Document:

EX-4.1

 Exhibit 4.1 

 
  

WILLIAMS PARTNERS L.P. 

And 
 THE BANK OF NEW YORK
MELLON TRUST COMPANY, N.A. 
 Trustee 
  

 
 SIXTH
SUPPLEMENTAL INDENTURE 
 Dated as of June 27, 2014 

To 
 INDENTURE 

Dated as of November 9, 2010 
  

 
 $750,000,000
3.90% Senior Notes due 2025 
 $500,000,000 4.90% Senior Notes due 2045 

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	  
			
	 Section 101
	 	Definitions; Rules of Construction	  	 	1	  
	 Section 102
	 	Relationship With Base Indenture	  	 	7	  
	 Section 103
	 	Effect of Headings and Table of Contents	  	 	8	  
	 Section 104
	 	Successors and Assigns	  	 	8	  
	 Section 105
	 	Separability Clause	  	 	8	  
	 Section 106
	 	Governing Law; Waiver of Trial by Jury	  	 	8	  
	 Section 107
	 	Counterparts	  	 	8	  
		
	 ARTICLE TWO THE NOTES
	  	 	9	  
	 Section 201
	 	Establishment, Form and Dating	  	 	9	  
	 Section 202
	 	Registrar and Paying Agent	  	 	9	  
		
	 ARTICLE THREE LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	10	  
		
	 ARTICLE FOUR EVENTS OF DEFAULT
	  	 	10	  
		
	 ARTICLE FIVE ADDITIONAL COVENANTS
	  	 	10	  
			
	 Section 501
	 	Limitation on Liens	  	 	11	  
		
	 ARTICLE SIX REDEMPTION OF NOTES
	  	 	11	  
			
	 Section 601
	 	Optional Redemption	  	 	11	  
	 EXHIBIT A
	 	FORM OF 2025 NOTE	  			
	 EXHIBIT B
	 	FORM OF 2045 NOTE	  			

  
 i 

 This SIXTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
June 27, 2014, between WILLIAMS PARTNERS L.P., a Delaware limited partnership (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, duly organized and validly existing under the
laws of the United States of America, as trustee (the “Trustee”). 
 The Company has heretofore executed and delivered to
the Trustee an Indenture, dated as of November 9, 2010 (the “Base Indenture” and, as supplemented by this Supplemental Indenture, the “Indenture”), between the Company and the Trustee, providing for the
issuance from time to time of one or more series of Securities. 
 The Company has duly authorized the execution and delivery of this
Supplemental Indenture to provide for the issuance of its 3.90% Senior Notes due 2025 (the “2025 Notes”) and 4.90% Senior Notes due 2045 (the “2045 Notes” and, together with the 2025 Notes, the
“Notes”), and the Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes. 

The Company desires and has requested the Trustee to join with it in the execution and delivery of this Supplemental Indenture in order to
supplement the Base Indenture and to replace, where necessary, covenants in the Base Indenture as and to the extent set forth herein to provide for the issuance and the terms of the Notes. 

All things necessary to make this Supplemental Indenture a valid and legally binding agreement of the Company, in accordance with its terms,
have been done. 
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Holders of the Notes as follows: 
 ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 101 Definitions; Rules of Construction. 

Except as otherwise expressly provided in or pursuant to this Supplemental Indenture or unless the context otherwise requires, for all purposes
of this Supplemental Indenture: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the
plural as well as the singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by
reference therein, have the meanings assigned to them therein; 

 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles and, except as otherwise herein expressly provided, the terms “generally accepted accounting principles” or “GAAP” with respect to any computation required or permitted
hereunder shall mean such accounting principles as are generally accepted at the date of such computation; 
 (4) the words
“herein,” “hereof,” “hereto” and “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

(5) the word “or” is always used inclusively (for example, the phrase “A or B” means “A or B or both,” not
“either A or B but not both”); 
 (6) provisions apply to successive events and transactions; 

(7) any reference to gender includes the masculine, feminine and the neuter, as the case may be; 

(8) references to agreements and other instruments include subsequent amendments thereto and restatements thereof; 

(9) “including” means “including without limitation”; 

(10) all exhibits are incorporated by reference herein and expressly made a part of this Supplemental Indenture; and 

(11) all references to articles, sections and exhibits (and subparts thereof) are to articles, sections and exhibits (and subparts thereof) of
this Supplemental Indenture. 
 Certain terms used principally in certain Articles hereof are defined in those Articles. Capitalized terms
used but not defined in this Supplemental Indenture shall have the meaning ascribed to them in the Base Indenture. 
 “2025
Notes” means the Company’s 3.90% Senior Notes due 2025. 
 “2045 Notes” means the Company’s 4.90% Senior
Notes due 2045. 
 “Additional Notes” means any additional Notes issued under the Indenture as part of the same applicable
series of Notes. 
 “Adjusted Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semi-annual equivalent yield to maturity of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable related Comparable Treasury Price
for that Redemption Date. 
 “Base Indenture” has the meaning assigned to it in the recitals hereto. 

“Business Entity” has the meaning assigned to it in the definition of “Non-Recourse Subsidiary” in this
Section 101. 

  
 2 

 “Comparable Treasury Issue” means, with respect to each series of Notes, the
United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Notes of such series being redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes of such series. 

“Comparable Treasury Price” means, with respect to any Redemption Date: 

(1) the average of the Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest of the Reference
Treasury Dealer Quotations, or 
 (2) if the Quotation Agent obtains fewer than three Reference Treasury Dealer Quotations, the average of
all Reference Treasury Dealer Quotations so received. 
 “Consolidated Net Tangible Assets” means at any date of
determination, the total amount of assets of the Company and its Subsidiaries after deducting therefrom: 
 (1) all current liabilities
(excluding (A) any current liabilities that by their terms are extendable or renewable at the option of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed, and (B) current
maturities of long-term debt); and 
 (2) the value (net of any applicable reserves) of all goodwill, trade names, trademarks, patents and
other like intangible assets, 
 all as set forth, or on a pro forma basis would be set forth, on the consolidated balance sheet of the Company for the
Company’s most recently completed fiscal quarter, prepared in accordance with GAAP. 
 “Domestic Subsidiary” means any
Subsidiary of the Company that is incorporated or organized under the laws of the United States of America, any state thereof or the District of Columbia. 

“Global Note” means a certificated Note deposited with or on behalf of and registered in the name of the Depositary or its
nominee, substantially in the form of Exhibit A hereto or Exhibit B hereto, as applicable, and that bears the Global Security Legend and that has the “Schedule of Adjustments” attached thereto. As of the date of this Supplemental Indenture
all of the Notes are represented by Global Notes. 
 “Global Security Legend” means the legend set forth in
Section 203 of the Base Indenture and any other legend required by the Depositary. 
 “Indebtedness” means, with
respect to any specified Person, any obligation created or assumed by such Person, whether or not contingent, for the repayment of money borrowed from others or any guarantee thereof. 

  
 3 

 “Indenture” means the Base Indenture, as supplemented by this Supplemental
Indenture, and as may be amended or further supplemented from time to time, pursuant to the applicable provisions of the Base Indenture and this Supplemental Indenture. 

