Severance Pay Period, any compensation, income or benefits earned by or paid to (in cash or otherwise) Executive as an employee of or consultant to a company other than the Company shall reduce the amount of severance payments payable during such 12-month period pursuant to Paragraph 8(b)(iii).

	If Executive terminates his employment at any time during the term of this Agreement other than pursuant to Section 8(a), without limiting or prejudicing any other legal or equitable rights or remedies which Employer may have upon such breach by Executive, Executive will receive his Base Salary earned but not yet paid through the date of termination.

	Services Unique.  Executive recognizes that Executive's services hereunder are of a special, unique, unusual, extraordinary and intellectual character giving them a peculiar value, the loss of which cannot be reasonably or adequately compensated for in damages, and in the event of a breach of this Agreement by Executive (particularly, but without limitation, with respect to the provisions hereof relating to the exclusivity of Executive's services and the provisions of Paragraph 11), the Company shall, in addition to all other remedies available to it, be entitled to equitable relief by way of an injunction and any other legal or equitable remedies.  Anything to the contrary herein notwithstanding, the Company may seek such equitable relief in a federal or state court in the Commonwealth of Massachusetts, and Executive hereby submits to jurisdiction in those courts.

	Protection of the Company's Interests.  To the fullest extent permitted by law, all rights worldwide with respect to any intellectual or other property of any nature conceived, developed, produced, created, suggested or acquired by Executive in connection with the performance of his duties hereunder during the period commencing on the date hereof and ending 12 months following the termination of Executive's employment hereunder shall be deemed to be a work made for hire and shall be the sole and exclusive property of Employer.  Executive agrees to execute, acknowledge and deliver to Employer at Employer's request, such further documents, as the Employer finds appropriate to evidence the Employer's rights in such property.  Executive further acknowledges that in performing his duties hereunder, he will have access to proprietary and confidential information and to trade secrets of Employer and its affiliates.  Any confidential and/or proprietary information of Employer or its affiliates shall not be used by Executive or disclosed or made available by Executive to any person except (i) as required in the course of Executive's employment or (ii) when required to do so by a court of law, by any governmental agency having supervisory authority over the business of Employer or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order him to divulge, disclose or make accessible such information, it being understood that Executive will promptly notify Employer of such requirement so that Employer may seek to obtain a protective order.  Upon expiration or earlier termination of the term of Executive's employment, Executive shall return to Employer all such information that exists in written or other physical form (and all copies thereof) under Executive' control.

	Non-Competition.

	Exclusivity of Employment.  Executive agrees that his employment hereunder is on an exclusive basis and that during the Employment Term, he will not engage in any other business activity.  Notwithstanding the foregoing, nothing in this Agreement shall preclude Executive from serving or engaging in charitable and public service activities, or engaging in speaking and writing activities, or from managing his personal investments, provided that such activities are disclosed in writing to the Board in a notice that references this provision and do not interfere with Executive's availability or ability to perform his duties and responsibilities hereunder.

	Noncompete.  Executive agrees that during the Employment Term, and the Severance Pay Period (if applicable), and the 24-month period thereafter, he shall not, directly or indirectly, engage in, or participate as an investor in, an officer, employee, director or agent of, or consultant for, any entity engaging in any line of business competitive with that of Employer or any of its subsidiaries, or any line of business which Employer or any of its subsidiaries is contemplating; provided however that, nothing herein shall prevent him from investing as less than a 5% shareholder in the securities of any company listed on a national securities exchange or quoted on an automated quotation system.  Executive's participation in such entity in any of the foregoing capacities, other than participation described in the foregoing proviso, being sometimes referred to herein as being a "Participant."

	Nonsolicitation of Employees.  Executive agrees that during the Employment Term and the Severance Pay Period (if applicable), and the 24-month period thereafter (the "Nonsolicitation Period"), he will not directly or indirectly, employ, or be a Participant in any entity that employs, any person previously employed by the Company or any of its subsidiaries or in any way induce or attempt to induce any person to leave the employment of the Company or any of its subsidiaries.

	Nonsolicitation of Customers.  Executive agrees that during the Nonsolicitation Period, he will not directly or indirectly, solicit or do business with, or be a Participant in any entity that solicits or does business with, any customer of Employer or any of its subsidiaries, nor shall Executive in any way induce or attempt to induce any customer of Employer to do business with any person or entity other than Employer; provided that, the foregoing shall not restrict Executive or any entity in which he is a Participant from soliciting or doing business with any customer of Employer or any of its subsidiaries with respect to a business that  is not competitive with the business of Employer or any of its subsidiaries or any line of business that Employer or any of its subsidiaries is contemplating.  Notwithstanding the foregoing, after the expiration of the noncompetition period set forth in Paragraph 11(b), Executive may participate as an investor in, an officer, employee, director or agent of or consultant for an entity that does that does business with one or more customers of Employer so long as Executive has no contact with such customer and has no direct or indirect involvement in the solicitation of business from any such customer.

