Document:

EX-10.7

 Exhibit 10.7 
  

 
  

FORM OF SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 dated as of January [    ], 2014, 

among 
 RICE DRILLING B
LLC, 
 as Borrower, 

The Guarantors and Parent Guarantors Party Hereto, 

WELLS FARGO BANK, N.A., 

as Administrative Agent, 

and 
 The Lenders Party
Hereto 
 WELLS FARGO SECURITIES, LLC, 

as Sole Lead Arranger and Sole Bookrunner 
  

 
  

 FORM OF SIXTH AMENDMENT
TO 
 SECOND AMENDED AND RESTATED CREDIT
AGREEMENT 
 This SIXTH AMENDMENT TO
SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Sixth Amendment”), dated for reference purposes as of January [    ],
2014 but effective as of the Sixth Amendment Effective Date as defined in in Section 4 below, is among RICE DRILLING B LLC, a Delaware limited liability company (the “Borrower”); each of the
undersigned Guarantors and Parent Guarantors (the Guarantors and Parent Guarantors, together with the Borrower, collectively, the “Loan Parties”); each of the Lenders that is a signatory hereto; and WELLS
FARGO BANK, N.A., as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”). 

Recitals 
 A. The
Borrower, the Administrative Agent and the Lenders are parties to that certain Second Amended and Restated Credit Agreement dated as of April 25, 2013 (as amended prior to the date hereof, the “Credit Agreement”), pursuant to
which the Lenders have, subject to the terms and conditions set forth therein, made certain credit available to and on behalf of the Borrower. 

B. The Borrower has informed the Administrative Agent and the Lenders that, in contemplation of the IPO (as defined below), (i) the
Borrower formed Rice Energy Inc., a Delaware corporation (“REI”), as a direct wholly-owned subsidiary of the Borrower, (ii) the Borrower transferred its Equity Interests in REI to Rice Energy Appalachia, LLC, a Delaware limited
liability company and a direct parent of the Borrower (“REA”), (iii) REA has formed or is forming a new Delaware limited liability company (“Merger LLC”) as a direct wholly-owned subsidiary of REA,
(iv) the Borrower has merged with and into Merger LLC (or will do so prior to the Sixth Amendment Effective Date) and following such merger the Borrower is (or will be) the surviving entity and (v) all Equity Interests in REA have been, or
will substantially contemporaneously with the Sixth Amendment Effective Date be, contributed by the holders thereof to REI in exchange for Equity Interests in REI (the transactions described in the foregoing clauses (i) through (v) and the
other transactions contemplated in connection therewith, collectively, the “IPO Related Transactions”). 
 C. After giving
effect to the IPO Related Transactions, the Borrower is a wholly-owned subsidiary of REA, and REA is a wholly-owned subsidiary of REI. 
 D.
Substantially contemporaneously with the Sixth Amendment Effective Date, REI will be consummating an initial public offering of Equity Interests (the “IPO”) in accordance with the Registration Statement (as defined below), whereby
REI will become a publicly traded corporation. 
 E. The Borrower has informed the Administrative Agent and the Lenders that REI and Rice
Drilling C LLC, a Pennsylvania limited liability company and a wholly-owned subsidiary of the Borrower (“Rice Drilling C”), has entered into that certain Transaction Agreement dated as of December 6, 2013 (such agreement, as
amended or modified with the consent of the Administrative Agent, the “Alpha Shale Acquisition Agreement”), with 

  
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Foundation PA Coal Company, LLC, a Delaware limited liability company (the “Seller”), pursuant to which Rice Drilling C (or REI on behalf of Rice Drilling C) will purchase from
the Seller 50% of the Equity Interests in Alpha Shale Holdings LLC, a Delaware limited liability company (“Alpha Shale Holdings”), and 49.5% of the Equity Interests comprising limited partnership interests in Alpha Shale Resources
LP, a Delaware limited partnership (“Alpha Shale Resources”), as a result of which both Alpha Shale Holdings and Alpha Shale Resources will become wholly-owned direct or indirect subsidiaries of Rice Drilling C (such Equity
Interests in Alpha Shale Holdings and Alpha Shale Resources, collectively, the “Specified Equity Interests”, and such acquisition, the “Alpha Shale Acquisition”), and the Borrower has provided a copy of the Alpha
Shale Acquisition Agreement to the Administrative Agent. 
 F. The Borrower has informed the Administrative Agent and the Lenders that,
contemporaneously with the Sixth Amendment Effective Date, (i) all amounts due under that certain Credit Agreement dated as of September 7, 2012 among Alpha Shale Resources, Wells Fargo Bank, N.A., as administrative agent, and the lenders
party thereto (as amended prior to the date hereof, the “Alpha Shale Credit Agreement”) will be paid in full, all commitments to lend under such credit facility will be terminated, and all Liens securing such credit facility will be
released upon such payment, (ii) Alpha Shale Holdings and Alpha Shale Resources will become Guarantors under the Credit Agreement (after giving effect to this Sixth Amendment), and (iii) REI and REA will become Parent Guarantors under the
Credit Agreement (after giving effect to this Sixth Amendment). 
 G. The parties hereto desire to amend the terms of the Credit Agreement in
certain respects to, among other things, (i) reflect the IPO Related Transactions, the IPO and the Alpha Shale Acquisition, (ii) reflect the addition of Alpha Shale Holdings and Alpha Shale Resources as Guarantors, (iii) reflect the
addition of REI and REA as Parent Guarantors, (iv) increase the Borrowing Base from $200,000,000 to $350,000,000 to be effective as of the Sixth Amendment Effective Date upon consummation of the Alpha Shale Acquisition and (v) increase the
Aggregate Maximum Credit Amounts to $1,500,000,000 to be effective as of the Sixth Amendment Effective Date. 
 NOW, THEREFORE, in
consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Defined Terms. Each capitalized term which is defined in the Credit Agreement, but which is not defined in this Sixth
Amendment, shall have the meaning ascribed such term in the Credit Agreement, as amended hereby. Unless otherwise indicated, all section references in this Sixth Amendment refer to the Credit Agreement. 