“Initial Notes” means the first $750,000,000 aggregate principal amount of the 2025 Notes or $500,000,000 aggregate principal
amount of the 2045 Notes, as applicable, issued under the Indenture on the date hereof. 
 “International Subsidiary” means
each Subsidiary of the Company other than a Domestic Subsidiary. 
 “Lien” means any mortgage, pledge, lien, security
interest or other similar encumbrance. 
 “Non-Recourse Indebtedness” means any Indebtedness incurred by any Joint Venture
or Non-Recourse Subsidiary which does not provide for recourse against the Company or any of its Subsidiaries (other than a Non-Recourse Subsidiary) or any property or assets of the Company or any of its Subsidiaries (other than the Capital Stock or
the properties or assets of a Joint Venture or Non-Recourse Subsidiary). 
 “Non-Recourse Subsidiary” means any Subsidiary
of the Company (1) whose principal purpose is to incur Non-Recourse Indebtedness and/or construct, lease, own or operate the assets financed thereby, or to become a direct or indirect partner, member or other equity participant or owner in a
partnership, limited partnership, limited liability partnership, corporation (including a business trust), limited liability company, unlimited liability company, joint stock company, trust, unincorporated association or joint venture created for
such purpose (collectively, a “Business Entity”), (2) who is not an obligor or otherwise bound with respect to any Indebtedness other than Non-Recourse Indebtedness, (3) substantially all the assets of which Subsidiary or
Business Entity are limited to (x) those assets being financed (or to be financed), or the operation of which is being financed (or to be financed), in whole or in part by Non-Recourse Indebtedness, or (y) Capital Stock in, or Indebtedness
or other obligations of, one or more other Non-Recourse Subsidiaries or Business Entities, and (4) any Subsidiary of a Non-Recourse Subsidiary; provided that such Subsidiary shall be considered to be a Non-Recourse Subsidiary only to the
extent that and for so long as each of the above requirements are met. 
 “Notes” has the meaning assigned to it in the
preamble to this Supplemental Indenture. For purposes of the Indenture, all references to the notes to be issued or authenticated upon transfer, replacement or exchange shall be deemed to refer to Notes. In addition, unless the context otherwise
requires, all references to the “Notes” shall include the Initial Notes of each series and any Additional Notes of such series. 

“Permitted International Debt” means Indebtedness of any International Subsidiary for which neither the Company nor any
Domestic Subsidiary, directly or indirectly, provides any guarantee or other credit support and which is secured, if at all, only by pledges of or Liens on assets (i) held by an International Subsidiary on the date of this Supplemental
Indenture, (ii) acquired by an International Subsidiary from a Person not constituting an Affiliate of the Company or (iii) acquired by an International Subsidiary from the Company, any Domestic Subsidiary or other Affiliate of the Company
on terms that, in the good faith judgment of the 

  
 4 

 
Company’s Board of Directors, are no less favorable to the Company or the relevant Domestic Subsidiary or other Affiliate of the Company than those that would have been obtained in a
comparable transaction by the Company or such Domestic Subsidiary or other Affiliate of the Company with an unrelated Person or, if in the good faith judgment of the Company’s Board of Directors, no comparable transaction is available with
which to compare such transaction, such transaction is otherwise fair to the Company or the relevant Domestic Subsidiary or other Affiliate of the Company from a financial point of view. 

“Permitted Liens” means: 

(1) any Lien existing on any property at the time of the acquisition thereof and not created in contemplation of such acquisition by the
Company or any of its Subsidiaries, whether or not assumed by the Company or any of its Subsidiaries; 
 (2) any Lien existing on any
property of a Subsidiary of the Company at the time it becomes a Subsidiary of the Company and not created in contemplation thereof and any Lien existing on any property of any Person at the time such Person is merged or liquidated into or
consolidated with the Company or any Subsidiary thereof and not created in contemplation thereof; 
 (3) purchase money and analogous
Liens incurred in connection with the acquisition, development, construction, improvement, repair, or replacement of property (including such Liens securing Indebtedness incurred within 12 months of the date on which such property was acquired,
developed, constructed, improved, repaired or replaced); provided that all such Liens attach only to the property acquired, developed, constructed, improved, repaired or replaced and the principal amount of the Indebtedness secured by such
Lien shall not exceed the gross cost of the property; 
 (4) any Liens created or assumed to secure Indebtedness of the Company or any
Subsidiary of the Company maturing within 12 months of the date of creation thereof and not renewable or extendible by the terms thereof at the option of the obligor beyond such 12 months; 

(5) Liens on accounts receivable and related proceeds thereof arising in connection with a receivables financing and any Lien held by the
purchaser of receivables derived from property or assets sold by the Company or any Subsidiary thereof and securing such receivables resulting from the exercise of any rights arising out of defaults on such receivables; 

(6) leases constituting Liens existing on or after the date hereof and any renewals or extensions thereof; 

(7) any Lien securing industrial development, pollution control or similar revenue bonds; 

(8) Liens existing on the date hereof; 

(9) Liens in favor of the Company or any of its Subsidiaries; 

  
 5 

 (10) Liens securing Indebtedness incurred to refund, extend, refinance or otherwise replace
Indebtedness (“Refinanced Indebtedness”) secured by a Lien permitted to be incurred under the Indenture; provided that the principal amount of such Refinanced Indebtedness does not exceed the principal amount of Indebtedness
refinanced (plus the amount of penalties, premiums, fees, accrued interest and reasonable expenses incurred therewith) at the time of refinancing; 

(11) Liens on any assets or properties, or pledges of the Capital Stock, of (a) any Joint Venture owned by the Company or any of its
Subsidiaries or (b) any Non-Recourse Subsidiary, in each case only to the extent securing Non-Recourse Indebtedness of such Joint Venture or Non-Recourse Subsidiary; 

(12) Liens on the products and proceeds (including insurance, condemnation and eminent domain proceeds) of and accessions to, and contract or
other rights (including rights under insurance policies and product warranties) derivative of or relating to, property permitted by the Indenture to be subject to Liens but subject to the same restrictions and limitations set forth in the Indenture
as to Liens on such property (including the requirement that such Liens on products, proceeds, accessions, and rights secure only obligations that such property is permitted to secure); 

(13) any Liens securing Indebtedness neither assumed nor guaranteed by the Company or a Subsidiary of the Company nor on which the Company or a
Subsidiary of the Company customarily pays interest, existing upon real estate or rights in or relating to real estate (including rights-of-way and easements) acquired by the Company or such Subsidiary, which mortgage Liens do not materially impair
the use of such property for the purposes for which it is held by the Company or such Subsidiary; 
 (14) any Lien existing or hereafter
created on any office equipment, data processing equipment (including computer and computer peripheral equipment), or transportation equipment (including motor vehicles, aircraft, and marine vessels); 

(15) undetermined Liens and charges incidental to construction or maintenance; 

(16) any Lien created or assumed by the Company or a Subsidiary of the Company on oil, gas, coal, or other mineral or timber property owned by
the Company or a Subsidiary of the Company; 
 (17) any Lien created by the Company or a Subsidiary of the Company on any contract (or any
rights thereunder or proceeds therefrom) providing for advances by the Company or such Subsidiary to finance gas exploration and development, which Lien is created to secure Indebtedness incurred to finance such advances; 

(18) any Lien granted in connection with a cash collateralization or similar arrangement to secure obligations of the Company or of any of the
Company’s Subsidiaries to issuing banks in connection with letters of credits issued at the request of the Company or any Subsidiary of the Company; 

  
 6 

 (19) Liens on cash deposits in the nature of a right of setoff, banker’s lien, counterclaim
or netting of cash amounts owed arising in the ordinary course of business on deposit accounts; 
 (20) Liens securing Permitted
International Debt; 
 (21) Liens not otherwise permitted so long as the aggregate outstanding principal amount of the Indebtedness secured
thereby does not exceed $10,000,000 at any time; and 
 (22) Liens occurring in, arising from, or associated with Specified Escrow
Arrangements. 
 “Primary Treasury Dealer” has the meaning assigned to it in the definition of “Reference Treasury
Dealers” in this Section 101. 
 “Quotation Agent” means the Reference Treasury Dealer appointed as such agent by
the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to any Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by
that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that Redemption Date. 

“Reference Treasury Dealers” means (1) Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, and RBS
Securities Inc. and their successors, unless any of such entities ceases to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), in which case the Company shall substitute another
Primary Treasury Dealer; and (2) any two other Primary Treasury Dealers selected by the Company. 
 “Refinanced
Indebtedness” has the meaning assigned to it in the definition of “Permitted Liens” in this Section 101. 