	Standstill.  Executive agrees that during the Nonsolicitation Period, Executive shall not, except at the specific written request of the Board:

	engage in or propose, or be a Participant in any entity that engages in or proposes, a Rule 13e-3 Transaction (as defined in Rule l3e-3 under the Securities Exchange Act of 1934) or any other material transaction, between Parent, Employer or any of its subsidiaries, on the one hand, and Executive or any entity in which Executive is a Participant, on the other hand;
	acquire any equity securities of Parent, Employer or any of its subsidiaries (other than securities issued to Executive by Parent or issued to Executive by Parent upon exercise of options issued to Executive by Parent), or be a participant in any entity that acquires any equity securities of Parent, Employer or any of its subsidiaries;
	solicit proxies, or be a Participant in any entity that solicits proxies, or become a participant in any solicitation of proxies, with respect to the election of directors of Parent, Employer or any of its subsidiaries in opposition to the nominees recommended by the Board of any such entity; or
	directly or indirectly, engage in or participate in any other activity that would be reasonably expected to result in a change of control of Parent, Employer or any of its subsidiaries.

The foregoing provisions of this Paragraph shall not be construed to prohibit or restrict the manner in which Executive exercises his voting rights in respect of equity interests in Parent acquired in a manner that is not a violation of the terms of this Paragraph 11.

	Nondisparagement.  Executive will not at any time during or after this Agreement directly (or through any other person or entity) make any public or private statements (whether oral or in writing) which are derogatory or damaging to the Company, its business, activities, operations, affairs, reputation or prospects or any of its officers, employees, directors or shareholders.  Employer will not at any time during or after the term of this Agreement directly (or through any other person or entity) make any defamatory public or private statements (whether oral or in writing) concerning Executive.

	Representation of the Parties.  Executive represents and warrants to Employer and Parent that Executive has the capacity to enter into this Agreement and the other agreements referred to herein, and that the execution, delivery and performance of this Agreement and such other agreements by Executive will not violate any agreement, undertaking or covenant to which Executive is party or is otherwise bound.  Each of Employer and Parent represents to Executive that it is a limited liability company or limited partnership, as applicable, and is duly organized and validly existing under the laws of the State of Delaware, that it is fully authorized and empowered by action of its Board or general partner, as applicable, to enter into this Agreement and the other agreements referred to herein, and that performance of its obligations under this Agreement and such other agreements will not violate any agreement between it and any other person, firm or other entity. 
	Key Man Insurance.  Each of Employer and Coastal Villages Pollock LLC or its affiliates (collectively, "Coastal Villages") will have the right throughout the term of this Agreement, to obtain or increase insurance on Executive's life in such amount as the Board or Coastal Villages (as applicable) determines, in the name of Employer or Coastal Villages, as the case may be, and for its sole benefit or otherwise, in the discretion of the Board or Coastal Villages (as applicable).  Executive will cooperate in any and all necessary physical examinations without expense to Executive, supply information, and sign documents, and otherwise cooperate fully with each of Employer and Coastal Villages as Employer or Coastal Villages (as applicable) may request in connection with any such insurance.  Executive warrants and represents that, to his best knowledge, he is in good health and does not suffer from any medical condition which might interfere with the timely performance of his obligations under this Agreement.

	Notices.  All notices given under this Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered personally, (b) three business days after being mailed by first class certified mail, return receipt requested, postage prepaid, (c) one business day after being sent by a reputable overnight delivery service, postage or delivery charges prepaid, or (d) on the date on which a facsimile is transmitted to the parties at their respective addresses stated below.  Any party may change its address for notice and the address to which copies must be sent by giving notice of the new addresses to the other parties in accordance with this Paragraph 15, except that any such change of address notice shall not be effective unless and until received.

If to the Employer or Parent:

American Seafoods Group LLC

2025 First Avenue, Suite 900

Seattle, WA 98127

Facsimile:  (206) 374-1516

Attention: General Counsel

with a copy to:

Heller Ehrman LLP

701 Fifth Avenue, Suite 6100

Seattle, WA 98104

Attention:  Bruce M. Pym, Esq.

