Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION COPY 
 PURCHASE AND SALE AGREEMENT 

by and between 
 RKI EXPLORATION & PRODUCTION, LLC 
 - and - 

CRESTWOOD NIOBRARA LLC 
 - and - 
 CRESTWOOD MIDSTREAM PARTNERS LP 

(solely for purposes of its obligations under Section 2.04) 

June 21, 2013 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	1	  
			
	 1.01
	    	 Definitions
	  	 	1	  
		
	 ARTICLE 2 PURCHASE AND SALE
	  	 	9	  
			
	 2.01
	    	 Purchase and Sale
	  	 	9	  
			
	 2.02
	    	 Purchase Price at Closing
	  	 	9	  
			
	 2.03
	    	 Post-Closing Adjustments
	  	 	9	  
		
	 ARTICLE 3 PURCHASE AND SALE AND CLOSING
	  	 	10	  
			
	 3.01
	    	 Time and Place of Closing
	  	 	10	  
			
	 3.02
	    	 Closing Deliveries
	  	 	11	  
			
	 3.03
	    	 Valuation Schedule
	  	 	12	  
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES REGARDING SELLER
	  	 	13	  
			
	 4.01
	    	 Organization
	  	 	13	  
			
	 4.02
	    	 Authority
	  	 	13	  
			
	 4.03
	    	 No Conflicts; Consents and Approvals
	  	 	13	  
			
	 4.04
	    	 Title to Company Interests
	  	 	13	  
			
	 4.05
	    	 Legal Proceedings
	  	 	14	  
			
	 4.06
	    	 Brokers
	  	 	14	  
			
	 4.07
	    	 No Tax Partnership
	  	 	14	  
		
	 ARTICLE 5 REPRESENTATIONS AND WARRANTIES REGARDING COMPANY
	  	 	14	  
			
	 5.01
	    	 Organization and Qualification
	  	 	14	  
			
	 5.02
	    	 Consents and Approvals; No Violation
	  	 	14	  
			
	 5.03
	    	 Ownership
	  	 	15	  
			
	 5.04
	    	 Material Contracts
	  	 	15	  
			
	 5.05
	    	 Real Property
	  	 	15	  
			
	 5.06
	    	 Title and Condition
	  	 	16	  
			
	 5.07
	    	 Permits
	  	 	17	  
			
	 5.08
	    	 Compliance with Laws
	  	 	17	  
			
	 5.09
	    	 Legal Proceedings
	  	 	17	  
			
	 5.10
	    	 Environmental Matters
	  	 	17	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	Page	 
			
	 5.11
	    	 Taxes
	  	 	17	  
			
	 5.12
	    	 Employees and Employee Benefits
	  	 	18	  
			
	 5.13
	    	 Brokers
	  	 	18	  
			
	 5.14
	    	 Financial Statements
	  	 	18	  
			
	 5.15
	    	 Absence of Undisclosed Liabilities
	  	 	18	  
			
	 5.16
	    	 Absence of Changes
	  	 	19	  
			
	 5.17
	    	 Insurance
	  	 	19	  
			
	 5.18
	    	 Future Delivery of Hydrocarbons
	  	 	19	  
			
	 5.19
	    	 Regulation
	  	 	19	  
		
	 ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF BUYER
	  	 	19	  
			
	 6.01
	    	 Organization and Qualification
	  	 	19	  
			
	 6.02
	    	 Approval and Enforceability
	  	 	19	  
			
	 6.03
	    	 No Violation or Consent
	  	 	20	  
			
	 6.04
	    	 Brokers
	  	 	20	  
			
	 6.05
	    	 Legal Proceedings
	  	 	20	  
		
	 ARTICLE 7 ADDITIONAL AGREEMENTS OF THE PARTIES
	  	 	20	  
			
	 7.01
	    	 HSR Act
	  	 	20	  
			
	 7.02
	    	 Access
	  	 	21	  
			
	 7.03
	    	 Required Consents
	  	 	22	  
			
	 7.04
	    	 Operation of Business
	  	 	22	  
			
	 7.05
	    	 Cooperation and Preservation of Books and Records
	  	 	22	  
			
	 7.06
	    	 Casualty Loss
	  	 	22	  
			
	 7.07
	    	 Rights of First Offer
	  	 	23	  
			
	 7.08
	    	 Taxes
	  	 	23	  
		
	 ARTICLE 8 CONDITIONS TO CLOSING AND TERMINATION
	  	 	23	  
			
	 8.01
	    	 Conditions to Obligation of Buyer
	  	 	23	  
			
	 8.02
	    	 Conditions to Obligation of Seller
	  	 	24	  
			
	 8.03
	    	 Termination
	  	 	24	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	Page	 
			
	 8.04
	    	 Specific Performance for Pre-Closing Breach
	  	 	25	  
			
	 8.05
	    	 Effect of Termination
	  	 	25	  
		
	 ARTICLE 9 SURVIVAL
	  	 	25	  
			
	 9.01
	    	 Survival
	  	 	25	  
		
	 ARTICLE 10 INDEMNIFICATION
	  	 	26	  
			
	 10.01
	    	 Indemnification
	  	 	26	  
			
	 10.02
	    	 Exclusive Remedy Post-Closing
	  	 	29	  
			
	 10.03
	    	 Limitation of Liability
	  	 	29	  
		
	 ARTICLE 11 MISCELLANEOUS
	  	 	29	  
			
	 11.01
	    	 Governing Law; Waiver of Jury Trial
	  	 	29	  
			
	 11.02
	    	 Entire Agreement
	  	 	30	  
			
	 11.03
	    	 Waiver
	  	 	30	  
			
	 11.04
	    	 Captions
	  	 	30	  
			
	 11.05
	    	 Assignment
	  	 	30	  
			
	 11.06
	    	 Notices
	  	 	30	  
			
	 11.07
	    	 Expenses
	  	 	31	  
			
	 11.08
	    	 Severability
	  	 	31	  
			
	 11.09
	    	 Amendment
	  	 	31	  
			
	 11.10
	    	 Further Assurances
	  	 	31	  
			
	 11.11
	    	 Third-Party Beneficiaries
	  	 	31	  
			
	 11.12
	    	 Counterparts; Exhibits
	  	 	31	  
			
	 11.13
	    	 Publicity
	  	 	32	  
			
	 11.14
	    	 Construction
	  	 	32	  
			
	 11.15
	    	 Schedules
	  	 	32	  

  
 iii

 EXHIBITS AND SCHEDULES 

 

			
	Exhibits
		
	Exhibit A	  	Jackalope System Maps
	Exhibit B	  	Company Agreement
	Exhibit C	  	Form of Company Interests Assignment Agreement

 

			
	Schedules	  	
		
	Schedule 5.04(a)	  	Material Contracts
	Schedule 5.05(d)	  	Real Property Owned
	Schedule 5.05(e)	  	Real Property Leases
	Schedule 5.05(f)	  	Easements
	Schedule 5.07	  	Permits
	Schedule 5.14	  	Financial Statements
	Schedule 5.15	  	Absence of Undisclosed Liabilities
	Schedule 5.17	  	Insurance
	Schedule 8.01(e)	  	Required Consents

  
 iv 

 PURCHASE AND SALE AGREEMENT 

This Purchase and Sale Agreement (“Agreement”) is made and entered into on this 21st day of June, 2013 by and between RKI Exploration &
Production, LLC, a Delaware limited liability company (“Seller”), and Crestwood Niobrara LLC, a Delaware limited liability company (“Buyer”), and Crestwood Midstream Partners LP, a Delaware limited partnership
(“Parent”), solely for purposes of its obligations under Section 2.04. Seller and Buyer are sometimes herein referred to individually as a “Party” and collectively as the “Parties.”

 RECITALS 
 Seller owns fifty percent (50%) of the outstanding equity interests (the “Company Interests”) of Jackalope Gas Gathering Services, L.L.C., an Oklahoma limited liability company (the
“Company”). The Company owns a gathering system and gas liquids pipeline located in Converse County, Wyoming, maps of which are included in Exhibit A attached hereto, and certain gathering and processing rights as set forth in the Area of
Mutual Interest as defined in the GGPA (collectively, the “Jackalope System”). Buyer desires to purchase from Seller, and Seller desires to sell to Buyer, all of Seller’s interest in the Company Interests on the terms and conditions
set forth in this Agreement. 
 AGREEMENTS 
 NOW, THEREFORE, for and in consideration of the premises, the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the Parties, the Parties hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 1.01 Definitions. Each capitalized term used herein shall have the meaning given such term as set forth below. 
 “Access” means Access MLP Operating, L.L.C. 
 “Actual
Capex” shall have the meaning given such term in Section 2.03(a). 
 “Actual Capex Amount”
shall have the meaning given such term in Section 2.03(a). 
 “Actual Proceeds” shall have the
meaning given such term in Section 2.03(a). 
 “Affiliate” shall mean, with respect to a specified
Person, any other Person controlling, controlled by or under common control with that first Person. As used in this definition, the term “control” shall mean (a) with respect to any Person having voting shares or the equivalent and
elected directors, managers or Persons performing similar functions, the ownership of or power 

  
 1 

 
to vote, directly or indirectly, shares or the equivalent representing more than fifty percent (50%) of the power to vote in the election of directors, managers or Persons performing similar
functions, and (b) ownership of more than fifty percent (50%) of the equity or equivalent interest in any Person. 

“Agreement” shall have the meaning given such term in the introductory paragraph hereof. 

“Assets” shall mean all of Company’s right, title and interest in and to the property and assets of the Jackalope
System. 
 “Balance Sheet Date” shall have the meaning given such term in Section 5.14. 

“Business Day” shall mean any day except a Saturday, Sunday or any other day on which commercial banks in Houston, Texas
are required or authorized by any Legal Requirement to be closed. 
 “Buyer” shall have the meaning given such
term in the introductory paragraph hereof. 
 “Buyer Indemnified Parties” shall have the meaning given such
term in Section 10.01(a). 
 “Buyer UPE” shall have the meaning given such term in
Section 7.01. 
 “C&O Agreement” shall mean that certain Construction and Operating Agreement
between the Company and Access dated as of the date hereof. 
 “Cap” shall have the meaning given such term in
Section 10.01(a). 
 “Casualty Loss” shall have the meaning given such term in
Section 7.06. 
 “Charter Documents” shall mean, with respect to any Person, the article or
certificate of incorporation, formation or organization and by-laws, limited partnership agreement, partnership agreement or limited liability company agreement, or such other organizational documents of such Person. 

“Claim Notice” shall have the meaning given such term in Section 10.01(c). 

“Claims” shall mean any and all claims, actions, suits, demands or other Proceedings, whether in the nature of judicial
or prejudicial Proceedings, arbitration or mediation Proceedings, made or brought against a Person for recovery of Damages. 

“Closing” shall have the meaning given such term in Section 3.01. 

“Closing Date” shall have the meaning given such term in Section 3.01. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Company” shall have the meaning given such term in the recitals hereof. 

  
 2 

 “Company Agreement” shall mean that certain First
Amended and Restated Limited Liability Company Agreement between Seller and Access dated as of June 20, 2013 and attached hereto as Exhibit B. 
 “Company Interests” shall have the meaning given such term in the recitals hereof. 
 “Company Interests Assignment Agreement” shall have the meaning given such term in Section 3.02(a). 
 “Confidentiality Agreement” shall mean that certain Confidentiality and Non-Disclosure Agreement by and between Parent and Seller, dated July 18, 2012. 

“Creditors’ Rights” shall have the meaning given such term in Section 4.02. 

“Damages” shall mean any and all damages, judgments, losses, costs, penalties, fines, court costs, expenses (including
reasonable attorneys’ fees) and Liabilities of any kind or character. 
 “Deductible” shall have the
meaning given such term in Section 10.01(a). 
 “Easements” shall mean easements, rights-of-way,
surface use agreements, surface lease agreements, line rights and real property licenses. 
 “Effective Time”
shall mean 7:00 a.m. Central Time on July 1, 2012. 
 “Employee Benefit Plan” means any (i) employee
pension benefit plan (as described in Section 3(2) of ERISA), (ii) employee welfare benefit plan (as described in Section 3(1) of ERISA), or (iii) incentive, deferred compensation, severance, stock option, bonus, vacation or
other employee benefit plan, arrangement, agreement, and practice that relates to employee benefits, or any employment agreement, bonus program and any other arrangement subject to the requirements of Section 409A of the Code, whether or not
subject to ERISA. 
 “Encumbrances” shall mean any lien, mortgage, deed of trust, security interest, pledge,
hypothecation, option, charge, security interest, preferential purchase right, right of first refusal or other encumbrance. 

“Environmental Legal Requirements” shall mean any and all Legal Requirements which relate in any manner or impose
liability with respect to health, the environment, natural resources, pollution, a community’s right to know, worker protection, or the emission, discharge, release, treatment, storage, disposal, management, remediation, or other form of
response to, Hazardous Materials, specifically including, without limitation, but by way of example, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, the Superfund Amendments and Reauthorization Act of
1986, as amended, the Resource Conservation and Recovery Act of 1976, as amended, the Clean Air Act, as amended, the Federal Water Pollution Control Act, as amended, The Oil Pollution Act of 1990, as amended, the Safe Drinking Water Act, as amended,
the Hazardous Materials Transportation Act, as amended, the Toxic Substances Control Act, as amended, the Occupational Safety and Health Act of 1970, as amended, and other environmental conservation or protection Legal Requirements. 

  
 3 

 “Environmental Permits” shall mean all permits, licenses, certificates,
registrations, exemptions, identification numbers, applications, consents, approvals, variances, notice of intent, and other authorizations necessary to comply with Environmental Legal Requirements. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“ERISA Affiliate” means any entity that is considered a single employer with Seller or its Affiliate under ERISA
Section 4001(b) or part of the same “controlled group” as Seller or its Affiliate for purposes of Sections 414(b) or (c) of the Code. 
 “Estimated Capex Amount” shall have the meaning given such term in Section 2.02(a). 
 “Fee Property” shall mean all real property owned by Company. 

“Financial Statements” shall have the meaning given such term in Section 5.14. 

“Fundamental Reps” shall have the meaning given such term in Section 9.01. 

“GAAP” means generally accepted accounting principles of the United States, consistently applied. 

“Gap” means any part of the Jackalope System not located on or under (i) the Fee Property or (ii) real
property the subject of an Easement. 
 “GGPA” shall mean that certain Gas Gathering and Processing Agreement
between the Company and Seller dated as of the date hereof. 
 “Governmental Entity” shall mean any court,
governmental department, commission, council, board, bureau, agency or other judicial, administrative, regulatory, legislative or other instrumentality of the United States of America, tribal, state, county, municipality or local governmental body
or political subdivision. 
 “Hazardous Materials” shall mean (a) any substances, materials, or wastes
that are or become classified or regulated under any Environmental Legal Requirement; and/or (b) those substances, materials, or wastes included within statutory and/or regulatory definitions or listings of “hazardous substance,”
“special waste” “hazardous waste,” “extremely hazardous substance,” “solid waste,” “regulated substance,” “hazardous materials,” “toxic substances,” “pollutant” or
“contaminant” under any Environmental Legal Requirement. 
 “HSR Act” shall mean the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 
 “HSR Approval
Deadline” shall mean 5:00 p.m., Central Time, on the 75th day following the date of this Agreement. 

  
 4 

 “Improvements” shall mean all structures, fixtures and facilities located
on the Fee Property and Easements, and all appurtenances attached to the Fee Property and Easements, including, without limitation, all buildings, gathering lines, pipelines, valves, fittings, storage tanks and pumping facilities. 

“Indebtedness” of any Person means any obligations of such Person (a) for borrowed money, (b) evidenced by
notes, bonds, indentures or similar instruments, (c) for the deferred purchase price of goods and services (other than trade payables incurred in the ordinary course of business), (d) under capital leases or (e) in the nature of
guarantees of the obligations described in clauses (a) through (d) above of any other Person. 
 “Indemnified
Party” shall have the meaning given such term in Section 10.01(c). 
 “Indemnifying Party”
shall have the meaning given such term in Section 10.01(c). 
 “Jackalope System” shall have the
meaning given such term in the recitals hereof. 
 “Knowledge”, wherever used in the phrase “to the
knowledge of” Seller or to Seller’s “knowledge” or wherever it is said that Seller has or does not have “knowledge,” shall mean the actual knowledge of Jeffrey A. Bonney and Jacob S. Fowler, with no obligation of
investigation or inquiry. 
 “Legal Requirement(s)” shall mean any applicable laws, statutes, codes, rules,
regulations, ordinances, judgments, orders, memorandums of agreement, writs, decrees or guidance documents of any Governmental Entity having competent jurisdiction, in each case as in effect on and as interpreted on the date of this Agreement or on
and as of the Closing Date, as applicable. 
 “Liability” shall mean any liability (including, without
limitation, STRICT LIABILITY arising under Environmental Legal Requirements or otherwise), obligation, Indebtedness, expense, claim, loss, damage, or guaranty or endorsement of or by any Person, absolute or contingent, accrued or unaccrued, due or
to become due, liquidated or unliquidated, regardless of whether such liability would be required to be disclosed on a balance sheet prepared in accordance with GAAP. 
 “Marketing Agreement” shall mean that certain Marketing Agreement between the Company and Buyer dated as of the date hereof. 

“Material Adverse Effect” means any material adverse effect on the condition (financial or otherwise), operations,
properties, assets or Liabilities of Company taken as a whole (whether or not covered by insurance). 

“Material Contracts” shall mean any of the following types of contracts in effect on the date of
this Agreement binding upon, affecting or relating to Company or the Assets: 
 (i) any contract,
agreement or arrangement, that requires aggregate expenditures or payments of more than $50,000; 

  
 5 

 (ii) any contract, agreement or arrangement that can reasonably be expected
to result in aggregate revenues of more than $50,000 during the current or any subsequent fiscal year or $100,000 in the aggregate over the primary term of such contract; 

(iii) any contract, agreement or arrangement that may not be cancelled on ninety (90) days or fewer notice without
liability or penalty or resulting in a breach thereunder; 
 (iv) any contract, agreement or arrangement
containing provisions that restrict the right to engage in any type of business or compete in any geographic area and which provisions would be binding on Buyer or Company following the Closing; 

(v) any partnership or joint venture agreement covering the Assets; 

(vi) any security agreement, mortgage or other agreement creating an Encumbrance (other than Permitted Encumbrances);

 (vii) any pipeline interconnect agreement, gas purchase agreement, gas gathering and compression services
agreement, operator (including joint operator) agreements, compressor lease agreement, amine treating agreement, gas gathering and processing agreement, condensate sales agreement or NGL sales agreement; 

(viii) any contract that is an indenture, mortgage, loan, credit or sale-leaseback, guaranty of any obligation, security
agreement, assignment, pledge, bonds, letters of credit or similar financial contract or Indebtedness; 
 (ix)
any contract that constitutes a lease under which Seller is the lessor or the lessee of real, immovable, personal or movable property which lease (A) cannot be terminated by Seller without penalty upon sixty (60) days or less notice and
(B) involves an annual base rental of more than $50,000; 
 (x) any contract among or between Seller, on the
one hand, and any Affiliate of the Seller, on the other hand; 
 (xi) any contract where the primary purpose
thereof was to indemnify a third party; 
 (xii) any executory contract that constitutes a pending purchase and
sale agreement or other contract providing for the purchase, sale or earning of any material asset; 
 (xiii) any
contract that constitutes a swap, sale or other exchange of commodities or other hedging agreement; 
 (xiv) any
contract the termination of which would result in a Material Adverse Effect; or 
 (xv) any contract that is
otherwise material to the business or the ownership and operation of Company. 

  
 6 

 “NGL” shall mean natural gas liquids. 

“Notice Period” shall have the meaning given such term in Section 10.01(c). 

“Objection Report” shall have the meaning given such term in Section 2.03(a). 

“Outside Date” shall mean 5:00 p.m., Central Time, on the 90th day following the date of this Agreement. 

“Party(ies)” shall have the meaning given such term in the introductory paragraph hereof. 

“Permits” shall mean all permits, Environmental Permits, licenses, certificates, authorizations, registrations, orders,
waivers, variances and approvals granted by any Governmental Entity affecting or pertaining to the Assets, or for which Seller has filed or applied, for the ownership and/or operation of the Real Property and/or the Tangible Personal Property, to
the extent the same are assignable. 
 “Permitted Encumbrances” shall mean the following matters: 

(i) Any lien for Taxes that are not yet due and payable or, if delinquent, that are being contested in good faith;

 (ii) Materialmen’s, mechanic’s, repairmen’s, employees’, contractors’, tax and other
similar liens or charges arising in the ordinary course of business for obligations that are not delinquent or that will be paid and discharged in the ordinary course of business or, if delinquent, that are being contested in good faith; 

(iii) Preferential rights to purchase and required third-party consents to or approvals of or waivers respecting
assignments and similar agreements with respect to which waivers or consents, approvals or waivers are obtained from the appropriate parties prior to Closing; 
 (iv) All rights reserved to or vested in any Governmental Entity to control or regulate any of the real property interests constituting a part of the Assets; 

(v) All easements, restrictions, reservations, contracts, rights-of-way, agreements, terms, conditions and covenants now
of record to the extent (but no further) that each such matter described or referred to in this clause is valid and subsisting as of the date hereof and affects the Real Property; 

(vi) Any matters that are waived without reservation in writing by Buyer or otherwise released or satisfied by Seller on
or prior to the Closing Date; and 
 (vii) Consents and approvals that are customarily obtained after sale and
conveyance. 

  
 7 

 “Person” shall mean an individual, a corporation, a partnership, a limited
liability company, an association, a trust or any other legal entity or organization, including any Governmental Entity. 

“Proceeding” means any action, suit, litigation, arbitration, lawsuit, claim, proceeding (including any civil, criminal,
administrative, investigative or appellate proceeding), prosecution, contest, hearing, inquiry, inquest, audit, examination, investigation, challenge, controversy or dispute commenced, brought, conducted or heard by or before, or otherwise
involving, any Governmental Entity or any arbitrator. 
 “Purchase Price” shall have the meaning given such
term in Section 2.02(a). 
 “Real Property” shall mean the Fee Property, Easements and
Improvements, collectively. 
 “Real Property Lease” and “Real Property Leases” shall have the
meaning given such term in Section 5.05(e). 
 “Required Consents” shall mean those waivers,
approvals, consents, filings and notices which are required to be made by or given to Seller to transfer the Company Interests as contemplated herein, as further set forth on Schedule 8.01(e). 

“Seller” shall have the meaning given such term in the introductory paragraph hereof. 

“Seller Indemnified Parties” shall have the meaning given such term in Section 10.01(b). 

“Settlement Statement” shall have the meaning given such term in Section 2.03(a). 

“Side Letter” shall mean that certain Letter Agreement between Parent, Seller and Buyer dated as of the date hereof.

 “Tangible Personal Property” shall mean, to the extent the same do not constitute Improvements, all
fittings, tools, spare parts, racks, rectifiers, cathodic protection devices, storage tanks, machinery, equipment, pumps, engines, pipes, valves, connections, gates, pig launchers and receivers, lines, wires, computer hardware, motor vehicles,
trailers and other tangible personal property located on the Real Property. 
 “Tax Return” shall mean any
return, report, election, document, estimated tax filing, declaration, claim for refund, information return or other similar filing provided to any Governmental Entity with respect to any Taxes, including any schedule or attachment thereto, and
including any amendment thereof. 
 “Taxes” shall mean all applicable federal, state and local income, margins,
capital gains, capital stock, gross receipts, sales, use, ad valorem, transfer, franchise, profits, withholding, service, occupation, payroll, real property, windfall profits, employment, social security,

  
 8 

 
unemployment, disability, environmental, alternative minimum, add-on, value-added, excise, severance, stamp, property, or other taxes imposed by a Governmental Entity having jurisdiction,
together with any estimated taxes, deficiency assessments, additions to tax, interest and penalties, whether disputed or otherwise, with respect thereto. 
 “Transfer Taxes” shall mean any sales, use, transfer, excise, stock, stamp, document, filing, recording, authorization and/or similar taxes, fees and charges levied by a Governmental
Entity. 
 “Valuation Objection Report” shall have the meaning set forth in Section 3.03(a).

 “Valuation Schedule” shall have the meaning set forth in Section 3.03(a). 

ARTICLE 2 

PURCHASE AND SALE 
 2.01 Purchase and Sale. On the Closing Date, Seller shall sell, assign, transfer and convey to Buyer (or its designated subsidiary), and Buyer (or its designated subsidiary) shall purchase
the Company Interests, on the terms and subject to the conditions set forth in this Agreement. 
 2.02 Purchase Price at
Closing. 
 (a) The purchase price for the Company Interests shall be the sum (such sum, the “Purchase
Price”) of (i) Seventy Five Million and 00/100 Dollars ($75,000,000.00), plus (ii) the amount (the “Estimated Capex Amount”) estimated in good faith by the Parties equal to (A) the amount of capital
expenditures (but excluding any interest or similar payments with respect thereto) made by Seller with respect to the Jackalope System for the period beginning on the Effective Time and ending on the Closing Date, less (B) an amount equal to
50% of the revenue of Company, net of 50% of the operating expenses of Company, in each case for the period beginning on the Effective Time and ending on the Closing Date. The Purchase Price shall be adjusted after Closing in accordance with
Section 2.03. 
 (b) Payment of the Purchase Price shall be made at Closing by wire transfer of immediately
available funds to the bank account designated in writing by Seller to Buyer two (2) Business Days prior to Closing. 

2.03 Post-Closing Adjustments. 
 (a) As soon as commercially practicable, but not later than one hundred fifty (150) days after the Closing Date, Buyer shall prepare and deliver to Seller a statement (the “Settlement
Statement”) setting forth (i) the actual amount of capital expenditures made by Seller with respect to the Jackalope System for the period beginning on the Effective Time and ending on the Closing Date (the “Actual
Capex”), (ii) an amount equal to 50% of the actual amount of revenue of Company, net of 50% of the operating expenses of Company, in each case for the period beginning on the Effective Time and ending on the Closing Date (the
“Actual Proceeds”), 

  
 9 

 
and (iii) the amount by which the Actual Capex exceeds the Actual Proceeds (the “Actual Capex Amount”). As may be requested by either Party, Buyer or Seller, as
applicable, shall promptly furnish to the requesting Party all information that it or its Affiliates may have that is useful to Buyer or Seller, as applicable, in the calculation or verification of the Settlement Statement. Should Seller dispute any
amount shown as payable by Seller or payable by Buyer under the Settlement Statement, Seller shall deliver to Buyer a written report (the “Objection Report”) containing any changes that Seller proposes to be made to the
Settlement Statement no later than thirty (30) days after Seller’s receipt of the Settlement Statement. If Seller provides a notice of agreement or does not deliver an Objection Report to Buyer within such 30-day period, then Seller shall
be deemed to have accepted the calculations and amounts set forth in the Settlement Statement delivered by Buyer, which shall then be final, binding and conclusive for all purposes hereunder. 

(b) In the event Seller does deliver an Objection Report to Buyer within such 30-day period, Buyer and Seller shall undertake to agree
upon a final resolution of the amounts owing under the Settlement Statement not later than two hundred ten (210) days after the Closing Date should Seller dispute any amount thereunder. If Seller timely proposes changes to the Settlement
Statement and thereafter Seller and Buyer are unable to agree upon the final resolution Settlement Statement within two hundred ten (210) days after the Closing Date, a mutually acceptable, nationally recognized, accounting firm not performing
services for either Buyer or Seller shall be designated to act as an arbitrator (failing such mutual agreement, the American Arbitration Association shall nominate an accountant or accounting firm in accordance with its established procedures), and
such arbitrator shall decide all points of disagreement with respect to the Settlement Statement. Such decision shall be binding upon both Parties. The costs and expenses of the arbitrator shall be shared equally by Seller and Buyer pursuant to the
arbitrator’s standard engagement letter. Upon the acceptance or deemed acceptance of the Settlement Statement by the Parties or the resolution of all disputes thereof, then within five (5) Business Days thereafter, Seller shall pay, in
immediately available funds to an account designated by Buyer, the amount by which the Estimated Capex Amount exceeds the Actual Capex Amount, or Buyer shall pay, in immediately available funds to an account designated by Seller, the amount by which
the Actual Capex Amount exceeds the Estimated Capex Amount. 
 2.04 Parent Liability. Parent hereby irrevocably
and unconditionally agrees to be jointly and severally liable for the full, complete and timely performance by Buyer of all of Buyer’s obligations under this Agreement. 
 ARTICLE 3 
 PURCHASE AND SALE AND CLOSING 

3.01 Time and Place of Closing. Subject to the terms and conditions stated in this Agreement, the consummation of the
transactions contemplated hereby (the “Closing”) shall occur (a) five (5) Business Days after the satisfaction or waiver of each Party’s closing conditions as set forth in Section 8.01 and
Section 8.02, or (b) on such other date as the Parties may mutually agree in writing; provided, however, that in no event shall the Closing occur before June 26, 2013. The Closing shall be held at the offices of
Locke Lord LLP, located at 600 Travis St., Suite 2800, Houston, Texas. The date on which the Closing occurs is referred to in this Agreement as the “Closing Date.” 

  
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 3.02 Closing Deliveries. 

(a) At the Closing, Seller shall execute and deliver (or cause to be executed and delivered, as appropriate) to Buyer the following:

 (i) an executed counterpart by Seller of an assignment of the Company Interests (the “Company
Interests Assignment Agreement”) in substantially the form attached hereto as Exhibit C evidencing the assignment and transfer to Buyer or a subsidiary of Buyer of the Company Interests held by Seller; 

(ii) releases of any Encumbrances filed against the Company Interests or the Assets and releases of any guarantees made by
the Company or otherwise affecting the Company Interests or the Assets; 
 (iii) the appropriate Foreign
Investment in Real Property Tax Act affidavits in a form acceptable to both Parties; 
 (iv) a certificate of
good standing or existence of Seller from its state of formation dated not more than ten (10) days prior to the Closing Date; 
 (v) a certificate from an officer of Seller as required by Section 8.01(a) of this Agreement; and 
 (vi) such other instruments as may be reasonably requested by Buyer in order to effectively transfer the Company Interests to Buyer. 