Section 2. Amendments. In reliance on the representations, warranties, covenants and agreements contained in this Sixth Amendment,
and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Credit Agreement shall be amended effective as of the Sixth Amendment Effective Date in the manner provided in this Section 2.

 2.1 Additional Definitions. Section 1.02 of the Credit Agreement is hereby amended to add thereto in alphabetical order the
following definitions which shall read in full as follows: 

  
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 “Continuing Director” means, at any date, an individual
(a) who is a director of REI on the Sixth Amendment Effective Date, (b) who, as of the date of determination, has been a director of REI for at least the twelve preceding months, (c) who has been nominated to be a director of REI,
directly or indirectly, by a Permitted Investor or Persons nominated by a Permitted Investor or (d) who has been nominated or designated to be a director of REI by a majority of the other Continuing Directors then in office. 

“Existing Alpha Shale Letters of Credit” means the letters of credit listed on Annex II. 

“Parent Guarantors” means REI and REA. 

“Parent Guaranty and Pledge Agreement” means the Guaranty and Pledge Agreement executed by the Parent
Guarantors on the Sixth Amendment Effective Date in form and substance satisfactory to the Administrative Agent pursuant to which the Parent Guarantors (a) guaranty, on a joint and several basis, payment of the Obligations, and (b) grant
Liens and a security interest on the Parent Guarantors’ personal property constituting “collateral” as defined therein in favor of the Administrative Agent for the benefit of the Secured Parties to secure the Obligations, as the same
may be amended, modified, supplemented or restated from time to time. 
 “Permitted Control Group” means the
“group” within the meaning of Section 13(d) or 14(d) of the Exchange Act comprised of the parties (other than REI) to that certain Stockholders Agreement dated as of January [    ], 2014 and effective as of the
Sixth Amendment Effective Date; provided that such “group” shall cease to be a “Permitted Control Group” if at any time the “ANR Entities” as defined in such agreement acquire, in the aggregate, direct or
indirect beneficial ownership of a percentage of ordinary voting power of the outstanding Equity Interests of REI for the election of directors of REI that is greater than the percentage of the ordinary voting power for the election of directors of
REI owned in the aggregate, directly or indirectly, beneficially, by the Permitted Investors. 
 “REA” means
Rice Energy Appalachia, LLC, a Delaware limited liability company. 
 “REI” means Rice Energy Inc., a
Delaware corporation. 
 “Senior Notes” means senior unsecured notes issued pursuant to
Section 9.02(h). 
 “Sixth Amendment” means that certain Sixth Amendment to Second Amended and
Restated Credit Agreement dated as of January [    ], 2014, among the Borrower, the Guarantors and Parent Guarantors party thereto, the Administrative Agent and the Lenders party thereto. 

“Sixth Amendment Effective Date” means the date on which the Sixth Amendment became effective in accordance
with the terms thereof. 
 2.2 Deleted Definitions. The definitions of “Alpha Shale PV10”, “Continuing
Manager” and “Qualifying IPO” are hereby deleted in their entirety from Section 1.02 of the Credit Agreement. 

  
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 2.3 Amended Definitions. The definitions of “Adjusted PV10”,
“Aggregate Maximum Credit Amounts”, “Applicable Margin”, “Borrowing Base”, “Change in Control”, “Excluded Swap Obligation”, “Fee Letters”,
“Guarantors”, “Indemnified Taxes”, “Letter of Credit”, “Loan Documents”, “Material Adverse Effect”, “Maturity Date”, “Net Secured
Debt”, “Obligations”, “Permitted Tax Distributions”, “Secured Swap Agreement”, “Secured Swap Party”, “Security Instruments” and
“Subsidiary” contained in Section 1.02 of the Credit Agreement are hereby amended and restated in their entirety as follows: 

“Adjusted PV10” means, as of any date of determination, an amount equal to the sum of (a) the PV10 of the
Oil and Gas Properties of the Borrower and the Guarantors as of the most recent date for which a Reserve Report has been prepared and delivered to the Administrative Agent, as such PV10 may have been thereafter adjusted to reflect any Transfers, and
(b) an amount equal to $6,250 multiplied by the number of net acres then under lease by the Borrower and its Subsidiaries in the Utica Shale on such date (other than acres that have then been included in drilling units for wells with Proved
Reserves for which PV10 value has been assigned as contemplated in clause (a) of this definition); provided than any Utica Shale Acreage acquired after the Effective Date shall be valued at cost. 

“Aggregate Maximum Credit Amounts” at any time shall equal the sum of the Maximum Credit Amounts, as the same
may be reduced or terminated pursuant to Section 2.06. The Aggregate Maximum Credit Amounts of the Lenders as of the Sixth Amendment Effective Date is $1,500,000,000. 

“Applicable Margin” means, for any day, with respect to any ABR Loan or Eurodollar Loan, or with respect to
the Commitment Fee Rate, as the case may be, the rate per annum set forth in the Borrowing Base Utilization Grid below based upon the Borrowing Base Utilization Percentage then in effect: 

Borrowing Base Utilization Grid 
  

																					
	 Borrowing Base Utilization Percentage
	  	<25%	 	 	325% <50%	 	 	350% <75%	 	 	375% <90%	 	 	390%	 
	 Eurodollar Loans
	  	 	1.50	% 	 	 	1.75	% 	 	 	2.00	% 	 	 	2.25	% 	 	 	2.50	% 
	 ABR Loans
	  	 	0.50	% 	 	 	0.75	% 	 	 	1.00	% 	 	 	1.25	% 	 	 	1.50	% 
	 Commitment Fee Rate
	  	 	0.375	% 	 	 	0.375	% 	 	 	0.50	% 	 	 	0.50	% 	 	 	0.50	% 

 Each change in the Applicable Margin shall apply during the period commencing on the effective
date of such change and ending on the date immediately preceding the effective date of the next such change, provided, however, that if at any time the Borrower fails to deliver a Reserve Report pursuant to Section 8.12(a), then
the “Applicable Margin” means the rate per annum set forth on the grid when the Borrowing Base Utilization Percentage is at its highest level. 

  
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 “Borrowing Base” means at any time an amount equal to the amount
determined in accordance with Section 2.07, as the same may be adjusted from time to time pursuant to Section 9.11. As of the Sixth Amendment Effective Date, the Borrowing Base shall be $350,000,000. 