If to Executive:

Mr. John D. Cummings

3 Penhollow Lane

Hampton Falls, NH  03844

	Entire Agreement; Amendments, Waivers, Etc.

	No amendment or modification of this Agreement shall be effective unless set forth in a writing signed by the Company and Executive. No waiver by either party of any breach by the other party of any provision or condition of this Agreement shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time.  Any waiver must be in writing and signed by the waiving party.
	This Agreement sets forth the entire understanding and agreement of the parties with respect to the subject matter hereof and supersedes all prior oral and written understandings and agreements.  There are no representations, agreements, arrangements or understandings, oral or written, among the parties relating to the subject matter hereof which are not expressly set forth herein, and no party hereto has been induced to enter into this Agreement, except by the agreements expressly contained herein.
	Nothing herein contained shall be construed so as to require the commission of any act contrary to law, and wherever there is a conflict between any provision of this Agreement and any present or future statute, law, ordinance or regulation, the latter shall prevail, but in such event the provision of this Agreement affected shall be curtailed and limited only to the extent necessary to bring it within legal requirements.
	This Agreement shall inure to the benefit of and be enforceable by Executive and his heirs, executors, administrators and legal representatives, by the Company and its successors and assigns, by Parent and its successors and assigns, and with respect to Paragraph 14, Coastal Villages and its successors and assigns.  This Agreement and all rights hereunder are personal to Executive and shall not be assignable.  Each of the Company and Parent may assign its rights under this Agreement to any successor by merger, consolidation, purchase of all or substantially all of its and its subsidiaries' assets, or otherwise; provided that such successor assumes all of the liabilities, obligations and duties of the Company under this Agreement, either contractually or as a matter of law.
	If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect the other provisions or application of this Agreement that can be given effect without the invalid provisions or application, and to this end the provisions of this Agreement are declared to be severable.

	Governing Law.  This Agreement shall be governed by and construed in accordance with the laws the Commonwealth of Massachusetts without reference to principles of conflict of laws.

	Right to Equitable Relief.  Executive recognizes that Employer will have no adequate remedy at law for his breach of any provision of Paragraph 10, 11 or 12 and in the event of any such breach or threatened breach he agrees that Employer shall be entitled to obtain equitable relief in addition to other remedies available at law and/or hereunder.

	Taxes.  All payments required to be made to Executive hereunder, whether during the term of his employment hereunder or otherwise shall be subject to all applicable federal, state and local tax withholding laws.

	Headings, Etc.  The headings set forth herein are included solely for the purpose of identification and shall not be used for the purpose of construing the meaning of the provisions of this Agreement.  Unless otherwise provided, references herein to Exhibits, Schedules and Paragraphs refer to Exhibits and Schedules to and Paragraphs of this Agreement.

	Arbitration.  Any dispute or controversy between Employer and Executive, arising out of or relating to this Agreement, the breach of this Agreement, or otherwise, shall be settled by arbitration in Boston, Massachusetts, administered by the American Arbitration Association in accordance with its Commercial Rules then in effect and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  The arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without limitation, the issuance of an injunction.  However, either party may, without inconsistency with this arbitration provision, apply to any court having jurisdiction over such dispute or controversy and seek interim provisional, injunctive or other equitable relief until the arbitration award is rendered or the controversy is otherwise resolved.  Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of Employer and Executive.
	Survival.  Executive's obligations under the provisions of Paragraphs 10, 11 and 12, as well as the provisions of Paragraphs 6, 7(b), 8 and 15 through and including 23, shall survive the termination or expiration of this Agreement.

	Construction.  Each party has cooperated in the drafting and preparation of this Agreement.  Therefore, in any construction to be made of this Agreement, the same shall not be construed against any party on the basis that the party was the drafter.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written
EMPLOYER:

AMERICAN PRIDE SEAFOODS LLC

By:  American Seafoods Group LLC

By:   /s/ Bernt O. Bodal
Name:Bernt O. Bodal

Title:Chief Executive Officer

EXECUTIVE:

/s/ John D. Cummings

John D. Cummings

AMERICAN SEAFOODS:

AMERICAN SEAFOODS, L.P.

By:  ASC Management, Inc.