“Specified Escrow Arrangements” means cash deposits at one or more financial institutions for the purpose of funding any
potential shortfall in the daily net cash position of the Company or any of its Subsidiaries. 
 “Stated Maturity” means
January 15, 2025 for the 2025 Notes and January 15, 2045 for the 2045 Notes. 
 “Supplemental Indenture” has the
meaning assigned to it in the preamble hereto. 
 Section 102 Relationship With Base Indenture 

The terms and provisions contained in the Base Indenture shall constitute, and are hereby expressly made, a part of this Supplemental Indenture
and the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of the Base Indenture conflicts with the
express provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern and be controlling. 

  
 7 

 The Trustee accepts the amendment of the Base Indenture effected by this Supplemental Indenture
and agrees to execute the trust created by the Base Indenture as hereby amended, but only upon the terms and conditions set forth in the Base Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of
the Trustee in the performance of the trust created by the Base Indenture, and without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements
contained herein, all of which recitals or statements are made solely by the Company, or for or with respect to (1) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (2) the proper
authorization hereof by the Company, (3) the due execution hereof by the Company or (4) the consequences (direct or indirect and whether deliberate or inadvertent) of any amendment herein provided for, and the Trustee makes no
representation with respect to any such matters. 
 Section 103 Effect of Headings and Table of Contents. 

The Article and Section headings in this Supplemental Indenture and the Table of Contents herein are for convenience only and shall not affect
the construction hereof. 
 Section 104 Successors and Assigns. 

All covenants and agreements in this Supplemental Indenture by the Company shall bind its successors and assigns, whether so expressed or not.

 Section 105 Separability Clause. 
 In
case any provision in this Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 106 Governing Law; Waiver of Trial by Jury. 

This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York applicable to
agreements made or instruments entered into and, in each case, performed in said state. Each of the Company and the Trustee hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal
proceeding arising out of or relating to this Supplemental Indenture, the Notes or the transactions contemplated hereby. 
 Section 107 Counterparts.

 This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute
but one and the same instrument. 

  
 8 

 ARTICLE TWO 

THE NOTES 
 Section 201 Establishment, Form
and Dating. 
 There is hereby established two new series of Securities to be issued under the Base Indenture, to be designated as the
Company’s 3.90% Senior Notes due 2025 and 4.90% Senior Notes due 2045. 
 There are to be authenticated and delivered $750,000,000
principal amount of the 2025 Notes and $500,000,000 principal amount of the 2045 Notes, and such principal amount of Notes of each series may be increased from time to time pursuant to Section 301 of the Base Indenture by the issuance of
Additional Notes. Any such Additional Notes of each series will have the same interest rate, maturity and other terms as the Initial Notes of the corresponding series, except for their issue price and, if applicable, the initial interest accrual
date and the initial Interest Payment Date, and shall constitute a single series of Securities with the Initial Notes of such series. No Notes shall be authenticated and delivered in addition to Notes for the principal amount as so increased except
as provided by Sections 304, 305, 306, 906 or 1107 of the Base Indenture. The Notes shall be senior debt securities and shall be issued in fully registered form. 

The Notes and the Trustee’s certificate of authentication with respect thereto will be substantially in the form of Exhibit A hereto or
Exhibit B hereto, as applicable. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication, and except as provided in Section 305 of the Base
Indenture, will be issued in the form of one or more Global Notes. The principal of, and any premium or interest on, the Notes shall be payable in Dollars. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of the Indenture and the
Company and the Trustee, by their execution and delivery of the Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. 
 Section 202 Registrar and Paying Agent. 

The Company will maintain a Registrar and Paying Agent with respect to the Notes. The Registrar will keep a Security Register with respect to
the Notes and of their transfer and exchange. 
 The Company initially appoints The Depository Trust Company to act as Depositary with
respect to the Global Notes. 
 The Company initially appoints the Trustee to act as the Registrar and Paying Agent with respect to the
Notes and to act as custodian for the Depositary with respect to the Global Notes. 

  
 9 

 ARTICLE THREE 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Legal defeasance of the Notes under clause (2) of Section 402 of the Base Indenture and covenant defeasance of the Notes under
clause (3) of Section 402 of the Base Indenture shall be applicable to the Notes of a series, and the Company may at its option by Board Resolution, at any time, with respect to the Notes, elect to have Section 402(2) or
Section 402(3) of the Base Indenture be applied to the Outstanding Notes of such series upon compliance with the conditions set forth in Section 402 of the Base Indenture. In addition to Section 801 of the Base Indenture,
Section 501 of this Supplemental Indenture shall be subject to covenant defeasance under Section 402(3) of the Base Indenture. 

ARTICLE FOUR 
 EVENTS OF DEFAULT

 For purposes of the Notes (but not any other Securities, unless provided by the terms thereof), paragraph (4) of Section 501 of
the Base Indenture is hereby amended and restated in its entirety to read as follows: 
 “(4) failure on the part of the Company duly to observe or
perform any other of the covenants or agreements (other than those described in clause (1), (2) or (3) above) on the part of the Company with respect to that series contained in such Securities or otherwise established with respect to that
series of Securities pursuant to Section 301 hereof or contained in this Indenture (other than a covenant or agreement which has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than
such series), which failure continues for a period of 60 days, or in the case of such a failure with respect to Section 704 of this Indenture, 90 days, after the date on which written notice of such failure, requiring the same to be remedied
and stating that such notice is a “Notice of Default” shall have been given to the Company by the Trustee, upon direction of Holders of at least 25% in principal amount of the then Outstanding Securities of that series; provided,
however, that if such failure is not capable of cure within such 60-day or 90-day period, as the case may be, such 60-day or 90-day period, as the case may be, shall be automatically extended by an additional 60 days so long as (i) such
failure is subject to cure, and (ii) the Company is using commercially reasonable efforts to cure such failure; and provided, further, that a failure to comply with any such other agreement in the Indenture that results from a
change in GAAP shall not be deemed to be an Event of Default with respect to the Securities of that series;” 
 ARTICLE FIVE 

ADDITIONAL COVENANTS 
 The
Notes shall be subject to the following covenant in addition to the provisions of Article Ten of the Base Indenture (provided that Section 1004 of the Base Indenture shall not be applicable to the Notes): 

  
 10 

 Section 501 Limitation on Liens. 

The Company shall not, and shall not permit any Subsidiary of the Company to, issue, assume, or guarantee any Indebtedness secured by a Lien,
other than Permitted Liens, upon any property of the Company or any of its Subsidiaries, owned on the date of the Indenture or thereafter acquired, unless the Notes are equally and ratably secured with such Indebtedness until such time as such
Indebtedness is no longer secured by such a Lien. 
 Notwithstanding the preceding paragraph, the Company may, and may permit any
Subsidiary of the Company to, issue, assume or guarantee any Indebtedness secured by a Lien, other than a Permitted Lien, upon any property of the Company or any of its Subsidiaries, without securing the Notes, provided that the aggregate
principal amount of all Indebtedness of the Company and any Subsidiary of the Company then outstanding secured by any such Liens (other than Permitted Liens) does not exceed 15% of Consolidated Net Tangible Assets. 

ARTICLE SIX 
 REDEMPTION OF NOTES

 Section 601 Optional Redemption. 
 The
Notes of each series may be redeemed, in whole or in part, at the option of the Company pursuant to the terms set forth in the first and second paragraphs of Section 2 of the Notes of such series. In the case of a redemption pursuant to the
first paragraph of Section 2 of the Notes of each series, the Company shall give the Trustee notice of the Redemption Price promptly after the determination thereof and the Trustee shall have no responsibility for determining such Redemption
Price. Other than as specifically provided in this Section 601 or Section 2 of the Notes, any redemption pursuant to this Section 601 will be made pursuant to the provisions of Article Eleven of the Base Indenture. 

[Remainder of page intentionally left blank] 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the day and year first above written. 
  

			
	WILLIAMS PARTNERS L.P.
	