(b) At the Closing, Buyer shall execute and deliver (or cause to be executed and delivered, as appropriate) to Seller the following:

 (i) Buyer shall pay the Purchase Price to Seller as described in Section 2.02(a) and (b);

 (ii) an executed counterpart by Buyer of the Company Interests Assignment Agreement; 

(iii) a certificate of good standing or existence of Buyer from its state of formation dated not more than ten
(10) days prior to the Closing Date; 
 (iv) a certificate from an officer of Buyer as required by
Section 8.02(a) of this Agreement; and 
 (v) such other instruments as may be reasonably requested
by Seller in order to effectively transfer the Company Interests to Buyer. 

  
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 3.03 Valuation Schedule. 

(a) As soon as commercially practicable, but not later than ninety (90) days after the Closing Date, Buyer shall prepare and deliver
to Seller a schedule (the “Valuation Schedule”) setting forth the respective gross fair market values and character of each category of the Assets of Company to be used for purposes of Code Sections 743, 751 and 754 and the Treasury
Regulations promulgated thereunder. As may be requested by either Party, Buyer or Seller, as applicable, shall promptly furnish to the requesting Party all information that it or its Affiliates may have that is useful to Buyer or Seller, as
applicable, in the calculation or verification of the Valuation Schedule, subject to the right of each Party to refrain from disclosing or making available any proprietary information, any written or oral communications that are subject to the
attorney-client privilege and any documents that are covered by the work product doctrine. Should Seller dispute any amount shown on the Valuation Schedule, Seller shall deliver to Buyer a written report (the “Valuation Objection
Report”) containing any changes that Seller proposes to be made to the Valuation Schedule no later than thirty (30) days after Seller’s receipt of the Valuation Objection Report. If Seller provides a notice of agreement or does
not deliver a Valuation Objection Report to Buyer within such 30-day period, then Seller shall be deemed to have accepted the allocations and amounts set forth in the Valuation Schedule delivered by Buyer, which shall then be final, binding and
conclusive for all purposes hereunder. 
 (b) In the event Seller does deliver a Valuation Objection Report to Buyer within such
30-day period, Buyer and Seller shall undertake to agree upon a final resolution of the Valuation Schedule not later than one hundred sixty (160) days after the Closing Date should Seller dispute any amount thereunder. If Seller timely proposes
changes to the Valuation Schedule and thereafter Seller and Buyer are unable to agree upon the final resolution Valuation Schedule within one hundred sixty (160) days after the Closing Date, a mutually acceptable, nationally recognized,
accounting firm not performing services for either Buyer or Seller shall be designated to act as an arbitrator (failing such mutual agreement, the American Arbitration Association shall nominate an accountant or accounting firm in accordance with
its established procedures), and to decide all points of disagreement with respect to the Valuation Schedule, such decision to be final, binding and conclusive upon both Parties. The costs and expenses of the arbitrator shall be shared equally by
Seller and Buyer pursuant to the arbitrator’s standard engagement letter. 
 (c) Each Party shall report the transactions
contemplated hereby on all Tax Returns in a manner consistent with the final Valuation Schedule. If, contrary to the intention of the Parties as expressed in this Section 3.03, any Governmental Entity makes or proposes an allocation
different from the final Valuation Schedule, the Parties shall cooperate with each other in good faith to contest such Governmental Entity’s allocation (or proposed allocation), provided, however, that, after consultation with the Party
(or Parties) adversely affected by such allocation (or proposed allocation), the other Party (or Parties) may file such protective claims or Tax Returns as may be reasonably required to protect its (or their) interests. 

  
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 ARTICLE 4 
 REPRESENTATIONS AND WARRANTIES REGARDING SELLER 
 Seller represents and
warrants to Buyer the following: 
 4.01 Organization. Seller is a limited liability company duly formed, validly
existing and in good standing under the Legal Requirements of its jurisdiction of formation. 
 4.02 Authority.
Seller has all requisite limited liability company power and authority to execute and deliver this Agreement, and Seller has all requisite limited liability company power and authority to perform its obligations hereunder and to consummate the
transactions contemplated by this Agreement. The execution and delivery by Seller of this Agreement, and the performance by Seller of its obligations hereunder, have been duly and validly authorized by all necessary limited liability company action.
This Agreement has been duly and validly executed and delivered by Seller and constitutes the legal, valid and binding obligation of Seller enforceable against Seller in accordance with its terms, except as the same may be limited by bankruptcy,
insolvency, reorganization, fraudulent conveyance, arrangement, moratorium or other similar Legal Requirements relating to or affecting the rights of creditors generally, or by general equitable principles (collectively, “Creditors’
Rights”). 
 4.03 No Conflicts; Consents and Approvals. The execution and delivery by such Seller of this
Agreement do not, and the performance by Seller of its obligations under this Agreement and the consummation by Seller of the transactions contemplated by this Agreement does not: 

(a) violate or result in a breach of the Charter Documents of Seller; 

(b) assuming all of the Required Consents have been obtained or made, violate or result in a breach of or default under any Material
Contract to which Seller is a party; and 
 (c) assuming all Required Consents on Schedule 8.01(e) and other
notifications provided in the ordinary course of business have been made, obtained or given, (i) violate or result in a breach of any Law or Order applicable to Seller or (ii) require any consent or approval of, or notice to, or filing or
registration with, any Governmental Authority under any Law or Order applicable to Seller. 
 except, in the case of clauses
(a) and (b), for such violations or defaults, or such failures to make or obtain consents, approvals, notices, filings or registrations which would not reasonably be expected to result in a material adverse effect on Seller’s ability to
perform its obligations hereunder. 
 4.04 Title to Company Interests. Seller owns, holds of record and is the
beneficial owner of the Company Interests free and clear of all Encumbrances and restrictions on transfer other than those arising pursuant to (i) this Agreement, (ii) the Charter Documents of Company, or (iii) applicable securities
Legal Requirements. 

  
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 4.05 Legal Proceedings. There is no Proceeding pending or, to Seller’s
Knowledge, threatened against Seller by or before any Governmental Entity, which seeks an order restraining, enjoining or otherwise prohibiting or making illegal any of the transactions contemplated by this Agreement. 

4.06 Brokers. Seller has no liability or obligation to pay fees or commissions to any broker, finder or agent with respect
to the transactions contemplated by this Agreement for which Buyer, or after the Closing, Company, could become liable or obligated. 
 4.07 No Tax Partnership. Prior to the date of this Agreement, RKI did not treat any part of the Jackalope System (including its interest therein) as being subject to the provisions of
subchapter K, chapter 1 of the Code. 
 ARTICLE 5 
 REPRESENTATIONS AND WARRANTIES REGARDING COMPANY 
 Seller represents and
warrants to Buyer the following: 
 5.01 Organization and Qualification. Company is a limited liability company
duly organized, validly existing and in good standing under the Legal Requirements of the State of Oklahoma. Company has all requisite limited liability company power and authority to carry on its business as now being conducted and to own, lease
and operate its properties and assets as now owned, leased or operated, and to perform all its obligations under the agreements and instruments to which it is a party or by which it is bound. 

5.02 Consents and Approvals; No Violation. The execution and delivery of this Agreement by Seller and the consummation by
Seller of the transactions contemplated hereby will not: 
 (a) entitle any Person to exercise any preferential purchase right,
option to purchase or similar right with respect to any of the Company Interests; 
 (b) conflict with or violate any provision
of the Charter Documents of Company; 
 (c) result in a material violation or material breach of, or constitute (with or without
due notice or lapse of time or both) a material default (or give rise to any right of termination, cancellation or acceleration) under, any of the terms, conditions or provisions of any note, contract, agreement, commitment, bond, mortgage,
indenture, license, lease, pledge agreement or other instrument or obligation to which Company is a party or by which Company or any of its Assets may be bound; 
 (d) violate or conflict with any provision of any Legal Requirement binding upon Company; 
 (e) result in, or require, the creation or imposition of, any Encumbrance upon or with respect to any of the Assets; or 

  
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 (f) require Company to obtain or make any material waiver, consent, action, approval,
clearance or authorization of, or registration, declaration or filing with, any Governmental Entity, other than the Required Consents and such approval as may be required to be obtained under the HSR Act. 

5.03 Ownership. Company has no subsidiaries nor does the Company own any equity interests in any Person. Company is
not a party to any Contract for the purchase, subscription, allotment or issue of any unissued equity interests or other equity securities of Company other than those arising pursuant to the Charter Documents of Company. Except for the Charter
Documents of Company, none of the Company Interests are subject to any voting trust, member or partnership agreement or voting agreement. The Company Interests are duly authorized, validly issued, fully paid and nonassessable. 

5.04 Material Contracts. 
 (a) Schedule 5.04(a) lists all Material Contracts. Seller or Company has furnished or made available to Buyer true, complete and correct copies of all written Material Contracts, together with
amendments thereto. All of the Material Contracts are legal, valid and binding obligations of the parties thereto, enforceable in accordance with their terms, and are in full force and effect, subject to Creditors’ Rights. To Seller’s
Knowledge, there are no current renegotiations of any amounts paid or payable to Company under current Material Contracts with any Person having the contractual or statutory right to demand or require such renegotiation, and no such Person has made
written demand for such renegotiation. 
 (b) Neither the Company, nor any counterparty thereto, is in default under any
Material Contract, and no termination, condition or other event has occurred which (whether with or without notice, lapse of time or the happening or occurrence of any other event) could reasonably be expected to constitute a material breach or
default thereunder. Neither Seller nor, to Seller’s Knowledge, Company has received any written communication from, or given any written communication to, any other party indicating that Company or such other party, as the case may be, is in
default under any Material Contract. 
 5.05 Real Property. 

(a) Neither Seller nor, to Seller’s Knowledge, Company has received written notice or otherwise been formally advised that any Real
Property, or any present use or operation of the Real Property by Company, does not comply with all applicable Legal Requirements (other than Environmental Legal Requirements which are covered by Section 5.10) and all valid covenants,
conditions, restrictions, easements and similar matters affecting the Real Property. 
 (b) All Taxes (and applicable penalties
and interest, if any) that are due and payable with respect to Company’s interest in the Real Property have been paid at or prior to the Closing Date. 

  
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 (c) There are no outstanding options, rights of first offer, rights of first refusal, or
other similar contracts or rights to purchase the Real Property or any portion thereof or interest therein. 
 (d) Schedule
5.05(d) sets forth and described a true, correct and complete list of all real property held in fee by the Company. 
 (e)
With respect to each parcel of real property and interest in real property leased or subleased to Company, each of which is listed on Schedule 5.05(e) (individually, a “Real Property Lease” and collectively the “Real
Property Leases”): 
 (i) each Real Property Lease will continue to be enforceable on identical terms
following the consummation of the transactions contemplated by this Agreement; 
 (ii) neither Company nor any
counterparty thereto is in default under any Real Property Lease, and no termination, condition or other event by Company or any counterparty thereto has occurred which (whether with or without notice, lapse of time or the happening or occurrence of
any other event) would constitute a breach or default thereunder; 
 (iii) neither Company nor any counterparty
thereto has repudiated any provision of any Real Property Lease; and 
 (iv) there are no Proceedings in effect
as to any Real Property Lease. 
 (f) The Parties acknowledge that the Jackalope System is not a complete system, that parts of
the Jackalope System remain to be built out, and that Company does not (and on the Closing Date will not) own all Easements that may be required for operation of the Jackalope System pursuant to such build-out. Schedule 5.05(f) sets forth a
true, correct and complete list (including, to the extent such information is readily available to Seller, location by state, county, date, grantor, grantee, recording volume number and recording volume page number or document number, as applicable)
of all Easements owned by Company on the date hereof. There are no Gaps (including any Gap arising as a result of any breach by Company of the terms of any Easement) in the Easements other than (i) in respect of parts of the Jackalope System
that remain under construction or (ii) Gaps that have not and could not reasonably be expected to, individually or in the aggregate, materially impair the business of Company in the gathering of natural gas from wells connected to the Gathering
System on the date hereof. 
 5.06 Title and Condition. Subject to Permitted Encumbrances, Company: (a) has
good and marketable title to the Fee Property and Easements; and (b) has good and marketable title to, or a valid leasehold or other contractual interest in, all of the Improvements and Tangible Personal Property. There are no outstanding
agreements or options which grant to any Person the right to purchase or otherwise acquire any of the Assets, other than those which will be waived pursuant to the Required Consents. The Assets constitute all of the material tangible assets that are
necessary to operate the business of Company as currently conducted, except for such assets as may be required for operation of the Jackalope System pursuant to any further build-out of the Jackalope System. 

  
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 5.07 Permits. Schedule 5.07 lists all material Permits.
(a) Company is the lawful licensee or permittee under all Permits; (b) each such Permit is in full force and effect; and (c) Company is in compliance with all material obligations with respect thereto. All fees and other payments due
and owing under the Permits prior to the date hereof and prior to the Closing Date, as applicable, and in each case attributable to the Company Interests, have been paid in full. Company has all Permits required for the continued conduct of the
business of Company, except for such Permits as may be required for construction and operation of the Jackalope System pursuant to any further build-out of the Jackalope System. There is no formal Proceeding pending by, nor has Seller or Company
received a notice of any pending investigation or Proceeding by any Governmental Entity modifying, suspending, revoking, withdrawing, or terminating any such Permit. 
 5.08 Compliance with Laws. Company is in compliance in all material respects with all Legal Requirements applicable to the ownership, use or operation of the Assets. 

5.09 Legal Proceedings. There are no civil, criminal, administrative, arbitration or other Proceedings pending or, to
Seller’s Knowledge, threatened against Company, and there are no governmental investigations pending or, to Seller’s Knowledge, threatened against Company. 
 5.10 Environmental Matters. The ownership, use, maintenance and operations of the Assets, and the conduct of Company’s business, are, to Seller’s Knowledge, in compliance in all
material respects with all Environmental Legal Requirements. Seller has not received any written notice alleging that Company or the Assets or any operations thereon are not in compliance with all applicable Environmental Legal Requirements, which
notice has not been fully and finally resolved. The ownership, operation, or condition of any of the Assets is not subject to any consent order, compliance order or administrative order relating to or issued under any Environmental Legal Requirement
directed specifically to or specifically concerning the Assets. No Hazardous Materials have been disposed of or released at, on, under, about or from any of the Assets by Company or its Affiliates or, to Seller’s Knowledge, any other Person,
except in compliance with, or as would not give rise to Liability under, Environmental Legal Requirements. 
 5.11
Taxes. For the periods ending on or before the Closing Date, Company has not been required to file any Tax Return, and (a) there is no claim or adjustment pending by any Governmental Entity in connection with any Tax relating to
Company; (b) no Tax Returns are under audit or examination by any Governmental Entity; (c) there are no agreements or waivers currently in effect that provide for an extension of time with respect to the filing of any Tax Return relating
or the assessment or collection of any Tax relating to Company or the Assets; and (d) Company is not a party to any Tax allocation or sharing arrangement. Prior to the Closing, Seller shall use its reasonable endeavors as a non-operator of the
Assets and a non-managing member of the Company to request Company not to (y) take any action to amend any Tax Return or settle or compromise any federal, state, local or foreign Tax liability or enter into any agreement or preliminary
settlement with any Governmental Entity concerning Taxes or (z) file 

  
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with, or provide to, any Governmental Entity any waiver extending the statutory period for assessment or reassessment of Taxes or any other waiver of restrictions on assessment or collection of
any Taxes. 
 5.12 Employees and Employee Benefits. 

(a) Neither Company nor any of its ERISA Affiliates sponsors, maintains, or contributes to, or have any obligation or liability under any
Employee Benefit Plan. None of the Employee Benefit Plans provides medical or death benefits with respect to current or former employees beyond their termination of employment, other than coverage mandated by Sections 601-608 of ERISA,
Section 4980B of the Code or applicable state law. 
 (b) Neither Company nor any of its ERISA Affiliates have within the
last six (6) years had an obligation to contribute to, or had any liability, including any contingent liability, with respect to, a “defined benefit plan,” as defined in Section 3(35) of ERISA, a pension plan subject to the
minimum funding standards of Section 302 of ERISA or Section 412 of the Code, or a “multiemployer plan,” as defined in Section 3(37) of ERISA. 
 (c) Company is in material compliance with all Legal Requirements respecting employment and employment practices (including all immigration and I-9 obligations), terms and conditions of employment, wages,
hours of work and occupational safety and health, and is not engaged in any unfair labor practices as defined in the National Labor Relations Act or other applicable Legal Requirements. 

5.13 Brokers. Neither Company nor any of its Affiliates has entered (directly or indirectly) into any agreement with any
Person that provides for the payment of any commission, brokerage or “finders’ fee” arising out of the transactions contemplated by this Agreement for which Buyer or Company will have any Liability or obligation. 

5.14 Financial Statements. Attached hereto as Schedule 5.14 are: (a) the unaudited balance sheet of Company as
of September 30, 2012 for the three months then ended; (b) the unaudited balance sheet of Company as of December 31, 2012 for the three months then ended; (c) the unaudited balance sheet of Company as of March 31, 2013 (the
“Balance Sheet Date”) for the three months then ended, and (d) in each case, the related unaudited statements of income and cash flow (collectively, the “Financial Statements”). The Financial Statements fairly
present the financial condition and results of operations of Company as of the respective dates thereof and for the periods therein referred. The Financial Statements referred to in this Section reflect the consistent application of accounting
principles used therein throughout the periods involved. 
 5.15 Absence of Undisclosed Liabilities. From and
after the Balance Sheet Date, Company has not incurred any Liabilities (whether absolute, accrued, contingent or otherwise) of any nature, except Liabilities (a) which would not be required to be accrued or disclosed on Company’s balance
sheet, related statements of income, members equity and cash flows under GAAP; (b) which were incurred in the ordinary course of business consistent with past practice; or (c) which are disclosed in Schedule 5.15 hereto. 

  
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 5.16 Absence of Changes. Since December 31, 2012, there has not been:
(a) any damage, destruction or loss, whether covered by insurance or not, materially and adversely affecting the Assets; (b) any sale, assignment, lease, transfer, license, abandonment or other disposition by Company of any interest in the
Assets; or (c) any agreement to do any of the foregoing. Since December 31, 2012, the Assets have been operated and maintained in the ordinary course of business consistent with past practices as a gathering system that remains under
construction. 
 5.17 Insurance. Schedule 5.17 sets forth a true, correct and complete list of all
insurance policies owned by Company or by which Company or the Assets are covered against Liabilities, all of which are now in full force and effect. Except as set forth in Schedule 5.17, all policies to which Company is a party are in full
force and effect, all premiums with respect thereto covering all periods up to and including the Closing Date have been paid, and, to Seller’s Knowledge, no pending notice of default, cancellation or termination has been received by Company.

 5.18 Future Delivery of Hydrocarbons. Company is not obligated by virtue of any prepayment arrangement under
any contract for the sale of hydrocarbons or forward sale of production obligation to deliver hydrocarbons at some future time without receiving full payment therefor at or after the time of delivery. 

5.19 Regulation. Company is not subject to regulation under any applicable U.S. state Legal Requirements or regulations
(a) as a “public utility,” “public service company” or similar designation(s), or as a “holding company” or similar designation of such regulated entity, or (b) respecting the rates charged by, or the
financial or organizational regulation of, public utilities, common carriers or their affiliates. Neither the Assets nor the business of Company as currently owned and operated is subject to regulation under the Natural Gas Act or the Natural Gas
Policy Act of 1978, as amended. 
 ARTICLE 6 
 REPRESENTATIONS AND WARRANTIES OF BUYER 
 Buyer represents and warrants to
Seller the following: 
 6.01 Organization and Qualification. Buyer is a limited partnership duly organized,
validly existing and is in good standing under the Legal Requirements of the State of Delaware. Buyer has all requisite limited partnership power and authority to carry on its business as now being conducted and to own, lease and operate its
properties and assets as now owned, leased or operated, and to perform all its obligations under the agreements and instruments to which it is a party or by which it is bound. 
 6.02 Approval and Enforceability. The execution and delivery of this Agreement by Buyer and the performance of the transactions contemplated hereby have been duly and validly approved by all
requisite company or partnership action, as applicable, necessary on behalf of Buyer. This Agreement constitutes the legal, valid and binding obligation of Buyer, enforceable 

  
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against Buyer in accordance with its terms, subject to Creditors’ Rights. At the Closing, all documents required hereunder to be executed and delivered by Buyer will have been duly
authorized, executed and delivered by Buyer and will constitute legal, valid and binding obligations of Buyer, enforceable against Buyer in accordance with its terms, subject to Creditors’ Rights. 

6.03 No Violation or Consent. The execution and delivery of this Agreement by Buyer and the consummation by Buyer of the
transactions contemplated hereby will not: 
 (a) result in a material violation or material breach of, or constitute (with or
without due notice or lapse of time or both) a material default (or give rise to any right of termination, cancellation or acceleration) under, any of the terms, conditions or provisions of any note, contract, agreement, commitment, bond, mortgage,
indenture, license, lease, pledge agreement or other instrument or obligation to which Buyer is a party or by which Buyer or any of its properties or assets may be bound; or 
 (b) require Buyer to obtain or make any material waiver, consent, action, approval, clearance or authorization of, or registration, declaration or filing with, any Governmental Entity, other than such
approval as may be required to be obtained under the HSR Act. 
 6.04 Brokers. Neither Buyer nor any of its
Affiliates has entered (directly or indirectly) into any agreement with any Person that provides for the payment of any commission, brokerage or “finders’ fee” arising out of the transactions contemplated by this Agreement for which
Seller might have any Liability or obligation. 
 6.05 Legal Proceedings. There are no civil, criminal,
administrative, arbitration or other Proceedings pending or, to Buyer’s knowledge, threatened against Buyer or any of its Affiliates, and there are no governmental investigations pending or, to Buyer’s knowledge, threatened against Buyer,
that seek to restrain or enjoin the transactions contemplated by this Agreement. 
 ARTICLE 7 

ADDITIONAL AGREEMENTS OF THE PARTIES 
 7.01 HSR Act. In the event approval under the HSR Act is required for the consummation of the transactions contemplated by this Agreement, from the date of this Agreement until the Closing,
(a) Seller shall, and shall cause its respective Affiliates to, and (b) Buyer shall request that the Buyer UPE (as defined below) shall: (i) use reasonable efforts to make or cause to be made the filings required of such Party or any
of its Affiliates under the HSR Act with respect to the transactions contemplated by this Agreement, and take any action necessitated by such filings, in each case as promptly as is reasonably practicable; (ii) cooperate with the other Party
and furnish all information in such Party’s possession that is necessary in connection with such other Party’s filings; (iii) use reasonable efforts to cause the expiration of the notice or waiting periods under the HSR Act with
respect to the transactions contemplated hereby as promptly as reasonably possible; (iv) promptly inform the other Party of any 

  
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communication from or to, and any proposed understanding or agreement with, any Governmental Entity in respect of such filings; (v) consult and cooperate with the other Party in connection
with any analyses, appearances, presentations, memoranda, briefs, arguments and opinions made or submitted by or on behalf of any Party in connection with all meetings, actions and Proceedings with any Governmental Entity relating to such filings;
(vi) comply, as promptly as is reasonably practicable, with any requests received by such Party or any of its Affiliates under the HSR Act or any related Legal Requirements for additional information, documents or other materials;
(vii) use reasonable efforts to resolve any objections as may be asserted by any Governmental Entity with respect to the transactions contemplated by this Agreement; and (viii) use reasonable efforts to contest and resist any action or
Proceeding instituted (or threatened in writing to be instituted) by any Governmental Entity challenging the transactions contemplated by this Agreement as violative of the HSR Act or any other Legal Requirement. The Parties acknowledge that the
Person anticipated to be the ultimate parent entity of Buyer upon the closing of the transactions contemplated by this Agreement (the “Buyer UPE”) is not an Affiliate of Buyer as of the date hereof. In the event such Buyer UPE is
unable to obtain approval under the HSR Act or such Buyer UPE will not be the ultimate parent entity of Buyer upon the closing of the transactions contemplated by this Agreement, then Buyer shall, and shall cause its Affiliates to, comply with the
provisions set forth in clauses (i) – (viii) above. If a Party intends to participate in any meeting with any Governmental Entity with respect to such filings, it shall give the other Party reasonable prior notice of, and an opportunity to
participate in, such meeting. Notwithstanding the foregoing, nothing contained in this Agreement requires Buyer or any its Affiliates to take any action with respect to any of the assets or businesses of Buyer or any of its Affiliates, or the
Jackalope System or any of the Company Interests, or any combination thereof, if such action would require any assets or businesses to be divested or held separately by Buyer. Seller and Buyer shall each bear and pay one-half of the initial filing
fees required to be paid by Seller or Buyer, and any other applicable fees required to be paid by Seller or Buyer under the HSR Act shall be paid by such required party. 
 7.02 Access. The Parties acknowledge that Seller is not the operator of the Jackalope System or the managing member of the Company, and does not have general authority or control in respect
of the actions of the Company or the operation of the Jackalope System. Until the earlier of the Closing Date or termination of this Agreement, Seller shall use its reasonable endeavors as a non-managing member of the Company to request that Buyer
shall have reasonable access to the business, properties and employees of Company and information concerning its financial and legal condition, provided that such access shall not interfere with normal operations of Company. Seller agrees to
request, at Buyer’s request, that the Company permit Buyer and its authorized representatives to have, after the date hereof and until the earlier of the Closing Date or termination of this Agreement, reasonable access to the accounting, real
property and operational records and documents which relate to Company during normal business hours. The officers of Seller will furnish Buyer with such existing financial and operating data and other information in Seller’s possession with
respect to Seller’s investment in the Jackalope System as Buyer shall from time to time reasonably request. Buyer shall coordinate all of its requests for such access through Seller, and shall provide reasonable advance notice of each such
request. No investigation by Buyer heretofore or hereafter made, or knowledge by Buyer, its Affiliates or its or their respective employees of any of breach of Seller’s representations, warranties or covenants, shall affect the representations,
warranties and covenants of Seller or Buyer’s right to indemnification as provided in this Agreement, and each such representation, warranty and covenant shall survive any such investigation. 

  
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 7.03 Required Consents. Seller shall use its reasonable efforts to obtain the
Required Consents, and Buyer shall provide Seller with any information and assistance reasonably requested by Seller in relation thereto. 
 7.04 Operation of Business. From the date of this Agreement until Closing, Seller shall use its reasonable endeavors as a non-operator of the Assets and a non-managing member of the Company
to request that Company shall operate its business in the ordinary course and substantially in accordance with its past operating and maintenance practices, and Seller shall cause Company not to, without the prior written consent of Buyer (which
shall not be unreasonably withheld or delayed): (a) sell, assign, transfer, lease, or otherwise dispose of any of the material Assets; (b) approve or consent to any Unanimous Voting Item (as defined in the Company Agreement);
(c) liquidate, dissolve, recapitalize or otherwise wind up its business; (d) merge or consolidate with, or purchase any equity interests in, or make an investment in any Person; or (e) agree, whether in writing or otherwise, to do any
of the foregoing. 
 7.05 Cooperation and Preservation of Books and Records. The Parties
recognize that the Parties and their respective Affiliates may need access, from time to time, after the Closing Date, to certain accounting and Tax records and information held by the other Party; therefore, the Parties shall (a) use
commercially reasonable efforts to properly retain and maintain such records until the thirtieth (30th) day following the last date on which the period to which such records relate is subject to audit by any Governmental Entity, and (b) subject to the right of each Party to refrain from
disclosing or making available any proprietary information, any written or oral communications that are subject to the attorney-client privilege and any documents that are covered by the work product doctrine, allow the requesting Party and its
respective agents and other representatives, at times and dates mutually acceptable to the Parties, to inspect, review, and make copies of such records as the requesting Party may deem necessary or appropriate from time to time for use in connection
with the preparation of Tax Returns or in connection any Proceeding, Claim or Tax audit. Such inspection, review and copying of records shall be conducted during normal business hours and at the requesting Party’s expense. 

7.06 Casualty Loss. If physical damage to, destruction of, or condemnation or taking under any right of eminent domain of
any of the Assets occurs between the date of this Agreement and Closing (a “Casualty Loss”) and such Casualty Loss exceeds ten percent (10%) of the Purchase Price, either Party may, by notice to the other Party, terminate this
Agreement. If either Party exercises its option to terminate this Agreement pursuant to this Section 7.06, this Agreement will be void and have no further effect, the provisions of Section 8.05 will apply, and each Party will
have no further right or duty to or claim against the other Party, except as expressly provided otherwise in this Agreement. If neither Party exercises its option to terminate this Agreement pursuant to this Section 7.06, then:
(a) neither Party’s rights or obligations shall be affected in any way; (b) there will not be deemed a breach of representation or warranty by Seller as a result of such Casualty Loss; (c) there will be no change to the Purchase
Price in respect of the Casualty Loss; and (d) to the extent Seller is a named insured or additional insured under any insurance maintained by the operator of the Assets in respect of the Casualty Loss and the benefit of such position of the
Seller is freely assignable to Buyer, Seller shall assign such benefit to Buyer. 

  
 22 

 7.07 Rights of First Offer. Each of the Parties have agreed to provide certain
rights of first offer as more particularly described in the Side Letter. 
 7.08 Taxes. Buyer shall bear and pay
all Transfer Taxes, if any, on the transfer of the Company Interests contemplated by this Agreement. 
 ARTICLE 8

 CONDITIONS TO CLOSING AND TERMINATION 
 8.01 Conditions to Obligation of Buyer. The obligation of Buyer to perform its obligations hereunder at the Closing shall be subject to the satisfaction of the conditions set forth below
(which conditions may be waived in whole or in part by Buyer in its sole discretion in writing on or before the Closing Date): 

(a) The representations and warranties under Articles 4 and 5 shall be true and correct in all material respects as of the
Closing Date (or in all respects in the case of Section 5.06 or in the case of any representation or warranty containing any materiality or similar qualification), and Seller shall have performed in all material respects all covenants
and obligations required of Seller by this Agreement to be performed on or before the Closing Date; and Seller shall have delivered to Buyer a certificate to that effect. 
 (b) All documents, instruments, certificates or other items required to be delivered by Seller pursuant to Section 3.02(a) shall have been delivered or ready to be delivered. 