“Change in Control” means 

(a) any Person, entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act), other than
the Permitted Investors (or any intermediate companies owned directly or indirectly by the Permitted Investors, or the Permitted Control Group), shall at any time have acquired direct or indirect beneficial ownership (as defined in Rules 13(d)-3 and
13(d)-5 under the Exchange Act) of voting power of the outstanding Equity Interests of REI having more than the greater of (i) 35% of the ordinary voting power for the election of directors of REI and (ii) the percentage of the ordinary
voting power for the election of directors of REI owned in the aggregate, directly or indirectly, beneficially, by the Permitted Investors; or 

(b) at any time Continuing Directors shall not constitute at least a majority of the directors of REI; or 

(c) a “Change in Control” (as defined in the documentation for any Material Debt) shall have occurred; or 

(d) REA shall cease to be a wholly-owned subsidiary of REI or the Borrower shall cease to be a wholly-owned subsidiary of REA.

 “Excluded Swap Obligation” means, with respect to the Borrower, the Guarantors and the Parent Guarantors
individually determined, any Obligations in respect of any Swap Agreement if, and solely to the extent that, all or a portion of the guarantee of the Borrower or such Guarantor or Parent Guarantor of, or the grant by the Borrower or such Guarantor
or Parent Guarantor of a security interest to secure, such Obligations in respect of any Swap Agreement (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act by virtue of the Borrower’s or such Guarantor’s or
Parent Guarantor’s failure for any reason to constitute an “eligible contract participant” (as defined in the Commodity Exchange Act) with respect to such Swap Obligation at any time such guarantee or grant of a security interest
becomes effective with respect to such related Obligations in respect of any Swap Agreement. 
 “Fee
Letters” means the fee letter agreement, dated March 22, 2013 among Borrower, Wells Fargo Bank and Arranger, the fee letter agreement dated December 11, 2013 among Borrower, Wells Fargo Bank and Arranger, and any other fee letters
that may hereafter be entered into between Administrative Agent and Borrower and/or any Guarantor or Parent Guarantor. 

“Guarantors” means Alpha Shale Holdings, LLC, a Delaware limited liability company, Alpha Shale Resources, LP,
a Delaware limited partnership, Rice Drilling C LLC, a Pennsylvania limited liability company, Rice Drilling D, Rice Olympus Midstream LLC, a Delaware limited liability company, Rice Poseidon Midstream LLC, a

  
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Delaware limited liability company, and each other Restricted Subsidiary that guarantees the Obligations pursuant to Section 8.14(b); provided, that, for the avoidance of
doubt, the term “Guarantors” shall not include the Parent Guarantors. 
 “Indemnified Taxes” means
(a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower, any Guarantor or any Parent Guarantor under any Loan Document and (b) to the extent not otherwise
described in (a), Other Taxes. 
 “Letter of Credit” means any letter of credit issued pursuant to this
Agreement and any Existing Alpha Shale Letter of Credit. 
 “Loan Documents” means this Agreement, the First
Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Notes, the Fee Letters, the Intercreditor Agreement, the Letter of Credit Agreements, the Letters of Credit and the Security
Instruments. 
 “Material Adverse Effect” means a material adverse change in, or material adverse effect on
(a) the business, operations, Property or condition (financial or otherwise) of the Borrower, the Guarantors and the Parent Guarantors taken as a whole, (b) the ability of the Borrower, any Guarantor or any Parent Guarantor to perform its
obligations under the Loan Documents, or (c) the validity or enforceability of the Loan Documents or the rights and remedies of the Administrative Agent, the Issuing Bank or any Lender under the Loan Documents. 

“Maturity Date” means the earlier of (a) January [    ], 2019 and (b) the date
that is 180 days prior to the maturity date for the Permitted Second Lien Debt if any portion of the Permitted Second Lien Debt remains outstanding as of such date. 

“Net Secured Debt” means, as of any date of determination, the sum of (a) the outstanding principal
amount of the Loans plus the LC Exposure, (b) the outstanding principal amount of the Permitted Second Lien Debt, and (c) the outstanding principal amount of any other Debt for borrowed money of the Borrower and the Restricted Subsidiaries
that is secured by Liens, minus (d) the Cash Equivalents of the Borrower and the Guarantors that are either unrestricted or are reserved or otherwise dedicated to the payment of Debt described in any of the foregoing clauses (a), (b), or (c).

 “Obligations” means any and all amounts owing or to be owing (including all interest on any of the Loans,
any interest accruing at any post-default rate and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, any Guarantor or any Parent
Guarantor (or could accrue but for the operation of applicable bankruptcy or insolvency laws), whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) by the Borrower, any Guarantor or any Parent Guarantor
(whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising) (a) to the Administrative Agent, the Issuing Bank or any Lender under any Loan Document or
(b) to any Secured Swap Party 

  
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under any Secured Swap Agreement, but excluding any additional transactions or confirmations entered into (i) after such Secured Swap Party ceases to be a Lender or an Affiliate of a Lender
or (ii) after assignment by a Secured Swap Party to another Secured Swap Party that is not a Lender or an Affiliate of a Lender or (c) to any Treasury Management Lender under any Lender Treasury Management Agreement, including in each case
all renewals, extensions and/or rearrangements of any of the above; provided that solely with respect to any Guarantor or Parent Guarantor that is not an “eligible contract participant” under the Commodity Exchange Act or any
regulations promulgated thereunder, Excluded Swap Obligations of such Guarantor or Parent Guarantor shall in any event be excluded from “Obligations” owing by such Guarantor or Parent Guarantor. 

“Permitted Tax Distributions” means distributions to REA and REI that are used for payment of the actual
amount of consolidated tax liabilities of REI and its subsidiaries. 
 “Secured Swap Agreement” means
(a) any Swap Agreement between Alpha Shale Resources, LP and any Lender or Affiliate of a Lender that exists on the Sixth Amendment Effective Date, and (b) any Swap Agreement between (i) the Borrower or any Restricted Subsidiary and
(ii) any Person that was, on the date such Swap Agreement was entered into, a Lender or an Affiliate of a Lender, even if such Person subsequently ceases to be a Lender (or an Affiliate thereof) for any reason. 