	By: Williams Partners GP LLC, its General Partner
		
	By:	 	 /s/ Peter S. Burgess

	Name:	 	Peter S. Burgess
	Title:	 	Treasurer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Julie Hoffman-Ramos

	Name:	 	Julie Hoffman-Ramos
	Title:	 	Vice President

 EXHIBIT A 

[Face of the Note] 
 CUSIP:
96950FAQ7 
 ISIN: US96950FAQ72 

3.90% Senior Note due 2025 
  

			
	No.         	 	$                    

 WILLIAMS PARTNERS L.P. 

promises to pay to [CEDE & Co.]1 or registered assigns, 

the principal sum of                      DOLLARS [or such
greater or lesser amount as is indicated on the Schedule of Adjustments attached hereto]2 on January 15, 2025. 

Interest Payment Dates: January 15 and July 15 

Regular Record Dates: January 1 or July 1 (whether or not a Business Day) 

Dated:                      

 

			
	WILLIAMS PARTNERS L.P.
	
	By: Williams Partners GP LLC, its General Partner
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	 This is one of the Notes referred to

in the within-mentioned Indenture:

	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	  as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
  

	1 	Insert in Global Notes only 

	2 	Insert in Global Notes only 

  
 A-1 

 [THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH
TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS DEBT SECURITY SHALL BE A GLOBAL
SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO WILLIAMS PARTNERS L.P. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNED HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3 

 
  

	3 	Insert in Global Notes only. 

  
 A-2 

 [Reverse of the Note] 

WILLIAMS PARTNERS L.P. 
 3.90%
Senior Note due 2025 
 1. GENERAL 

This Note is one of a duly authorized issue of Securities of the Company (the “Securities”), issued and issuable in one or
more series under an Indenture, dated as of November 9, 2010, (the “Base Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any
successor trustee under the Base Indenture), to which Base Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities issued thereunder and of the terms upon which said Securities are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof as 3.90% Senior Notes due 2025
(the “Notes”) which was issued under the Sixth Supplemental Indenture to the Base Indenture dated as of June 27, 2014 (the “Supplemental Indenture”, together with the Base Indenture, the
“Indenture”) and which is initially limited to $750,000,000 in principal amount. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

The Company promises to pay interest on the principal amount of this Note at the rate of 3.90% per annum from [Insert for Initial
Notes – “June 27, 2014”] until the Stated Maturity, unless earlier repurchased, redeemed or otherwise cancelled. The Company will pay interest semiannually on January 15 and July 15 of each year (each an
“Interest Payment Date”). Interest on the Notes will accrue from the most recent Interest Payment Date on which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from [Insert for
Initial Notes – “June 27, 2014”]; provided that if there is no existing default in the payment of interest, and if this Note is authenticated between a regular record date set forth on the face hereof (each a
“Regular Record Date”) and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be [Insert
for Initial Notes – “January 15, 2015”] and interest accrued from [Insert for Initial Notes – “June 27, 2014”] shall be payable on such date. The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date next preceding such Interest Payment Date. Except as otherwise provided
in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of
business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to the Holders of the Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Notes shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture. Payments of
interest on the Notes will include interest accrued to but excluding the respective Interest Payment Dates. 

  
 A-3 

 Further, the Company shall pay interest on overdue principal and premium, if any, from time to
time on demand at a rate of 3.90% per annum; it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed
on the basis of a 360-day year of twelve 30-day months. 
 If an Interest Payment Date, the Stated Maturity or a Redemption Date falls on a
day that is not a Business Day, payment of principal, premium, if any, and interest due on that date shall be made on the next following day that is a Business Day and no interest shall accrue for the period from and after the Interest Payment Date,
Stated Maturity or such Redemption Date, as the case may be, on the payment so deferred. 
 2. OPTIONAL REDEMPTION 

The Notes are subject to redemption upon not less than 30 or more than 60 days’ notice to the Holders of the Notes to be redeemed as
provided in the Indenture, at any time or from time to time prior to October 15, 2024, as a whole or in part, at the election of the Company, at a Redemption Price equal to the greater of: (i) 100% of the principal amount of the Notes
being redeemed, plus accrued and unpaid interest to the Redemption Date and (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed
(not including any portion of payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 20 basis
points plus accrued and unpaid interest to the Redemption Date. 
 In addition, the Notes are subject to redemption upon not less than 30 or
more than 60 days’ notice to the Holders of the Notes to be redeemed as provided in the Indenture, at any time or from time to time on or after October 15, 2024, as a whole or in part, at the election of the Company, at a Redemption Price
equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date 
 If less than
all the Notes are to be redeemed, selection of Notes for redemption will be made [Insert for Global Notes – by the Depositary by lot or other means in accordance with the Depositary’s procedures] [Insert for a Definitive
Security—by the Trustee in such manner as it shall deem appropriate and fair]. Unless the Company defaults in payment of such Redemption Price, from and after the Redemption Date, the Notes or portions thereof called for redemption will
cease to bear interest, and the Holders thereof will have no right in respect of such Notes except the right to receive the Redemption Price thereof. 

3. DEFEASANCE 
 The Indenture
contains provisions for defeasance of (a) the entire indebtedness of this Note and (b) certain restrictive covenants upon compliance by the Company with certain conditions set forth therein. 

  
 A-4 

 4. DEFAULTS AND REMEDIES 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable, or
in the circumstances described in the Indenture, shall automatically become due and payable, in the manner and with the effect provided in the Indenture. At any time after such declaration of acceleration or automatic acceleration with respect to
the Notes has been made or has occurred, but before a judgment or decree for payment of money has been obtained by the Trustee as provided in the Indenture, if all Events of Default with respect to the Notes have been cured or waived (other than the
non-payment of principal of the Notes which has become due solely by reason of such declaration of acceleration or automatic acceleration) and certain other conditions have been complied with, then and in every such case, the Holders of a majority
in aggregate principal amount of the Outstanding Notes may, by written notice to the Company and to the Trustee, rescind and annul such declaration or automatic acceleration and its consequences on behalf of all of the Holders of Notes, but no such
rescission or annulment shall extend to or affect any subsequent default or impair any right consequent thereon. 
 As provided in and
subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee or for any other remedy
thereunder, unless (a) such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes, (b) (i) in the case of an Event of Default specified in clause (1), (2), (5) or
(6) of Section 501 of the Indenture, Holders of not less than 25%, or (ii) in the case of an Event of Default specified in clause (3) or (4) of Section 501 of the Indenture, Holders of not less than a majority, in
aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder, (c) such Holders shall have offered the
Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, (d) for 60 days after its receipt of such notice, the Trustee shall not have received from the Holders of
a majority in principal amount of the Notes at the time Outstanding under the Indenture a direction inconsistent with such request, and (e) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have
failed to institute any such proceeding. The foregoing shall not apply to certain suits described in the Indenture, including any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed or provided for herein. 
 5. NONIMPAIRMENT 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of (and premium, if any) and interest, if any, on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

6. DENOMINATIONS; TRANSFER AND EXCHANGE 

The Notes are in registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, 

  
 A-5 

 
among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The
Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. 

7. SUCCESSOR OBLIGORS 
 When a
successor assumes all the obligations of its predecessor under the Notes and the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those obligations, except in the case of a lease. 

8. TRUSTEE DEALINGS WITH THE COMPANY 

The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with
the Company, its Subsidiaries or their respective Affiliates as if it were not the Trustee. 
 9. AUTHENTICATION 

This Note will not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent. 

10. NO RECOURSE AGAINST OTHERS 

The owners of the Company’s Capital Stock, the General Partner and its directors, officers, and members will not be liable for the
Company’s obligations under the Note, the Indenture or for any claim based on, or in respect of, such obligations. By accepting a Note, each Holder of that Note will have agreed to Section 117 of the Base Indenture and waived and released
any such liability on the part of the owners of the Company’s Capital Stock, the General Partner and its directors, officers, and members. The waiver and release are part of the consideration for issuance of the Notes. 

Notwithstanding the foregoing, nothing in the preceding paragraph shall be construed to modify or supersede any obligation of the General
Partner to restore any negative balance in its capital account (maintained by the Company pursuant to the Limited Partnership Agreement) upon liquidation of its interest in the Company. 