(c) All waiting periods with respect to filings made under the HSR Act, if any, for approval of the transactions contemplated by this
Agreement shall have expired or been terminated. 
 (d) No legal action or Proceeding shall have been instituted after the date
hereof against Seller or Buyer, arising by reason of the acquisition of the Company Interests pursuant to this Agreement, which could reasonably be expected to restrain, prohibit or invalidate the consummation of the transactions contemplated by
this Agreement. 
 (e) The Required Consents listed on Schedule 8.01(e) shall have been received or obtained by Seller.

 (f) Each of the GGPA, C&O Agreement, and the Company Agreement shall be in full force and effect without any amendment,
modification or supplementation except as otherwise approved in writing by Buyer. The Marketing Agreement shall have been fully executed and delivered and become in full force and effect at the Closing without any amendment, modification or
supplementation except as otherwise approved in writing by Buyer. 

  
 23 

 8.02 Conditions to Obligation of Seller. The obligation of Seller to perform
its respective obligations hereunder at the Closing shall be subject to the satisfaction of the conditions set forth below (which conditions may be waived in whole or in part by Seller in its sole discretion in writing on or before the Closing
Date): 
 (a) The representations and warranties of Buyer hereunder shall be true and correct in all material respects as of the
Closing Date, and Buyer shall have performed in all material respects all covenants and obligations required of Buyer by this Agreement to be performed on or before the Closing Date; and Buyer shall have delivered to Seller a certificate to that
effect. 
 (b) All documents, instruments, certificates or other items required to be delivered by Buyer pursuant to
Section 3.02(b) shall have been delivered or ready to be delivered, including, but not limited to, payment of the Purchase Price. 
 (c) All waiting periods with respect to filings made under the HSR Act, if any, for approval of the transactions contemplated by this Agreement shall have expired or been terminated. 

(d) No legal action or Proceeding shall have been instituted after the date hereof against Seller, arising by reason of the acquisition
of the Company Interests pursuant to this Agreement, which could reasonably be expected to restrain, prohibit or invalidate the consummation of the transactions contemplated by this Agreement. 

(e) The Required Consents listed on Schedule 8.01(e) shall have been received or obtained by Seller. 

8.03 Termination. Notwithstanding anything herein to the contrary, this Agreement may be terminated at any time prior to
Closing: 
 (a) by Buyer, if the Closing has not taken place on or before the Outside Date other than as a result of a material
breach by Buyer of any representation, warranty, covenant or obligation of Buyer contained in this Agreement which will or has prevented the satisfaction of any condition to the obligations of Seller at the Closing; 

(b) by Seller, if the Closing has not taken place on or before Outside Date other than as a result of a material breach by Seller of any
representation, warranty, covenant or obligation of Seller contained in this Agreement which will or has prevented the satisfaction of any condition to the obligations of Buyer at the Closing; 

(c) by Buyer or Seller, if approval is required by the HSR Act for the transaction contemplated by this Agreement and such approval has
not been obtained, nor deemed to have been obtained, prior to the HSR Approval Deadline other than as a result of any material breach by the terminating Party of any representation, warranty, covenant or obligation contained in this Agreement which
will or has prevented the satisfaction of any condition to the obligations of the other Party at the Closing; 

  
 24 

 (d) by Seller, if there has been a material breach by Buyer of any representation, warranty,
covenant or obligation contained in this Agreement which will or has prevented the satisfaction of any condition to the obligations of Seller at the Closing and, if such breach is of a character that it is capable of being cured, such breach has not
been cured by Buyer within thirty (30) days after written notice thereof from Seller; 
 (e) by Buyer, if there has been a
material breach by Seller of any representation, warranty, covenant or obligation contained in this Agreement which will or has prevented the satisfaction of any condition to the obligations of Buyer at the Closing and, if such breach is of a
character that it is capable of being cured, such breach has not been cured by Seller within thirty (30) days after written notice thereof from Buyer; 
 (f) by either Buyer or Seller, if any Governmental Entity having competent jurisdiction has issued a final, non-appealable order, decree, ruling or injunction (other than a temporary restraining order) or
taken any other action permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement; or 
 (g) by mutual agreement of the Parties in writing. 
 8.04 Specific
Performance for Pre-Closing Breach. In the event of breach of this Agreement by Seller prior to Closing, Buyer shall be deemed to not have an adequate remedy at law and shall be entitled to seek specific performance with respect to
performance of this Agreement, without the necessity of posting bond or furnishing other security. Such right shall be in addition to all other rights and remedies set forth in this Agreement or available at law or in equity. 

8.05 Effect of Termination. If this Agreement is terminated pursuant to Section 8.03: this Agreement shall
become void and of no further force or effect (except for the provisions of Section 10.03 and Article 11, which shall, except to the extent otherwise specifically provided, survive such termination and continue in full force and
effect); provided, that nothing in this Section 8.05 shall release any Party from any Liability for any willful breach of any material representation, warranty, covenant or agreement in this Agreement that exists at the time of
such termination. 
 ARTICLE 9 
 SURVIVAL 
 9.01 Survival. Except as otherwise expressly
provided herein, the indemnification provisions in Article 10 in respect of the covenants and obligations of the Parties under this Agreement shall survive Closing for the applicable statute of limitations period. The indemnification
provisions in Section 10.01(b) in respect of the representations and warranties of Buyer under this Agreement shall survive the Closing for a period of eighteen (18) months with the exception that the indemnities in respect of the
representations and warranties in Sections 6.01, 6.02, 6.03 and 6.04 shall survive indefinitely. The indemnification provisions in Section 10.01(a) in respect of the representations and warranties of Seller
under this Agreement shall 

  
 25 

 
survive the Closing for a period of eighteen (18) months with the exception that the indemnities in respect of the representations and warranties (collectively, the “Fundamental
Reps”) in (a) Section 5.11 shall survive the Closing until thirty (30) days after the expiration of the applicable statute of limitations, and (b) Sections 4.01, 4.02, 4.03, 4.04,
4.06, 5.01, 5.02, 5.03, 5.06 and 5.13 shall survive indefinitely. A Buyer Indemnified Party seeking a remedy pursuant to Section 10.01 for a breach of a representation or warranty must commence a
Claim with respect to such a breach within the applicable survival period noted above. In the event that a Claim for indemnification is properly brought under Section 10.01 within the applicable survival period, the survival period under
this Section with respect to the breach of the applicable representation or warranty shall toll or be deemed to have tolled, with respect to such Claim only, until such Claim is ultimately resolved by a written instrument executed by each of the
Parties or finally resolved by a court of competent jurisdiction. If a Buyer Indemnified Party or Seller Indemnified Party fails to commence a Claim arising from the breach of a representation or warranty hereunder within the applicable survival
period, such Buyer Indemnified Party or Seller Indemnified Party shall be deemed to have waived such Claim and all Damages related thereto. 
 ARTICLE 10 
 INDEMNIFICATION 

10.01 Indemnification. 
 (a) Subject to the survival provisions set forth in Article 9 and the limitations set forth in this Section 10.01(a), from and after Closing, Seller shall indemnify, defend, hold
harmless and release Buyer, its Affiliates, and its and their respective directors, officers and employees (collectively, the “Buyer Indemnified Parties”) from and against any and all Claims, Liabilities (including STRICT
LIABILITIES ARISING UNDER ENVIRONMENTAL LEGAL REQUIREMENTS OR OTHERWISE) and Damages that arise out of, result from or are payable as a result of the (i) breach of any representation or warranty made by Seller in this Agreement or in any
certificate delivered by Seller at Closing, or (ii) the failure of Seller to perform any covenant or obligation required to be performed by it under this Agreement, IN EACH CASE WITHOUT REGARD TO THE SOLE, PARTIAL OR CONCURRENT NEGLIGENCE,
GROSS NEGLIGENCE OR STRICT LIABILITY (BUT NOT THE WILLFUL MISCONDUCT) OF THE BUYER INDEMNIFIED PARTIES; provided, however, that the obligations of Seller under this Section 10.01(a) shall be
subject to the following limitations: 
 (1) Notwithstanding anything to the contrary in this Agreement,
Seller shall not be obligated to indemnify, defend, hold harmless or release the Buyer Indemnified Parties for any Damages pursuant to Section 10.01(a)(i) to the extent the aggregate amount of such Damages suffered or incurred by the
Buyer Indemnified Parties (i) does not exceed $1,000,000 (the “Deductible”) or (ii) exceeds $10,000,000 (the “Cap”); provided, however, that solely with respect to any Claims made after the
first anniversary of the Closing Date, the Cap for any such related Damages shall be reduced to $5,000,000 (it being acknowledged and agreed that in no event shall the aggregate amount of all Damages related to Claims made before and after the first
anniversary of the Closing Date exceed $10,000,000). 

  
 26 

 (2) The Parties acknowledge and agree that the intent of subsection
(1) above, and this Agreement, is that the Seller shall have no liability or responsibility for Damages amounts below the Deductible, and that all Damages amounts below the Deductible or exceeding the Cap with respect to the matters set forth
in Section 10.01(a)(i) above shall be borne by Buyer; provided however, that the limitations in subsection (1) above shall not apply to a breach of any of the Fundamental Reps or any Claim based on actual fraud. 

(3) The Parties acknowledge and agree that with respect to any capital expenditures made or to be made by Buyer to the
Company arising from or related to any capital contributions that were required to be made prior to the Closing Date, that solely to the extent that such capital expenditures are taken into account in the cost of service payment obligations by
Seller under the GGPA, then such capital expenditures shall not be included in the determination of Damages pursuant to an indemnification claim under this Article 10. 

(4) For purposes of this Article 10 (but not for determining the fulfillment of the conditions to Closing under
Article 8), any inaccuracy in or breach of any representation or warranty shall be determined without regard to any Knowledge, materiality or similar qualification contained in or otherwise applicable to such representation or warranty;
provided, however, that the Knowledge qualifications set forth in Section 4.05 and Section 5.09 of this Agreement shall remain for purposes of determining any inaccuracy in or breach of any representation or warranty
set forth in Section 4.05 and Section 5.09. 
 (b) Subject to the survival provisions set forth in
Article 9, from and after Closing Buyer shall indemnify, defend, hold harmless and release Seller, its Affiliates, and its and their respective directors, officers, employees, legal counsel, financial advisors and agents (collectively, the
“Seller Indemnified Parties”) from and against any and all Claims, Liabilities (including STRICT LIABILITIES ARISING UNDER ENVIRONMENTAL LEGAL REQUIREMENTS OR OTHERWISE) and Damages that arise out of, result from or are payable as a
result of the (i) the breach of any representation or warranty made by Buyer in this Agreement and in any certificate delivered by Buyer at Closing, or (ii) failure of Buyer to perform any covenant or obligation required to be performed by
it under this Agreement, IN EACH CASE WITHOUT REGARD TO THE SOLE, PARTIAL OR CONCURRENT NEGLIGENCE, GROSS NEGLIGENCE OR STRICT LIABILITY (BUT NOT THE WILLFUL AND WANTON MISCONDUCT) OF THE SELLER INDEMNIFIED PARTIES; provided,
however, it shall not be necessary for a third party Claim to have been brought or threatened against a Seller Indemnified Party for the indemnity obligations of Buyer to apply. 

(c) In the event that any Claim for which Seller, on the one hand, or Buyer, on the other hand (each an “Indemnifying
Party”), would be liable to the other Party or another Person indemnified under this Section 10.01 (each collectively, an “Indemnified Party”) is asserted against or sought to be collected from such Indemnified
Party by a non-Affiliate third Person, the Indemnified Party shall notify the Indemnifying Party in writing of such Claim promptly after becoming aware of such Claim, specifying the nature of and specific basis for such Claim and

  
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the amount or the estimated amount thereof to the extent then feasible (the “Claim Notice”); provided, however, that no failure or delay in the giving of such Claim
Notice shall relieve the Indemnifying Party of any Liability hereunder, except to the extent the Indemnifying Party is prejudiced by such omission or delay. The Indemnifying Party shall have thirty (30) days from the delivery of the Claim
Notice (the “Notice Period”) to notify the Indemnified Party whether or not it desires, at the sole cost and expense of the Indemnifying Party, to defend the Indemnified Party against such Claim; provided, however,
that any Indemnified Party is hereby authorized during the Notice Period, after giving additional notice to the Indemnifying Party, to file any motion, answer or other pleading necessary to protect its interests or those of the Indemnifying Party
and not prejudicial to the defense of such Claim. If the Indemnifying Party notifies the Indemnified Party within the Notice Period that it desires to defend the Indemnified Party against such Claim, then the Indemnifying Party shall, at its own
expense, assume the defense of any such Claim either directly or through its insurer. In such case, but subject to Section 10.01(d) below, the Indemnifying Party shall control the course of and make all decisions concerning any such
proceeding, select and employ counsel (with the approval of the Indemnified Party, not to be unreasonably withheld), and settle or prosecute such proceeding to a final conclusion, and the Indemnified Party may participate in, but not control, any
such defense or settlement at its own cost and with its own counsel, and if requested by the Indemnifying Party, the Indemnified Party agrees to cooperate with the Indemnifying Party and its counsel in contesting any Claim that the Indemnifying
Party elects to contest, or, if appropriate and related to the Claim in question, in making any counterclaim against the Person asserting the third-party Claim, or any cross-complaint against any Person. To the extent the Indemnifying Party elects
not to assume the defense of any Claim for which it has an indemnity obligation under this Section 10.01, the Indemnified Party shall have the right to defend, and be reimbursed for its reasonable cost and expense incurred (but only if
and to the extent the Indemnified Party is actually entitled to indemnification hereunder) in regard to such Claim with counsel selected by the Indemnified Party (who shall be reasonably satisfactory to the Indemnifying Party), by all appropriate
Proceedings. In such circumstances, the Indemnified Party shall defend such Claim in good faith and have full control of such defense and Proceedings; provided, however, that the Indemnified Party may not enter into any compromise or
settlement of such Claim, if indemnification is to be sought hereunder, without the Indemnifying Party’s consent. Additionally, in such circumstances, the Indemnifying Party may participate in, but not control, any defense or settlement
controlled by the Indemnified Party pursuant to this Section 10.01(c), and the Indemnifying Party shall bear its own costs and expenses with respect to such participation. Notwithstanding the foregoing, the Indemnifying Party shall not,
without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless (A) such settlement includes a full and unconditional release of such
Indemnified Party from all liability on Claims that are the subject matter of such Proceeding, (B) such settlement does not contain any admission of wrongdoing or illegal conduct and (C) the Indemnifying Party has agreed in writing that it
is liable to pay the full amount of the settlement to the extent pertaining to such Indemnified Party. 
 (d) If a Party becomes
an Indemnified Party, it shall, at the Indemnifying Party’s expense, cooperate with the Indemnifying Party and permit the Indemnifying Party reasonable access to the Indemnified Party’s books, records, facilities and employees for the
purpose of permitting the Indemnifying Party to perform its obligations under this Section 10.01; provided, 

  
 28 

 
however, that the Indemnified Party shall not be required to disclose to the Indemnifying Party any documents or correspondence covered by the attorney-client privilege or the work product
doctrine, except pursuant to a joint defense agreement. To the extent that any documents or correspondence are covered by the attorney-client privilege or the work product doctrine, the Indemnified Party shall notify the Indemnifying Party if the
Indemnified Party seeks to protect such privilege with respect to third parties. The Indemnified Party shall disclose to the Indemnifying Party the non-privileged contents of any such documents or correspondence. If requested by the Indemnifying
Party, the Indemnified Party and the Indemnifying Party shall negotiate in good faith a joint defense agreement with respect to the matter that is the subject of the privileged communication or work product. 

10.02 Exclusive Remedy Post-Closing. From and after Closing, Section 10.01 shall be the exclusive remedy of
both Parties for monetary Damages for breach of this Agreement and each of the Parties hereby waives any other Claim, cause of action, or remedy for monetary Damages that it might assert against the other, whether under statutory or common law, or
any other Legal Requirement; provided that nothing in this Section 10.02 shall prevent either Party from (a) seeking specific performance, injunctive and/or similar equitable relief for Claims of breach or failure to perform
covenants performable under this Agreement at any time after the Closing or (b) pursuing, and recovering in respect of, any claim based on actual fraud. The Parties acknowledge that the Seller has had limited access to information in respect of
the Company Interests, the Assets and the Company, and has no obligation to make any inquiry with respect thereto. Any failure of Seller to conduct diligence in respect of the Company Interests, the Assets or the Company, including any failure to
make inquiries of the managing member of the Company, shall not be deemed to comprise fraud, whether actual, constructive or otherwise. 
 10.03 Limitation of Liability. IN NO EVENT SHALL ANY PARTY HERETO BE LIABLE HEREUNDER FOR EXEMPLARY, PUNITIVE, INDIRECT, OR SPECIAL DAMAGES, ARISING DIRECTLY OR INDIRECTLY FROM, INCIDENT TO,
OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, REGARDLESS OF SOLE OR CONCURRENT NEGLIGENCE, STRICT LIABILITY, OR DEFECT IN PREMISES, EQUIPMENT OR MATERIAL, AND REGARDLESS OF WHETHER PRE-EXISTING THIS AGREEMENT. This Section shall in no way limit or
qualify the Parties’ indemnification obligations under Section 10.01 with respect to Claims made against any Party by a non-Affiliate third Person. 
 ARTICLE 11 
 MISCELLANEOUS 

11.01 Governing Law; Waiver of Jury Trial. This Agreement, all instruments executed in accordance with it and any disputes
arising out of or relating to this Agreement or any contemplated transaction shall be governed by and construed, interpreted and enforced in accordance with the laws of the State of Texas, without regard to conflict of law rules that would direct
application of the laws of another jurisdiction. EACH PARTY, KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY, WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY

  
 29 

 
CONTEMPLATED TRANSACTION, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, INCLUDING WITH RESPECT TO ANY SUCH PROCEEDING TO WHICH ANY LENDING SOURCE IS A PARTY. 

11.02 Entire Agreement. This Agreement (including the documents, schedules, attachments, exhibits, annexes and instruments
referred to herein and therein) together with the Confidentiality Agreement constitute the entire agreement between the Parties and supersedes all prior agreements, documents or other instruments with respect to the matters covered hereby. The
Parties make, and have made, no oral agreements or undertakings pertaining to the subject matter of this Agreement. In the event of any irreconcilable conflict between the terms of this Agreement and any conveyancing documents contemplated hereby,
the terms of this Agreement shall be controlling. Buyer and Seller agree that the Confidentiality Agreement shall terminate effective upon the Closing. Neither Buyer or Seller has relied on any representation or warranty (or omission) made by or on
behalf of the other Party other than the representations and warranties expressly set forth in this Agreement, and each Party acknowledges that it is relying exclusively on its own judgment as to all matters other than to the extent provided in the
representations and warranties set forth in this Agreement. 
 11.03 Waiver. No waiver of any of the provisions of
this Agreement shall be effective unless in writing signed by Buyer and Seller. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such
waiver constitute a continuing waiver unless otherwise expressly provided. 
 11.04 Captions. The captions in this
Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement. 
 11.05 Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns, but
neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any Party without the prior written consent of either Buyer or Seller, as applicable, and any such assignment that is not consented to shall be
null and void; provided, that no consent of Seller shall be required in connection with any assignment by Buyer of any of Buyer’s rights, interests and obligations hereunder (a) for the purpose of securing any financing of the
transactions contemplated hereby, and/or (b) to a wholly-owned subsidiary of Buyer, in each case so long as such assignment in no way limits Buyer’s obligations hereunder. 

11.06 Notices. Any notice provided or permitted to be given under this Agreement shall be in writing, and may be served by
personal delivery or by depositing same in the mail, addressed to the Party to be notified, postage prepaid, and registered or certified with a return receipt requested. Notice deposited in the mail in the manner hereinabove described shall be
deemed to have been given and received on the date of the delivery as shown on the return receipt. Notice served in any other manner shall be deemed to have been given and received only if and when actually received by the addressee (except that
notice given by facsimile shall be deemed given and received upon receipt only if received during normal business hours and if 

  
 30 

 
received other than during normal business hours shall be deemed received as of the opening of business on the next Business Day). For purposes of notice, the addresses and facsimile numbers of
the Parties shall be as follows: 
  

			
	For Seller to:	  	RKI Exploration & Production, LLC
		  	210 Park Avenue, Suite 900
		  	Oklahoma City, OK 73102
		  	Attn: Manager – Oil & Gas Sales
		  	Facsimile: (405) 996-5746
		
	For Buyer to:	  	Crestwood Niobrara LLC
		  	700 Louisiana Street, Suite 2060
		  	Houston, Texas 77002
		  	Attn: General Counsel
		  	Facsimile: (832) 519-2250

 Each Party shall have the right, upon giving five (5) days’ prior notice to the other in the manner hereinabove
provided, to change its address for purposes of notice. 
 11.07 Expenses. Each Party shall be solely responsible
for all expenses incurred by it in connection with this transaction (including fees and expenses of its own counsel, accountants and consultants). 
 11.08 Severability. The unenforceability or invalidity of any one or more portions or provisions of this Agreement shall not affect the enforceability or validity of the remaining portions
or provisions of this Agreement. 
 11.09 Amendment. This Agreement (including the documents, schedules,
attachments, exhibits, annexes and instruments referred to herein) may not be amended except by an instrument in writing signed by each of the Parties. 
 11.10 Further Assurances. If at any time after the Closing, any further action is reasonably necessary to transfer the Company Interests to Buyer, Buyer and Seller shall execute such
additional conveyances or other instruments as necessary to more effectively transfer, convey and assign the Company Interests to Buyer. 
 11.11 Third-Party Beneficiaries. Nothing in this Agreement is intended to create any third-party beneficiary rights respecting any Person or to confer upon any Person, other than the Parties
and their respective successors and permitted assigns, any rights, remedies or obligations under or by reason of this Agreement, and the Parties specifically negate any such intention. 

11.12 Counterparts; Exhibits. This Agreement may be executed in one or more counterparts (delivery of which may be made by
facsimile), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. All Attachments, Schedules and Exhibits attached hereto are hereby made a part of this Agreement and incorporated herein
by this reference. 

  
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 11.13 Publicity. Prior to making any public announcement with respect to the
transactions contemplated hereby, each Party shall consult with the other Party and use reasonable efforts to agree upon the text of a proposed joint announcement or obtain the other Party’s approval of the text of such announcement (which
approval shall not be unreasonably withheld, conditioned or delayed); provided, however, that any Party may make such disclosures or statements as it reasonably believes may be required by applicable Legal Requirements, including any
rules or regulations of any stock exchange. 
 11.14 Construction. The Parties have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring
or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement. If the date specified in this Agreement for giving any notice or taking any action is not a Business Day (or if the period during which any notices
required to be given or any action taken expires on a date which is not a Business Day), then the date for giving such notice or taking such action (and the expiration date for such period during which notice is required to be given or action taken)
shall be the next day which is a Business Day. Unless the context requires otherwise: (a) the gender (or lack of gender) of all words used in this Agreement includes the masculine and feminine; (b) references to Articles and Sections refer
to Articles and Sections of this Agreement; (c) references to Attachments, Schedules or Exhibits refer to the Attachments, Schedules and Exhibits attached to this Agreement, each of which is made a part hereof for all purposes; and (d) the
word “including” means “including, without limitation.” 
 11.15 Schedules. Seller may by
written notice to Buyer revise or supplement the disclosure Schedules hereunder, or add new disclosure Schedules, at any time prior to the Closing Date to reflect any information, event or circumstance that came into existence after the date hereof
and would have been required to be disclosed on one or more existing or new disclosure Schedules if such information was in existence on the date of this Agreement. In no event shall any such supplement, amendment or addition be effective to cure
and correct, for all purposes (including, but not limited to, Seller’s indemnification obligations set forth in Section 10.01), any breach of any representation, warranty, or covenant that would otherwise have existed by reason of
Seller not having made such amendment, supplement or addition. The inclusion of any information in any Schedule shall not be deemed to indicate that such information is required to be disclosed, or establish or be an admission of any level of
materiality or similar threshold. 
 [Remainder of page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the day and year first
set forth above. 
  

			
	SELLER:
	
	RKI EXPLORATION & PRODUCTION, LLC
		
	By:	 	 /s/ Jeffrey A Bonney

	Name:	 	 Jeffrey A Bonney

	Title:	 	 VP & CFO

	
	BUYER:
	
	CRESTWOOD NIOBRARA LLC
		
	By:	 	 /s/ J. Heath Deneke

	Name:	 	 J. Heath Deneke

	Title:	 	 SVP – Chief Commercial Officer

	
	Solely for purposes of Section 2.04
	
	PARENT:
	
	CRESTWOOD MIDSTREAM PARTNERS LP,
	
	 By Crestwood Gas Services GP LLC,
 its General Partner

		
	By:	 	 /s/ J. Heath Deneke

	Name:	 	 J. Heath Deneke

	Title:	 	 SVP – Chief Commercial Officer

 EXHIBIT A 
 JACKALOPE SYSTEM MAP 

  
 

 

 EXHIBIT B 
 COMPANY AGREEMENT 

 JACKALOPE GAS GATHERING SERVICES, L.L.C. 

FIRST AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 
 This First Amended and Restated Limited Liability
Company Agreement (“Agreement”) of Jackalope Gas Gathering Services, L.L.C. (“Company”) is entered into on this 20th day of June, 2013, by and between Access MLP Operating, L.L.C., a Delaware limited liability
company (“Access”) and RKI Exploration & Production, LLC, an Oklahoma limited liability company (“RKI”). All Exhibits and Schedules referenced in this Agreement are attached to this Agreement and
incorporated by reference. 
 RECITALS 
 In accordance with and pursuant to the Act (as defined below), the Company was formed as an Oklahoma limited liability company upon the filing of the Articles of Organization of Buffalo Creek Processing
Plant, L.L.C. (as amended to date, the “Articles of Organization”) with the Secretary of State of the State of Oklahoma (the “Oklahoma SOS”) on April 12, 2012. Pursuant to the filing of the Amended Articles of
Organization with the Oklahoma SOS on June 6, 2012, the name of the Company was changed to Jackalope Gas Gathering Services, L.L.C. 

Chesapeake Midstream Operating, L.L.C., an Oklahoma limited liability company, executed and entered into that certain Operating Agreement for Buffalo
Creek Processing Plant, L.L.C., dated effective as of April 12, 2012 (the “First Agreement”). Upon proper execution and delivery of this Agreement, this Agreement amends, restates and replaces in its entirety the First
Agreement, which shall have no further force or effect. 
 Prior to the date hereof, the Company was a disregarded entity for United States
federal income tax purposes and certain state income tax laws that incorporate or follow federal income tax principles as to tax partnerships (collectively, “Tax Purposes”). 
 Access, RKI and the Company executed and entered into that certain Contribution Agreement dated as of the date hereof (the “Contribution Agreement”) pursuant to which the Company issued
to RKI 50% of the outstanding Units in the Company in exchange for RKI’s contribution of the RKI Assets (as such term is defined in the Contribution Agreement), and Access was treated as contributing the Access Assets (as such term is defined
in the Contribution Agreement) to the Company in exchange for 50% of the outstanding Units of the Company. The parties to the Contribution Agreement agreed that for Tax Purposes from and after the date of the Contribution Agreement, the Company will
be treated as a partnership. In order to give effect to and reflect the admission of RKI as a Member, Access and RKI are entering into this Agreement. 
 The parties hereto acknowledge that RKI intends to sell its entire interest in the Company to Crestwood Niobrara LLC, a Delaware limited liability company (“Crestwood”), pursuant to that
certain Purchase and Sale Agreement dated as of June 21st, 2013 between RKI and Crestwood (the “Purchase Agreement”). 

In consideration of the mutual covenants and agreements in this Agreement and for other good and valuable consideration, the parties to this Agreement
(and each Person who subsequently becomes a party to this Agreement) agree as follows: 
 ARTICLE 1 GENERAL PROVISIONS

 1.1 Name. The name of the Company is Jackalope Gas Gathering Services, L.L.C. This Agreement will be effective at 12:01 a.m.
Central time on June 20, 2013. All business of the Company will be conducted in the name of the Company or in such other name(s) as the Members may approve in connection with the business of the Company or as necessary under any applicable law
in order to qualify the Company to conduct business in any jurisdiction. 