“Secured Swap Party” means the counterparty opposite the Borrower or any Restricted Subsidiary under any
Secured Swap Agreement. 
 “Security Instruments” means the mortgages, deeds of trust, pledge agreements,
security agreements, control agreements and other agreements, instruments, supplements or certificates described or referred to in Exhibit E, and any and all other agreements, instruments, supplements, consents or certificates (including the
Guaranty and Pledge Agreement and the Parent Guaranty and Pledge Agreement) now or hereafter executed and delivered by the Borrower or any other Person (other than Secured Swap Agreements or participation or similar agreements between any Lender and
any other lender or creditor with respect to any Obligations pursuant to this Agreement) as security for the payment or performance of the Obligations, the Notes, this Agreement or reimbursement obligations under the Letters of Credit, as such
agreements may be amended, modified, supplemented or restated from time to time. 
 “Subsidiary” means any
subsidiary of the Borrower. 
 2.4 Amendment to Sections 2.07(d) and 3.04(c)(iii) of the Credit Agreement. Sections 2.07(d) and
3.04(c)(iii) of the Credit Agreement are each hereby amended by inserting “Section 2.07(e) or” immediately prior to all references to “Section 9.11” contained therein. 

2.5 Addition of New Clause (e) to Section 2.07 of the Credit Agreement. Section 2.07 of the Credit Agreement is hereby
amended to add a new clause (e) immediately following clause (d) thereof, which clause (e) shall read in full as follows: 

  
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 (e) Reduction of Borrowing Base Upon Issuance of Senior Notes. In addition
to the other redeterminations of the Borrowing Base provided for herein, and notwithstanding anything to the contrary set forth herein, upon the issuance of any Senior Notes permitted by Section 9.02(h), the Borrowing Base then in effect
shall be automatically reduced by an amount equal to the product of 0.25 multiplied by the stated principal amount of such Senior Notes (without regard to any initial issue discount), and, in each case, the Borrowing Base as so reduced shall become
the new Borrowing Base immediately upon the date of such issuance, effective and applicable to the Borrower, the Administrative Agent, the Issuing Bank, and the Lenders on such date until the next redetermination or modification of the Borrowing
Base pursuant to this Agreement; provided, that, notwithstanding the foregoing to the contrary, no such reduction of the Borrowing Base shall occur with respect to the first $300,000,000 of Senior Notes issued by the Borrower or any Restricted
Subsidiary following the Sixth Amendment Effective Date. 
 2.6 Amendment to Section 2.08(b) of the Credit Agreement.
Section 2.08(b) of the Credit Agreement is hereby amended by inserting the following sentence immediately prior to the first sentence thereof (before giving effect to this Sixth Amendment): 

The Existing Alpha Shale Letters of Credit shall be deemed to have been issued hereunder as of the Sixth Amendment Effective
Date. 
 2.7 Amendment to Section 2.08(j)(iv). Section 2.08(j)(iv) of the Credit Agreement is hereby amended (a) by
deleting the reference to “the Borrower’s and the Guarantors’ Obligations” contained in the first sentence thereof and inserting in lieu thereof a reference to “the Borrower’s, the Guarantors’ and the Parent
Guarantors’ Obligations” and (b) by deleting the reference to “the Borrower and the Guarantors” contained in the fifth sentence thereof and inserting in lieu thereof a reference to “the Borrower, the Guarantors and the
Parent Guarantors”. 
 2.8 Amendment to Section 5.03(b) of the Credit Agreement. Section 5.03(b) of the Credit
Agreement is hereby amended and restated in its entirety as follows: 
 (b) Payments Free of Taxes. Any and all
payments by or on account of any obligation of the Borrower, any Guarantor or any Parent Guarantor under any Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower,
any Guarantor or any Parent Guarantor shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then the sum payable shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section 5.03(b)), (i) the Administrative Agent, any Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would have received had no such deductions been
made, (ii) the Borrower, such Guarantor or such Parent Guarantor shall make such deductions and (iii) the Borrower, such Guarantor or such Parent Guarantor shall pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law. 
 2.9 Amendment to Section 5.03(f) of the Credit Agreement. Section 5.03(f) of the Credit
Agreement is hereby amended and restated in its entirety as follows: 

  
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 (f) Evidence of Payments. As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by the Borrower, a Guarantor or a Parent Guarantor to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

2.10 Amendment to Section 6.02(b) of the Credit Agreement. Section 6.02(b) of the Credit Agreement is hereby amended by
deleting the reference to “the Borrower and the Guarantors” contained therein and inserting in lieu thereof a reference to “the Borrower, the Guarantors and the Parent Guarantors”. 

2.11 Amendment to Section 7.12 of the Credit Agreement. Section 7.12 of the Credit Agreement is hereby amended and restated in
its entirety as follows: 
 Section 7.12 Insurance. The Borrower has, and has caused the Parent Guarantors
and all of the Borrower’s Restricted Subsidiaries to have, (a) all insurance policies sufficient for the compliance by each of them with all material Governmental Requirements and all material agreements and (b) insurance coverage in
such amounts and against such risks as are usually insured against by companies similarly situated and engaged in the same or a similar business for the assets and operations of the Borrower, the Parent Guarantors, and the Borrower’s Restricted
Subsidiaries. The Administrative Agent and the Lenders have been named as additional insureds in respect of such liability insurance policies and the Administrative Agent has been named as a loss payee with respect to such property loss insurance
covering Collateral. 
 2.12 Amendment to Section 7.14 of the Credit Agreement. Section 7.14 of the Credit Agreement is
hereby amended and restated in its entirety as follows: 
 Section 7.14 Subsidiaries. Except as set forth
on Schedule 7.14 or as disclosed in writing to the Administrative Agent (which shall promptly furnish a copy to the Lenders), which shall upon disclosure be deemed a supplement to Schedule 7.14, (a) the Borrower has no
Subsidiaries and (b) no Parent Guarantor has any subsidiaries. The Borrower has no Foreign Subsidiaries. Schedule 7.14 identifies each Subsidiary as either Restricted or Unrestricted, and each Restricted Subsidiary on such schedule is
wholly-owned by the Borrower or another Restricted Subsidiary. Schedule 7.14 sets forth which Persons own the Equity Interests in REA, the Borrower and each of the Subsidiaries as of the Sixth Amendment Effective Date. As of the Sixth
Amendment Effective Date, Schedule 7.14 sets forth each Person (other than a Subsidiary) in which the Borrower or a Restricted Subsidiary owns Equity Interests and the percentage of all Equity Interests in such Person owned by the Borrower or
such Restricted Subsidiary. 
 2.13 Amendment to Section 8.01(j) of the Credit Agreement. Section 8.01(j) of the Credit
Agreement is hereby amended and restated in its entirety to read as follows: 