11. CUSIP NUMBERS 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Company will cause CUSIP numbers to be printed on the Notes as a convenience to the Holders of Notes. 

  
 A-6 

 12. GOVERNING LAW 

This Note shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments
entered into and, in each case, performed in said state. 
 13. AMENDMENT, SUPPLEMENT AND WAIVER 

Subject to certain exceptions, the Indenture or the Notes may be supplemented by an indenture or indentures supplemental to the Indenture with
the consent of the Holders of not less than a majority in aggregate principal amount of the Notes affected by such supplemental indenture (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes)
and any existing default or Event of Default with respect to the Notes may be waived with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes, except a continuing default in the payment of
the principal of, or any premium or interest on the Notes, or in respect of a covenant or provision of the Indenture which cannot be modified or amended without the consent of the Holder of each Outstanding Note. Without the consent of any Holder of
Notes, the Company and the Trustee, at any time and from time to time, may enter into one or more supplemental indentures as provided in the Indenture, subject to the exceptions set forth therein. 

[Remainder of page intentionally left blank] 

  
 A-7 

 SCHEDULE A 

[SCHEDULE OF ADJUSTMENTS]4 

 

									
	 Date Adjustment Made
	 	 Principal

Amount

Increase
	 	 Principal

Amount

Decrease
	 	 Principal

Amount
 Following

Adjustment
	 	 Notification

Made on Behalf
 of the
Trustee

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

  

	4 	Insert in Global Notes only 

  
 A-8 

 EXHIBIT B 

[Face of the Note] 
 CUSIP:
96950FAP9 
 ISIN: US96950FAP99 

4.90% Senior Note due 2045 
  

			
	No.             	  	$                    

 WILLIAMS PARTNERS L.P. 

promises to pay to [CEDE & Co.]5 or registered assigns, 

the principal sum of                     DOLLARS [or such
greater or lesser amount as is indicated on the Schedule of Adjustments attached hereto]6 on January 15, 2045. 

Interest Payment Dates: January 15 and July 15 

Regular Record Dates: January 1 or July 1 (whether or not a Business Day) 

Dated:                      

 

			
	WILLIAMS PARTNERS L.P.
		
	By:	 	Williams Partners GP LLC, its General Partner
		
	By:	 	 
		 	Name:
		 	Title:

 This is one of the Notes referred to 

in the within-mentioned Indenture: 
 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., 
 as Trustee 

By:                         
                                         
    

                        Authorized
Signatory 
  
  

	5 	Insert in Global Notes only 

	6 	Insert in Global Notes only 

  
 B-1 

 [THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH
TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS DEBT SECURITY SHALL BE A GLOBAL
SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO WILLIAMS PARTNERS L.P. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNED HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]7 

 
  

	7 	Insert in Global Notes only. 

  
 B-2 

 [Reverse of the Note] 

WILLIAMS PARTNERS L.P. 
 4.90%
Senior Note due 2045 
 1. GENERAL 

This Note is one of a duly authorized issue of Securities of the Company (the “Securities”), issued and issuable in one or
more series under an Indenture, dated as of November 9, 2010, (the “Base Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any
successor trustee under the Base Indenture), to which Base Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities issued thereunder and of the terms upon which said Securities are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof as 4.90% Senior Notes due 2045
(the “Notes”) which was issued under the Sixth Supplemental Indenture to the Base Indenture dated as of June 27, 2014 (the “Supplemental Indenture”, together with the Base Indenture, the
“Indenture”) and which is initially limited to $500,000,000 in principal amount. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

The Company promises to pay interest on the principal amount of this Note at the rate of 4.90% per annum from [Insert for Initial
Notes – “June 27, 2014”] until the Stated Maturity, unless earlier repurchased, redeemed or otherwise cancelled. The Company will pay interest semiannually on January 15 and July 15 of each year (each an
“Interest Payment Date”). Interest on the Notes will accrue from the most recent Interest Payment Date on which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from [Insert for
Initial Notes – “June 27, 2014”]; provided that if there is no existing default in the payment of interest, and if this Note is authenticated between a regular record date set forth on the face hereof (each a
“Regular Record Date”) and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be [Insert
for Initial Notes – “January 15, 2015”] and interest accrued from [Insert for Initial Notes – “June 27, 2014”] shall be payable on such date. The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date next preceding such Interest Payment Date. Except as otherwise provided
in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of
business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to the Holders of the Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Notes shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture. Payments of
interest on the Notes will include interest accrued to but excluding the respective Interest Payment Dates. 

  
 B-3 

 Further, the Company shall pay interest on overdue principal and premium, if any, from time to
time on demand at a rate of 4.90% per annum; it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed
on the basis of a 360-day year of twelve 30-day months. 
 If an Interest Payment Date, the Stated Maturity or a Redemption Date falls on a
day that is not a Business Day, payment of principal, premium, if any, and interest due on that date shall be made on the next following day that is a Business Day and no interest shall accrue for the period from and after the Interest Payment Date,
Stated Maturity or such Redemption Date, as the case may be, on the payment so deferred. 
 2. OPTIONAL REDEMPTION 

The Notes are subject to redemption upon not less than 30 or more than 60 days’ notice to the Holders of the Notes to be redeemed as
provided in the Indenture, at any time or from time to time prior to July 15, 2044, as a whole or in part, at the election of the Company, at a Redemption Price equal to the greater of: (i) 100% of the principal amount of the Notes being
redeemed, plus accrued and unpaid interest to the Redemption Date and (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (not
including any portion of payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 25 basis points
plus accrued and unpaid interest to the Redemption Date. 
 In addition, the Notes are subject to redemption upon not less than 30 or more
than 60 days’ notice to the Holders of the Notes to be redeemed as provided in the Indenture, at any time or from time to time on or after July 15, 2044, as a whole or in part, at the election of the Company, at a Redemption Price equal to
100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the Redemption Date 
 If less than all the
Notes are to be redeemed, selection of Notes for redemption will be made [Insert for Global Notes – by the Depositary by lot or other means in accordance with the Depositary’s procedures] [Insert for a Definitive
Security—by the Trustee in such manner as it shall deem appropriate and fair]. Unless the Company defaults in payment of such Redemption Price, from and after the Redemption Date, the Notes or portions thereof called for redemption will
cease to bear interest, and the Holders thereof will have no right in respect of such Notes except the right to receive the Redemption Price thereof. 

3. DEFEASANCE 
 The Indenture
contains provisions for defeasance of (a) the entire indebtedness of this Note and (b) certain restrictive covenants upon compliance by the Company with certain conditions set forth therein. 

  
 B-4 

 4. DEFAULTS AND REMEDIES 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable, or
in the circumstances described in the Indenture, shall automatically become due and payable, in the manner and with the effect provided in the Indenture. At any time after such declaration of acceleration or automatic acceleration with respect to
the Notes has been made or has occurred, but before a judgment or decree for payment of money has been obtained by the Trustee as provided in the Indenture, if all Events of Default with respect to the Notes have been cured or waived (other than the
non-payment of principal of the Notes which has become due solely by reason of such declaration of acceleration or automatic acceleration) and certain other conditions have been complied with, then and in every such case, the Holders of a majority
in aggregate principal amount of the Outstanding Notes may, by written notice to the Company and to the Trustee, rescind and annul such declaration or automatic acceleration and its consequences on behalf of all of the Holders of Notes, but no such
rescission or annulment shall extend to or affect any subsequent default or impair any right consequent thereon. 
 As provided in and
subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee or for any other remedy
thereunder, unless (a) such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes, (b) (i) in the case of an Event of Default specified in clause (1), (2), (5) or
(6) of Section 501 of the Indenture, Holders of not less than 25%, or (ii) in the case of an Event of Default specified in clause (3) or (4) of Section 501 of the Indenture, Holders of not less than a majority, in
aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder, (c) such Holders shall have offered the
Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, (d) for 60 days after its receipt of such notice, the Trustee shall not have received from the Holders of
a majority in principal amount of the Notes at the time Outstanding under the Indenture a direction inconsistent with such request, and (e) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have
failed to institute any such proceeding. The foregoing shall not apply to certain suits described in the Indenture, including any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed or provided for herein. 
 5. NONIMPAIRMENT 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of (and premium, if any) and interest, if any, on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

6. DENOMINATIONS; TRANSFER AND EXCHANGE 

The Notes are in registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, 

  
 B-5 

 
among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The
Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. 