 1.2 Principal Place of Business. The address of the principal office of the Company is 525 Central
Park Drive; Oklahoma City, OK 73105, and may be moved to another location as the Managing Member may determine. 
 1.3 Registered Office and
Resident Agent. The registered office of the Company and the name of the resident agent are as stated in the Articles of Organization, as may be amended from time to time, and may be changed pursuant to the Oklahoma Limited Liability Company
Act, Okla. Stat. tit. 18, § 2000 et seq. (the “Act”). 
 1.4 Purpose. The business and purposes of the
Company are to: (a) conduct the Business; (b) hold and otherwise own and deal with all Capital Contributions and with such other assets as may be acquired by or contributed to the Company; (c) engage in any other lawful acts or
activities for which limited liability companies may be formed under the Act; and (d) engage in all activities necessary, customary, convenient, or incidental to any of the forgoing. 
 1.5 Term. The term of the Company began on the date the Articles of Organization were initially filed with the Oklahoma SOS and will continue in existence until termination and dissolution pursuant
to this Agreement and the Act. 
 ARTICLE 2 MEMBERS 
 2.1 Authority of the Managing Member. Except as may be expressly provided otherwise herein, including, without limitation, as provided in Sections 2.2 and 2.3, the Managing Member
will conduct, direct, and exercise full control over all activities of the Company. For purposes hereof, the “Managing Member” shall be Access (or its successor Affiliate) until such time as Access or its Affiliates no longer has a Pro
Rata Share equal to at least 50%, at which time Access shall automatically be removed as the Managing Member and, so long as RKI or its Affiliates has a Pro Rata Share equal to at least 50%, RKI shall be the Managing Member. All management powers
over the business and affairs of the Company will be exclusively vested in the Managing Member, and the Managing Member will have the sole power to bind or take any action on behalf of the Company or to exercise any rights and powers (including the
rights and powers to take certain actions, give, or withhold certain consents or approvals, or make certain determinations, opinions, judgments, or other decisions) granted to the Company under this Agreement or any other agreement, instrument, or
other document to which the Company is a party. 
 2.2 Action Requiring a Unanimous Vote. Notwithstanding anything to the contrary in
this Agreement, the following actions by the Company require the approval of all of the Voting Interests (collectively, “Unanimous Voting Items”): 
 (a) The liquidation, dissolution, recapitalization, or reorganization in any form of transaction of the Company or any Subsidiary; 
 (b) The election of or any change in the manner in which either (i) the Company or any Subsidiary or any material transaction to which the Company or any Subsidiary is a party is treated for tax
purposes or (ii) any material item of income or expense is treated for tax purposes; 
 (c) Any material change to the Business or
operations of the Company in response to a New Law, as set forth in Section 6.1; 
 (d) The merger or consolidation of the Company
or any Subsidiary with any other Person; 

  
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 (e) The acquisition by the Company or any Subsidiary of any equity interest in any other Person; 

(f) The issuance of any Units or any equity securities of the Company or any Subsidiary of the Company; 

(g) An initial public offering of the Units or other equity securities of the Company or any of its Subsidiaries; 

(h) An exit from the Business or entry into a line of business other than the Business by the Company or any Subsidiary or any change to any fundamental
characteristic of the Business; 
 (i) An amendment to, modification of, or waiver of any provision of the Articles of Organization, this
Agreement, or any Transaction Document; 
 (j) A declaration of any dividend or distribution on the Units of the Company, other than a
distribution pursuant to Section 3.2; 
 (k) The filing of a voluntary Bankruptcy or similar proceeding or the election not to
contest any Bankruptcy or similar proceeding filed against the Company or any Subsidiary; 
 (l) A conversion of the Company from a limited
liability company into a corporation or other form of business entity; 
 (m) The encumbering of any assets of the Company (not including any
Units of the Company) or any of its Subsidiaries, in each case, other than in the ordinary course of the Business (and for clarity, under no circumstances will any pledge or encumbrance of any assets of the Company in connection with any
indebtedness of any Member be deemed to be in the ordinary course of the Business); 
 (n) The issuance, incurrence, renewal, refinancing, early
repayment, or discharge of any material indebtedness other than the extension of credit in the ordinary course of the Business; 
 (o) The
Company’s or any Subsidiary’s guaranteeing of obligations of any other Person or providing any indemnity not in the ordinary course of the Business; 
 (p) Except as delegated to the C&O Operator pursuant to Article II of the Construction and Operating Agreement but subject to the limitations set forth in Section 7.3(e) of the
Construction and Operating Agreement, the commencement or settlement of any material dispute, arbitration, litigation, mediation, or other proceeding (other than the commencement or settlement of any such proceeding in which a Member is a defendant,
in which case such Member will not be entitled to vote on such matter) in which the contested amount is greater than $500,000; 
 (q) A sale,
lease, or disposal of any material asset of the Company or any of its Subsidiaries; 
 (r) The entry into any contract, agreement, transaction,
or arrangement (financial or otherwise), or any amendment or modification thereto or material consent, approval or waiver to be given on the part of the Company thereunder (other than in connection with the approval of any Budget subject to
Section 2.2(t) or any contracts or purchases subject to Section 2.2(y)), between the Company and any Member or any Affiliate of a Member (an “Affiliate Contract”), including the engagement by the Company of
the C&O Operator to provide additional services in addition to those services contemplated by this Agreement and the Construction and Operating Agreement and, to the extent Marketer is a Member or an Affiliate of a Member, the engagement by the
Company of the Marketer to provide additional services in addition to those services contemplated by this Agreement and the Marketing Agreement; a consent, approval or waiver in this Section 2.2(r) shall be considered
“material” if such 

  
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consent, approval or waiver will have an economic effect, either individually or together with a series of related transactions, of over $100,000 or would otherwise reasonably be expected to be
material to the continuing operations of the Company; 
 (s) Except as otherwise contemplated by the Construction and Operating Agreement and,
if and when the Marketing Agreement becomes effective, the Marketing Agreement which are subject to Section 2.2(y) below, entering in to any contract, agreement, transaction, or arrangement (financial or otherwise), or any amendment or
modification thereto or material consent, approval or waiver to be given on part of the Company thereunder for services utilizing the Gas Gathering and Processing System; 
 (t) The adoption of: (i) the Initial Budget and each Subsequent Budget relating to each next succeeding calendar year and any amendments thereto, (ii) any cost of service model (and any
amendments thereto) under any Gas Services Agreement and associated model inputs, including, without limitation, volume forecasts, total revenue forecasts and other forecasts or projections used in the determination or redetermination of any cost of
service calculations under any Gas Services Agreement, and (iii) any Project Budget for any specific Project having aggregate expenditures of greater than $5,000,000; 
 (u) Any expenditures (i) not covered in a Budget or (ii) in excess of 110% of the aggregate amount budgeted in (A) a Budget (including the budgets included therein that are submitted by the
C&O Operator pursuant to the Construction and Operating Agreement) or (B) any Subsidiary’s annual operating budget; provided, however, such consent shall not be necessary in connection with any expenditure required by
reason of an Emergency. 
 (v) Each Additional Capital Contribution pursuant to Section 3.1(c); 

(w) The determination of (i) the Capital Account balance of each Member as of the date of this Agreement, (ii) the Agreed Value of any
Contributed Property or other property of the Company or (iii) the Carrying Value of any property of Company; 
 (x) The obtainment,
cancellation, or material modification of insurance on behalf of the Company other than any insurance required to be purchased by the C&O Operator on behalf of the Company under the Construction and Operating Agreement; 

(y) The approval of the annual minimum cash reserve to be maintained by the Company, as recommended by the C&O Operator; and 

(z) The entry (i) by the C&O Operator on behalf of the Company into (A) any contract (or series of related contracts) for services or for
the purchase (or series of related purchases) of items, materials, and supplies under the Construction and Operating Agreement for amounts greater than $5,000,000 or (B) any lease for real or personal property that during the term of such lease
is reasonably expected to result in an expenditure of greater than $1,000,000, provided, however, to the extent any series of related contracts and/or purchases is related to a project or undertaking previously approved by the Members,
then such consent of the Members shall not be required for each contract or purchase related to such project or undertaking, unless any individual contract or purchase (or series of directly related contracts or purchases for substantially similar
services or equipment) is greater than $5,000,000, or (ii) by the Marketer into any contract to be executed by the Company in connection with any Gas Services Agreement. 
 With respect to any Unanimous Voting Item, the Member requesting such approval will deliver written request for approval to the other Member. Each Member will deliver its approval or disapproval to the
Company within 5 Business Days following receipt of the request for approval from the requesting Member, and failure to deliver notice of such approval or disapproval will be deemed disapproval by such

  
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Member of the matters set forth in the request for approval. Notwithstanding the foregoing, with respect to any proposed Budget, expenditures, contracts, leases or purchases that are Recoverable
Costs to be incurred in connection with the Company’s fulfillment of its obligations under the Gas Services Agreements, if the Members are unable to unanimously agree on any such proposed Budget, expenditures, contracts, leases or purchases
within such five-Business Day period, then, upon the written request of either Member, the Chief Executive Officer of each Member or its Specified Affiliate shall meet to attempt to resolve any disputed items with respect to such proposed Budget,
expenditures, contracts, leases or purchases. If the Members and, if applicable, their respective Chief Executive Officers, are unable to agree on a proposed Budget, expenditures, contracts or purchases by the date such proposed Budget,
expenditures, contracts, leases or purchases are required to be submitted to the Shippers or are otherwise obligated to be performed under the Gas Services Agreements, then such Budget, expenditures, contracts, leases or purchases, as proposed by
the C&O Operator, will be deemed to have been approved by the Company solely with respect to those items that are Recoverable Costs incurred in connection with the Company’s fulfillment of its obligations under the Gas Services Agreements.

 2.3 Affiliate Contracts. With respect to any breach or default under any Affiliate Contract by the counterparty who is an Affiliate of
a Member, the Member who is not an Affiliate of such counterparty shall have the sole and exclusive right on behalf of the Company to give a notice, demand or other action to or regarding the counterparty under an Affiliate Contract asserting,
declaring or following a default of an Affiliate Contract on the part of such counterparty pursuant to and in compliance with the applicable provisions of the Affiliate Contract. For the avoidance of doubt, the Member that is not an Affiliate of the
C&O Operator shall have the sole authority to act on behalf of the Company with respect to any breach or default under the Construction and Operating Agreement, and, if and when the Marketing Agreement becomes effective, the Member that is not
an Affiliate of the Marketer shall have the sole authority to act on behalf of the Company with respect to any breach or default under the Marketing Agreement. 
 2.4 Voting Rights. Each Member will be entitled to one Voting Interest for each Unit owned by such Member, and holders of partial Units, if any, will be entitled to a corresponding partial Voting
Interest with respect to those Units. Unless a different vote is required by the Act, the Articles of Organization, or this Agreement, a majority of the Voting Interests held by Members entitled to vote with respect thereto is required to approve
any matter on which Members are voting. When the Act, the Articles of Organization, or this Agreement calls for a vote of the holders of a majority of the Voting Interests to approve a matter on which the Members are voting, such reference is to a
majority of the total of all Voting Interests then in existence held by Members entitled to vote with respect to such matter; when the Act, the Articles of Organization, or this Agreement calls for the unanimous vote of the Members, such reference
is to the total of all Voting Interests then in existence held by Members entitled to vote with respect to such matter. In the event of any conflict between the voting requirements in this Article 2 (Members) and any provision of any other
Transaction Documents, the voting requirements set forth in this Article 2 (Members) will govern. Any failure to vote, whether due to absence, abstention, or otherwise, will be deemed a vote against the proposition upon which the vote was
taken. 
 2.5 Member Authorization. Members may vote: 
 (a) In person or by proxy at a meeting or by submitting to a meeting a written ballot with respect to a specific matter; or 
 (b) Without a meeting and without notice, pursuant to written consent, before or after the action, in accordance with Section 2.6. 
 2.6 Action by Written Consent of Members. A written consent of Members must state the action taken or to be taken and be signed by holders of Voting Interests having not less than the minimum

  
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number of votes that would be necessary to take the action at a meeting at which all Members entitled to vote on the action were present and voted. Prompt notice of the taking of the Company
action by less than unanimous written consent will be given to the Member who has not consented. 
 2.7 Liability of Members and
Affiliates. 
 (a) A Member will have no personal liability whatsoever to the creditors of the Company for the liabilities of the Company,
except to the extent such Member specifically agrees in writing to be responsible for such liabilities of the Company. No past, present, or future director, officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney, or
representative of any Member will have any liability (whether in contract, tort, or otherwise) for any liabilities of the Company arising under, in connection with, or related to this Agreement or for any breach of this Agreement by any Member.

 (b) Notwithstanding the foregoing, nothing in this Section 2.7 will relieve any Member of any liability (i) arising from any
transactions pursuant to Article 4 (Transfers of Units) or (ii) as expressly provided in any of the Transaction Documents. 
 2.8
Indemnification of Member. The Company will, to the fullest extent permitted by law, indemnify, hold harmless, and advance expenses to its Members and may indemnify, hold harmless, and advance expenses to its employees and others
(“Indemnitees”) from, against, and for any and all losses, expenses (including attorneys’ fees), claims, and demands sustained by reason of any acts or omissions or alleged acts or omissions, including judgments, penalties,
fines, or expenses (including attorneys’ fees and expenses) incurred in a proceeding brought by a Person other than the Company or a Member to which the Indemnitee is a party or is threatened to be made a party arising from the Indemnitee
acting on behalf or at the request of the Company, in any capacity other than as a counterparty to the Company in any contract or agreement, in good faith, and in a manner reasonably believed to be in, or not opposed to, the best interest of the
Company; provided, however, that the Company will have no obligation to indemnify, hold harmless, or advance expenses to an Indemnitee for actions or omissions that constitute fraud, deceit, gross negligence, or willful misconduct by the
Indemnitee as established by a nonappealable order of a court of competent jurisdiction. 
 2.9 Books and Records. Proper and complete
records and books of account of all Company business will be kept in conformity with U.S. generally accepted accounting principles, subject to normal year-end adjustments. At any reasonable time, a Member or a Member’s designated representative
may inspect and copy, at such Member’s expense, the records required to be maintained under this Section 2.9 and any other books and records of the Company. The Company will, or will cause the C&O Operator to, keep and provide
to the Members all of the following in accordance with the terms and provisions below: 
 (a) True and complete information regarding the
transactions and status of the Business and financial condition of the Company; 
 (b) Copies of the Company’s federal, state, and local
Tax Returns for which the applicable statute of limitations has not yet lapsed (which in no event shall be less than seven years from the date such Tax Return is filed or amended) and auditor reports and supporting work papers, if any, for the three
most recent Fiscal Years, or such shorter period as the Company has been in existence; 
 (c) A current list of the full name and last known
business or mailing address of each Member, the date on which each Member became a Member, and the Units held by each Member; 

  
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 (d) A copy of this Agreement and the Articles of Organization and all amendments to this Agreement or the
Articles of Organization, together with executed copies of any written powers of attorney pursuant to which any of the foregoing has been executed; 
 (e) As soon as available, but not later than fifteen (15) Business Days after the end of each calendar month financial statements of the Company, including monthly and year-to-date balance sheets,
income statements, cash flow statements, statements of members’ equity and a general ledger prepared in accordance with U.S. generally accepted accounting principles applied on a consistent basis; 

(f) As soon as available, but not later than one hundred twenty (120) calendar days after the end of each Fiscal Year (commencing with the Fiscal
Year ending December 31, 2013), a consolidated balance sheet of Company and its consolidated Subsidiaries as of December 31 of each Fiscal Year and the related consolidated statements of income, changes in members’ equity and cash
flows of Company and its consolidated Subsidiaries for the Fiscal Year then ended, such annual financial reports to include notes and to be in reasonable detail, all prepared in accordance with GAAP; 

(g) No less than fifteen (15) calendar days prior to the submission to the Internal Revenue Service by Company, a draft copy of the Company’s
Form 1065, U.S. Return of Partnership Income shall be provided to Members, and any changes thereto reasonably requested by any Member shall be made; during the term of an extension of time to file, Company will not file any such tax return unless
approved by the Members; provided however that on the final day of such extension of time to file, the Managing Member shall file a return even without Member approval in order to cause each such return not to be delinquent; 

(h) (1) within fifty-five (55) calendar days after Company’s year-end, an estimated Schedule K-1 for the immediately preceding taxable
year based on best-available information to date, and (2) not less than sixty (60) calendar days prior to the due date, including extensions, for the filing of Company’s federal information return for the immediately preceding taxable
year, a final Schedule K-1, along with copies of all other federal income tax returns or reports filed by Company for the previous year, as may be required as a result of the operations of Company, and a schedule of Company book tax differences for
the immediately preceding tax year; 
 (i) A true and complete description and statement of the Agreed Value of any property or services
contributed or agreed to be contributed by each Member or otherwise acquired by Company; and 
 (j) Other information regarding the affairs of
Company as is reasonable in accordance with prudent business practices. 
 2.10 Meetings of Members. Meetings of Members may be called by
any Member. Business transacted at meetings of the Members will be limited to the purpose or purposes stated in the notice. Meetings will be held at such location in the United States designated by the Person(s) calling the meeting, unless otherwise
agreed by all of the Members. The Members having the Voting Interests necessary to approve the matter which is the subject of the applicable meeting of the Members will constitute a quorum. 
 2.11 Notice. The Member(s) calling the meeting will give notice of the time, place and purpose of the meeting. Notice will be given to all Members in accordance with Section 7.8 no less
than 5 Business Days before the meeting. 
 2.12 Waiver of Notice. Notice of a meeting of Members to a Member may be waived in writing by
such Member. The attendance of a Member at any meeting constitutes a waiver of notice of the meeting, unless the Member objects at the beginning of the meeting to the transaction of any business on grounds that the meeting is not properly called.

  
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 2.13 Attendance by Conference Telephone. The Members may participate in a meeting with the same
effect as being present in person by a conference telephone or by other similar communications equipment through which all Persons participating in the meeting may hear each other and communicate contemporaneously with the other participants.

 2.14 Quarterly Meetings. The Members will meet regularly on a quarterly basis at such date, time, and place as will be mutually agreed
at least 15 days prior to the meeting. Pursuant to the Construction and Operating Agreement and, if and when the Marketing Agreement becomes effective, the Marketing Agreement, the C&O Operator and Marketer, respectively, will distribute an
agenda and discussion materials (including construction, operating and financial results, and expenditures in relation to the Initial Budget and the Subsequent Budget) to the Members at least 10 days prior to the meeting. Any Member may add items to
the agenda by notice to the C&O Operator, the Marketer and the other Members. The Members will appoint a Person to serve as Secretary for each meeting and cause the Secretary to prepare and distribute minutes of each such meeting. 

2.15 Member Representations. Each Member represents and warrants to the Company and the other Members as follows: 

(a) This Agreement constitutes the legal, valid, and binding obligation of such Member, enforceable against such Member in accordance with its terms. The
Member has the absolute and unrestricted right, power, and authority to execute and deliver this Agreement and any agreements or documents required hereby and to perform such Member’s obligations under the same. No consent, approval, order, or
authorization of, or registration, declaration, or filing with, any foreign, federal, state, or local or regulatory authority is required to be made or obtained by such Member in connection with the execution and delivery of this Agreement by such
Member or the consummation by such Member of the transactions contemplated hereby, except for such consents, approvals, orders, authorizations, registrations, declarations, or filings which have been obtained, received, or made. 

(b) The execution and delivery of this Agreement by such Member, and the purchase of the Units pursuant to this Agreement will not conflict with, or
result in, a breach of or a default under, or give rise to a right of acceleration under, any agreement or instrument to which either such Member is a party or by which the Member is bound or violate any law, rule, or regulation of any Governmental
Body or any order, writ, injunction, or decree of any court or Governmental Body to which such Member is subject or by which such Member is bound. 
 2.16 Banking. Funds of the Company will be deposited in the name of the Company in an interest bearing account with Wells Fargo. The funds of the Company will not be commingled with the funds of
any other Person, except as the Members deem necessary or useful in joint ventures and similar arrangements and unanimously approve in accordance with Section 2.2. 
 2.17 Member Reporting. The Company will provide each Member with the following information: 

(a) all information and all notices required to be delivered, or otherwise delivered notwithstanding the absence of such a requirement, to the Company by
the C&O Operator and the Marketer pursuant to the Construction and Operating Agreement and the Marketing Agreement, respectively; and 
 (b)
to the extent not covered in paragraph (a), such reports and documentation as are reasonably required in order to enable the Members to properly and timely file their Tax Returns. 
 2.18 Authorized Signatory. Subject to Section 2.2, the Members hereby authorize the C&O Operator to make, execute, and deliver, or cause to be made, executed, and delivered, all
such agreements, undertakings, documents, instruments, and certificates in the name and on behalf of the Company in accordance with the terms and conditions of this Agreement and the Construction and Operating

  
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Agreement. After the closing of the Purchase Agreement and subject to Section 2.2, the Members hereby authorize the Marketer to make, execute, and deliver, or cause to be made,
executed, and delivered, all such agreements, undertakings, documents, instruments, and certificates in the name and on behalf of the Company in accordance with the terms and conditions of this Agreement and the Marketing Agreement. 

2.19 Strategy Steering Committee. 
 (a)
The Members will establish a strategy committee (“Strategy Committee”) to devise and implement medium and long term plans for the development and operation of the Gas Gathering and Processing Systems and to secure alignment between
the Members as to such development and operation. The Strategy Committee will focus on, among other things, (i) the development of system scope, schedule, and budget processes pursuant to the Gas Gathering and Processing System producer
agreements, (ii) the review and development of specific project execution plans, estimates, and strategies including permitting, land, engineering, procurement of materials and services, construction, and commissioning activities for any
project in excess of five million dollars ($5,000,000), (iii) longer term development forecasts, which forecasts will include good faith estimates of development and operation expenditures, including capital costs and operating costs, for the
Gas Gathering and Processing Systems; (iv) marketing and business development strategies; and (v) other matters agreed to by the Members, including economic and price assumption related matters and long term scenarios of prices on a
product-by-product basis. 
 (b) Each Member will have the right to appoint no less than 3 but not more than 5 representatives to the Strategy
Committee. Each Member will appoint its initial representatives to the Strategy Committee at least 10 Business Days prior to the first meeting of such committee. Each Member will be entitled to invite: (i) a reasonable number of its employees
to a specific meeting of the Strategy Committee where such employees’ areas of expertise would provide valuable input to any matters discussed or proposed to be discussed by the Strategy Committee; (ii) one or more representatives of
C&O Operator, and (iii) after the closing of the Purchase Agreement, one or more representatives of the Marketer. The C&O Operator will serve as the chairman of the Strategy Steering Committee. The chairman will have the responsibility
of presiding over each meeting of the Strategy Committee. 
 (c) The Strategy Committee will meet at least once every quarter at a mutually
agreed time and location. In addition to the regularly scheduled meetings of the Strategy Committee, any Member may, from time to time, upon no less than 10 Business Days written notice to the other Members, call a special meeting of the Strategy
Committee for any reasonable purpose. The Member calling such special meeting will include in such written notice to the other Members the proposed agenda for such special meeting and a copy of the materials, if any, that the Member calling such
special meeting intends to present at such special meeting. 
 ARTICLE 3 FINANCIAL PROVISIONS 

3.1 Capital of the Company. The Members will fund the Company through Capital Contributions pursuant to this Section 3.1. 

(a) Initial Capital Contributions. The Members have made (in the case of Access) or will make (in the case of RKI) initial cash or in kind equity
Capital Contributions (“Initial Capital Contributions”). RKI will make its initial Capital Contributions on the date hereof pursuant to the Contribution Agreement. The number of Units held by each Member is set forth opposite such
Member’s name on Exhibit A. 
 (b) Subsequent Capital Contributions. The Members will make subsequent cash Capital
Contributions pursuant to this Section 3.1(b) (“Subsequent Capital Contributions”). Each Subsequent Capital Contribution will be a Member’s Pro Rata Share of such amount as determined by the C&O

  
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Operator for the next succeeding month based on an applicable Budget approved (or deemed approved) pursuant to Section 2.2(t) and, if applicable, amended pursuant to
Section 2.2(u), and after taking into account estimated revenues and expenditures through such next succeeding calendar month and the amount of cash reserves to be maintained as has been determined by the Members pursuant to Section
2.2(y). The C&O Operator will provide notice to the Members of each Subsequent Capital Contribution at least 10 Business Days prior to the first Business Day of the calendar month for which such Subsequent Capital Contribution is due. Each
Member will pay its Subsequent Capital Contribution to the Company on or before the first Business Day of the calendar month to which it relates. If a Member fails to make a Subsequent Capital Contribution pursuant to this
Section 3.1(b), such Member will be subject to the provisions of Section 3.1(d). 
 (c) Additional Capital
Contributions. Any Capital Contribution by any of the Members that is in addition to the Initial Capital Contributions and the Subsequent Capital Contributions will be subject to the prior approval of the Members in accordance with
Section 2.2(v) (any such further contribution approved by all of the Members, an “Additional Capital Contribution”). If the Members approve an Additional Capital Contribution pursuant to Section 2.2(v) then
at such time the Members will specify in writing: (i) the aggregate amount of Additional Capital Contributions to be made by the Members; (ii) the date on which such funds are due (which date will not be less than 5 Business Days after the
date the Additional Capital Contribution is approved by the Members); (iii) the Additional Capital Contribution to be made by each Member (which will be determined in accordance with such Member’s respective Pro Rata Share as of the date
of such approval); and (iv) the purposes for which the additional funds will be utilized. Subject to Section 3.1(d), each Member hereby agrees to make Additional Capital Contributions to the Company, in immediately available funds,
in accordance with its respective Pro Rata Share, calculated as of the date the Members approve such Additional Capital Contribution, at the time and in such amount as is specified. 
 (d) Failure to Make Capital Contributions. If a Member fails to make its Pro Rata Share of any Capital Contribution, then any remaining Member will promptly provide written notice of such failure
to such Member, and such Member will have 14 days from receipt of such written notice to make such Capital Contribution in the full amount requested from such Member, plus interest on such amount at the Interest Rate, accruing from the date such
Capital Contribution was originally due to the date such Capital Contribution is actually made; provided that, any such interest paid will not be treated as a Capital Contribution, and no adjustment to the Members’ Capital Accounts will be made
with respect thereto. The aggregate amount of any Capital Contribution remaining unpaid after such 14-day cure period is referred to as a “Deficiency”. If a Member fails to make a Capital Contribution after being given the
opportunity to cure such failure pursuant to this Section 3.1(d) (such Member, a “Defaulting Member”), then the Company will deliver written notice of the Deficiency to each Member that contributed its full pro rata
share of the required Capital Contributions, which notice will indicate the Deficiency. Within 5 days of the receipt of any such notice, such Members may elect, by written notice to the other Members, to fund the Deficiency on behalf of the
Defaulting Member (each such funding Member, a “Funding Member”). Each Funding Member will have the right to fund a maximum amount of the Deficiency equal to such Funding Member’s pro rata portion thereof (i.e., based on the
number of Units held by such Funding Member divided by the number of Units held by all Funding Members). All distributions that otherwise would be paid to the applicable Defaulting Member (whether before or after winding up of the Company) will
instead be paid directly to the Funding Member(s), on a pro rata basis, until the Funding Members will have collectively received distributions equal to, in the aggregate, 300% of the Deficiency. During any period that a Defaulting Member’s
distributions are being paid to the Funding Members (“Default Period”), such Defaulting Member will have no Voting Interest or other right to vote for any matter for which the vote or approval of the Members or such Member’s
representatives on the Strategy Committee is necessary. During the Default Period, a Defaulting Member may elect to pay to the Company the difference between 300% of the Deficiency and the aggregate amount of all distributions during such Default
Period that would have been paid to the Defaulting Member that have instead been paid to the Funding Members (“Default Payment”). The Default Payment will not be 

  
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treated as a Capital Contribution (other than the portion of the Default Payment used to return to the Funding Member the portion of the Defaulting Member’s Pro Rata Share of the relevant
Capital Contribution funded by such Funding Member), and no adjustment to the Members’ Capital Accounts will be made with respect thereto. Promptly following receipt thereof, the Company will distribute the Default Payment pro rata to the
Funding Members. If a Defaulting Member pays the Default Payment, such Defaulting Member’s right to distributions, Voting Interest, and other right to vote for any matter for which the vote or approval of the Members or such Member’s
representatives on the Strategy Committee is necessary will be restored. 
 (e) Withdrawal. No Member will be entitled to
(i) withdraw any part of the Member’s Capital Contribution or to receive any distributions from the Company except as provided for in this Agreement; (ii) demand or receive any assets other than cash in return for the Member’s Units
or capital interest in the Company; or (iii) be paid interest on any capital contributed to or accumulated in the Company. 
 3.2
Distributions.  
 (a) Distribution of Available Cash. Subject to Section 3.1(d), the Members will cause the
Company to distribute to the Members in proportion to their respective ownership of Units with respect to each fiscal quarter of the Company an amount of cash equal to (i) the sum of all cash and cash equivalents of the Company on hand at the
end of such fiscal quarter, minus (ii) the amount of any cash reserves determined to be necessary or appropriate to conduct the Business of the Company as has been determined by the Members pursuant to Section 2.2(y). 

(b) Other Distributions. Except as otherwise set forth in Section 3.2(a), and subject to Section 2.2 and
Section 3.1(d), the Members may (but will not be obligated to) cause the Company to make distributions at any time or from time to time. Distributions under this Section 3.2(b) will be made to the Members in proportion to
their respective ownership of Units, determined at the time of the distribution. 
 3.3 Distributions in Kind. If any assets of the
Company are distributed to the Members in kind, those assets will be valued at their fair market value on the date of the distribution, as agreed upon by the Members in accordance with Section 2.2(w), and distributed in the same manner
that those assets would be distributed if such assets were cash. If the Members are unable to agree on the fair market value of assets that would otherwise be distributed in kind, the Company will sell such assets to an unrelated third party and
distribute the net proceeds in cash. 
 3.4 Loans by Members. If the Company does not have sufficient cash to pay its obligations, then
any Member may, upon the request of the Managing Member, advance all or part of the needed funds to, or on behalf of, the Company, which advance shall be treated as a loan to the Company and not as a Capital Contribution (“Member Loan”);
provided, that each Member shall be given at least 48 hours prior notice so that each Member shall have the opportunity to fund and participate in each such Member Loan for the amount of such Member’s Pro Rata Share of the total amount of such
Member Loan. Any Member electing to participate in such Member Loan shall fund such Member’s Pro Rata Share of the total amount of such Member Loan to the Company within 48 hours of such notice. Each Member Loan shall bear interest at the
Applicable Rate from the date of the advance until the date of payment. Any amounts loaned pursuant to a Member Loan shall be included in the following month’s Subsequent Capital Contributions, which shall be payable in accordance with
Section 3.1(b), and such Member Loans will be paid in full from such Subsequent Capital Contributions. 
 ARTICLE
4 TRANSFERS OF UNITS 
 4.1 Transfers Prohibited. No Member will Transfer any interest in any Units except in accordance with this
Article 4 (Transfers of Units); provided, however, that any Member may Transfer all, but not less than all, of its Units to any of its Specified Affiliates if (i) such Specified Affiliate executes and delivers to

  
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the Company a counterpart to this Agreement pursuant to which such Specified Affiliate agrees to be bound by the provisions of this Agreement, (ii) unless such Transferor is liquidated, such
Transferor remains fully liable for its obligations under this Agreement, and (iii) such Transferor delivers written notice to the Company and the other Member(s) describing in reasonable detail the proposed Transfer at least 5 Business Days
prior to such Transfer. Notwithstanding anything herein to the contrary, no Member may Transfer less than all of its Units pursuant to any Transfer, including, without limitation, any Transfer permitted by this Article 4. Notwithstanding the
foregoing, Access hereby irrevocably consents to and approves the Transfer of all of RKI’s Units to Crestwood pursuant to the Purchase Agreement, and Access irrevocably waives any of its rights under this Agreement with respect to such Transfer
by RKI to Crestwood and agrees that such Transfer is not subject to any of the conditions and restrictions set forth in this Article 4. 