  
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 (j) Information Regarding Borrower, Guarantors and Parent Guarantors.
Prompt written notice of any change in (i) the Borrower, any Guarantor or any Parent Guarantor’s corporate name, (ii) the jurisdiction in which the Borrower, any Guarantor or any Parent Guarantor is incorporated, formed, or otherwise
organized, (iii) the location of the Borrower, any Guarantor or any Parent Guarantor’s chief executive office, (iv) the Borrower, any Guarantor or any Parent Guarantor’s identity or corporate, limited liability or partnership
structure, or (v) the Borrower’s, any Guarantor’s or any Parent Guarantor’s organizational identification number in such jurisdiction of organization or federal taxpayer identification number. Notices of any change described in
the preceding changes (i) or (ii) must be given at least thirty days prior to such change. 
 2.14 Amendment to
Section 8.01(n) of the Credit Agreement. Section 8.01(n) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(n) Issuance of Senior Notes. In the event the Borrower or any Restricted Subsidiary intends to issue any Senior Notes,
prior written notice of such intended offering, the intended principal amount thereof and the anticipated date of closing and, upon request of the Administrative Agent, a copy of the preliminary offering memorandum (if any) and the final offering
memorandum (if any). 
 2.15 Addition of New Clause (o) to Section 8.01 of the Credit Agreement. Section 8.01 of the
Credit Agreement is hereby amended to add a new clause (o) immediately following clause (n) thereof, which clause (o) shall read in full as follows: 

(o) Other Requested Information. Promptly following any reasonable request therefor, such other information regarding
the operations, business affairs and financial condition of the Borrower, any Restricted Subsidiary or any Parent Guarantor (including any Plan and any reports or other information required to be filed with respect thereto under the Code or under
ERISA), or compliance with the terms of this Agreement or any other Loan Document, as the Administrative Agent or any Lender may reasonably request. 

2.16 Amendment to Section 8.02(c) of the Credit Agreement. Section 8.02(c) of the Credit Agreement is hereby amended by
deleting the reference to “Borrower’s or any Guarantor’s” contained therein and inserting in lieu thereof a reference to “the Borrower’s, any Guarantor’s or any Parent Guarantor’s”. 

2.17 Amendment to Section 8.07 of the Credit Agreement. The first sentence of Section 8.07 of the Credit Agreement is hereby
amended and restated in its entirety to read as follows: 
 The Borrower will, and will cause each Parent Guarantor and each
Restricted Subsidiary to, maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same
or similar locations. 
 2.18 Amendment to Section 8.11 of the Credit Agreement. Section 8.11 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows: 

  
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 Section 8.11 Further Assurances. 

(a) The Borrower at its sole expense will, and will cause each Parent Guarantor and Restricted Subsidiary to, promptly execute
and deliver to the Administrative Agent all such other documents, agreements and instruments reasonably requested by the Administrative Agent to comply with, cure any defects or accomplish the conditions precedent, covenants and agreements of the
Borrower, any Parent Guarantor or any Restricted Subsidiary, as the case may be, in the Loan Documents, including the Notes, or to further evidence and more fully describe the collateral intended as security for the Obligations, or to correct any
omissions in this Agreement or the Security Instruments, or to state more fully the obligations secured therein, or to perfect, protect or preserve any Liens created pursuant to this Agreement or any of the Security Instruments or the priority
thereof, or to make any recordings, file any notices or obtain any consents that may be reasonably necessary or appropriate in connection therewith. 

(b) The Borrower hereby authorizes the Administrative Agent to file one or more financing or continuation statements, and
amendments thereto, describing all or any part of the Collateral without the signature of the Borrower, any Parent Guarantor or any Guarantor where permitted by law. A carbon, photographic or other reproduction of the Security Instruments or any
financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where permitted by law. 
 2.19
Amendments to Section 8.14(c) of the Credit Agreement. Clause (c) of Section 8.14 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(c) The Borrower agrees that it will not, and will not permit any Guarantor or Parent Guarantor to, grant a Lien on any
Property to secure the Permitted Second Lien Debt without contemporaneously granting to the Administrative Agent, as security for the Obligations, a first priority, perfected Lien (subject only to Permitted Liens other than Liens securing Permitted
Second Lien Debt) on the same Property pursuant to Security Instruments in form and substance reasonably satisfactory to the Administrative Agent. In connection therewith, the Borrower shall, and shall cause each Guarantor or Parent Guarantor to
execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent. 

2.20 Amendment to Section 8.16 of the Credit Agreement. Section 8.16 of the Credit Agreement is hereby amended and restated in
its entirety to read as follows: 
 Section 8.16 Commodity Exchange Act Keepwell Provisions. The Borrower
hereby absolutely, unconditionally and irrevocably undertakes to provide to each Parent Guarantor and each Restricted Subsidiary such funds or other support as may be needed from time to time by such Parent Guarantor or Restricted Subsidiary in
order for such Parent Guarantor or Restricted Subsidiary to honor its Obligations with respect to Swap Agreements, whether such Swap Agreements are entered into directly by such Parent Guarantor or Restricted Subsidiary or are guaranteed under the
Parent Guaranty and 

  
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Pledge Agreement or the Guaranty and Pledge Agreement, as applicable (provided, however, that the Borrower shall only be liable under this Section 8.16 for the maximum amount of such
liability that can be hereby incurred without rendering its obligations under this Section 8.16, or otherwise under this Agreement or any Loan Document, voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer, and not for any greater amount). The obligations of the Borrower under this Section 8.16 shall remain in full force and effect until this Agreement is terminated in accordance with its terms. Borrower intends that this
Section 8.16 constitute a “keepwell, support, or other agreement” for the benefit of each Parent Guarantor and Restricted Subsidiary for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

2.21 Deletion of Section 8.18 of the Credit Agreement. Section 8.18 of the Credit Agreement is hereby deleted in its entirety.