7. SUCCESSOR OBLIGORS 
 When a
successor assumes all the obligations of its predecessor under the Notes and the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those obligations, except in the case of a lease. 

8. TRUSTEE DEALINGS WITH THE COMPANY 

The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with
the Company, its Subsidiaries or their respective Affiliates as if it were not the Trustee. 
 9. AUTHENTICATION 

This Note will not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent. 

10. NO RECOURSE AGAINST OTHERS 

The owners of the Company’s Capital Stock, the General Partner and its directors, officers, and members will not be liable for the
Company’s obligations under the Note, the Indenture or for any claim based on, or in respect of, such obligations. By accepting a Note, each Holder of that Note will have agreed to Section 117 of the Base Indenture and waived and released
any such liability on the part of the owners of the Company’s Capital Stock, the General Partner and its directors, officers, and members. The waiver and release are part of the consideration for issuance of the Notes. 

Notwithstanding the foregoing, nothing in the preceding paragraph shall be construed to modify or supersede any obligation of the General
Partner to restore any negative balance in its capital account (maintained by the Company pursuant to the Limited Partnership Agreement) upon liquidation of its interest in the Company. 

11. CUSIP NUMBERS 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Company will cause CUSIP numbers to be printed on the Notes as a convenience to the Holders of Notes. 

  
 B-6 

 12. GOVERNING LAW 

This Note shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments
entered into and, in each case, performed in said state. 
 13. AMENDMENT, SUPPLEMENT AND WAIVER 

Subject to certain exceptions, the Indenture or the Notes may be supplemented by an indenture or indentures supplemental to the Indenture with
the consent of the Holders of not less than a majority in aggregate principal amount of the Notes affected by such supplemental indenture (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes)
and any existing default or Event of Default with respect to the Notes may be waived with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes, except a continuing default in the payment of
the principal of, or any premium or interest on the Notes, or in respect of a covenant or provision of the Indenture which cannot be modified or amended without the consent of the Holder of each Outstanding Note. Without the consent of any Holder of
Notes, the Company and the Trustee, at any time and from time to time, may enter into one or more supplemental indentures as provided in the Indenture, subject to the exceptions set forth therein. 

[Remainder of page intentionally left blank] 

  
 B-7 

 SCHEDULE A 

[SCHEDULE OF ADJUSTMENTS]8 

 

									
	 Date Adjustment Made
	 	 Principal

Amount

Increase
	 	 Principal

Amount

Decrease
	 	 Principal

Amount
 Following

Adjustment
	 	 Notification

Made on Behalf
 of the
Trustee

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

		 		 		 		 	
	  
	 	  
	 	  
	 	  
	 	  

  

	8 	Insert in Global Notes only 

  
 B-8EX-10.1

 Exhibit 10.1 

STOCKHOLDERS AGREEMENT 

This STOCKHOLDERS AGREEMENT (this “Agreement”), dated as of June 25, 2014, is entered into by and among Eclipse
Resources Corporation, a Delaware corporation (the “Company”), Eclipse Resources Holdings, L.P., a Delaware limited partnership (“Eclipse Holdings”), CKH Partners II, L.P., a Pennsylvania limited partnership
(“CKH Partners”), The Hulburt Family II Limited Partnership, a Pennsylvania limited partnership (“Hulburt Family II”), Kirkwood Capital, L.P., a Pennsylvania limited partnership (“Kirkwood”), EnCap
Energy Capital Fund VIII, L.P., a Texas limited partnership (“EnCap VIII”), EnCap Energy Capital Fund VIII Co-Investors, L.P., a Texas limited partnership (“EnCap VIII Co-Invest”), EnCap Energy Capital Fund IX,
L.P., a Texas limited partnership (“EnCap IX” and, together with EnCap VIII and EnCap VIII Co-Invest, the “EnCap Funds”), and Eclipse Management, L.P., a Delaware limited partnership (“Eclipse
Management” and, together with Eclipse Holdings, CKH Partners, Hulburt Family II, Kirkwood and the EnCap Funds, the “Principal Stockholders”). 

RECITALS 
 WHEREAS, the
Company is currently contemplating an underwritten public offering (the “IPO”) of shares of Common Stock (as defined below); and 

WHEREAS, in connection with the completion of the IPO, the Company and the Principal Stockholders wish to set forth certain understandings
among such parties, including with respect to certain corporate governance matters. 
 NOW, THEREFORE, in consideration of the mutual
covenants contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 1.1 Certain Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Affiliate” of a specified Person is a Person that directly, or indirectly through one or more intermediaries, Controls, is
Controlled by, or is under common Control with, the Person specified; provided, that no stockholder of the Company shall be deemed an Affiliate of any other stockholder of the Company solely by reason of an investment in the Company. 

“Agreement” has the meaning set forth in the preamble to this Agreement. 

“Beneficial Owner” of a security is a Person who directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise, has or shares (i) voting power, which includes the power to vote, or to direct the voting of, such security, and/or (ii) investment power, which includes the power to dispose, or to direct the disposition of,
such security. The terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings. 

“Board” means the Board of Directors of the Company. 

“CKH Partners” has the meaning set forth in the preamble to this Agreement. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company. 

 “Company” has the meaning set forth in the preamble to this Agreement. 

“Control” (including the terms “Controlling,” “Controlled by” and “under common
Control with”) means the possession, direct or indirect, of the power to (a) direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise or
(b) vote 10% or more of the securities having ordinary voting power for the election of directors of a Person. 
 “Eclipse
Holdings” has the meaning set forth in the preamble to this Agreement. 
 “Eclipse Management” has the meaning set
forth in the preamble to this Agreement. 
 “EnCap VIII” has the meaning set forth in the preamble to this Agreement. 

“EnCap VIII Co-Invest” has the meaning set forth in the preamble to this Agreement. 

“EnCap IX” has the meaning set forth in the preamble to this Agreement. 

“EnCap Directors” has the meaning set forth in Section 2.1(a)(iii) of this Agreement. 

“EnCap Entities” means the EnCap Funds and their respective Affiliates. 

“EnCap Funds” has the meaning set forth in the preamble to this Agreement. 

“Equity Securities” means any equity securities of the Company or any options, warrants or other securities that are directly
or indirectly convertible into, or exercisable or exchangeable for, any equity securities of the Company. 
 “Hulburt Family
II” has the meaning set forth in the preamble to this Agreement. 
 “IPO” has the meaning set forth in the
recitals to this Agreement. 
 “Kirkwood” has the meaning set forth in the preamble to this Agreement. 

“Necessary Action” shall mean, with respect to a specified result, all actions (to the extent such actions are permitted by
applicable law and applicable stock exchange or stock market rules and, in the case of any action by the Company that requires a vote or other action on the part of the Board, to the extent such action is consistent with the fiduciary duties that
the Company’s directors may have in such capacity) necessary to cause such result including, but not limited to: (i) the inclusion of an individual in the slate of nominees to the Board recommended to the stockholders of the Company;
(ii) soliciting proxies or consents in favor of the election of an individual to the Board; (iii) voting (whether at an annual or special meeting) or providing a written consent or proxy with respect to shares of Common Stock;
(iv) calling or attending meetings in person or by proxy for the purposes of obtaining quorum and causing the adoption of stockholders’ resolutions and amendments to the organizational documents of the Company; (v) causing members of
the Board to act in a certain manner or causing them to be removed in the event they do not act in such a manner; (vi) executing agreements and instruments; and (vii) making or causing to be made, with governmental, administrative or
regulatory authorities, all filings, registrations or similar actions that are required to achieve such result. 