By:  /s/ Bernt O. Bodal
Name:Bernt O.  Bodal

Title:President[Form of Grant --

Employee/Consultant]

ATLAS PIPELINE HOLDINGS

LONG-TERM INCENTIVE PLAN

PHANTOM UNIT GRANT AGREEMENT

THIS PHANTOM UNIT GRANT AGREEMENT ("Agreement"), dated as of _____ ____________, 200__ (the "Date of Grant"), is delivered by Atlas Pipeline Holdings, L.P., a Delaware limited partnership (the "Partnership"), to ______________ (the "Participant").

RECITALS

A.The Atlas Pipeline Holdings Long-Term Incentive Plan (the "Plan") provides for the grant of phantom units ("Phantom Units"), which are phantom (notional) rights that represent the right to receive one or more common units of limited partner interest of the Partnership (a "Unit") or its then Fair Market Value (as defined in the Plan) in cash, as determined by the Committee (as defined in the Plan).  The Plan also permits the granting of rights to receive an amount in cash equal to, and at the same time as, the cash distributions made by the Partnership with respect to a Unit during the period such Phantom Unit is outstanding ("DERs").

B.The Committee has decided to make a Phantom Unit grant, with DERs, subject to the terms and conditions set forth in this Agreement and the Plan, as an inducement for the Participant to promote the best interests of the Partnership and its equity holders.  The Participant may receive a copy of the Plan by contacting __________ at ________.

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

	Grant of Phantom Restricted Units.  Subject to the terms and conditions set forth in this Agreement and the Plan, the Partnership hereby grants to the Participant _____ Phantom Units (the "Phantom Restricted Units").  The Phantom Restricted Units will become vested in accordance with Paragraph 3 below and will be distributed in accordance with Paragraph 4 below.  Except as otherwise provided below, prior to the date the Phantom Restricted Units are distributed as Units, if any, in accordance with Paragraph 4 below, the Participant will not be deemed to have any voting rights or cash distribution rights with respect to any Units subject to this grant.  For purposes of this Agreement, each Phantom Restricted Unit shall be equivalent to one Unit.

	Phantom Unit Account.  The Partnership shall establish and maintain a Restricted Phantom Unit account, as a bookkeeping account on its records, (the "Phantom Restricted Unit Account") for the Participant and shall record in such Phantom Restricted Unit Account the number of Phantom Restricted Units granted to the Participant pursuant to this Agreement.  The Participant shall not have any interest in any fund or specific assets of the Partnership by reason of this grant or the Phantom Restricted Unit Account established for the Participant.

	Vesting.  

(a)Except as otherwise provided in subparagraphs (b), (c) and (d) below, the Participant will become vested in the Phantom Restricted Units awarded pursuant to this grant and credited to the Participant's Phantom Restricted Unit Account according to the following vesting schedule, provided the Participant does not incur a termination of employment or service as an Employee (as defined in the Plan) with Atlas Pipeline Holdings GP, LLC (the "Company") or its Affiliates (as defined in the Plan) (the Company and Affiliates are hereinafter collectively referred to as the "Employer") or as a Manager (as defined in the Plan) prior to the applicable vesting date (the "Vesting Date"):  

	

Date
	

Number or Percentage of Phantom Restricted Units

	 	 
	 	 
	 	 
	 	 

The vesting of the Phantom Restricted Units shall be cumulative, but shall not exceed 100% of the Phantom Restricted Units subject to the grant.  If the foregoing schedule would produce fractional Phantom Restricted Units, the number of Phantom Restricted Units that vest shall be rounded down to the nearest whole Phantom Restricted Unit.

(b)If the Participant terminates employment or service as an Employee or as a Manager prior to the Vesting Date for any portion of the Phantom Restricted Units, the Phantom Restricted Units credited to the Participant's Phantom Restricted Unit Account that have not vested as of such Vesting Date shall terminate and the corresponding Units shall be forfeited; provided, however, that if the Participant terminates employment or service as an Employee or as a Manager on account of death or Disability (as defined in the Plan), all of the Participant's unvested Phantom Restricted Units shall become vested as of the date of the Participant's termination of employment or service as an Employee or as a Manager on account of death or Disability.

(c)If a Change in Control (as defined in the Plan) occurs while the Participant is employed, or providing service, as an Employee or as a Manager, but prior to the Vesting Date for any portion of the Phantom Restricted Units, the portion of the Phantom Restricted Units credited to the Participant's Phantom Restricted Unit Account that have not vested prior to the consummation of the Change in Control shall become vested as of the date of the Change in Control.  