 2.22 Amendment to Section 9.02 of the Credit Agreement. Section 9.02 of the Credit Agreement is hereby amended by
(a) deleting the references to “Section 9.02(i)” and “$25,000,000” contained in clause (b) thereof and replacing each with a reference to “Section 9.01(j)” and “$50,000,000”, respectively,
(b) deleting clauses (h) and (i) thereof in their entirety, and (c) adding new clauses (h), (i) and (j) immediately following clause (g) thereof, which clauses (h), (i) and (j) shall read in full as
follows: 
 (h) Debt in respect of senior unsecured notes; provided that, (i) no Default, Event of Default or Borrowing
Base Deficiency exists at the time of the incurrence of such Debt or would result therefrom (including after giving effect to any automatic reduction in the Borrowing Base pursuant to Section 2.07(e)), (ii) the Permitted Second Lien
Debt has been paid in full or will be paid in full solely with the proceeds of such incurrence, (iii) the interest rate of such Debt is not greater than a market interest rate as of the time of its incurrence, (iv) such Debt does not have
any scheduled amortization of principal or a maturity date prior to 180 days after the date referred to in clause (a) of the definition of Maturity Date, (v) after giving effect to the incurrence of such Debt, the Borrower is in pro forma
compliance with Section 9.01 (calculated in a manner reasonably acceptable to the Administrative Agent) and (vi) the terms of such Debt (other than the interest rate thereon and the other compensation payable to the holders thereof)
are not materially more onerous, taken as a whole, than the terms of this Agreement and the other Loan Documents. 
 (i) Debt
which represents an extension, refinancing, or renewal of any of the Senior Notes; provided that, (i) the principal amount of such Debt is not increased (other than by the costs, fees, premiums and expenses and by accrued and unpaid interest
paid in connection with any such extension, refinancing or renewal) except in compliance with the preceding clause (h) (it being understood, for the avoidance of doubt, that any such increase in the principal amount of such Debt shall be deemed
to be incurred under the preceding clause (h) and subject to Section 2.07(e) hereof), (ii) such extension, refinancing or renewal does not result in a shortening of the average weighted maturity of the Debt so extended,
refinanced or renewed and such extension, refinancing or renewal does not result in any principal amount owing in respect of Senior Notes becoming due earlier than the date that is 180 days after the date referred to in clause (a) of the

  
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definition of Maturity Date, and (iii) if the Debt that is refinanced, renewed, or extended was subordinated in right of payment to the Obligations, then the terms and conditions of the
refinancing, renewal, or extension Debt must include subordination terms and conditions that are at least as favorable to the Administrative Agent and the Lenders as those that were applicable to the refinanced, renewed, or extended Debt. 

(j) other Debt so long as (i) the aggregate principal amount of all Debt described in this Section 9.02(j) at
any one time outstanding plus (ii) the aggregate principal amount of all Debt permitted under Section 9.02(b) at any one time outstanding shall not exceed $50,000,000 in the aggregate. 

2.23 Amendment to Section 9.03(e) of the Credit Agreement. Section 9.03(e) of the Credit Agreement is hereby amended by
deleting the reference to “Section 9.02(i)” contained therein and inserting in lieu thereof a reference to “Section 9.02(j)”. 

2.24 Amendments to Section 9.04 of the Credit Agreement. Section 9.04 of the Credit Agreement is hereby amended by
(a) amending and restating clause (a)(iii) thereof to read in its entirety as “(iii) The Borrower may pay Permitted Tax Distributions to REA and/or REI”, (b) amending and restating clause (c) thereof to read in its entirety
as “(c) [reserved.]“and (c) amending and restating clause (b) thereof to read in full as follows: 
 (b)
The Borrower will not, and will not permit any Parent Guarantor or Restricted Subsidiary to, prior to the date that is 91 days after the Maturity Date, make or offer to make any optional or voluntary Redemption of or otherwise optionally or
voluntarily Redeem (whether in whole or in part) any principal of any Permitted Second Lien Debt or Debt in respect of Senior Notes, except that, so long as no Borrowing Base Deficiency or Event of Default exists or results therefrom and subject, in
the case of Permitted Second Lien Debt, to the terms and conditions set forth in the Intercreditor Agreement, the Borrower or applicable Parent Guarantor or Restricted Subsidiary may (i) substantially contemporaneously with its receipt of any
cash proceeds from any sale by REI of Equity Interests in REI, voluntarily prepay or otherwise Redeem any principal of Permitted Second Lien Debt or Debt in respect of Senior Notes in an amount equal to the amount of the net cash proceeds received
by the Borrower and/or Parent Guarantors or Restricted Subsidiaries from such sale of Equity Interests (other than Disqualified Capital Stock) of REI, (ii) promptly after voluntarily electing to issue or incur any Debt permitted under
Section 9.02(h) in an amount sufficient to repay the Permitted Second Lien Debt in full, prepay or otherwise Redeem all, but not less than all, of the Permitted Second Lien Debt, (iii) refinance the Permitted Second Lien Debt with
other Permitted Second Lien Debt in accordance with the Intercreditor Agreement and (iv) refinance Senior Notes in accordance with Section 9.02(i); 

2.25 Amendment to Section 9.05(i) of the Credit Agreement. Section 9.05(i) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows: 
 (i) [reserved.] 

  
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 2.26 Amendment to Section 9.11 of the Credit Agreement. Section 9.11 of the
Credit Agreement is hereby amended by inserting the following sentence immediately prior to the first sentence thereof (before giving effect to this Sixth Amendment): 

The Borrower will not permit REI to Transfer any Equity Interests in REA or permit REA to Transfer any Equity Interests in the
Borrower. 
 2.27 Amendment to Section 9.15(b) of the Credit Agreement. Section 9.15(b) of the Credit Agreement is hereby
amended by deleting the reference to “and/or, in the case of any designation of any member of the Alpha Shale Group as an Unrestricted Subsidiary, Section 9.05(i)” contained therein. 