4.2 Right of First Offer. The provisions of this Section 4.2 shall not apply to a Transfer to a Specified Affiliate or RKI’s
Transfer to Crestwood, in each case, in accordance with Section 4.1 or any indirect Transfer of Units pursuant to a Change of Control. Subject to Section 4.3 of this Agreement, a Member may Transfer all, but not less than
all, of its Units after first complying with the following terms and conditions: 
 (a) Offer. The Transferring Member must first offer
all of such Member’s Units for sale to the Non-Transferring Member pursuant to a written notice specifying, in reasonable detail, the terms of the offer including the total number of Units owned by the Transferring Member (the “ROFO
Units”), the price and, if the Transferring Member knows that the ROFO Units not purchased by the Non-Transferring Members will be sold as part of a larger transfer of assets to which Section 4.3 would not apply, a statement to
that effect. 
 (b) Member Election. A Non-Transferring Member may elect to purchase the ROFO Units at the price and on the other terms
set forth in such notice by delivering written notice of such election to the Transferring Member within 30 days after the Transferring Member’s written notice pursuant to Section 4.2(a) is delivered. In the event the
Non-Transferring Member elects to purchase the ROFO Units, such Non-Transferring Member will purchase all of the ROFO Units. 
 (c)
Closing. If the Non-Transferring Member has elected to purchase the ROFO Units from the Transferring Member, subject to any necessary regulatory approvals, such purchase shall be consummated within 45 days after the delivery of such election
notice(s) to the Transferring Member and the payment of the purchase price shall be in cash. Any Transfer of the ROFO Units pursuant to this Section 4.2 shall be made without representation or warranty other than with respect to the
Transferring Member’s authority to enter into, and the enforceability of, the Transfer, the ownership of the Units and the Units being free and clear of all liens and other encumbrances. 
 (d) No Election. If the Non-Transferring Member does not elect to purchase the ROFO Units from the Transferring Member, then the Transferring Member shall have the right, during the 150 days
following the earlier of (i) the date on which the Transferring Member receives notice of the last Non-Transferring Member’s election not to purchase the ROFO Units or (ii) the expiration of the 30-day period set forth in
Section 4.2(b), to Transfer all of the ROFO Units to a bona-fide third party at a price not less than ninety-five percent (95%) of the price per Unit specified in the Transferring Member’s notice pursuant to
Section 4.2(a) and on other terms no more favorable to such third-party than those specified in such notice. If such Transfer is not completed within such 150-day period or the Transferring Member desires to Transfer the ROFO Units for a
purchase price that is less than 95% of the purchase price offered to the Non-Transferring Member or on other terms and conditions more favorable than those offered to the Non-Transferring Member, then the provisions of this Section 4.2
shall once again be applicable to any potential Transfer of the Units owned by the Transferring Member. The Company shall provide reasonable access to its books, records and facilities to facilitate the due diligence process of any bona-fide third
party seeking to purchase the Units of a Transferring Member; provided that such third party has executed a confidentiality agreement in accordance with Section 7.12. 

  
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 4.3 Tag-Along Rights. The provisions of this Section 4.3 shall not apply to a Transfer to
a Specified Affiliate or RKI’s Transfer to Crestwood, in each case, as provided in Section 4.1 or any indirect Transfer of Units pursuant to a Change of Control or a Transfer of Units that is part of a larger Transfer of assets by a
Member where the Units represent less than 25% of the aggregate value of the assets being Transferred. A Member may Transfer all, but not less than all, of its Units after first complying with the following terms and conditions: 

(a) Notice. If any Transferring Member desires to Transfer all of its Units pursuant to a bona fide written offer or a definitive purchase
agreement to purchase Units from such Member, including, without limitation, a Transfer pursuant to Section 4.2, (the “Proposed Co-Sale Transfer”), then such Transferring Member shall offer (the “Co-Sale
Offer”) to include in the Proposed Co-Sale Transfer the Units owned and designated by any other Member (the “Co-Sale Members”) on the same terms as the Transferring Member, in each case, according to the remaining terms of
this Section 4.3. The Transferring Member shall give written notice to each Co-Sale Member (the “Co-Sale Notice”) at least 30 days prior to the scheduled closing of the Proposed Co-Sale Transfer. The Co-Sale Notice shall
specify the proposed Transferee (the “Co-Sale Buyer”), the Units proposed to be Transferred as part of the Proposed Co-Sale Transfer, the amount and type of consideration to be received therefor and the place and date on which the
Transfer is to be consummated. 
 (b) Election. Any Co-Sale Member that wishes to accept the Co-Sale Offer and participate in the
Proposed Co-Sale Transfer must deliver written notice (an “Election Notice”) to the Transferring Member within 20 days following the date the Co-Sale Notice is received indicating such Co-Sale Member’s irrevocable and
unconditional election to Transfer all, but not less than all, of such Co-Sale Member’s Units to the Co-Sale Buyer upon the same terms and conditions specified in the Co-Sale Notice. If a Co-Sale Member timely delivers an Election Notice, then
the Transferring Member shall use reasonable efforts to cause the Co-Sale Buyer to agree to acquire all, but not less than all, of such Co-Sale Member’s Units upon the same terms and conditions as specified in the Co-Sale Notice. If the Co-Sale
Buyer agrees to purchase all, but not less than all, of such Co-Sale Member’s Units upon the same terms and conditions as specified in the Co-Sale Notice, then the closing of the purchase of the Units of the Transferring Member and such Co-Sale
Member(s) shall be consummated simultaneously and upon the same terms and conditions specified in the Co-Sale Notice. If the Co-Sale Buyer does not agree to purchase all, but not less than all, of such Co-Sale Member’s Units upon the same terms
and conditions as specified in the Co-Sale Notice, then the Transferring Member may not proceed with the proposed Transfer. 
 (c) No
Election. If neither of the Co-Sale Members provide the Transferring Member with an Election Notice during the 10-day period, then the Transferring Member shall have the right, for a period of one hundred eighty (180) days following the
earlier of (i) the date on which the Transferring Member receives notice of the last Co-Sale Member’s non-election of its rights under this Section 4.3 or (ii) the expiration of such 10-day period, to consummate the
Transfer of all, but not less than all, of such Transferring Member’s Units to the Co-Sale Buyer upon the same terms and conditions as specified in the Co-Sale Notice. 
 4.4 Additional Restrictions on Transfer. The terms and conditions in this Section 4.4 shall not apply to RKI’s Transfer to Crestwood in accordance with Section 4.1.

 (a) Right to Become Substitute Member. Each Transferee in a Transfer expressly permitted by, and effectuated in compliance with, this
Agreement will be admitted as a substitute Member promptly after the completion of such Transfer and at such time as all of the following conditions are met: (i) the 

  
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Transferor or such Transferee has furnished the Company with a true and complete copy of each of the documents effecting or evidencing the Transfer, including a statement setting forth the Units
owned by each of the Transferor and the Transferee following completion of such Transfer; (ii) such Transferee has agreed in writing, for the benefit of the Company and each of the other Members, as applicable, to be bound by all of the
provisions of this Agreement, which writing will set forth the notice address of such Transferee for purposes of receiving notices hereunder in accordance with Section 7.8; and (iii) the Transferor or such Transferee pays, or
otherwise reimburses the Company for, all reasonable costs and expenses (including attorneys’ fees) incurred by the Company in connection with such Transfer, unless such obligation is waived by the Members in writing. A Transferee will have no
rights under the Act, the Articles of Organization, or this Agreement, specifically including, without limitation, any Voting Interest, until the requirements of this Article 4 (Transfers of Units) have been met. 

(b) Legal Opinion. No Transfer of Units pursuant to Article 4 may be made unless (i) in the opinion of the Transferee’s counsel,
in form and substance reasonably satisfactory to the other Members (unless all such other Members waive their right to receive such opinion), such Transfer would not violate any federal securities laws applicable to the Company or the interest to be
Transferred, or cause the Company to be required to register as an “Investment Company” under the Investment Company Act of 1940, as amended and (ii) the Transferee provides reasonable assurance that such Transfer would not violate
any state or foreign securities laws applicable to the Company or the interest to be Transferred. Such opinion of counsel will be delivered in writing to the Company prior to the date of the Transfer (unless waived in accordance with this
provision). 
 (c) Authority. If the Transferee is not an individual, it will provide the Company with evidence, satisfactory to counsel
for the Company, of its authority to become a Member under the terms and provisions of this Agreement. 
 (d) No Avoidance of Provisions.
No Member will directly or indirectly (i) permit the Transfer of all or any portion of such Member’s Units, (ii) give any Person a proxy for such Member’s voting rights with respect to the Company or transfer any derivative
voting rights with respect to the Company to any Person, or (iii) otherwise seek to avoid the provisions of this Agreement by issuing, or permitting the issuance of, any direct or indirect equity or beneficial interest in such Member or its
Units, in any such case in a manner which would fail to comply with this Article 4 (Transfers of Units) if such Member had Transferred Units directly. Notwithstanding the foregoing, nothing herein shall prevent: (i) the sale or Transfer
of any preferred equity interests (provided that such preferred equity interests shall not have the power to appoint a majority of the members of the board of directors or other governing authority of such Member) or less than 50% of the common
equity interests in a direct or indirect owner of a Member or (ii) the occurrence of a Change of Control. 
 4.5 Void Transfers. Any
Transfer by any Member of any Units in contravention of this Agreement (including the failure of the Transferee to execute a counterpart to this Agreement), which would (either considered alone or in the aggregate with prior Transfers by the same
Member or other Members) cause the Company to not be treated as a partnership for U.S. federal income tax purposes, or which would result in a violation of the Act or any applicable law, rule, regulation or order, will be void and ineffectual and
will not bind or be recognized by the Company or any other party. No such purported Transferee will have any rights as a Member, including any Voting Interest or rights to any profits, losses or distributions of the Company. 

4.6 Distributions and Allocations in Respect to Transferred Interests. If any Unit is Transferred during any accounting period in compliance with
the provisions of this Article 4 (Transfers of Units), profits, losses, each item thereof and all other items attributable to the Transferred Interest for such period will be divided and allocated between the Transferor and the Transferee by
taking into account their varying interests during the period in accordance with Code Sec. 706(d) and the Regulations issued 

  
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thereunder, using any conventions permitted by law and selected by the Members; provided that the Members agree that with respect to the Transfer by RKI of its Units to Crestwood pursuant to the
Purchase Agreement the taxable year of the Company will close on the date of the consummation of such Transfer. All distributions on or before the date of such Transfer will be made to the Transferor, and all distributions thereafter will be made to
the Transferee. Neither the Company nor the Members will incur any liability for making allocations and distributions in accordance with the provisions of this Section 4.6 whether or not the Members or the Company have knowledge of any
Transfer of ownership of any Units. In addition, both the Company and the Members will be entitled to treat the Transferor as the absolute owner thereof in all respects, and will incur no liability for distributions made in good faith to it, until
such time as the Transfer meets all of the requirements of this Agreement. 
 ARTICLE 5 DISSOLUTION 

5.1 Events Causing Dissolution. The Company will dissolve and its Business will be wound up upon the approval of the Members pursuant to
Section 2.2(a). 
 5.2 Dissolution Procedure. Upon dissolution of the Company, the Members will promptly wind up the affairs
of the Company, liquidate, and discharge or provide for all debts and liabilities of the Company and distribute the remaining assets in accordance with the Act and this Agreement. The Members will use reasonable efforts to complete the winding up
within one year of dissolution. If assets are distributed in kind to the Members, all assets will be valued at their then fair market value as determined by the Members in accordance with Section 2.2(w), and the Members’ Capital
Accounts will be adjusted accordingly, as provided for in Code Sec. 704(b) and the Regulations thereunder. This fair market value will be used for purposes of determining the amount of any distribution to a Member pursuant to
Section 5.5. 
 5.3 Profits or Losses in Winding Up. The Members will continue to share Net Profits and Net Losses (and items
thereof) during the winding up process in the same proportion as before the dissolution. Any gain or loss on the disposition of Company assets in the process of winding up will be allocated among the Members in accordance with the provisions of
Section 6.3, except as may be otherwise required by the Code or the Regulations. 
 5.4 Tax Obligations. Before the assets of
the Company are distributed pursuant to Section 5.5, the Company will file tax returns and pay tax obligations if and as required by law. 
 5.5 Distributions at Liquidation. Subject to the right of the Members to establish cash reserves as may be deemed reasonably necessary for any contingent or unforeseen liabilities or obligations of
the Company, the proceeds of the liquidation and any other funds of the Company will be distributed as follows: 
 (a) first, to the payment and
discharge of all of the Company’s debts and liabilities to creditors, including the C&O Operator, Members and their Affiliates as provided in Section 2040(A)(1) and (A)(2) of the Act; and 

(b) second, subject to Section 3.1(d), to the Members as provided in Section 3.2. 

(c) It is the intent of the Members that the allocations provided in Article 6 result in the distributions required pursuant to
Section 5.5(b) being in accordance with positive Capital Accounts as provided for in the Regulations under Code Section 704(b). However, if after giving hypothetical effect to the allocations required by Article 6, the
Capital Accounts of the Members are in such ratios or balances that distributions pursuant to Section 5.5(b) would not be in accordance with the positive Capital Accounts of the Members as required by the Regulations under Code
Section 704(b), such failure shall not affect or alter the distributions required by Section (b). Rather, the Members will make other allocations of Net 

  
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Profit and Net Loss, or items of income, gain, loss or deduction among the Members which, to the extent possible, will result in the Capital Accounts of each Member having a balance prior to
distribution equal to the amount of distributions to be received by such Member pursuant to Section 5.5(b). 
 5.6 Final
Report. Within a reasonable time following the completion of the liquidation and winding up of the Company, the Members will produce a statement of the assets and liabilities of the Company as of the date of complete liquidation and each
Member’s portion of payments and distributions pursuant to Section 5.5. 
 5.7 Rights of Member; Restoration of Capital
Account. Each Member will look solely to the assets of the Company for all distributions, and no Member will have recourse (upon dissolution or otherwise) against any other Member; provided, however, that nothing contained herein will
alter the obligations that a Member may have to any other Member under any Transaction Document (other than this Agreement). No Member will be entitled to receive property other than cash upon dissolution and termination of the Company. No Member
will be obligated to restore a negative balance of such Member’s Capital Account. 
 5.8 Termination. Upon the completion of the
liquidation and winding up of the Company and the distribution of all Company assets, the Company will terminate. The Members will have the authority to execute and record Articles of Dissolution as well as any and all other documents required to
effect the dissolution and termination of the Company. 
 5.9 Waiver of Judicial Dissolution. To the fullest extent permitted by law and
notwithstanding anything set forth in this Agreement to the contrary, each Member hereby waives and renounces any right to seek judicial dissolution, liquidation or termination of the Company under Section 2038 of the Act or otherwise at law or
in equity. 
 ARTICLE 6 TAX PROVISIONS AND CAPITAL ACCOUNTS 

6.1 Tax Matters. Until removed or replaced in accordance with the terms of this Agreement and the Construction and Operating
Agreement, the Managing Member will serve as “tax matters partner” of the Company within the meaning of Section 6231(a)(7) of the Code (the “Tax Member”). In such capacity, the Tax Member shall, subject to the Member
consent requirements under Section 2.2, have the rights and obligations to take all actions authorized and required under the Code and the Regulations. The Tax Member will take action as may be necessary to cause each other Member to
become a “notice partner” within the meaning of Code Sec. 6223. The Tax Member shall give prompt notice to each other Member of any and all notices it receives from the Internal Revenue Service concerning the Company, including any notice
of audit, any notice of action with respect to a revenue agent’s report, any notice of a thirty (30) day appeal letter and any notice of a deficiency in tax concerning the Company’s Federal income tax return. Each Member shall be
given at least five Business Days advance notice from the Tax Member of the time and place of, and shall have the right to participate in (i) any material aspect of any administrative proceedings relating to the determination of partnership
items at the Company level and (ii) any material discussions with the Internal Revenue Service relating to the allocations pursuant to Article 6 of this Agreement. During the period Access is the Tax Member, any compensation to be paid
to the Tax Member with respect to the services that it will provide to the Company under the fixed fee arrangement set forth in the Construction and Operating Agreement, which the Members and the Company acknowledge is inclusive of all payments due
to the Tax Member for its services as tax matters partner hereunder, will be treated as a payment made under Section 707(a) of the Code. Upon the enactment of any tax legislation that any Member deems to have a material impact on the status,
Business, operations, management, or other affairs of the Company (a “New Law”), such Member may submit a request to the Tax Member to call a meeting of the Members to discuss the implications of the New Law. Upon receipt of such
request, the Tax Member will call a meeting of the Members as soon as possible in accordance with the procedures set forth in Article 2 

  
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(Members). Any decision of the Members to alter, adjust, change, or modify the status, Business, operations, management, or other affairs of the Company in connection with such New Law will be
subject to the consent requirements of Section 2.2(c). 
 6.2 Capital Accounts. 

(a) Maintenance. A Capital Account will be established and maintained for each Member. Each Member’s Capital Account (i) will be
increased by (A) the amount of money contributed by that Member to the Company, (B) the Agreed Value of Contributed Property contributed by that Member to the Company (net of liabilities associated with the Contributed Property that the
Company is considered to assume or take subject to under the provisions of Code Sec. 752) and (C) allocations to that Member of Net Profits and other items of income and gain which are specially allocated to such Member pursuant to Article
6 (Tax Provisions and Capital Accounts); and (ii) will be decreased by (A) the amount of money distributed to that Member by the Company, (B) the fair market value of property distributed to that Member by the Company (net of
liabilities associated with the distributed property that the Member is considered to assume or take subject to under the provisions of Code Sec. 752), and (C) allocations to that Member of Net Losses and other items of loss and deductions
which are specially allocated to such Member pursuant to Article 6 (Tax Provisions and Capital Accounts). For purposes of making the adjustments to the Members’ Capital Accounts as set forth in the immediately preceding sentence, a
liability of the Company that is assumed by a Member will be treated as money contributed by such Member to the Company, and a liability of a Member assumed by the Company will be treated as money distributed to such Member by the Company, subject
to the exceptions and other rules set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(c). Except as otherwise provided in this Agreement, whenever it is necessary to determine the Capital Account balance of any Member for purposes of
this Agreement, the Capital Account of the Member will be determined after giving effect to (1) all Capital Contributions made to the Company on or after the date of this Agreement, (2) all allocations of income, gain, deduction, and loss
pursuant to this Article 6 (Tax Provisions and Capital Accounts) for operations and transactions effected on or after the date of this Agreement and prior to the date such determination is required to be made under this Agreement, and
(3) all distributions made on or after the date of this Agreement. 
 (b) Transfers. Upon the Transfer of a Member’s Units or
part of a Member’s Units, the Capital Account of the Transferor Member that is attributable to the Transferred Units will be carried over to the Transferee. 
 (c) Book/Tax Disparities. The realization, recognition, and classification of any item of income, gain, loss, or deduction for Capital Account purposes will be the same as its realization,
recognition and classification for federal income tax purposes, provided, however, that: 
 (i) Any deductions for
depreciation, cost recovery, or amortization attributable to Contributed Property will be determined as if the adjusted tax basis of such property on the date it was acquired by the Company was equal to the Agreed Value of such property. Upon
adjustment pursuant to this Section 6.2 of the Carrying Value of the Company Property subject to depreciation, cost recovery, or amortization, any further deductions for such depreciation, cost recovery, or amortization will be
determined as if the adjusted tax basis of such property were equal to its Carrying Value immediately following such adjustment. Any deductions for depreciation, cost recovery, or amortization under this Section 6.2(c)(i) will be
computed in accordance with Sec. 1.704-1(b)(2)(iv)(g)(3) of the Regulations. 
 (ii) Any income, gain or loss attributable to the
taxable disposition of any property will be determined by the Company as if the adjusted tax basis of such property as of such date of disposition were equal in amount to the Carrying Value of such property as of such date. 

  
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 (iii) All items incurred by the Company that cannot be deducted under Sections 267(a)(1) or
707(b) of the Code will, for purposes of Capital Accounts, be treated as an item of deduction for purposes of determining Net Profits and Net Losses. 
 (iv) In the Members’ discretion, upon the contribution to the Company by a new or existing Member of cash or Contributed Property, the Capital Accounts of all Members and the Carrying Values of all
Company Properties immediately prior to such contribution will be adjusted (consistent with the provisions hereof and with the Regulations under Code Sec. 704) upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to each
Company Property, as if such Unrealized Gain or Unrealized Loss had been recognized upon an actual sale of each such property immediately prior to such contribution and had been allocated to the Members in accordance with Section 6.3.

 (v) In the Members’ discretion, immediately before the actual distribution of any Company Property (other than cash or
deemed cash) or the distribution of cash or deemed cash in redemption of all or a portion of a Member’s interest, the Capital Accounts of all Members and the Carrying Value of all Company Property will be adjusted (consistent with the
provisions of this Agreement and Regulations under Code Sec. 704) upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to each item of Company Property, as if such Unrealized Gain or Unrealized Loss had been recognized
upon an actual sale of each such item of Company Property immediately prior to such distribution and had been allocated to the Members at such time in accordance with Section 6.3. 

(vi) The computation of all items of income, gain, loss, and deduction will include those items described in Code Sec. 705(a)(1)(B) and
Sec. 705(a)(2)(B) Expenditures without regard to the fact that such items are not includable in gross income or are not deductible for federal income tax purposes. 
 (d) General Requirement. In addition to the adjustments required by the foregoing provisions of this Section 6.2, the Capital Accounts of the Members will be adjusted in accordance with
the capital account maintenance rules of Sec. 1.704-1(b)(2)(iv) of the Regulations. The foregoing provisions of this Section 6.2 are intended to comply with Sec. 1.704-1(b)(2)(iv) of the Regulations and will be interpreted and applied in
a manner consistent with such Regulations. If the Members determine that it is prudent to modify the manner in which the Capital Accounts are computed in order to comply with such Regulations, the Members may make such modification. No Member will
have any liability to any other Member for any failure to exercise any such discretion to make any modifications permitted under this Subsection 6.2(d). 
 (e) Current Capital Accounts. Subject to the remaining provisions of this Section 6.2(e), the Capital Account balance of each Member will equal the amounts set forth in Exhibit C to the
Contribution Agreement and Exhibit A to this Agreement; the aggregate Carrying Values of the assets contributed or deemed contributed by each Member will equal the amounts set forth in Exhibit B to this Agreement. The
Capital Account balance set forth in Exhibit A and Carrying Values set forth in Exhibit B reflect an estimate of the capital expenditures incurred since the commencement of construction of the Gas Gathering and Processing
Systems through May 31, 2013, but which the Members agree shall be adjusted, upon mutual and reasonable agreement of the Members (or any successors thereto) within 90 days of the execution of this Agreement, to reflect the actual capital
expenditures incurred (or accrued) in the construction of the Gas Gathering and Processing Systems from commencement of the construction thereof through the date of this Agreement (which expenditures shall be determined from the information
available from the books and records of Access, which shall be determinative of such actual capital expenditures absent manifest error) and to reflect the application of the foregoing provisions of this Section 6.2. The Agreed Value and
the Carrying Value of each asset or relevant category of assets of 

  
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the Company as of the date of this Agreement will be determined pursuant to Section 2.2(w); provided that any such determination shall require the approval of RKI (not to be
unreasonably withheld) notwithstanding the fact that it has ceased to be a Member. Access agrees that if the Purchase Agreement is consummated and RKI’s Units are Transferred to Crestwood, Crestwood, as the Transferee of the RKI Units, shall
have the same rights previously held by RKI with respect to any determinations required by this Section 6.2(e) which are not finalized prior to such Transfer of RKI’s Units. The Managing Member shall reflect the finally determined
Capital Account balances, Agreed Values and Carrying Values determined in accordance with this Section 6.2(e) in the Company’s books and records. 
 6.3 Capital Account Allocations.  
 (a) Profits and Losses. After giving
effect to the special allocations in Section 6.3(b) and Section 6.3(c), Net Profits and Net Losses will be allocated as follows: 
 (i) Net Profits. Net Profits will be allocated among the Members in proportion to their respective ownership of Units. 
 (ii) Net Losses. Net Losses will be allocated among the Members in proportion to their respective ownership of Units. 
 (b) Regulatory Allocations. Notwithstanding Section 6.3(a), the following special allocations will be made in the following order and priority: 

(i) Minimum Gain Chargeback. Notwithstanding anything in this Agreement to the contrary, if there is a net decrease in Company
Minimum Gain (as defined in accordance with “partnership minimum gain” as defined in Sec. 1.704-2(d) of the Regulations) during any tax year of the Company, then, prior to any other allocations provided for in this Agreement, a Member will
be specially allocated items of Company income and gain for the year (and, if necessary, for succeeding years) equal to that Member’s share of the net decrease in Company Minimum Gain in accordance with Sec. 1.704-2(g) of the Regulations and
other applicable Regulations. The items to be allocated will be determined in accordance with Sec. 1.704-2(f)(6) and 1.704-2(j)(2) of the Regulations. This Section 6.3(b)(i) is intended to comply with the minimum gain chargeback
requirement in Sec. 1.704-2(f) of the Regulations and will be interpreted consistently therewith. 
 (ii) Member Minimum Gain
Chargeback. Notwithstanding any other provision in the Agreement to the contrary (other than Section 6.3(b)(i) which shall be applied first), if during a taxable year of the Company there is a net decrease in Member Minimum Gain
attributable to Member Nonrecourse Debt determined in accordance with Sec. 1.704-2(i)(3) of the Regulations, then each Member who has a share of the Member Minimum Gain attributable to such Member Nonrecourse Debt (determined under Sec.
1.704-2(i)(5) of the Regulations) will be allocated items of income and gain for the year (and, if necessary, for succeeding years) in an amount equal to that Member’s share of the net decrease in Member Minimum Gain, determined in accordance
with Sec. 1.704-2(i)(4) and 1.704-2(j)(2) of the Regulations. This Section 6.3(b)(ii) is intended to comply with the minimum gain chargeback requirement in Sec. 1.704-2(i)(4) of the Regulations and will be interpreted consistently
therewith. 
 (iii) Qualified Income Offset. If any Member unexpectedly receives any adjustments, allocations, or
distributions described in subsections (4), (5), or (6) of Sec. 1.704-1(b)(2)(ii)(d) of the Regulations, then items of income and gain will be specially allocated to the Member in an amount and manner sufficient to eliminate as quickly as
possible, to the extent required by the Regulations, any deficit in a Member’s Capital Account caused by the unexpected adjustment, allocation, or distribution, but only to the extent that the Member does not otherwise have an

  
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obligation to restore its capital account deficit. This Section 6.3(b)(iii) is intended to satisfy the provisions of Sec. 1.704-1(b)(2)(ii)(d) of the Regulations and will be
interpreted consistently therewith. 
 (iv) Gross Income Allocation. In any event any Member has a deficit Capital Account
at the end of a taxable year that is in excess of the sum of the amount such partner is obligated to restore pursuant to the penultimate sentence of Sec. 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations, each such Member will be allocated items of
Company income and gain in the amount of such excess as quickly as possible; provided, that an allocation pursuant to this Section 6.3(b)(iv) will be made only if and to the extent that such Member would have such Capital Account deficit
after all other allocations provided in this Article 6 (Tax Provisions and Capital Accounts) have been tentatively made as if this Section 6.3(b)(iv) were not a part of this Agreement. 

(v) Nonrecourse Deductions. Nonrecourse Deductions for each taxable year will be allocated among the Members in proportion to their
respective ownership of Units. 
 (vi) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions will be specially
allocated, as provided in Sec. 1.704-2(i) of the Regulations, to the Members in accordance with the ratios in which they bear the economic risk of loss for the Member Nonrecourse Debt for purposes of Sec. 1.752-2 of the Regulations. 

(vii) Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Sec.
734(b) or 743(b) of the Code is required, pursuant to Sec. 1.704-1(b)(2)(iv)(m) of the Regulations, to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts will be treated as an item of gain
(if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases the basis of the asset) and such gain or loss will be specially allocated among the Members in a manner consistent with the manner in which their
Capital Accounts are required to be adjusted pursuant to Sec. 1.704-1(b)(2)(iv)(m) of the Regulations. 
 (viii) Special
Allocations for 300% Payments. If a Defaulting Member fails to make its Pro Rata Share of any Capital Contribution and one or more Funding Members fund the Deficiency on behalf of the Defaulting Member pursuant to Section 3.1(d),
after giving effect to all other special allocations in this Section 6.3(b), all or a portion of the remaining items of Company income or gain for the taxable year, if any, will be specially allocated to the Funding Members in proportion
to the cumulative distributions each Funding Member has received pursuant to Section 3.1(d) in excess of the Deficiency funded by such Funding Member from the formation of the Company to the end of such taxable year until the aggregate
amounts of income or gain allocated to each such Member pursuant to this Section 6.3(b)(viii) for the taxable year in question and all prior years is equal to the cumulative amount of such distributions received by such Funding Member;
provided that, notwithstanding the foregoing, to the extent a Defaulting Member makes a Default Payment which is distributed to a Funding Member pursuant to Section 3.1(d), such Default Payment shall be deemed a payment directly from the
Defaulting Member to the Funding Member rather than a distribution from the Company and no special allocations shall be made pursuant to this Section 6.3(b)(viii) with respect to such Default Payment. 