(d)Notwithstanding any other provisions set forth in this Agreement or in the Plan, if the Participant shall (i) commit any act of malfeasance or wrongdoing affecting the Partnership or any Employer; (ii) breach any covenant not to compete, or employment contract, with the Partnership or the Employer; or (iii) engage in conduct that would warrant the Participant's discharge from employment or service as an Employee or as a Manager for cause, as determined by the Committee in its sole discretion, any Phantom Restricted Units credited to the Participant's Phantom Restricted Unit Account that have not vested as of such date shall immediately terminate and become null and void.

	Distribution.  On ______ ___ of each calendar year, or the next business day after _____ ___ if ____ __ is not a business day, (the "Distribution Date") all of the Phantom Restricted Units credited to the Participant's Phantom Restricted Unit Account that vested during such calendar year pursuant to Paragraph 3 above shall become converted to Units to be issued under the Plan, and distributed as such to the Participant as soon as administratively practicable on or after the Distribution Date.  Notwithstanding the immediately preceding sentence, if a Change in Control occurs prior to the Distribution Date, all of the Phantom Restricted Units credited to the Participant's Phantom Restricted Unit Account that have not previously been distributed or forfeited shall be converted and distributed to the Participant as described in the immediately preceding sentence on the date of the Change in Control; provided, however, that such conversion and distribution shall not occur if doing so would violate the requirements of section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), if applicable.  

	DERs.  From the Date of Grant through the date the Phantom Restricted Units are converted and distributed pursuant to Paragraph 4 or earlier forfeited, if any cash distributions are made by the Partnership with respect to its Units, a DER will be paid to the Participant equal to the value of the cash payment that would have been paid if such Phantom Restricted Units credited to the Participant's Phantom Restricted Unit Account at the time of the declaration of the cash payment had been Units.  The DERs will be paid to the Participant as soon as administratively practicable after the cash payments are paid to the holders of Units.

	Change in Control.  The provisions set forth in the Plan applicable to a Change in Control shall apply to the Phantom Restricted Units.

	Acknowledgment by Participant.  By executing this grant, the Participant hereby acknowledges that with respect to any right to a distribution and DERs pursuant to this Agreement, the Participant is and shall be an unsecured creditor of the Partnership without any preference as against other unsecured general creditors of the Partnership, and the Participant hereby covenants for himself or herself, and anyone at any time claiming through or under the Participant, not to claim any such preference, and hereby disclaims and waives any such preference that may at any time be at issue, to the fullest extent permitted by applicable law.

	Restrictions on Issuance or Transfer of Units.  

(a)The obligation of the Partnership to deliver Units upon distribution of the Phantom Restricted Units shall be subject to the condition that if at any time the Committee shall determine in its discretion that the listing, registration or qualification of the Units upon any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of the Units, the Units may not be issued in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Committee.  In the event an exemption from registration under the Securities Act of 1933 (the "Securities Act") is available, the Participant (or the Participant's estate or personal representative in the event of the Participant's death or incapacity), if requested by the Partnership to do so, will execute and deliver to the Partnership in writing an agreement containing such provisions as the Partnership may require to assure compliance with applicable securities laws.  No sale or disposition of Units acquired pursuant to this grant by the Participant shall be made in the absence of an effective registration statement under the Securities Act with respect to such Units unless an opinion of counsel satisfactory to the Partnership is provided that such sale or disposition will not constitute a violation of the Securities Act or any other applicable securities laws is first obtained.

(b)The Participant understands and agrees that the sale of any Units received by the Participant pursuant to this grant will be subject to, and must comply with, the Partnership's Insider Trading Policy.

(c)As soon as reasonably practicable after the Distribution Date, the Partnership shall deliver to the Participant a certificate or certificates for the Units then being distributed. 

	Grant Subject to Plan Provisions.  This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan.  In the event of any contradiction, distinction or difference between this Agreement and the terms of the Plan, the terms of the Plan will control.  This grant is subject to the interpretations, regulations and determinations concerning the Plan established from time to time by the Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes, (ii) the registration, qualification or listing of Units, (iii) changes in capitalization of the Partnership, and (iv) other requirements of applicable law.  The Committee shall have the authority to interpret and construe this Agreement pursuant to the terms of the Plan, and its decisions shall be conclusive as to any questions arising hereunder.  By receiving this grant, the Participant hereby agrees to be bound by the terms and conditions of the Plan and this Agreement.  The Participant further agrees to be bound by the determinations and decisions of the Committee with respect to this Agreement and the Plan and the Participant's rights to benefits under this Agreement and the Plan and agrees that all such determinations and decisions of the Committee shall be binding on the Participant, his or her beneficiaries and any other person having or claiming an interest under this Agreement and the Plan on behalf of the Participant.