2.28 Amendment to Section 9.17 of the Credit Agreement. Section 9.17 of the Credit Agreement is hereby amended and restated to
read in full as follows: 
 Section 9.17 Amendments to Certain Debt Documents. The Borrower will not, and
will not permit any Parent Guarantor or Restricted Subsidiary to, enter into or permit any supplement, modification, amendment or amendment or restatement of, or waive any right or obligation of any Person under, (a) any Permitted Second Lien
Debt Document except as permitted by the Intercreditor Agreement, or (b) any Permitted Subordinated Convertible Debt Documents or any Permitted NPI Debt Documents if the effect thereof would, in either case, (i) make the terms of any such
documents materially more onerous to the Borrower, any Parent Guarantor or any Restricted Subsidiary, (ii) increase the principal amount of the Permitted Subordinated Convertible Debt or the Permitted NPI Debt, as applicable,
(iii) increase the interest rate applicable to the Permitted Subordinated Convertible Debt or the Permitted NPI Debt, as applicable, or (iv) otherwise reasonably be expected to be materially adverse to the interests of the Borrower or the
Lenders. 
 2.29 Amendments to Section 10.01 of the Credit Agreement. 

(a) Section 10.01 of the Credit Agreement is hereby amended by deleting all references to “Borrower or any Restricted
Subsidiary” contained in clauses (c), (e), (h), (i) and (j) and replacing all such references with “Borrower, any Restricted Subsidiary or any Parent Guarantor”. 

(b) Section 10.01(l) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(l) the Loan Documents after delivery thereof shall for any reason, except to the extent permitted by the terms thereof, cease
to be in full force and effect and valid, binding and enforceable in accordance with their terms against the Borrower, a Parent Guarantor or a Guarantor party thereto or, in the case of the Intercreditor Agreement, against any other party thereto,
or shall be repudiated by any of them, or cease to create valid and perfected Liens of the priority required thereby on the Collateral purported to be covered thereby, except to the extent permitted by the terms of this Agreement or the Security
Instruments, or the Borrower, any Parent Guarantor or any Guarantor or any of their Affiliates shall so state in writing. 

  
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 2.30 Amendment to Section 10.02(a) of the Credit Agreement. Section 10.02(a) of
the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (a) In the case of an Event of
Default other than one described in Section 10.01(h) or Section 10.01(i), at any time thereafter during the continuance of such Event of Default, the Administrative Agent may, and at the request of the Majority Lenders,
shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Notes and the
Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due
and payable, together with accrued interest thereon and all fees and other obligations of the Borrower, the Parent Guarantors and the Guarantors accrued hereunder and under the Notes and the other Loan Documents (including the payment of Cash
Collateral to secure the LC Exposure as provided in Section 2.08(j)), shall become due and payable immediately, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other notice of any kind, all
of which are hereby waived by the Borrower, each Parent Guarantor and each Guarantor; and in case of an Event of Default described in Section 10.01(h) or Section 10.01(i), the Commitments shall automatically terminate and the
Notes and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and the other obligations of the Borrower, the Parent Guarantors, and the Guarantors accrued hereunder and under the Notes and the other Loan
Documents (including the payment of Cash Collateral to secure the LC Exposure as provided in Section 2.08(j)), shall automatically become due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of
acceleration or other notice of any kind, all of which are hereby waived by the Borrower, each Parent Guarantor and each Guarantor. 
 2.31
Amendment to Section 10.02(c) of the Credit Agreement. Section 10.02(c) of the Credit Agreement is hereby amended by deleting the reference to “the Borrower or any Guarantor” contained in the last paragraph thereof and
inserting in lieu thereof a reference to “the Borrower, any Parent Guarantor or any Guarantor”. 
 2.32 Amendment to
Section 12.03(b) of the Credit Agreement. Section 12.03(b) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(b) THE BORROWER SHALL INDEMNIFY EACH AGENT (AND ANY SUB-AGENT THEREOF), THE ARRANGER, THE ISSUING BANK AND EACH LENDER, AND
EACH RELATED PARTY OF ANY OF THE FOREGOING PERSONS (EACH SUCH PERSON BEING CALLED AN “INDEMNITEE”) AGAINST, AND DEFEND AND HOLD EACH INDEMNITEE HARMLESS FROM, ANY AND ALL LOSSES, CLAIMS, DAMAGES, PENALTIES, LIABILITIES AND RELATED
EXPENSES, INCLUDING THE REASONABLE FEES, CHARGES AND DISBURSEMENTS OF ANY COUNSEL FOR ANY INDEMNITEE, INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF (i) THE EXECUTION OR DELIVERY OF THIS
AGREEMENT OR ANY 