  
 2 

 “Person” means any individual, corporation, firm, partnership, joint venture,
limited liability company, estate, trust, business association, organization, any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision
thereof or other entity, and also includes any managed investment account. 
 “Principal Stockholders” has the meaning set
forth in the preamble to this Agreement. 
 “Proceeding” has the meaning set forth in Section 4.7 of this
Agreement. 
 “Selected Courts” has the meaning set forth in Section 4.7 of this Agreement. 

1.2 Rules of Construction. Unless the context otherwise requires: 

(a) References in the singular or to “him,” “her,” “it,” “itself” or other like
references, and references in the plural or the feminine or masculine reference, as the case may be, shall also, when the context so requires, be deemed to include the plural or singular, or the masculine or feminine reference, as the case may be;

 (b) References to Articles and Sections shall refer to articles and sections of this Agreement, unless otherwise
specified; 
 (c) The headings in this Agreement are for convenience and identification only and are not intended to
describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision thereof; 
 (d) This
Agreement shall be construed without regard to any presumption or other rule requiring construction against the party that drafted and caused this Agreement to be drafted; and 

(e) References to “including” in this Agreement shall mean “including, without limitation,” whether or not
so specified. 
 ARTICLE 2 

GOVERNANCE MATTERS 
 2.1
Board of Directors. 
 (a) The Company and the Principal Stockholders shall take all Necessary Action to cause the
Board to include the following members: 
 (i) Benjamin W. Hulburt, for so long as he serves as President and Chief Executive
Officer of the Company; 
 (ii) Christopher K. Hulburt, for so long as he serves as the Executive Vice President, Secretary
and General Counsel of the Company; and 
 (iii) Up to five persons designated by the EnCap Funds (the “EnCap
Directors”); provided, that the number of members that the EnCap Funds shall have the right to designate shall not exceed the product of the total number of current seats on the Board multiplied by the percentage of outstanding
shares of Common Stock then Beneficially Owned by the EnCap Entities, rounded to the nearest whole number. The “percentage of outstanding shares of Common Stock then Beneficially Owned by the EnCap Entities,” as such phrase is used in the
preceding sentence, shall be deemed to not 

  
 3 

 
exceed the lowest percentage of outstanding shares of Common Stock Beneficially Owned by the EnCap Entities as of any date following the date of this Agreement. In the event that the number of
members of the Board the EnCap Funds have the right to designate pursuant to this Section 2.1(a) shall be less than the current number of sitting board members designated by the EnCap Funds, any such excess sitting board member shall
tender his or her resignation to the Board. The EnCap Funds hereby initially designate D. Martin Phillips, Robert L. Zorich, Douglas E. Swanson, Jr. and Mark E. Burroughs, Jr. to serve as their director designees pursuant to this
Section 2.1(a)(iii). 
 (b) The Company and the Principal Stockholders shall take all Necessary Action to cause
Benjamin W. Hulburt to be elected Chairman of the Board. 
 (c) So long as the EnCap Entities Beneficially Own at least 50%
or more of the outstanding shares of Common Stock, unless the EnCap Funds elect otherwise, the Company and the Principal Stockholders shall take all Necessary Action to cause at least one EnCap Director (as is selected by the EnCap Funds from among
the current EnCap Directors) to be a member of each committee of the Board (subject to any requirements imposed by law or by the rules of any national securities exchange on which the Common Stock may be listed or traded). 

(d) So long as the EnCap Funds are entitled to designate one or more individuals to serve on the Board pursuant to
Section 2.1(a)(iii), the EnCap Funds shall have the right to remove such person (with or without cause), from time to time and at any time, from the Board, exercisable upon written notice to the Company and the Principal Stockholders,
and the Company and the Principal Stockholders shall take all Necessary Action to cause such removal. 
 (e) In connection
with the required resignation of any director designated by the EnCap Funds pursuant to this Section 2.1, such director may tender his resignation in advance of the date on which such resignation is required pursuant to this
Section 2.1 and the Board shall have the right to decline to accept such resignation, in which case such director shall continue to serve on the Board until the earlier of his subsequent resignation, death, disability or removal.
Notwithstanding the foregoing, any director designated by the EnCap Funds may elect to have his resignation be effective immediately upon tender. 

(f) In the event that a vacancy is created on the Board at any time by the death, disability, resignation or removal of a
director designated by the EnCap Funds, the EnCap Funds shall be entitled to designate an individual to fill the vacancy created by such death, disability, resignation or removal so long as the total number of persons that will serve on the Board as
designees of the EnCap Funds following the filling of such vacancy will not exceed the total amount of persons the EnCap Funds are entitled to designate pursuant to this Section 2.1 on the date of such replacement designation. The
Company and the Principal Stockholders shall take all Necessary Action to cause such replacement designee to become a member of the Board. 

(g) In the event the size of the Board is increased or decreased at any time, the number of directors of the Board subject to
designation by the EnCap Funds pursuant to Section 2.1(a)(iii) following such increase or decrease shall equal the product of the total number of seats on the increased or decreased Board multiplied by the percentage of seats on the
Board subject to the EnCap Funds’ designation rights pursuant to Section 2.1(a)(iii) immediately prior to such increase or decrease, rounded to the nearest whole number. 

  
 4 

 2.2 Other Matters Subject to Stockholder Vote. Subject to Section 2.1, each
Principal Stockholder shall be entitled to instruct Eclipse Holdings to vote, in such Principal Stockholder’s sole discretion, the number of shares of Common Stock held by Eclipse Holdings as of the applicable voting record date that such
Principal Stockholder would receive pursuant to the terms of the limited partnership agreement of Eclipse Holdings following the complete distribution on such record date of the shares of Common Stock held by Eclipse Holdings on such record date.
Subject to Section 2.1, following any actual distribution of shares of Common Stock by Eclipse Holdings, each Principal Stockholder shall be entitled to vote such distributed shares of Common Stock in such Principal Stockholder’s
sole discretion. 
 2.3 Certain Restrictions. No Principal Stockholder shall grant any proxy or enter into or agree to be bound by
any voting trust, agreement or arrangement of any kind with respect to its shares of Common Stock or Equity Securities if and to the extent the terms thereof conflict with the provisions of this Agreement (whether or not such proxy, voting trust,
agreement or arrangements are with other Principal Stockholders, holders of shares of Common Stock or Equity Securities that are not parties to this Agreement or otherwise). Each Principal Stockholder agrees to cause a transferee of its shares of
Common Stock that is an Affiliate of such Principal Stockholder to become a party to this Agreement. Following such transfer, such transferee shall be considered a Principal Stockholder. 

2.4 Reimbursement of Expenses. The Company shall reimburse each director designated pursuant to Section 2.1 for all
reasonable and documented out-of-pocket expenses incurred in connection with such director’s participation in the meetings of the Board or any committee of the Board, including all reasonable and documented travel, lodging and meal expenses.

 2.5 D&O Insurance. The Company shall use its best efforts to maintain in effect at all times directors and officers indemnity
insurance coverage reasonably satisfactory to the Board. 
 ARTICLE 3 

EFFECTIVENESS AND TERMINATION 

3.1 Effectiveness. Upon the closing of the IPO, this Agreement shall thereupon be deemed to be effective. However, to the extent the
closing of the IPO does not occur, the provisions of this Agreement shall be without any force or effect. 
 3.2 Termination. This
Agreement shall terminate upon the earlier to occur of (a) such time as none of the Principal Stockholders Beneficially Own any shares of Common Stock, (b) such time as the EnCap Funds are no longer entitled to designate members of the
board of directors pursuant to Section 2.1, and (c) the delivery of written notice to the Company by all of the Principal Stockholders, requesting the termination of this Agreement. Further, at such time as a particular Principal
Stockholder no longer Beneficially Owns any shares of Common Stock, all rights and obligations of such Principal Stockholder under this Agreement shall terminate. 