	Assignment and Transfers.  No Phantom Restricted Units or DERs awarded to the Participant under this Agreement may be transferred, assigned, pledged or encumbered by the Participant, and Phantom Restricted Units and DERs shall be distributed during the lifetime of the Participant only for the benefit of the Participant; provided, however, that in the event of the Participant's death, the Units subject to the Phantom Restricted Units shall be issued (subject to the limitations specified in the Plan and this Agreement) solely to the legal representatives of the Participant, or by the person who acquires the right to receive the Units subject to the Phantom Restricted Units by will or by the laws of descent and distribution, to the extent that the Phantom Restricted Units subject to this grant are otherwise vested pursuant to this Agreement.  Any attempt to transfer, assign, pledge or encumber the Phantom Restricted Units or DERs by the Participant shall be null, void and without effect.  The rights and protections of the Partnership hereunder shall extend to any successors or assigns of Partnership. 

	Taxes/Withholding.  The vesting of Restricted Phantom Units, as well as any amounts received upon distribution of Restricted Phantom Units pursuant to Paragraph 4 above, and the payment of cash for any DERs, is treated as taxable income to the Participant, subject to withholding, and the Participant (or the Participant's legal representative in the event of the death of the Participant) shall be solely responsible for all tax consequences that result from the vesting and distribution of the Restricted Phantom Units, as well as any subsequent sale of Units and the payment of cash with respect to DERs.  The Partnership or the Employer, as applicable, is authorized to withhold from any payment due or transfer made under this grant or from any compensation or other amount owing to the Participant, the amount (in cash, Units, other securities, Units that would otherwise be issued pursuant to this grant or other property) of any applicable withholding taxes that are due in respect of this grant, the lapse of restrictions thereon, or any payment or transfer under this grant and to take such other action as may be necessary in the opinion of the Partnership or the Employer to satisfy its withholding obligations for the payment of such taxes.

	No Rights as Unitholder.  The Participant shall not have any rights as a Unitholder of the Partnership, including the right to any cash distributions (except as provided in Paragraph 5), or the right to vote, with respect to any Phantom Restricted Units.

	Employment Not Affected.  This grant of Phantom Restricted Units and DERs shall not confer upon the Participant any right to be retained by, or in the employ or service of, the Employer and shall not interfere in any way with the right of the Employer to terminate the Participant's employment or service at any time.  The right of the Employer to terminate at will the Participant's employment or service at any time for any reason is specifically reserved.

	Effect on Other Benefits.  The value of Units and DERs distributed with respect to the Phantom Restricted Units shall not be considered eligible earnings for purposes of any other plans maintained by the Employer.  Neither shall such value be considered part of the Participant's compensation for purposes of determining or calculating other benefits that are based on compensation, such as life insurance.

	Amendments.  The Partnership may waive any conditions or rights under and amend any terms of this Agreement, provided that no change shall materially reduce the benefit to the Participant without the consent of the Participant, except as necessary to comply with the requirements of Paragraph 18 below.

	Governing Law.  The validity, construction, interpretation and effect of this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the conflict of laws provisions thereof, and applicable federal law.

	Notice.  Any notice to the Partnership provided for in this Agreement shall be addressed to the Partnership in care of the Chief Legal Officer at the principal office of the Partnership, and any notice to the Participant shall be addressed to such Participant at the current address shown in the records of the Employer, or to such other address as the Participant may designate to the Employer in writing.  Any notice shall be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service.

	Section 409A of the Code.  Notwithstanding anything in the Plan or this Agreement to the contrary, the Committee may, without the Participant's consent, amend this Agreement to comply with the requirements of section 409A of the Code and any corresponding guidance and regulations issued under section 409A of the Code to the extent it is subsequently determined, in the sole discretion of the Committee, that such amendments are necessary for this grant to comply with the requirements of section 409A of the Code, if applicable.

 

 

 

[SIGNATURES APPEAR ON FOLLOWING PAGE]

IN WITNESS WHEREOF, this Agreement has been duly executed as of the Date of Grant.

ATLAS PIPELINE HOLDINGS, L.P.

Witness:By:  Atlas Pipeline Holdings GP, LLC, its general partner

By:  

Name:

Title:

 

 

I hereby accept the Phantom Restricted Units and DERs described in this Agreement, and I agree to be bound by the terms of the Plan and this Agreement.  I hereby further agree that all of the decisions and interpretations of the Committee with respect to this Agreement and the Plan shall be final and binding.

 

Participant :

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