(ix) Reallocation. To the extent Net Losses allocated to a Member would cause such Member to have an Adjusted Capital Account Deficit at
the end of any taxable year, the Net Losses will be reallocated to other Members. If any Member receives an allocation of Net Losses otherwise allocable to another Member in accordance with this Section 6.3(b)(ix), such Member shall be
allocated Net Profits in subsequent taxable years necessary to reverse the effect of such allocation of Net Losses. Such allocation of Net Profits (if any) shall be made before any allocations under Section 6.3(a) but after any other
allocations under Section 6.3(b). 
 (x) Notwithstanding any other provision of this Agreement, no allocation of Net
Profit or Net Loss or item of profit or loss will be made to a Member if the allocation would not have “economic effect” under Treasury Regulations Section 1.704-1(b)(2)(ii) or otherwise would not be in accordance with the
Member’s interest in the Company within the meaning of Treasury Regulations Section 1.704-1(b)(3) or 1.704-1(b)(4)(iv). 

  
 - 20 -

 (c) Ameliorative Allocations. The Regulatory Allocations are intended to comply with certain
requirements under Section 704 of the Code and the Regulations. It is the intent of the Members that all Regulatory Allocations will be offset with other Regulatory Allocations or special allocations of other items of income, gain, loss, or
deduction of the Company pursuant to this Section 6.3(c). The Tax Member will, to the fullest extent permissible under applicable law, make allocations pursuant to this Section 6.3(c) to minimize any distortions in the
economic arrangement of the Members that might otherwise result from the application of the Regulatory Allocations and, in that regard, will take into account any future required offsetting allocations. 

6.4 Tax Allocations.  
 (a) The
Company will, except to the extent such item is subject to allocation pursuant to, Section 6.4(b) or Section 6.4(c) below, allocate each item of income, gain, loss, deduction, and credit, as determined for federal income tax
purposes, in the same manner as such item was allocated for purposes of maintaining the Members’ Capital Accounts. 
 (b) In the case of
Contributed Property, items of income, gain, loss, deduction, and credit, as determined for federal income tax purposes, will be allocated first in a manner consistent with the requirements of Code Sec. 704(c) to take into account the difference
between the Agreed Value of such property and its adjusted tax basis at the time of contribution. In the case of Adjusted Property, such items will be allocated in a manner consistent with the principles of Code Sec. 704(c) to take into account the
difference between the Carrying Value of such property and its adjusted tax basis. Such allocations will be made using the remedial allocation method described in Sec. 1.704-3(d) of the Regulations or as the Members otherwise determine in accordance
with Section 2.2(b). 
 (c) Whenever the income, gain, and loss of the Company allocable under this Agreement consist of items of
different character for tax purposes (e.g., ordinary income, long-term capital gain, interest expense, etc.), the income, gain, and loss for tax purposes allocable to each Member will be deemed to include the Member’s pro rata share of each
such item, except as otherwise required by the Code and the Regulations. Notwithstanding the foregoing, if the Company realizes depreciation recapture income pursuant to Code Secs. 1245 or 1250 (or other comparable provision) as the result of the
sale or other disposition of any asset, the allocations to each Member hereunder will be deemed to include the same proportion of such depreciation recapture as the total amount of deductions for tax depreciation of such asset previously allocated
to such Member bears to the total amount of deductions for tax depreciation of such asset previously allocated to all Members, as provided in the Regulations. This Section 6.4(c) will be construed to affect only the character, rather
than the amount, of any items of income, gain, and loss. 
 6.5 Elections. Except where the consent of the Members is required or as
otherwise provided herein, all elections required or permitted to be made by the Company under the Code will be made by the Tax Member in its reasonable discretion. 
 (a) I.R.C. Section 754 Election. Company will make the election provided in Section 754 of the Code on the Company’s initial federal income Tax Return. 

  
 - 21 -

 (b) Pro Rata Method. In the event of a Transfer of ownership of all of the Units of a Member after
the date of this Agreement, the Transferor and the Transferee will have the option to elect the pro rata method of determining items to be included in the taxable income of the respective party pursuant to Treasury Regulations
Section 1.706-1(c)(2) or any successor provision thereto; provided the Members agree that with respect to the Transfer by RKI of its Units to Crestwood pursuant to the Purchase Agreement the taxable year of the Company will close on the date of
the consummation of such Transfer. Upon presentation by the Transferor and its Transferee to the Tax Member of an agreement duly executed under the applicable regulations, subject to Section 4.6, the Company will use the pro rata method
in reporting partnership items to the Transferor Member and its Transferee in connection with the Transferred Interest. 
 (c) Organizational
Expenses. The Company will make a timely election to amortize organizational and start-up expenditures of the Company as permitted under Sections 195 and 709(b) of the Code. 
 6.6 Accounting Period. Unless a different tax year is required under the Code and the Regulations, the Company’s accounting period and its tax year will be the calendar year. 

ARTICLE 7 GENERAL PROVISIONS 
 7.1 Entire Agreement. This Agreement, any exhibit or schedules hereto, and the other Transaction Documents constitute the full and entire understanding and agreement among the Members with regard
to the subject matters hereof and thereof. Upon a termination of this Agreement, the rights and obligations of the Members under Section 2.7 and, to the extent applicable, Article 7 (General Provisions) will survive. 

7.2 Binding Provisions; Assignment. The covenants and agreements contained in this Agreement will be binding upon the heirs, personal
representatives, successors, and assigns of the respective Members. Except for Transfers pursuant to Article 4 (Transfers of Units), none of the rights, privileges, or obligations set forth in, arising under, or created by this Agreement may
be assigned or transferred without the prior written consent of all of the Members. 
 7.3 No Fiduciary Duties; Corporate Opportunities.

 (a) To the fullest extent permitted by the Act, the Members hereby agree that the Members will owe no fiduciary duties to the Company or to
any other Member and that all such duties are hereby eliminated. In furtherance of the foregoing, each Member hereby agrees that in exercising all rights under this Agreement, including all management and voting rights under Article 2
(Members), each Member may consider its own interests exclusively and will have no duty or obligation to consider the interests of the Company or the interests of any other Member. The Company and each Member hereby waives, on behalf of itself and
its Affiliates, any claim or cause of action against any other Member and its Affiliates for any breach of fiduciary duty to the Company by such Member or any of its Affiliates. The Members hereby expressly acknowledge and agree that the sole rights
and remedies are those contained in the express terms of this Agreement and the other Transaction Documents and that no implied duties are intended to be created or enforceable hereunder or thereunder. 

(b) The Company and each Member hereby renounce any interest or expectancy in any business opportunity, investment, transaction or other matter in which
any Member participates or desires or seeks to participate (each, an “Opportunity”). No Member shall have any obligation to communicate or offer any Opportunity to the Company, and any Member may pursue for itself or direct, sell,
assign or transfer to any Person any Opportunity; provided, however, that any Opportunity with respect to any gas gathering or processing within Converse County, Wyoming shall be first presented to the Company (each, an “Expansion
Opportunity”). In the event the other Member, on behalf of the Company, decides not to pursue such Expansion Opportunity; then such Expansion Opportunity may be pursued by the Member that presented such Expansion Opportunity outside of the
Company. 

  
 - 22 -

 7.4 Governing Law; Jurisdiction. This Agreement and all questions relating to the interpretation or
enforcement of this Agreement will be governed by and construed in accordance with the laws of the State of Oklahoma without regard to the laws of the State of Oklahoma or any other jurisdiction that would call for the application of the substantive
laws of any jurisdiction other than Oklahoma. 
 7.5 Waiver of Jury Trial. EACH OF THE MEMBERS HEREBY WAIVES TO THE FULLEST
EXTENT PERMITTED BY LAW ANY RIGHT SUCH MEMBER MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT, OR ACTION OF ANY MEMBER, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. 

7.6 Severability. Each provision of this Agreement will be considered severable, and if for any reason any provision of this Agreement is
determined to be invalid and contrary to any existing or future law, the invalidity will not impair the operation of or affect those portions of this Agreement that are valid. 
 7.7 Specific Performance. The Members understand and agree that any Member may suffer irreparable damage in the event the provisions of Article 4 (Transfers of Units) or
Section 7.12 are not specifically performed according to their respective terms. Accordingly, the Members agree that the terms of Article 4 (Transfers of Units) or Section 7.12 are enforceable by a decree of specific
performance or by injunction or both and each Member waives any right it may have to challenge the enforceability of such provisions by a decree of specific performance or injunction or both and agrees it will not argue in any proceeding that the
requirements for such remedy have not been met, that monetary damages constitute a sufficient remedy or make any other argument in opposition to the specific performance of such provisions. 
 7.8 Notices. Except as otherwise provided in this Agreement, all notices required or permitted to be given under this Agreement will be sufficient and deemed delivered if in writing, as follows:
(a) by personally delivering the notice to the Member entitled to receive it, at the time of such delivery; (b) by depositing the notice in the United States registered mail with postage prepaid, return receipt requested, as of the date
indicated on such return receipt; (c) by Federal Express or any other reputable overnight courier with delivery confirmation, as of the date indicated in the delivery confirmation; or (d) by confirmed facsimile or electronic mail in .pdf
or similar format, as of the date of transmission (provided that any notice received by facsimile or electronic mail transmission on a non-Business Day or on any Business Day after 5:00 p.m. addressee’s local time will be deemed to have been
received at 9:00 a.m. addressee’s local time on the next Business Day). All notices to the Company will be addressed to each Member at the applicable address set forth below. All notices to the Members will be addressed as follows: 

 

			
	If to Access:	  	Access MLP Operating, L.L.C.
		  	525 Central Park Drive
		  	Oklahoma City, Oklahoma 73105
		  	Attn: Vice President-Western Operations
		  	Fax: 405-727-3146
		  	Email – walter.bennett@accessmidstream.com
		
		  	Access MLP Operating, L.L.C.
		  	525 Central Park Drive
		  	Oklahoma City, Oklahoma 73105
		  	Attn: General Counsel
		  	Fax: 405-727-3372
		  	Email – regina.gregory@accessmidstream.com

  
 - 23 -

			
	 If to RKI:
	  	RKI Exploration & Production, LLC
		  	210 Park Avenue, Suite 900
		  	Oklahoma City, OK 73102
		  	Attn: Manager – Oil & Gas Sales
		  	Facsimile: (405) 996-5746
		  	Email – jfowler@rkixp.com

 Any Member may specify a different address by written notice to the other Members. The change of address will be
effective upon the other Members’ receipt of the notice of the change of address. 
 7.9 Counterparts. This Agreement may be
executed in two or more counterparts, any one of which counterparts need not contain the signatures of more than one party, each one of which counterparts constitutes an original, and all of which counterparts taken together constitute one and the
same instrument. A signature delivered by facsimile or other electronic transmission (including e-mail) will be considered an original signature. Any Person may rely on a copy or reproduction of this Agreement, and an original will be made available
upon reasonable request. 
 7.10 No Third-Party Beneficiaries. Except for the provisions of Section 2.9 hereof with respect
to Indemnitees, nothing contained in this Agreement will create or be deemed to create any rights or benefits in any third parties. 
 7.11
Amendment of Agreement. Neither this Agreement nor the Articles of Organization may be amended or modified except by a vote pursuant to Section 2.2(i). 
 7.12 Confidentiality. No Member will divulge to any Person any confidential information, paper or document relating to the assets, liabilities, operations, Business affairs, or any other such
information about the Company or any of its Subsidiaries that is not already publicly available or that has not been publicly disclosed pursuant to authorization by the Members, except (a) as required by law or under the terms of a subpoena or
order issued by a court of competent jurisdiction or by any applicable governmental body, (b) as required pursuant to an order of a court of competent jurisdiction, (c) as necessary to perform its obligations pursuant to the applicable
Transaction Documents, or (d) to a Specified Affiliate, provided that, any Member disclosing any such information to a Specified Affiliate will (i) inform such Specified Affiliate of the obligations of this Section 7.12
and (ii) be responsible for any breach of this Section 7.12 by any such Specified Affiliate. The right to maintain the confidentiality of the affairs of the Company in connection with the Company’s Business may be enforced by
the Company by way of an injunction issued out of any court of competent jurisdiction, and such right will not restrict or take the place of the Company’s rights to money damages, actual and exemplary, for a violation of the provisions of this
Section 7.12. Notwithstanding anything to the contrary in this Section 7.12, a Member may disclose information about the Company or any of its Subsidiaries to potential Transferees of Units; provided, however (except
with respect to Transfers permitted by Section 4.1), that prior written notice of such disclosure must be provided to the other Members (including the identity of the potential Transferee and the information to be disclosed) and such
potential Transferee must execute a confidentiality agreement in customary form prior to such disclosure which (1) requires the recipient to keep the 

  
 - 24 -

 
information confidential, (2) prohibits the recipient from using the information for any purpose other than evaluating the potential Transfer, and (3) provides the Company with third
party beneficiary rights. The confidentiality obligations of the Members will survive any termination of the membership of any Member in the Company. Notwithstanding the foregoing or anything else herein to the contrary, the Members (and each
Affiliate and Person acting on behalf of any Member) agree that each Member (and each employee, representative, and other agent of such Member) may disclose to any and all Persons, without limitation of any kind, the transaction’s tax treatment
and tax structure (as such terms are used in Sections 6011 and 6112 of the Code and the Regulations thereunder) contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) provided to such Member or such
Person relating to such tax treatment and tax structure, except to the extent necessary to comply with any applicable federal or state securities laws. 
 7.13 Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom may be granted, only by a written document executed by the Members. No
such waiver or consent will be deemed to be or will constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent will be effective only in the specific instance
and for the purpose for which it was given and will not constitute a continuing waiver or consent. No failure or delay by a Member to exercise any right, power, or remedy under this Agreement, and no course of dealing among the parties to this
Agreement, will operate as a waiver of any such right, power, or remedy of the Member. No single or partial exercise of any right, power, or remedy under this Agreement by a Member, nor any abandonment or discontinuance of steps to enforce any such
right, power, or remedy, will preclude the Member from any other or further exercise thereof or the exercise of any other right, power, or remedy under this Agreement. The election of any remedy by a Member will not constitute a waiver of the right
of such Member to pursue other available remedies. No notice to or demand on a Member not expressly required under this Agreement will entitle the Member receiving the notice or demand to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the Member giving the notice or demand to any other or further action in any circumstances without the notice or demand. 
 7.14 Interpretation. The parties to this Agreement acknowledge and agree that: (a) each Member and its counsel has reviewed, or has had the opportunity to review, the terms and provisions of
this Agreement; (b) any rule of construction to the effect that any ambiguities are resolved against the drafting Member will not be used to interpret this Agreement; and (c) the terms and provisions of this Agreement will be construed
fairly as to all Members and not in favor of or against any Member, regardless of which Member was generally responsible for the preparation of this Agreement. The words “include,” “includes,” and “including” in this
Agreement mean “include/includes/including without limitation.” The use of “or” is not intended to be exclusive unless expressly indicated otherwise. All references to $, currency, monetary values, and dollars set forth herein
will mean United States (U.S.) dollars. When any Member may take any permissive action, including the granting of a consent, the exercise of any voting right, the waiver of any provision of this Agreement or otherwise, whether to take such action is
in its sole and absolute discretion. The use of the masculine, feminine, or neuter gender or the singular or plural form of words will not limit any provisions of this Agreement. A statement that an item is listed, disclosed, or described means that
it is correctly listed, disclosed, or described, and a statement that a copy of an item has been delivered means a true and correct copy of the item has been delivered. Time is of the essence in this Agreement. Whenever this Agreement refers to a
number of days, such number will refer to calendar days unless Business Days are specified. Whenever any action must be taken hereunder on or by a day that is not a Business Day, then such action may be validly taken on or by the next day that is a
Business Day. Any reference herein to any law will be construed as referring to such law as amended, modified, codified, or reenacted, in whole or in part, and in effect from time to time. All article, section, subsection, and exhibit references
used in this Agreement are to articles, sections, subsections, and exhibits to this Agreement unless otherwise specified. The exhibits attached to this Agreement constitute a part of this Agreement and are incorporated herein for all purposes.

  
 - 25 -

 7.15 Headings and Captions. The headings and captions of the various articles and sections of this
Agreement are for convenience of reference only and will in no way modify or affect the meaning or construction of any of the terms or provisions of this Agreement. 
 7.16 Expenses. Except as otherwise set forth in this Agreement, each Member will pay the fees and expenses (including the fees of any attorneys, accountants, appraisers or others engaged by the
Member) in connection with any requests for consents or waivers by such Member under this Agreement, including any amendments or waivers to this Agreement. 
 7.17 Limitation on Damages. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, EACH PARTY HERETO HEREBY EXPRESSLY DISCLAIMS, WAIVES, AND RELEASES THE OTHER PARTIES TO THIS AGREEMENT FROM, AND
EXCLUDES ANY RECOVERY FOR ITS OWN, SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL, INCIDENTAL, AND INDIRECT DAMAGES (INCLUDING LOSS OF, DAMAGE TO, OR DELAY IN PROFIT, REVENUE, OR PRODUCTION) RELATING TO, ASSOCIATED WITH, OR ARISING OUT OF THIS
AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING ANY SUCH DAMAGES RELATING TO, ASSOCIATED WITH, OR ARISING OUT OF MATTERS INVOLVING ANY PARTY ACTING IN ITS CAPACITY AS A PARTY HERETO, OR AN OPERATOR UNDER ANY APPLICABLE TRANSACTION
DOCUMENT. NO LAW, THEORY, OR PUBLIC POLICY WILL BE GIVEN EFFECT WHICH WOULD UNDERMINE, DIMINISH, OR REDUCE THE EFFECTIVENESS OF THE FOREGOING WAIVER, IT BEING THE EXPRESS INTENT, UNDERSTANDING, AND AGREEMENT OF THE PARTIES HERETO THAT SUCH DAMAGE
WAIVER, EXCLUSION, DISCLAIMER, AND RELEASE IS TO BE GIVEN THE FULLEST EFFECT, NOTWITHSTANDING THE NEGLIGENCE (WHETHER SOLE, JOINT, OR CONCURRENT), STRICT LIABILITY, OR OTHER LEGAL FAULT OF ANY PARTY.  

7.18 Laws and Regulations. This Agreement is subject to all present and future orders, rules, and regulations of any regulatory body having
jurisdiction and to the laws of the United States or any State having jurisdiction; and in the event this Agreement or any provision hereof will be found contrary to or in conflict with any such order, rule, regulation, or law, this Agreement will
be deemed modified to the extent necessary to comply with such order, rule, regulation, or law, but only for the period of time and in the jurisdiction for which such order, rule, regulation, or law is in effect. 

ARTICLE 8 DEFINITIONS 

The following words and phrases will have the meanings specified in this Article 8 (Definitions): 

“Access” has the meaning set forth in the preamble. 
 “Act” has the meaning set forth in Section 1.3. 
 “Additional
Capital Contributions” has the meaning set forth in Section 3.1(c). 
 “Adjusted Capital Account” means,
with respect to any Member, such Member’s Capital Account as of the end of any relevant date after giving effect to the following adjustments: 
 (a) Credit to such Capital Account any amounts which such Member is deemed to be obligated to restore pursuant to Treasury Regulations Sections 1.704-1(b)(2)(ii)(c), 1.704-2(g)(1) and 1.704 2(i)(5); and

 (b) Debit to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and
(6). 

  
 - 26 -

 The foregoing definition of “Adjusted Capital Account” is intended to comply with
the provisions of Treasury Regulations Sections 1.704-1(b)(2)(ii)(d) and 1.704-2, and shall be interpreted consistently therewith. 

“Adjusted Capital Account Deficit” means, with respect to any Member, the deficit balance, if any, in that Member’s Adjusted
Capital Account. 
 “Adjusted Property” means any property the Carrying Value of which has been adjusted pursuant to
Section 6.2(c). 
 “Affiliate” means with reference to any Person any other Person directly or indirectly
controlling, controlled by, or under common control with such Person. An “Affiliate” includes, with respect to a Member, (i) any corporation at least a majority of whose outstanding securities ordinarily having the right to vote at
elections of directors is owned directly or indirectly by a Member or (ii) any other form of business entity in which a Member, by virtue of a direct or indirect ownership interest, has the right to elect a majority of the members of such
entity’s governing body. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by
contract or otherwise. “Controlled by” and under “common control with” have correlative meanings. Notwithstanding anything herein to the contrary, an “Affiliate” shall not include a Party’s equity owner of its
ultimate parent or any other Person who would be an “Affiliate” under this definition solely by reason of having a common private equity owner. 
 “Agreed Value” means the fair market value of Contributed Property or other property of the Company, as agreed upon by the Members in accordance with Section 2.2(w).

 “Agreement” has the meaning set forth in the preamble. 
 “Applicable Rate” means the per annum rate of interest established from time to time by JPMorgan Chase Bank as its prime rate (which rate may not be the lowest rate of interest charged by
JPMorgan Chase Bank to its customers) plus 2%. 
 “Articles of Organization” has the meaning set forth in the Recitals.

 “Bankruptcy” will mean with respect to any Person (a) the commencement of a case or other proceeding, without the
application or consent of such Person, in any court, seeking the liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment of a trustee, receiver, custodian,
liquidator, assignee, sequestrator, or the like for such Person or all or substantially all of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization, winding up, or composition
or adjustment of debts, if such case or proceeding has continued undismissed, undischarged, unbounded, or unstayed and in effect for a period of 120 consecutive days; or an order for relief in respect of such Person has been entered in an
involuntary case under the federal bankruptcy laws or other similar laws now or hereafter in effect; or (b) the commencement by such Person of a voluntary case or other proceeding under any applicable bankruptcy, insolvency, reorganization,
debt arrangement, dissolution, or other similar law now or hereafter in effect, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, or sequestrator (or other similar
official) for such Person, or the general assignment by such Person of all or substantially all of its property for the benefit of creditors, or such Person will fail to, or admit in writing its inability to, pay its debts generally as they become
due, or such Person or its board of directors will vote to implement any of the foregoing; or (c) the commencement against the Person of any case, proceeding, or other action seeking issuance of a warrant of attachment, execution, or similar
process against all or any substantial part of its assets, which results in the entry of an order for any such relief which is not vacated, 

  
 - 27 -

 
discharged, or stayed or bonded pending appeal within 90 days from the entry thereof; or (d) the taking by the Person of any material action in furtherance of, or indicating its consent to,
approval of, or acquiescence in any of the acts set forth in clause (a), (b), or (c) above. 
 “Budget” means any of the
Initial Budget or any Subsequent Budget or Project Budget. 
 “Business” means the design, rights-of-way acquisition,
construction, maintenance, operation, marketing and business development of the Gas Gathering and Processing Systems. 
 “Business
Day” means any day that is not a Saturday, a Sunday or a day on which banks are required or permitted to be closed in Oklahoma City, Oklahoma. 
 “C&O Operator” means the Operator under the Construction and Operating Agreement as defined therein. 
 “Capital Account” means the individual capital account of each Member reflecting the contributions, distributions and allocations of income, gain, loss, deduction, expense, and credit to
each Member and maintained as provided in Article 6 (Tax Provisions and Capital Accounts). 
 “Capital Contribution”
means the amount of money or the fair market value of other property contributed to the Company with respect to the interest in the Company held by a particular Member, including without limitation the Initial Capital Contribution, the Subsequent
Capital Contributions and any Additional Capital Contributions. 
 “Carrying Value” means (a) with respect to a
Contributed Property, the Agreed Value of such property reduced (but not below zero) by all depreciation, cost recovery, and amortization deductions charged to the Capital Accounts pursuant to Section 6.2 with respect to such property,
as well as any other reductions as a result of sales, retirements, and other dispositions of assets included in a Contributed Property, as of the time of determination, (b) with respect to an Adjusted Property, the value of such property
immediately following the adjustment provided in Section 6.2 reduced (but not below zero) by all depreciation, cost recovery, and amortization deductions charged to the Capital Accounts pursuant to Section 6.2 with respect to
such property, as well as any other reductions as a result of sales, retirements, or dispositions of assets included in Adjusted Property, as of the time of determination, and (c) with respect to any other property, the adjusted basis of such
property for federal income tax purposes as of the time of determination. 
 “Change of Control” means: (i) means the sale
of all or substantially all of the assets of the ultimate parent company of a Member to another Person; (ii) a sale of any of the equity interests in the ultimate parent company of a Member; or (iii) a merger, consolidation,
recapitalization or reorganization of the ultimate parent company. 
 “Co-Sale Buyer” has the meaning set forth in
Section 4.3. 
 “Co-Sale Members” has the meaning set forth in Section 4.3. 

“Co-Sale Notice” has the meaning set forth in Section 4.3. 
 “Co-Sale Offer” has the meaning set forth in Section 4.3. 

“Code” means the Internal Revenue Code of 1986, as amended. 
 “Company” has the meaning set forth in the preamble. 

  
 - 28 -

 “Company Property” or “Company Properties” means all interests,
properties, whether real or personal, and rights of any type owned or held by the Company, whether owned or held by the Company at the date of its formation or thereafter acquired. 
 “Construction and Operating Agreement” means that certain Construction and Operating Agreement by and between the Company and Access, dated June 20, 2013. 

“Contributed Property” means property or other consideration (other than cash) contributed to the Company by a Member in exchange for
Units. 
 “Contribution Agreement” has the meaning set forth in the Recitals. 

“Crestwood” has the meaning set forth in the Recitals. 
 “Default Payment” has the meaning set forth in Section 3.1(d). 

“Default Period” has the meaning set forth in Section 3.1(d). 
 “Defaulting Member” has the meaning set forth in Section 3.1(d). 

“Deficiency” has the meaning set forth in Section 3.1(d). 
 “Election Notice” has the meaning set forth in Section 4.3. 

“Emergency” means a sudden or unexpected event that causes, or risks causing, an Environmental Condition or breach of any Environmental
Law, damage to the Facilities or other property, or the injury, illness, or death of any Person and is of such a nature that responding to the event cannot, in the reasonable discretion of C&O Operator, await the decision of the Company. For
purposes of this definition: (i) “Environmental Condition” means any incident, condition or situation which has previously resulted in, gives rise to, or could reasonably be expected to result in, (x) a reporting obligation to a
Governmental Body under an Environmental Law, other than reports required in the ordinary course of business, (y) a liability of the Company under an Environmental Law or (z) a liability of the C&O Operator in its capacity as the
C&O Operator pursuant to the Construction and Operating Agreement under an Environmental Law, other than an obligation or liability arising in the ordinary course of business, and (ii) “Environmental Law” means any and all
applicable Laws in effect from time to time during the term of this Agreement pertaining to the protection of the environment, wildlife or other natural resources, including the Clean Air Act, as amended, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended, the Federal Water Pollution Control Act, as amended, the Resource Conservation and Recovery Act of 1976, as amended, the Safe Drinking Water Act, as amended, the Toxic Substances Control Act, as
amended, the Superfund Amendments and Reauthorization Act of 1986, as amended, the Hazardous Materials Transportation Act, as amended, and the Environmental Species Act, as amended, and any applicable state statute or regulation in lieu of or
supplemental to such federal laws. 
 “First Agreement” has the meaning set forth in the Recitals. 

“Fiscal Year” means the fiscal year of Company, and its taxable year for federal income tax purposes, each of which shall be the
calendar year unless otherwise established by the Members. 
 “Funding Member” has the meaning set forth in
Section 3.1(d). 
 “Gas Gathering and Processing Systems” means that gathering pipeline, compression, dehydration,
treating, processing plant, and related facilities to gather and process gas from the wellhead to redelivery 

  
 - 29 -

 
points as directed by the shippers under various gas gathering and processing contracts per the terms and in relation to the dedicated areas set forth in the various gas gathering and gas
processing contracts, as the same may be amended or supplemented from time to time by unanimous approval of the Members. In order to avoid any doubt, the Members acknowledge and agree that the provisions of Section 7.3 expressly extend
to the consideration and determinations by the Members regarding any proposed expansion or other modification of the Gas Gathering and Processing Systems. 
 “Gas Services Agreements” means the gas gathering agreements, gas processing agreements or any other agreements providing for gas gathering, processing or other natural gas services
entered into between the Company and Shippers. 
 “Governmental Body” means any (a) international, federal, state, local,
or municipal government, or (b) governmental or quasi-governmental authority of any nature, including, (i) any governmental agency, branch, department, official, or entity, (ii) any court, judicial authority, or other tribunal and
(iii) any arbitration body or tribunal. 
 “Indemnitees” has the meaning set forth in Section 2.8. 

“Initial Budget” has the meaning set forth in the Construction and Operating Agreement. 

“Initial Capital Contributions” has the meaning set forth in Section 3.1(a). 

“Interest Rate” means the per annum rate of interest established from time to time by JPMorgan Chase Bank as its prime rate (which rate
may not be the lowest rate of interest charged by JPMorgan Chase Bank to its customers) plus 2%. 
 “Managing Member” has the
meaning set forth in Section 2.1. 
 “Marketer” means the Marketer under the Marketing Agreement as defined
therein. 
 “Marketing Agreement” means that certain Marketing Services Agreement by and between the Company and Crestwood,
dated as of the date hereof. 
 “Member” means each Person who owns Units and, if such Person is a Transferee, who has complied
with the terms of Article 4 (Transfers of Units). 
 “Member Minimum Gain” will have the meaning given the term
“partner nonrecourse debt minimum gain” set forth in Sec. 1.704-2(i)(2) of the Regulations, and will be computed as provided in Sec. 1.704-2(i)(3) of the Regulations. 
 “Member Nonrecourse Debt” means any liability (or portion thereof) of the Company that constitutes debt which, by its terms, is nonrecourse to the Company and the Members for purposes of
Sec. 1.1001-2 of the Regulations, but for which a Member or a related Person (within the meaning of Sec. 1.752-4(b)(4) of the Regulations) bears the economic risk of loss as determined under Sec. 1.704-2(b)(4) of the Regulations. 