ARTICLE 4 
 MISCELLANEOUS

 4.1 Notices. All notices, requests, consents and other communications hereunder to any party shall be in writing and shall be
personally delivered, sent by nationally recognized overnight courier or mailed by registered or certified mail to such party at the address set forth below (or such other address as shall be specified by like notice). Notices will be deemed to have
been given hereunder when personally delivered, one calendar day after deposit with a nationally recognized overnight courier and five calendar days after deposit in U.S. mail. 

  
 5 

	 	(a)	if to the Company, to: 

 Eclipse Resources Corporation 

2121 Old Gatesburg Road, Suite 110 

State College, Pennsylvania 16803 

Attention: General Counsel 
  

	 	(b)	if to the EnCap Funds, to: 

 EnCap Energy Capital Fund VIII, L.P. 

EnCap Energy Capital Fund VIII Co-Investors, L.P. 

EnCap Energy Capital Fund IX, L.P. 

c/o EnCap Investments L.P. 

1100 Louisiana Street, Suite 4900 

Houston, Texas 77002 

Attention: Mark E. Burroughs, Jr. 
  

	 	(c)	if to the Principal Stockholders (other than the EnCap Funds), to: 

 c/o Eclipse Resources
Corporation 
 2121 Old Gatesburg Road, Suite 110 

State College, Pennsylvania 16803 

4.2 Severability. The provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any provision
shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a
suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the
application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application
thereof, in any other jurisdiction. 
 4.3 Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original and all of which, taken together, shall be considered one and the same agreement. 
 4.4 Entire Agreement; No
Third Party Beneficiaries. This Agreement (a) constitutes the entire agreement and supersedes all other prior agreements, both written and oral, among the parties with respect to the subject matter hereof and (b) is not intended to
confer upon any Person, other than the parties hereto, any rights or remedies hereunder. 
 4.5 Further Assurances. Each party shall
execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably requested from time to time by the other parties hereto to give effect to and carry out the transactions contemplated herein. 

4.6 Governing Law; Equitable Remedies. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF). The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms
or was otherwise breached. It is 

  
 6 

 
accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable remedies to prevent breaches of this Agreement and to enforce specifically the
terms and provisions hereof in any of the Selected Courts (as defined below), this being in addition to any other remedy to which they are entitled at law or in equity. Any requirements for the securing or posting of any bond with respect to such
remedy are hereby waived by each of the parties hereto. Each party further agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or enforcement of specific performance, it will not assert the
defense that a remedy at law would be adequate. 
 4.7 Consent to Jurisdiction. With respect to any suit, action or proceeding
(“Proceeding”) arising out of or relating to this Agreement, each of the parties hereto hereby irrevocably (a) submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and the United States
District Court for the District of Delaware and the appellate courts therefrom (the “Selected Courts”) and waives any objection to venue being laid in the Selected Courts whether based on the grounds of forum non conveniens or
otherwise and hereby agrees not to commence any such Proceeding other than before one of the Selected Courts; provided, however, that a party may commence any Proceeding in a court other than a Selected Court solely for the purpose of
enforcing an order or judgment issued by one of the Selected Courts; (b) consents to service of process in any Proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized international express
carrier or delivery service, to the Company or the Principal Stockholders at their respective addresses referred to in Section 4.1 hereof; provided, however, that nothing herein shall affect the right of any party hereto to
serve process in any other manner permitted by law; and (c) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY
JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH
WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT AND TO HAVE ALL MATTERS
RELATING TO THIS AGREEMENT BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 4.8 Amendments;
Waivers. 
 (a) No provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and
signed, in the case of an amendment, by each of the parties hereto, or in the case of a waiver, by each of the parties against whom the waiver is to be effective. 

(b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor
shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law. 

  
 7 

 4.9 Assignment. Neither this Agreement nor any of the rights or obligations hereunder
shall be assigned by any of the parties hereto without the prior written consent of the other parties; provided, however, that the EnCap Funds may assign any of its respective rights hereunder to any of their respective Affiliates.
Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns. 

(Signature page follows.) 

  
 8 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered, all
as of the date first set forth above. 
  

			
	ECLIPSE RESOURCES CORPORATION
		
	 By:
	 	/s/ Benjamin W. Hulburt
	Name: Benjamin W. Hulburt
	Title: President and Chief Executive Officer
	
	ECLIPSE RESOURCES HOLDINGS, L.P.
		
	 By:
	 	/s/ Benjamin W. Hulburt
	Name: Benjamin W. Hulburt
	Title: President and Chief Executive Officer

 [Stockholders Agreement (Eclipse Resources Corporation)] 

 
			
	 ENCAP ENERGY CAPITAL FUND VIII, L.P.

		
	 By:
	 	EnCap Equity Fund VIII GP, L.P.,
		 	General Partner of EnCap Energy Capital Fund VIII, L.P.            
		
	 By:
	 	EnCap Investments L.P.,
		 	General Partner of EnCap Equity Fund VIII GP, L.P.
		
	 By:
	 	EnCap Investments GP, L.L.C.,
		 	General Partner of EnCap Investments L.P.
		
	 By:
	 	/s/ Robert L. Zorich
	 Name: Robert L. Zorich

	 Title: Managing Partner

	
	 ENCAP ENERGY CAPITAL FUND VIII CO-INVESTORS, L.P.

		
	 By:
	 	EnCap Equity Fund VIII GP, L.P.,
		 	General Partner of EnCap Energy Capital Fund VIII Co- Investors, L.P.
		
	 By:
	 	EnCap Investments L.P.,
		 	General Partner of EnCap Equity Fund VIII GP, L.P.
		
	 By:
	 	EnCap Investments GP, L.L.C.,
		 	General Partner of EnCap Investments L.P.
		
	 By:
	 	/s/ Robert L. Zorich
	 Name: Robert L. Zorich

	 Title: Managing Partner

 [Stockholders Agreement (Eclipse Resources Corporation)] 

 
			
	 ENCAP ENERGY CAPITAL FUND IX, L.P.

		
	 By:
	 	EnCap Equity Fund IX GP, L.P.,
		 	General Partner of EnCap Energy Capital Fund IX, L.P.
		
	 By:
	 	EnCap Investments L.P.,
		 	General Partner of EnCap Equity Fund IX GP, L.P.
		
	 By:
	 	EnCap Investments GP, L.L.C.,
		 	General Partner of EnCap Investments L.P.
		
	 By:
	 	/s/ Robert L. Zorich
	 Name: Robert L. Zorich

	 Title: Managing Partner

 [Stockholders Agreement (Eclipse Resources Corporation)] 

 
			
	THE HULBURT FAMILY II LIMITED PARTNERSHIP
		
	 By:
	 	BWH Management Company II, LLC,
		 	General Partner of The Hulburt Family II Limited Partnership
		
	 By:
	 	/s/ Benjamin W. Hulburt
	Name: Benjamin W. Hulburt
	Title: Manager
	
	CKH PARTNERS II, L.P.
		
	 By:
	 	CKH Management Company II, LLC
		 	General Partner of CKH Partners II, L.P.
		
	 By:
	 	/s/ Christopher K. Hulburt
	Name: Christopher K. Hulburt
	Title: Manager
	
	KIRKWOOD CAPITAL, L.P.
		
	 By:
	 	Mountaineer Ventures, LLC,
		 	General Partner of Kirkwood Capital, L.P.
		
	 By:
	 	/s/ Thomas S. Liberatore
	Name: Thomas S. Liberatore
	Title: Manager
	
	ECLIPSE MANAGEMENT, L.P.
		
	 By:
	 	Eclipse Management GP, LLC,
		 	General Partner of Eclipse Management, L.P.
		
	 By:
	 	/s/ Benjamin W. Hulburt
	Name: Benjamin W. Hulburt
	Title: President and Chief Executive Officer

 [Stockholders Agreement (Eclipse Resources Corporation)]

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