“Member Nonrecourse Deductions” will have the meaning given to the term “Partner Nonrecourse Deductions” in Sec. 1.704-2(i) of
the Regulations. The amount of Member Nonrecourse Deductions with respect to a Member Nonrecourse Debt for any taxable year equals the excess, if any, of the net increase, if any, in the amount of Member Minimum Gain attributable to such Member
Nonrecourse Debt during such taxable year over the aggregate amount of any distributions during such taxable year to the Member that bears the economic risk of loss for such Member Nonrecourse Debt to the extent such distributions are from the
proceeds of such Member Nonrecourse Debt and are allocable to an increase in Member Minimum Gain attributable to such Member Nonrecourse Debt determined in accordance with Sec. 1.704-2(i) of the Regulations. 

  
 - 30 -

 “Minimum Gain” means the amount determined, by computing with respect to each Nonrecourse
Liability of the Company, the amount of gain, if any, that would be realized by the Company if it disposed of the property securing such liability in full satisfaction thereof, and by then aggregating the amounts so computed. 

“Net Losses” means, with respect to any fiscal period, the excess of the aggregate recognized losses and expenses incurred during such
fiscal period by the Company over the aggregate recognized income and gain during such fiscal period by the Company, as computed for federal income tax purposes, with the adjustments set forth in Section 6.2(c), from all sources
whatsoever (including income that is exempt from federal income tax and not otherwise taken into account in computing Net Losses) and, in the case of the sale or other taxable exchange or disposition of a capital asset, the excess of the adjusted
tax basis thereof over the revenue realized on such sale or other taxable exchange or disposition; provided, however, Net Losses will not include any items which are specifically allocated under Sections 6.3(b) and 6.3(c) (Tax
Provisions and Capital Accounts). 
 “Net Profits” means, with respect to any fiscal period, the excess of the aggregate net
recognized income and gain during such fiscal period by the Company over all recognized expenses and losses incurred during such fiscal period by the Company, as computed for federal income tax purposes, with the adjustments set forth in
Section 6.2(c), from all sources whatsoever (including income that is exempt from federal income tax and not otherwise taken into account in computing Net Profits), and, in the case of the sale or other taxable exchange or disposition of
a capital asset, the excess of the amount realized by the Company on such sale or other taxable exchange or disposition over the adjusted tax basis thereof; provided, however, Net Profits will not include any items which are specifically
allocated under Sections 6.3(b) and 6.3(c) (Tax Provisions and Capital Accounts). 
 “New Law” has the meaning
set forth in Section 6.1. 
 “Nonrecourse Deductions” has the meaning given such term in Sec. 1.704-2(b)(1) of the
Regulations. The amount of Nonrecourse Deductions for any taxable year equals the excess, if any, of the net increase, if any, in the amount of Company Minimum Gain attributable to Nonrecourse Liabilities during such taxable year over the aggregate
amount of any distributions during such taxable year of proceeds of a Nonrecourse Liability that are allocable to an increase in Partnership Minimum Gain attributable to Nonrecourse Liabilities, determined in accordance with the provisions of Sec.
1.704-2(c) of the Regulations. 
 “Nonrecourse Liability” means a liability (or that portion of a liability) with respect to
which no Person personally bears the economic risk of loss as determined under Sec. 1.704-2(b)(3) of the Regulations. 

“Non-Transferring Member” means the Member other than the Transferring Member. 
 “Oklahoma SOS” has the meaning set forth in the Recitals. 

“Person” means any individual, general partnership, limited partnership, limited liability company, corporation, joint venture, trust,
cooperative, or association, any foreign trust or foreign business organization, and the heirs, executors, administrators, legal representatives, successors, and assigns of such “Person” where the context so permits. 

“Project” means any capital project under a Gas Services Agreement. 
 “Project Budget” means a capital expenditures budget for any Project. 

  
 - 31 -

 “Proposed Co-Sale Transfer” has the meaning set forth in Section 4.3.

 “Pro Rata Share” means, with respect to each Member, a fraction, expressed as a percentage, the numerator of which is the
number of Units held by such Member and the denominator of which is the number of Units held by all Members. 
 “Purchase
Agreement” has the meaning set forth in the Recitals. 
 “Recoverable Costs” means any costs that are reimbursable in
full to JV LLC under (a) that certain Gas Gathering and Processing Contract dated effective as of July 1, 2012, by and between RKI Exploration and Production LLC and JV LLC (the “RKI GGPA”), (b) that certain Gas Gathering
and Processing Contract dated effective as of July 1, 2012, by and among Chesapeake Energy Marketing, Chesapeake Operating, Inc., Chesapeake AEZ Exploration, L.L.C., Chesapeake Exploration, L.L.C. and JV LLC (the “CHK GGPA”),
including, without limitation, those costs that are fully reimbursable to JV LLC by reason of the “COS Calculations,” as defined in the RKI GGPA and CHK GGPA, respectively, and (c) any other Gas Services Agreements unanimously
approved by the Members. 
 “Regulations” means temporary, proposed, and final federal income tax regulations promulgated by
the Secretary of the Treasury pursuant to authority granted in the Code, as the same may be in effect from time to time. 
 “Regulatory
Allocations” means the allocations in Section 6.3(b) other than Section 6.3(b)(viii). 
 “RKI”
has the meaning set forth in the preamble. 
 “Sec. 705(a)(2)(B) Expenditure” means any expenditure of the Company described in
Code Sec. 705(a)(2)(B) and any expenditure considered to be an expenditure described in Code Sec. 705(a)(2)(B) pursuant to Code Sec. 704(b) and the Regulations thereunder. 
 “Shippers” has the meaning set forth in the Construction and Operating Agreement. 

“Specified Affiliate” means (a) with respect to RKI: REMI Midstream, LLC or any of its successors or Subsidiaries; provided,
however, that REMI Midstream, LLC or its successors or Subsidiaries shall no longer be Specified Affiliates after the closing of the Purchase Agreement, (b) with respect to Access: Access Midstream Partners, L.P. or any of its successors
or Subsidiaries, and (c) after the closing of the Purchase Agreement, with respect to Crestwood: Crestwood Midstream Partners, L.P. or any of its successors (including, for the avoidance of doubt, Inergy Midstream, L.P. upon the closing of the
pending Change of Control of Crestwood). 
 “Strategy Committee” has the meaning set forth in Section 2.19(a).

 “Subsequent Budget” has the meaning set forth in the Construction and Operating Agreement. 

“Subsequent Capital Contributions” has the meaning set forth in Section 3.1(b). 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association, or business entity
of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company, partnership, association, or other business entity (other than a
corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For

  
 - 32 -

 
purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company, partnership, association, or other business entity (other than a
corporation) if such Person or Persons will be allocated a majority of limited liability company, partnership, association, or other business entity gains or losses. For purposes hereof, references to a “Subsidiary” of any Person will be
given effect only at such times that such Person has one or more Subsidiaries, and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 
 “Tax Member” has the meaning set forth in Section 6.1. 
 “Tax
Purposes” has the meaning set forth in the Recitals. 
 “Tax Return” means all returns, declarations, statements,
reports, claims for refund, information returns, and forms, including any schedule or attachment thereto, and including any amendment thereof, relating to taxes or other charges in the nature of a tax imposed by any Governmental Body. 

“Transaction” has the meaning set forth in the Recitals. 
 “Transaction Documents” means this Agreement, the Marketing Agreement (if and when it becomes effective), the Construction and Operating Agreement, the Gas Gathering and Processing
Agreement and any other agreement between or among the Company and/or the Members relating to the relationship contemplated by this Agreement and the aforementioned agreements, as any of the foregoing may be amended from time to time. 

“Transfer” means any sale, transfer, assignment, exchange, hypothecation, or other direct or indirect disposition (whether with or
without consideration, whether voluntarily or involuntarily or by operation of law) or the acts thereof and includes any transaction which would result in Units, or specific interests associated with Units, being directly or indirectly owned or held
by any Person other than a Specified Affiliate. The terms “Transferee,” “Transferor,” “Transferred,” and other forms of the word “Transfer” will have the correlative meanings.

 “Transferred Interest” means all or any portion of a Member’s Units that the Member seeks to Transfer. 

“Transferring Member” means a Member seeking to Transfer all or any portion of its Units (or any interest therein). 

“Unanimous Voting Items” has the meaning set forth in Section 2.2. 
 “Units” means that element of ownership of the Company entitling its holder to (a) participate in the profits, losses, and distributions of the Company as set forth in Article
6 (Tax Provisions and Capital Accounts) and to the capital interest associated with the Units and (ii) exercise voting rights according to the Voting Interests associated with the Units. 

“Unrealized Gain” means the excess (attributable to a Company Property), if any, of the fair market value of such property as of the
date of determination (as reasonably determined by the Members) over the Carrying Value of such property as of the date of determination (prior to the adjustment to be made pursuant to Section 6.2 as of such date). 

“Unrealized Loss” means the excess (attributable to a Company Property), if any, of the Carrying Value of such property as of the date
of determination (prior to the adjustment to be made pursuant to Section 6.2 as of such date) over its fair market value as of such date of determination (as reasonably determined by the Members). 

  
 - 33 -

 “Voting Interest” means a Member’s right to vote on Company matters as set forth in
Article 2 (Members). 
 * * * * * 

  
 - 34 -

 IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Limited
Liability Company Agreement as of the date first above written. 
  

			
	Access MLP Operating, L.L.C.
		
	By:	 	 /s/ J. Michael Stice

	Name:	 	J. Michael Stice
	Title:	 	Chief Executive Officer
	
	RKI Exploration & Production, LLC
		
	By:	 	 /s/ Jeffrey A. Bonney

	Name:	 	Jeffrey A. Bonney
	Title:	 	VP & CFO

 [Signature Page to LLC Agreement] 

 Exhibit A 

 

							
	 Member
	  	Units	  	Capital Account Balance	 
			
	 Access
	  	500 Units	  	$	46,421,780.72	  
			
	 RKI
	  	500 Units	  	$	46,421,780.72	  

 Exhibit B 

Carrying Values 
  

					
	 Member
	  	Carrying Value	 
		
	 Access
	  	$	46,421,780.72	  
		
	 RKI
	  	$	46,421,780.72	  

 EXHIBIT C 
 FORM OF COMPANY INTERESTS ASSIGNMENT AGREEMENT 

 Execution Version 

EXHIBIT C 

COMPANY INTERESTS ASSIGNMENT AGREEMENT 
 This Company Interests Assignment Agreement is made and entered into as of             , 2013 (this “Agreement”), by and
between RKI Exploration & Production, LLC, a Delaware limited liability company (“Assignor”), and Crestwood Niobrara LLC, a Delaware limited liability company (“Assignee”). 

WHEREAS, reference is hereby made to that certain Purchase and Sale Agreement dated June 21, 2012 (the “Purchase
Agreement”) by and between Assignor and Assignee; 
 WHEREAS, Assignor owns fifty percent (50%) of the issued and
outstanding equity interests (the “Company Interests”) of Jackalope Gas Gathering Services, L.L.C., an Oklahoma limited liability company (the “Company”); and 

WHEREAS, in accordance with the Purchase Agreement, Assignor now desires to sell, assign, transfer and convey all of the Company
Interests to Assignee in accordance with the terms set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the
covenants and agreements contained in this Agreement and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Assignment. For value received, Assignor hereby sells, assigns, transfers and conveys to Assignee and its successors and
assigns all of Assignor’s right, title and interest in and to the Company Interests. 
 2. Further Documents.
Assignor covenants and agrees with Assignee that Assignor and its successors and assigns shall execute, acknowledge and deliver such other instruments of conveyance and transfer and take such other action as may reasonably be required to more
effectively sell, assign, transfer and convey to and vest in Assignee, or Assignee’s successors and assigns, and to put Assignee, or Assignee’s successors and assigns, in possession of the Company Interests sold, assigned, transferred and
conveyed hereunder or otherwise carry out the purposes of this Assignment. 
 3. Governing Law. This Assignment shall be
governed by and construed in accordance with the laws of the State of Texas, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. 

4. Counterparts. This Assignment may be executed in any number of counterparts, and each counterpart hereof shall be deemed to be
an original instrument, but all such counterparts shall constitute but one agreement. A manual signature on this Assignment, an image of which shall be transmitted electronically, shall constitute an original signature for all purposes. The delivery
of copies of this Assignment, including executed signature pages by electronic transmission will constitute effective delivery. 

  
 1 

 5. Successors and Assigns. This Assignment shall bind Assignor and its successors and
assigns and inure to the benefit of Assignee and its successors and assigns. 
 6. Conflicts. This Assignment is executed
and delivered in connection with the Purchase Agreement; provided that this Assignment is subject and subordinate to all of the terms and provisions of the Purchase Agreement, and in the event of any conflict between any term or provision hereof and
any term or provision of the Purchase Agreement, the latter shall control. Notwithstanding anything to the contrary, nothing herein is intended to, nor shall it, extend, amplify or otherwise alter the representations, warranties, covenants and
obligations of the parties contained in the Purchase Agreement or the survival thereof. 
 7. Waiver; Amendment. None of
the provisions of this Assignment may be waived, changed or altered except in a signed writing by the party against whom enforcement of the same is sought. 
 [Remainder of page intentionally left blank] 

  
 2 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement effective as of the
date and year first above written. 
  

			
	ASSIGNOR:
	
	RKI EXPLORATION & PRODUCTION, LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	ASSIGNEE:
	
	CRESTWOOD NIOBRARA LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Signature Page – Company Interests Assignment Agreement 

 SCHEDULES 
 TO PURCHASE AND SALE AGREEMENT 

 Schedule 5.04(a) 

MATERIAL CONTRACTS 
  

	1.	Master Services Agreement between Access MLP Operating, LLC and an unnamed contractor dated May 10, 2013, for services to be performed by Contractor for Company.
The work to be done and goods to be furnished are to be described in subsequent purchase orders. 

  

	2.	Access Midstream Purchase Order Terms and Conditions. Set of standard terms and conditions incorporated by reference in various purchase orders between Cheseapeake
Midstream Operating, LLC (Buyer) and various vendors (Sellers). 

  

	3.	(a) Compression Agreement between MidCon Compression, LLC and Chesapeake Midstream Operating LLC dated September 1, 2012. Covers the states of Arkansas,
Colorado, Kansas, Louisiana, New Mexico, Oklahoma, Texas, and Wyoming; and (b) Compression agreement between MidCon Compression, LLC and Chesapeake Midstream Operating LLC, dated September 1, 2012, which covers all other areas in the
United States. 

  

	4.	Gas Gathering and Processing Agreement between Chesapeake Energy Marketing Inc., Chesapeake Operating, Inc., Chesapeake AEZ Exploration, LLC and Chesapeake Exploration,
LLC (Producers) and Jackalope Gas Gathering Services, LLC (Gatherer) dated July 1, 2012. 

  

	5.	Operating Agreement for Buffalo Creek Processing Plant, LLC, dated April 12, 2012, by Chesapeake Midstream Operating, LLC as the sole member of Buffalo Creek
Processing Plant, LLC. 

  

	6.	Unit Assignment between Chesapeake Midstream Development, LLC (Assignor), Access Midstream Partners, LP (Assignee) and Chesapeake Midstream Operating LLC (the Company).

  

	7.	Third Amended and Restated Limited Liability Company Agreement of Chesapeake Midstream Operating, LLC (the Company), dated December 2012. Agreed to by Access Midstream
Partners, LP, the Sole Member. 

  

	8.	Joint Development Agreement by and between RKI Exploration & Production, LLC and Khody Land & Minerals Company (collectively referred to as
“RKI”), and Chesapeake Exploration Limited Partnership, dated May 3, 2007, as amended April 1, 2013. The amendment was agreed to by RKI Exploration & Production, LLC, Khody Land & Minerals Company (collectively
referred to as “RKI”), and Chesapeake Exploration, L.L.C., as successor in interest to Chesapeake Exploration Limited Partnership, and Chesapeake AEZ Exploration, L.L.C. 

  
 5.04(a)-1

	9.	Contribution Agreement dated June 20, 2013 among RKI Exploration and Production, LLC, Access MLP Operating, L.L.C. and Jackalope Gas Gathering Services, LLC.

  

	10.	Gas Gathering and Processing Agreement dated June 20, 2013 between RKI Exploration and Production, LLC (Producer) and Jackalope Gas Gathering Services, LLC
(Gatherer). 

  

	11.	First Amended and Restated LLC Agreement of Jackalope Gas Gathering Services, L.L.C dated June 20, 2013 between RKI Exploration and Production, LLC and Access MLP
Operating, L.L.C. 

  

	12.	Letter Agreement dated June 20, 2013 between RKI Exploration and Production, LLC and Jackalope Gas Gathering Services, LLC regarding farm-out of interests of RKI
Exploration and Production, LLC to Chesapeake Energy Marketing, Inc. 

  

	13.	Letter Agreement dated June 20, 2013 among RKI Exploration and Production, LLC, Jackalope Gas Gathering Services, LLC and Chesapeake Energy Marketing, Inc.
regarding responsibility for provision of information and other matters under the Gas Gathering and Processing Agreements referred to at items 4 and 9 above. 

 

	14.	Agency Agreement dated June 20, 2013 among RKI Exploration and Production, LLC, Jackalope Gas Gathering Services, LLC and Chesapeake Energy Marketing, Inc.
pursuant to which Chesapeake agrees that the Gathering and Processing Agreement at item 9 above shall apply to gas allocable to the interests of RKI Exploration and Production, LLC. 

 

	15.	Construction and Operating Agreement dated May June 20, 2013 between Jackalope Gas Gathering Services, LLC and Access MLP Operating, L.L.C pursuant to which
Jackalope Gas Gathering Services, LLC delegates certain activities to Access MLP Operating, L.L.C. 

  
 5.04(a)-2

 Schedule 5.05(d) 

REAL PROPERTY OWNED 
  

	1.	A parcel of land located in Section 23, Township 33 North, Range 72 West of the 6th Principal Meridian, Converse County, Wyoming, more particularly described in a
warranty deed dated March 24, 2011 from White Land and Livestock, LLC (Grantor) to Mid-America Midstream Gas Services, LLC, and later the subject of a quit claim deed dated December 30, 2012 from Mid-America Midstream Gas Services, L.L.C.
to Jackalope Gas Gathering Services, L.L.C. 

  

	2.	A tract of land situated in the Northwest quarter of Section 21, Township 33 North, Range 70 West of the 6th P.M., Converse County, Wyoming, more particularly
described in a warranty deed dated June 12, 2012 from Chamberlain Brothers Ranch, Inc. to Mid-America Midstream gas Services, LLC, and later the subject of a quit claim deed dated November 1, 2012 from Mid-America Midstream Gas Services,
L.L.C. to Jackalope Gas Gathering Services, L.L.C. 

  
 5.04(d)-1

 Schedule 5.05(e) 

REAL PROPERTY LEASES 
 None 

  
 5.05(e)-1

 Schedule 5.05(f) 

EASEMENTS 
  

	1.	Surface Compressor Site Agreement between Walker Creek Ranch, LLC (Grantor) and Jackalope Gas Gathering Services, L.L.C. (Grantee), dated April 16, 2013. Grants a
perpetual right of way for an area of land described in an exhibit to the agreement. 

  

	2.	Easement and Right-of-Way Agreement between Walker Creek Ranch LLC (Grantor) and Jackalope Gas Gathering Services, L.L.C. (Grantee), dated April 16, 2013. Grants
an exclusive easement and pipeline right-of-way forty-five feet in width through and across Grantor’s land, located in Converse County, Wyoming, as well as a temporary construction easement fifteen feet in width. 

 

	3.	Valve Site Agreement between Wayne A. Paris (Grantor) and Jackalope Gas Gathering Services, L.L.C. (Grantee), dated March 23, 2013. Grants a permanent and
exclusive easement and right-of-way, one twenty by twenty and two sixty by sixty feet in width and length, through and across Grantor’s land in Converse County, Wyoming. 

 

	4.	Easement and Right of Way Agreement between Jerry J. Dilts Living Trust (Grantor) and Mid-America Midstream Gas Services, L.L.C. (Grantee), dated July 8, 2011.
Grants a permanent and exclusive easement and right-of-way forty-five feet in width through and across Grantor’s land in Converse County, Wyoming. 

  

	5.	Easement and Right-of-Way Agreement between Georges Lebar as trustee for the Lebar Trust Number 2, A/K/A the Q.T.I.P Marital Trust (Grantor), and Mid-America Midstream
Gas Services, L.L.C. (Grantee), dated June 7, 2012. Grants an exclusive easement and pipeline right-of-way forty-five feet in width through and across Grantor’s land, located in Converse County, Wyoming, as well as a temporary construction
easement fifteen feet in width. 

  

	6.	Memorandum of Easement and Right-of-Way Agreement between Georges Lebar as trustee for the Lebar Trust Number 2, A/K/A the Q.T.I.P Marital Trust (Grantor), and
Mid-America Midstream Gas Services, L.L.C. (Grantee), dated June 8, 2012. Grants a forty-five foot easement described in an exhibit to the agreement. 

  

	7.	The easements set forth in the attached table entitled “Document Schedule (No Dupes) “1.23 and 1.27” – Rights-of-Way”.

  
 5.05(f)-1

 Schedule 5.05(f) Part II 

Provided Separately on June 21, 2013 

 Schedule 5.07 

PERMITS 
  

	1.	Air Quality Permit MD-13581, dated November 13, 2012, issued to Jackalope Gas Gathering Services by the Division of Air Quality of the Wyoming Department of
Environmental Quality (Gumbo Hill Compressor Station, Converse County, Wyoming). 

  

	2.	Air Quality Permit MD-13386, dated September 4, 2012, issued to Mid-America Midstream Gas Services, L.L.C. by the Division of Air Quality of the Wyoming Department
of Environmental Quality (Pronghorn Compressor Station, Converse County, Wyoming). 

  

	3.	Air Quality Permit CT-12382, dated March 26, 2012, issued to Mid-America Midstream Gas Services, L.L.C. by the Division of Air Quality of the Wyoming Department of
Environmental Quality (Antelope Compressor Station, Converse County, Wyoming). Application to change ownership from Mid-America to Jackalope Gas Gathering Services, LLC was approved by the Department of Environmental Quality on December 28,
2012. 

  

	4.	Air Quality Permit CT-12715, dated March 26, 2012, issued to Mid-America Midstream Gas Services, L.L.C. by the Division of Air Quality of the Wyoming Department of
Environmental Quality, (No Name Compressor Station, Converse County, Wyoming). Jackalope Gas Gathering Services, L.L.C. submitted an application for modification to this permit in January 2013, and again on April 29, 2013. Application to change
ownership from Mid-America to Jackalope Gas Gathering Services, LLC was approved by the Department of Environmental Quality on December 28, 2012. 

  

	5.	Air Quality Permit CT-12232, dated January 9, 2012, issued to Mid-America Midstream Gas Services, L.L.C by the Division of Air Quality of the Wyoming Department of
Environmental Quality (Gumbo Hill Compressor Station, Converse County, Wyoming). Application to change ownership from Mid-America to Jackalope Gas Gathering Services, LLC was approved by the Department of Environmental Quality on December 28,
2012. 

  

	6.	Air Quality Permit CT-11244, dated June 15, 2011, issued to Mid-America Midstream Gas Services, L.L.C. by the Air Quality Division of the Wyoming Department of
Environmental Quality (Pronghorn Compressor Station, Converse County, Wyoming). Application to change ownership from Mid-America to Jackalope Gas Gathering Services, LLC was approved by the Department of Environmental Quality on December 28,
2012. 

  
 5.07-1

	7.	Air Quality Permit MD-11975, dated November 18, 2011, issued to Mid-America Midstream Gas Services, L.L.C. by the Air Quality Division of the Wyoming Department of
Environmental Quality (Sheep Ranch Compressor Station, Converse County, Wyoming). Application to change ownership from Mid-America to Jackalope Gas Gathering Services, LLC was approved by the Department of Environmental Quality on December 28,
2012. 

  

	8.	Air Quality Permit MD-10631, dated November 8, 2010, issued to Mid-America Midstream Gas Services, L.L.C. by the Air Quality Division of the Wyoming Department of
Environmental Quality (Sheep Ranch Compressor Station, Converse County, Wyoming). 

  

	9.	Air Quality Permit Application, not dated, (Pale Horse Compressor Station, Converse County, Wyoming) 

  
 5.07-2

 Schedule 5.14 

FINANCIAL STATEMENTS 
 Provided separately on June 21, 2013 

  
 5.04-1

 Schedule 5.15 

ABSENCE OF UNDISCLOSED LIABILITIES 
 None 

  
 5.15-1

 Schedule 5.17 

INSURANCE 

Provided separately on June 21, 2013 

  
 5.17-1

 Schedule 8.01(e) 

REQUIRED CONSENTS 
  

	1.	Waiver by Chesapeake Exploration, L.L.C., as successor in interest to Chesapeake Exploration Limited Partnership, as to its right of first refusal pursuant to
Section 15.2 of the Joint Development Agreement dated May 3, 2007. 

  

	2.	Consent granted by Chesapeake Energy Marketing, Inc., Chesapeake Operating, Inc., Chesapeake AEZ Exploration, L.L.C. and Chesapeake Exploration, L.L.C. (collectively,
“Chesapeake”) pursuant to Section 10.5(b) of Exhibit A-2 to the Gas Gathering and Processing Contract among Chesapeake and Seller dated July 1, 2012. 

  
 8.01(e)-1Unassociated Document

Exhibit 4.1

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

	Principal Amount:	$_________ 	Issue Date: ________
	Purchase Price:	$_________	 

4% CONVERTIBLE DEBENTURE

FOR VALUE RECEIVED, MAX SOUND CORPORATION, a Delaware corporation (hereinafter called the “Borrower”), hereby promises to pay to the order of ____________ (the “Holder”) the sum of $____________ together with interest as set forth herein, on ___________ (the “Maturity Date”), and to pay interest on the initial principal balance hereof at the rate of four percent (4%) (the “Interest Rate”), all of which shall be deemed earned as of the date hereof (the “Issue Date”), until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise.  The four percent (4%) interest shall be payable regardless of how long this Debenture remains outstanding.  This Debenture shall also have an original issue discount of ten percent (10%) from the stated Principal Amount. Debenture may not be prepaid in whole or in part except as otherwise explicitly set forth herein. Any amount of principal or interest on this Debenture which is not paid when due shall bear interest at the rate of fourteen percent (14%) per annum from the due date thereof until the same is paid (“Default Interest”).  Interest shall commence accruing on the date that the Debenture is fully paid and shall be computed on the basis of a 365-day year and the actual number of days elapsed.  All payments due hereunder (to the extent not converted into common stock, $0.0001 par value per share (the “Common Stock”) in accordance with the terms hereof) shall be made in lawful money of the United States of America.  All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written notice made in accordance with the provisions of this Debenture.  Whenever any amount expressed to be due by the terms of this Debenture is due on any day which is not a business day, the same shall instead be due on the next succeeding day which is a business day and, in the case of any interest payment date which is not the date on which this Debenture is paid in full, the extension of the due date thereof shall not be taken into account for purposes of determining the amount of interest due on such date.  As used in this Debenture, the term “business day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the city of New York, New York are authorized or required by law or executive order to remain closed.  Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto in that certain Securities Purchase Agreement dated the date hereof, pursuant to which this Debenture was originally issued (the “Purchase Agreement”).

 

  

 

  

 

This Debenture is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

The following terms shall apply to this Debenture:

ARTICLE I. CONVERSION RIGHTS

1.1           Conversion Right.  The Holder shall have the right from time to time, and at any time commencing on the Issue Date and ending on the later of: (i) the Maturity Date and (ii) such later date as this Debenture has been paid in full, each in respect of the remaining outstanding principal amount of this Debenture to convert all or any part of the outstanding and unpaid principal amount of this Debenture into fully paid and non- assessable shares of Common Stock, as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock shall hereafter be changed or reclassified at the conversion price  (the “Conversion Price”) determined as provided herein (a “Conversion”); provided, however, that in no event shall the Holder be entitled to convert any portion of this Debenture in excess of that portion of this Debenture upon conversion of which the sum of (1) the number of shares of Common Stock beneficially owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unconverted portion of the Debentures or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the conversion of the portion of this Debenture with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock.  For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso, provided, further, however, that the limitations on conversion may be waived by the Holder upon, at the election of the Holder, not less than 61 days’ prior notice to the Borrower, and the provisions of the conversion limitation shall continue to apply until such 61st day (or such later date, as determined by the Holder, as may be specified in such notice of waiver).  The number of shares of Common Stock to be issued upon each conversion of this Debenture shall be determined by dividing the Conversion Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date (the “Conversion Date”).  The term “Conversion Amount” means, with respect to any conversion of this Debenture, the sum of (1) the principal amount of this Debenture to be converted in such conversion plus (2) accrued and unpaid interest, if any, on such principal amount at the interest rates provided in this Debenture to the Conversion Date, plus (3)Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2) plus (3) at the Holder’s option, any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof.

 

  

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1.2           Conversion Price.  The conversion price (the “Conversion Price”) shall equal the Variable Conversion Price (as defined herein) (subject to equitable adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar events and issuances of securities at specified lower prices).  The "Variable Conversion Price" shall mean seventy-five percent (75%) of the average of the three lowest closing prices of the Common Stock as quoted by the closing bid price on the Over-the-Counter Bulletin Board, or applicable trading market as reported by a reliable reporting service designated by the Holder (i.e. Bloomberg L.P.) for the ten (10) trading days immediately preceding the Conversion Date. Upon and after an Event of Default, the "Variable Conversion Price" shall mean sixty-five percent (65%) of the average of the three lowest closing prices of the Common Stock as quoted by Bloomberg L.P. for the ten (10) trading days immediately preceding the Conversion Date. Notwithstanding the foregoing, in the event there shall be an Event of Default pursuant to Section 3.8, unless there shall then be an effective registration statement under the Securities Act of 1933, as amended, covering the resale of the Common Stock issuable upon conversion of this Debenture, the "Variable Conversion Price" shall mean fifty percent (50%) of the average of the three lowest closing prices of the Common Stock as quoted by Bloomberg L.P. for the ten (10) trading days immediately preceding the Conversion Date. If the trading price cannot be calculated for such security on such date in the manner provided above, the trading price shall be the fair market value as mutually determined by the Borrower and the holders of a majority in interest of the Debentures being converted for which the calculation of the trading price is required in order to determine the Conversion Price of such Debentures.

1.3           Authorized Shares.  The Borrower covenants that during the period the conversion right exists, the Borrower will reserve from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common Stock upon the full conversion of this Debenture issued pursuant to the Purchase Agreement.  The Borrower is required at all times to have authorized and reserved three (3) times the number of shares that is actually issuable upon full conversion of the Debenture (based on the Conversion Price of the Debentures in effect from time to time)(the “Reserved Amount”).  The Reserved Amount shall be recalculated each month and the Company shall notify the Transfer Agent and the Holder in writing by the fifth day of the following month of the new Reserved Amount.  Notwithstanding the foregoing, in no event shall the Reserved Amount be lower than the initial Reserved Amount, regardless of any prior conversions.  The Borrower represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable.  In addition, if the Borrower shall issue any securities or make any change to its capital structure which would change the number of shares of Common Stock into which the Debentures shall be convertible at the then current Conversion Price, the Borrower shall at the same time make proper provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive rights, for conversion of the outstanding Debentures.  The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to issue certificates for the Common Stock issuable upon conversion of this Debenture, and (ii) agrees that its issuance of this Debenture shall constitute full authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for shares of Common Stock in accordance with the terms and conditions of this Debenture.

 

  

3

  

 

If, at any time the Borrower does not maintain the Reserved Amount or fails to notify the Holder and the Transfer Agent of the new Reserved Amount, it will be considered an Event of Default under Section 3.2 of the Debenture.

1.4           Method of Conversion.

(a)      Mechanics of Conversion.  Subject to Section 1.1, this Debenture may be converted by the Holder in whole or in part at any time from time to time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject to Section 1.4(b), surrendering this Debenture at the principal office of the Borrower.

(b)      Surrender of Debenture Upon Conversion.  Notwithstanding anything to the contrary set forth herein, upon conversion of this Debenture in accordance with the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Borrower unless the entire unpaid principal amount of this Debenture is so converted.  The Holder and the Borrower shall maintain records showing the principal amount so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower, so as not to require physical surrender of this Debenture upon each such conversion.  In the event of any dispute or discrepancy, such records of the Borrower shall, prima facie, be controlling and determinative in the absence of manifest error.  Notwithstanding the foregoing, if any portion of this Debenture is converted as aforesaid, the Holder may not transfer this Debenture unless the Holder first physically surrenders this Debenture to the Borrower, whereupon the Borrower will forthwith issue and deliver upon the order of the Holder a new Debenture of like tenor, registered as the Holder (upon payment by the Holder of any applicable transfer taxes) may request, representing in the aggregate the remaining unpaid principal amount of this Debenture.  The Holder and any assignee, by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of this paragraph, following conversion of a portion of this Debenture, the unpaid and unconverted principal amount of this Debenture represented by this Debenture may be less than the amount stated on the face hereof.

(c)      Payment of Taxes.  The Borrower shall not be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of shares of Common Stock or other securities or property on conversion of this Debenture in a name other than that of the Holder (or in street name), and the Borrower shall not be required to issue or deliver any such shares or other securities or property unless and until the person or persons (other than the Holder or the custodian in whose street name such shares are to be held for the Holder’s account) requesting the issuance thereof shall have paid to the Borrower the amount of any such tax or shall have established to the satisfaction of the Borrower that such tax has been paid.

 

  

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(d)      Delivery of Common Stock Upon Conversion.  Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section 1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the Common Stock (or, if the Borrower issues and maintains shares in uncertificated form, comparable notice of share ownership) issuable upon such conversion within three (3) business days after such receipt (the “Deadline”) (and, solely in the case of conversion of the entire unpaid principal amount hereof, surrender of this Debenture) in accordance with the terms hereof and the Purchase Agreement.

(e)      Obligation of Borrower to Deliver Common Stock.  Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to be the holder of record of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest on this Debenture shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations under this Article I, all rights with respect to the portion of this Debenture being so converted shall forthwith terminate except the right to receive the Common Stock or other securities, cash or other assets, as herein provided, on such conversion.  If the Holder shall have given a Notice of Conversion as provided herein, the Borrower’s obligation to issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective of the absence of any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery of any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation of the Borrower to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder of any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation of the Borrower to the Holder in connection with such conversion.  The Conversion Date specified in the Notice of Conversion shall be the Conversion Date so long as the Notice of Conversion is received by the Borrower before 6:00 p.m., New York, New York time, on such date.

(f)      Delivery of Common Stock by Electronic Transfer.  In lieu of delivering physical certificates representing the Common Stock issuable upon conversion, provided the Borrower is participating in the Depository Trust Borrower (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions contained in Section 1.1 and in this Section 1.4, the Borrower shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to the Holder by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system, provided the stock underlying the Debenture is eligible for an exemption from registration under the Securities Act of 1933.

 

  

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(g)      Failure to Deliver Common Stock Prior to Deadline.  Without in any way limiting the Holder’s right to pursue other remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion of this Debenture is not delivered by the Deadline, the Borrower shall pay to the Holder, in cash, as partial liquidated damages and not as a penalty, $500 per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such common stock.  Such cash amount shall be paid to Holder by the fifth day of the month following the month in which it has accrued or, at the option of the Holder (by written notice to the Borrower by the first day of the month following the month in which it has accrued), shall be added to the principal amount of this Debenture, in which event interest shall accrue thereon in accordance with the terms of this Debenture and such additional principal amount shall be convertible into Common Stock in accordance with the terms of this Debenture.  The Borrower agrees that the right to convert is a valuable right to the Holder.  The damages resulting from a failure, attempt to frustrate, interference with such conversion right are difficult if not impossible to qualify.  Accordingly the parties acknowledge that the liquidated damages provision contained in this Section 1.4(g) are justified

1.5           Concerning the Shares.  The shares of Common Stock issuable upon conversion of this Debenture may not be sold or transferred unless  (i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer agent shall have been furnished with an opinion of  counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption from such registration or (iii) such shares are sold or transferred pursuant to Rule 144 under the Act (or a successor rule) (“Rule 144”) or (iv) such shares are transferred to an “affiliate” (as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5 and who is an accredited investor.  Except as otherwise provided in the Purchase Agreement (and subject to the removal provisions set forth below), until such time as the shares of Common Stock issuable upon conversion of this Debenture have been registered under the Act or otherwise may be sold pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold and without any requirement that current public information concerning Borrower be available, each certificate for shares of Common Stock issuable upon conversion of this Debenture that has not been so included in an effective registration statement or that has not been sold pursuant to an effective registration statement or an exemption that permits removal of the legend, shall bear a legend substantially in the following form, as appropriate:

“NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES, IN COMPLIANCE WITH THE PROVISIONS OF THE AGREEMENTS RELATING TO THE SECURITIES REPRESENTED HEREBY.”

 

  

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The legend set forth above shall be removed and the Borrower shall issue to the Holder a new certificate therefore free of any transfer legend if (i) the Borrower or its transfer agent shall have received an opinion of counsel reasonably satisfactory to Borrower, in form, substance and scope customary for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Common Stock may be made without registration under the Act, which opinion shall be accepted by the Borrower so that the sale or transfer is effected or (ii) in the case of the Common Stock issuable upon conversion of this Debenture, such security is registered for sale by the Holder under an effective registration statement filed under the Act or otherwise may be sold pursuant to Rule 144 without any restriction as to the number of securities as of a particular date that can then be immediately sold.  In the event that the Borrower does not accept the opinion of counsel provided by the Buyer with respect to the transfer of Securities pursuant to an exemption from registration, such as Rule 144 or Regulation S, at the Deadline, it will be considered an Event of Default pursuant to Section 3.2 of the Debenture, providing that the Company counsel does not reasonably object to the legal opinion conclusion that an exemption is available.

1.6           Effect of Certain Events.

(a)      Effect of Merger, Consolidation, Etc.  At the option of the Holder, the sale, conveyance or disposition of all or substantially all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the Borrower with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be treated pursuant to Section 1.6(b) hereof.  “Person” shall mean any individual, corporation, limited liability company, partnership, association, trust or other entity or organization.

 

  

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(b)      Adjustment Due to Merger, Consolidation, Etc.  If, at any time when this Debenture is issued and outstanding and prior to conversion of all of the Debentures, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or substantially all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then the Holder of this Debenture shall thereafter have the right to receive upon conversion of this Debenture, upon the basis and upon the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities or assets which the Holder would have been entitled to receive in such transaction had this Debenture been converted in full immediately prior to such transaction (without regard to any limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect to the rights and interests of the Holder of this Debenture to the end that the provisions hereof (including, without limitation, provisions for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Debenture) shall thereafter be applicable, as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof.  The Borrower shall not affect any transaction described in this Section 1.6(b) unless (a) it first gives, to the extent reasonably practicable, thirty (30) days prior written notice (but in any event at least fifteen (15) days prior written notice) of the record date of the special meeting of shareholders to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization, reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to convert this Debenture) (provided, that if such disclosure and written notice to Holder is subject to Section 4.8 of the Purchase Agreement concerning non-public information, Holder shall have first executed a confidentiality agreement as described in that Section) and (b) in the case of the consolidation, merger or other business combination of the Borrower with or into any other Person when the Borrower is not the survivor, the resulting successor or acquiring entity (if not the Borrower) assumes by written instrument the obligations of this Section 1.6(b).  The above provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

(c)      Issuance of Lower Priced Securities.  From the date hereof, if, at any time while this Debenture is outstanding,  the Borrower or any subsidiary, as applicable, sells or grants any option to purchase or sells or grants any right to reprice, or otherwise disposes of or issues (or announces any sale, grant or any option to purchase or other disposition), any Common Stock or Common Stock equivalents entitling any Person to acquire shares of Common Stock, in each case other than (i) Exempt Issuances as defined in the Purchase Agreement, or (ii) shares issued pursuant to stock splits, stock dividends, combinations, capital reorganizations and similar events relating to the Common Stock occurring after the date hereof resulting in a proportionate and an equitable adjustment to the Conversion Price pursuant to other provisions of this Debenture (“Additional Shares”) at an effective price per share that is lower than the then Conversion Price (such lower price, the “Base Conversion Price”), then the Conversion Price shall be reduced to equal the lower of the Base Conversion Price or the Conversion Price as set forth above.  Such adjustment shall be made whenever such Additional Shares are issued (each a “Dilutive Issuance”).  For purposes of clarification, the adjustment of the exercise or conversion price of any securities to a price below the Conversion Price, that are issued and outstanding after the date hereof, shall result in an adjustment to the Conversion Price as described in the preceding sentence.  The effective price per share of options, warrants or other convertible securities shall be deemed to be the amount received by Borrower for issuance of such options, warrants or convertible securities (if any) plus the applicable per share exercise or conversion price in effect from time to time at the time of determination of whether a Dilutive Issuance has occurred.  In case any option, warrant or convertible security is issued in connection with the issuance or sale of other securities of the Company, together comprising one integrated transaction in which no specific consideration is allocated to such option, warrant or convertible security, then the effective price per share shall be determined with reference to the overall consideration received by Borrower in the transaction. The Borrower shall notify the Holder in writing, no later than 1 Business Day following the issuance of any Common Stock or Common Stock equivalents subject to this Section 1.6(c), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”).  For purposes of clarification, whether or not the Borrower provides a Dilutive Issuance Notice pursuant to this Section 1.6(c), upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Conversion Shares based upon the Base Conversion Price on or after the date of such Dilutive Issuance, regardless of whether the Holder accurately refers to the Base Conversion Price in the Notice of Conversion.

 

  

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(d)      Notice of Adjustments.  Upon the occurrence of each adjustment or readjustment of the Conversion Price as a result of the events described in this Section 1.6, the Borrower, at its expense, shall promptly compute such adjustment or readjustment and prepare and furnish to the Holder a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based.  The Borrower shall, upon the written request at any time of the Holder, furnish to such Holder a like certificate setting forth (i) such adjustment or readjustment, (ii) the Conversion Price at the time in effect and (iii) the number of shares of Common Stock and the amount, if any, of other securities or property which at the time would be received upon conversion of the Debenture.

1.7           Trading Market Limitations.  Unless permitted by the applicable rules and regulations of the principal securities market on which the Common Stock is then listed or traded, in no event shall the Borrower issue upon conversion of or otherwise pursuant to this Debenture and the other Debentures issued pursuant to the Purchase Agreement more than the maximum number of shares of Common Stock that the Borrower can issue pursuant to any rule of the principal United States securities market on which the Common Stock is then traded (the “Maximum Share Amount”), which shall be 4.99% of the total shares outstanding on the Closing Date (as defined in the Purchase Agreement), subject to equitable adjustment from time to time for stock splits, stock dividends, combinations, capital reorganizations and similar events relating to the Common Stock occurring after the date hereof.

1.8           Status as Shareholder.  Upon submission of a Notice of Conversion by a Holder, (i) the shares covered thereby (other than the shares, if any, which cannot be issued because their issuance would exceed such Holder’s allocated portion of the Reserved Amount or Maximum Share Amount) shall be deemed converted into shares of Common Stock and (ii) the Holder’s rights as a Holder of such converted portion of this Debenture shall cease and terminate, excepting only the right to receive certificates for such shares of Common Stock and to any remedies provided herein or otherwise available at law or in equity to such Holder because of a failure by the Borrower to comply with the terms  of this Debenture.  Notwithstanding the foregoing, if a Holder has not received certificates for all shares of Common Stock prior to the tenth (10th) business day after the expiration of the Deadline with respect to a conversion of any portion of this Debenture for any reason, then (unless the Holder otherwise elects to retain its status as a holder of Common Stock by so notifying the Borrower) the Holder shall regain the rights of a Holder of this Debenture with respect to such unconverted portions of this Debenture and the Borrower shall, as soon as practicable, return such unconverted Debenture to the Holder or, if the Debenture has not been surrendered, adjust its records to reflect that such portion of this Debenture has not been converted.

 

  

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1.9           Prepayment.  Notwithstanding anything to the contrary contained in this Debenture, at any time during the period beginning on the Issue Date and when the Debenture shall have been paid in full, the Borrower shall have the right, exercisable on not less than thirty (30) days prior written notice to the Holder of the Debenture to prepay the outstanding Debenture (principal and accrued interest), in full, in accordance with this Section 1.9.  Any notice of prepayment hereunder (an “Optional Prepayment Notice”) shall be delivered to the Holder of the Debenture at its registered addresses and shall state: (1) that the Borrower is exercising its right to prepay the Debenture, and (2) the date of prepayment which shall be thirty (30 days from the date of the Optional Prepayment Notice.  On the date fixed for prepayment (the “Optional Prepayment Date”), the Borrower shall make payment of the Optional Prepayment Amount (as defined below) to or upon the order of the Holder as specified by the Holder in writing to the Borrower at least one (1) business day prior to the Optional Prepayment Date.  If the Borrower exercises its right to prepay the Debenture, the Borrower shall make payment to the Holder of an amount in cash (the “Optional Prepayment Amount”) equal to 115%, multiplied by the sum of: (w) the then outstanding principal amount of this Debenture plus (x) accrued and unpaid interest on the unpaid principal amount of this Debenture to the Optional Prepayment Date plus (y) if applicable, Default Interest, if any, on the amounts referred to in clauses (w) and (x) plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof.  If the Borrower delivers an Optional Prepayment Notice and fails to pay the Optional Prepayment Amount due to the Holder of the Debenture within two (2) business days following the Optional Prepayment Date, this will be considered an Event of Default whereas the Borrower shall forfeit its right to prepay the Debenture unless otherwise approved by the Holder pursuant to this Section 1.9.

In the event the Borrower raises additional capital though debt or equity investments at any time after the date hereof, totaling an aggregate of at least $5,000,000, the Borrow shall be obligated to prepay this Debentures within five (5) business days, upon the terms set forth above.

ARTICLE II.  CERTAIN COVENANTS

2.1           Negative Covenants  As long as any portion of this Debenture remains outstanding, unless the holders of all of the outstanding Debentures shall have otherwise given prior written consent, the Borrower shall not, and shall not permit any of its subsidiaries (whether or not a subsidiary on the Issue Date) to, directly or indirectly:

 

(a)      other than indebtedness (i) existing as of the Initial Date, (ii) incurred in the ordinary course of business for trade expenses (not borrowed money), (iii) incurred in connection with the issuance of New Securities or Excluded Issuances (as defined in the Purchase Agreement), (iv) indebtedness expressly subordinate to the indebtedness created by the Debentures, or (v) incurred in connection with the acquisition, development or in-licensing of assets, technologies or intellectual property (“Permitted Indebtedness”), enter into, create, incur, assume, guarantee or suffer to exist any indebtedness for borrowed money of any kind, including, but not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom. other than to effect stock splits, reverse stock splits or changes in the authorized number of shares, amend its charter documents, including, without limitation, its certificate of incorporation and bylaws, in any manner that materially and adversely affects any rights of the Holder;

 

  

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(b)      redeem, repurchase or offer to redeem, repurchase or otherwise acquire more than a de minimis number of shares of its Common Stock or Common Stock equivalents except pursuant to written agreements with employees, directors, officers or consultants providing for a right or repurchase at the original purchase price of such securities upon cessation of service, cessation of vesting, employment termination or similar events; other than Permitted Indebtedness, repay, repurchase or offer to repay, repurchase or otherwise acquire any indebtedness, other than the Debentures if on a pro-rata basis, other than (x) regularly scheduled principal and interest payments as such terms are in effect as of the Issue Date, provided that such payments shall not be permitted if, at such time, or after giving effect to such payment, any Event of Default exist or occur, (y) Permitted Indebtedness, and (z) ordinary trade debt incurred in the ordinary course of business.

 

(c)      pay cash dividends or cash distributions on any equity securities of the Borrower other than dividends on shares of common stock solely in the form of additional shares of common stock;

 

(d)      sell, lease or otherwise dispose of any portion of its assets outside the ordinary course of business, other than de minimis sales.  Any consent to disposition of any assets may be conditioned on a specified use of the proceeds of disposition;

 

(e)      lend money, give credit or make advances to any person, firm, joint venture or corporation, including, without limitation, officers, directors, employees, subsidiaries and affiliates of the Borrower, except loans, credits or advances (a) in existence or committed on the date hereof and which the Borrower has informed Holder in writing prior to the date hereof, (b) made in the ordinary course of business or (c) not in excess of $500,000; enter into any transaction with any affiliate of the Borrower which would be required to be disclosed in any public filing with the Commission, unless such transaction is made on an arm’s-length basis and, if required under Borrower’s governance policies to be approved by the board of directors or a committee thereof, is expressly approved by a majority of the disinterested directors of the Borrower (even if less than a quorum otherwise required for board approval); or

 

(f)      enter into any agreement with respect to any of the foregoing.

 

ARTICLE III.  EVENTS OF DEFAULT

If any of the following events of default (each, an “Event of Default”) shall occur:

3.1           Failure to Pay Principal or Interest.  Any default in the payment of the principal of, interest on or other charges in respect of this Debenture, free of any claim of subordination, as and when the same shall become due and payable whether upon the Maturity Date or by acceleration or otherwise, if Borrower does not pay in full the amount that is due and payable within three (3) business days after delivery of a notice of demand therefor from Holder.

 

  

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3.2           Conversion and the Shares.  The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in writing that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with the terms of this Debenture, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Debenture as and when required by this Debenture, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring (or issuing) (electronically or in certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Debenture as and when required by this Debenture, or fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Debenture as and when required by this Debenture (or makes any written announcement, statement or threat that it does not intend to honor the obligations described in this paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations shall not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice of Conversion.  It is an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of default of this Debenture, if a conversion of this Debenture is delayed, hindered or frustrated beyond the periods of time provided for in this Debenture, due to a balance owed by the Borrower to its transfer agent. If at the option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion, such advanced funds shall be paid by the Borrower to the Holder within forty eight (48) hours of a demand from the Holder.

3.3           Breach of Covenants.  The Borrower breaches any material covenant or other material term or condition contained in this Debenture, the Purchase Agreement or the Borrower’s instruction letter to its transfer agent contemplated by the Purchase Agreement (together, the “Collateral Documents”)  and such breach continues for a period of ten (10) days after written notice thereof to the Borrower from the Holder.

3.4           Breach of Representations and Warranties.  Any representation or warranty of the Borrower made herein or in the Collateral Documents shall be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material adverse effect on the rights of the Holder with respect to this Debenture.

 

  

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3.5           Bankruptcy, Receiver or Trustee.  The Borrower or any subsidiary of the Borrower shall commence, or there shall be commenced against the Borrower or any subsidiary of the Borrower under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Borrower or any subsidiary of the Borrower commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Borrower or any subsidiary of the Borrower or there is commenced against the Borrower or any subsidiary of the Borrower any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of 90 days; or the Borrower or any subsidiary of the Borrower is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or the Borrower or any subsidiary of the Borrower suffers any appointment of any custodian, private or court appointed receiver or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of 90 days; or the Borrower or any subsidiary of the Borrower makes a general assignment for the benefit of creditors; or the Borrower or any subsidiary of the Borrower shall call a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts; or the Borrower or any subsidiary of the Borrower shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate or other action is taken by the Borrower or any subsidiary of the Borrower for the purpose of effecting any of the foregoing (other than actions to dismiss, terminate or resolve any bankruptcy or similar proceeding).

3.6           Indebtedness Default.  The Borrower or any subsidiary of the Borrower shall default in any of its obligations under any other Debenture or any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement of the Borrower or any subsidiary of the Borrower in an amount exceeding $25,000, whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable, in each of the above instances where such default would have a Material Adverse Effect on the Company’s ability to pay the Debentures on the Maturity Date.

3.7           Delisting of Common Stock.  The Borrower shall fail to maintain the listing of the Common Stock on the Trading Market.

3.8           Failure to Comply with the Exchange Act.  The Borrower shall fail in any material respect to comply with the reporting requirements of the Exchange Act with regards to the filing of Form 10-Q's and 10-K's; and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

3.9           Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

3.10         Cessation of Operations.  Any cessation by Borrower of substantially all of its operations, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due or of a cessation of operations.

 

  

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3.11          Maintenance of Assets.  The failure by Borrower to maintain any material assets which would have a material adverse effect on Borrower’s ability conduct its overall business (whether now or in the future).

3.13          Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.14          Cross-Default.  Notwithstanding anything to the contrary contained in this Debenture or the other related or companion documents, a breach or default by the Borrower of any covenant or other term or condition contained in any of the Collateral Documents, after the passage of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Debenture and the Collateral Documents, in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies of the Holder under the terms of this Debenture and the Collateral Documents by reason of a default under said Collateral Documents or hereunder.

 

Upon the occurrence and during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due at the Maturity Date, giving effect to any applicable cure period), the Debenture shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the Default Sum (as defined herein). Upon the occurrence and during the continuation of any Event of Default specified in Sections 3.1, 3.3, 3.4, 3.7, 3.8, 3.10, 3.11, and/ or 3.13, exercisable through the delivery of written notice to the Borrower by such Holders (the “Default Notice”), and upon the occurrence of an Event of Default specified in the remaining sections of Article III(other than failure to pay the principle hereof or interest thereon at the Maturity Date specified in Section 3.1 hereof), the Debenture shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to the sum of (w) the then outstanding principal amount of this Debenture plus (x) accrued and unpaid interest on the unpaid principal amount of this Debenture to the date of payment (the “Mandatory Prepayment Date”) plus (y) Default Interest, plus (z) five percent (5%) of the total amount of Principal then outstanding (the then outstanding principal amount of this Debenture to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default Sum”) and all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity. 

If the Borrower fails to pay the Default Sum within five (5) business days of written notice that such amount is due and payable, then the Holder shall have the right at any time, so long as the Borrower remains in default (and so long and to the extent that there are sufficient authorized shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default Sum, the number of shares of Common Stock of the Borrower equal to the Default Sum divided by the Conversion Price then in effect.

  

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ARTICLE IV. MISCELLANEOUS

4.1           Failure or Indulgence Not Waiver.  No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privileges.  All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

4.2           Notices.  All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice.  Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) when delivered if delivered by hand delivery during a normal business day (or if not on a business day then the next business day), (b) one business day after delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below or (c) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.  The addresses for such communications shall be:

If to the Borrower, to:

Max Sound Corporation

2902A Colorado Avenue

Santa Monica, California 90404

Attention:    [                  ]

Telephone:  (888) 777-1987

With a copy by fax only to (which copy shall not constitute notice):

Anslow & Jaclin LLP

195 Route 9 South

Manalapan, NJ 07726

Attention:  Richard I. Anslow, Esq.

Telephone:  (732) 409-1212

If to the Holder:

To its registered address

  

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4.3           Amendments.  This Debenture and any provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder.  The term “Debenture” and all reference thereto, as used throughout this instrument, shall mean this instrument (and the other Debentures issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then as so amended or supplemented.

4.4           Assignability.  This Debenture shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder and its successors and assigns.  Each transferee of this Debenture must be an “accredited investor” (as defined in Rule 501(a) of the 1933 Act).  Holder may transfer this Debenture provided that the transferee agrees in writing with Borrower to be bound by the provisions of this Debenture and the Purchase Agreement, and that such transfer complies with any applicable federal and state securities laws.  Notwithstanding anything in this Debenture to the contrary, this Debenture may be pledged as collateral in connection with a bona fide margin account or other lending arrangement, provided that the pledgee agrees in writing with Borrower to be bound by the provisions of this Debenture and the Purchase Agreement (as applicable to the pledgee), and that such pledge complies with any applicable federal and state securities laws.

4.5           Cost of Collection.  If default is made in the payment of this Debenture, the Borrower shall pay the Holder hereof costs of collection, including reasonable attorneys’ fees.

4.6           Governing Law.  This Debenture shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflicts of laws.  Any action brought by either party against the other concerning the transactions contemplated by this Debenture shall be brought only in the state courts of New York or in the federal courts located in the state and county of Nassau.  The parties to this Debenture hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens.  The Borrower and Holder waive trial by jury.  The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs.  In the event that any provision of this Debenture or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law.  Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.   Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in connection with this Agreement or any other Transaction Document by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

  

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4.7           Certain Amounts.  Whenever pursuant to this Debenture the Borrower is required to pay an amount in excess of the outstanding principal amount (or the portion thereof required to be paid at that time) plus accrued and unpaid interest plus Default Interest, the Borrower and the Holder agree that the actual damages to the Holder from the receipt of cash payment on this Debenture may be difficult to determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty and is intended to compensate the Holder in part for loss of the opportunity to convert this Debenture and to earn a return from the sale of shares of Common Stock acquired upon conversion of this Debenture at a price in excess of the price paid for such shares pursuant to this Debenture.  The Borrower and the Holder hereby agree that such amount of stipulated damages is not plainly disproportionate to the possible loss to the Holder from the receipt of a cash payment without the opportunity to convert this Debenture into shares of Common Stock.

4.8           Purchase Agreement.  By its acceptance of this Debenture, each party agrees to be bound by the applicable terms of the Purchase Agreement.

4.9           Notice of Corporate Events.  Except as otherwise provided below, the Holder of this Debenture shall have no rights as a Holder of Common Stock unless and only to the extent that it converts this Debenture into Common Stock. The Borrower shall provide the Holder with prior notification of any meeting of the Borrower’s shareholders (and copies of proxy materials and other information sent to shareholders).  In the event of any taking by the Borrower of a record of its shareholders for the purpose of determining shareholders who are entitled to receive payment of any dividend or other distribution, any right to subscribe for, purchase or otherwise acquire (including by way of merger, consolidation, reclassification or recapitalization) any share of any class or any other securities or property, or to receive any other right, or for the purpose of determining shareholders who are entitled to vote in connection with any proposed sale, lease or conveyance of all or substantially all of the assets of the Borrower or any proposed liquidation, dissolution or winding up of the Borrower, the Borrower shall mail a notice to the Holder, at least ten (10) days prior to the record date specified therein (or ten (10) days prior to the consummation of the transaction or event, whichever is earlier), of the date on which any such record is to be taken for the purpose of such dividend, distribution, right or other event, and a brief statement regarding the amount and character of such dividend, distribution, right or other event to the extent known at such time.

4.10          Remedies.  The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating the intent and purpose of the transaction contemplated hereby.  Accordingly, the Borrower acknowledges that the remedy at law for a breach of its obligations under this Debenture will be inadequate and agrees, in the event of a breach or threatened breach by the Borrower of the provisions of this Debenture, that the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Debenture and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required.

  

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4.11          Severability.  If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. If it shall be found that any interest or other amount deemed interest due hereunder shall violate applicable laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The Borrower covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Borrower from paying all or any portion of the principal of or interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this indenture, and the Borrower (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

 

(Signature Pages Follow)

 

  

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IN WITNESS WHEREOF, Borrower has caused this Debenture to be signed in its name by its duly authorized officer this _________, 2013.

 

	 
MAX SOUND CORPORATION

	 	 
	 	 	 	 
	By:	 	 	 
	 	 
Name:

	 	 
	 	Title:	 	 

 

  

19

  

 

EXHIBIT A

 

CONVERSION NOTICE

 

(To be executed by the Holder in order to Convert the Debenture)

	
TO:

The undersigned hereby irrevocably elects to convert $___________ of the principal amount of Debenture No. ___________ into Shares of Common Stock of MAX SOUND CORPORATION, according to the conditions stated therein, as of the Conversion Date written below.

 

	
Conversion Date:

	  
	
Amount to be converted:

	
$                                                                                     

	
Conversion Price:

	
$                                                                                     

	
Number of shares of Common Stock to be issued:

	  
	
Amount of Note Unconverted:

	
$                                                                                      

	  	  
	
Please issue the shares of Common Stock in the following name and to the following address:

	
Issue to:

	  
	  	  
	
Authorized Signature:

	  
	
Name:

	  
	
Title:

	  
	
Broker DTC Participant Code:

	  
	
Account Number:

	  

 

 

20

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