  
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OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY, (ii) THE PERFORMANCE BY THE PARTIES HERETO OR THE PARTIES TO ANY OTHER LOAN DOCUMENT OF THEIR RESPECTIVE
OBLIGATIONS HEREUNDER OR THEREUNDER OR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR BY ANY OTHER LOAN DOCUMENT, (iii) THE FAILURE OF THE BORROWER, ANY PARENT GUARANTOR OR ANY RESTRICTED SUBSIDIARY TO COMPLY WITH THE TERMS OF ANY
LOAN DOCUMENT, INCLUDING THIS AGREEMENT, OR WITH ANY GOVERNMENTAL REQUIREMENT, (iv) ANY INACCURACY OF ANY REPRESENTATION OR ANY BREACH OF ANY WARRANTY OR COVENANT OF THE BORROWER, ANY PARENT GUARANTOR OR ANY GUARANTOR SET FORTH IN ANY OF THE
LOAN DOCUMENTS OR ANY INSTRUMENTS, DOCUMENTS OR CERTIFICATIONS DELIVERED IN CONNECTION THEREWITH, (v) ANY LOAN OR LETTER OF CREDIT OR THE USE OF THE PROCEEDS THEREFROM, INCLUDING ANY REFUSAL BY THE ISSUING BANK TO HONOR A DEMAND FOR PAYMENT
UNDER A LETTER OF CREDIT IF THE DOCUMENTS PRESENTED IN CONNECTION WITH SUCH DEMAND DO NOT STRICTLY COMPLY WITH THE TERMS OF SUCH LETTER OF CREDIT, OR ANY OTHER ASPECT OF THE LOAN DOCUMENTS, (vi) THE OPERATIONS OF THE BUSINESS OF THE BORROWER,
THE PARENT GUARANTORS AND THE BORROWER’S SUBSIDIARIES BY SUCH PERSON, (vii) ANY ASSERTION THAT THE LENDERS WERE NOT ENTITLED TO RECEIVE THE PROCEEDS RECEIVED PURSUANT TO THE SECURITY INSTRUMENTS, (viii) ANY ENVIRONMENTAL LAW
APPLICABLE TO THE BORROWER, ANY PARENT GUARANTOR OR ANY SUBSIDIARY OR ANY OF THEIR PROPERTIES OR OPERATIONS, INCLUDING, THE PRESENCE, GENERATION, STORAGE, RELEASE, THREATENED RELEASE, USE, TRANSPORT, DISPOSAL, ARRANGEMENT OF DISPOSAL OR TREATMENT OF
HAZARDOUS MATERIALS ON OR AT ANY OF THEIR PROPERTIES, (ix) THE BREACH OR NON-COMPLIANCE BY THE BORROWER, ANY PARENT GUARANTOR OR ANY SUBSIDIARY WITH ANY ENVIRONMENTAL LAW APPLICABLE TO THE BORROWER, ANY PARENT GUARANTOR OR ANY SUBSIDIARY,
(x) THE PAST OWNERSHIP BY THE BORROWER, ANY PARENT GUARANTOR OR ANY SUBSIDIARY OF ANY OF THEIR PROPERTIES OR PAST ACTIVITY ON ANY OF THEIR PROPERTIES WHICH, THOUGH LAWFUL AND FULLY PERMISSIBLE AT THE TIME, COULD RESULT IN PRESENT LIABILITY,
(xi) THE PRESENCE, USE, RELEASE, STORAGE, TREATMENT, DISPOSAL, GENERATION, THREATENED RELEASE, TRANSPORT, ARRANGEMENT FOR TRANSPORT OR ARRANGEMENT FOR DISPOSAL OF HAZARDOUS MATERIALS ON OR AT ANY OF THE PROPERTIES OWNED OR OPERATED BY THE
BORROWER, ANY PARENT GUARANTOR OR ANY SUBSIDIARY OR ANY ACTUAL OR ALLEGED PRESENCE OR RELEASE OF HAZARDOUS MATERIALS ON OR FROM ANY PROPERTY OWNED OR OPERATED BY THE BORROWER, ANY PARENT 

  
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GUARANTOR OR ANY OF THE BORROWER’S SUBSIDIARIES, (xii) ANY ENVIRONMENTAL LIABILITY RELATED IN ANY WAY TO THE BORROWER, ANY PARENT GUARANTOR OR ANY OF THE BORROWER’S
SUBSIDIARIES, OR ANY OTHER ENVIRONMENTAL, HEALTH OR SAFETY CONDITION IN CONNECTION WITH THE LOAN DOCUMENTS, OR (xiii) ANY ACTUAL OR PROSPECTIVE CLAIM, LITIGATION, INVESTIGATION OR PROCEEDING RELATING TO ANY OF THE FOREGOING, AND REGARDLESS OF
WHETHER ANY INDEMNITEE IS A PARTY THERETO OR WHETHER BROUGHT BY THE BORROWER, ANY PARENT GUARANTOR, ANY GUARANTOR OR ANY OTHER PARTY, AND SUCH INDEMNITY SHALL EXTEND TO EACH INDEMNITEE NOTWITHSTANDING THE SOLE OR CONCURRENT NEGLIGENCE OF EVERY KIND
OR CHARACTER WHATSOEVER, WHETHER ACTIVE OR PASSIVE, WHETHER AN AFFIRMATIVE ACT OR AN OMISSION, INCLUDING WITHOUT LIMITATION, ALL TYPES OF NEGLIGENT CONDUCT IDENTIFIED IN THE RESTATEMENT (SECOND) OF TORTS OF ONE OR MORE OF THE INDEMNITEES OR BY
REASON OF STRICT LIABILITY IMPOSED WITHOUT FAULT ON ANY ONE OR MORE OF THE INDEMNITEES; PROVIDED THAT SUCH INDEMNITY SHALL NOT, AS TO ANY INDEMNITEE, BE AVAILABLE TO THE EXTENT THAT SUCH LOSSES, CLAIMS, DAMAGES, LIABILITIES OR RELATED EXPENSES ARE
DETERMINED BY A COURT OF COMPETENT JURISDICTION BY FINAL AND NONAPPEALABLE JUDGMENT TO HAVE RESULTED FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE. 

2.33 Amendment to Section 12.19 of the Credit Agreement. Section 12.19 of the Credit Agreement is hereby amended and restated
in its entirety to read as follows: 
 Section 12.19 USA Patriot Act Notice. Each Agent and each Lender
hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that
identifies the Borrower, each Parent Guarantor and each Guarantor, which information includes the name and address of the Borrower, each Parent Guarantor and each Guarantor and other information that will allow it to identify the Borrower, each
Parent Guarantor and each Guarantor in accordance with the Act. 
 2.34 Replacement of Schedule 7.14. Schedule 7.14 to the Credit
Agreement is hereby replaced in its entirety with Schedule 7.14 attached hereto and Schedule 7.14 attached hereto shall be deemed to be attached as Schedule 7.14 to the Credit Agreement. 

2.35 Replacement of Annex I. Annex I to the Credit Agreement is hereby replaced in its entirety with Annex I attached hereto and
Annex I attached hereto shall be deemed to be attached as Annex I to the Credit Agreement. 
 2.36 New Annex II. Annex
II attached hereto shall be deemed to be attached as Annex II to the Credit Agreement. 

  
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 Section 3. Borrowing Base Increase Upon Consummation of the Alpha Shale Acquisition.
In reliance on the representations, warranties, covenants and agreements contained in this Sixth Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Borrowing Base shall be increased,
effective as of the Sixth Amendment Effective Date, to be $350,000,000 and shall remain at $350,000,000 until the next Scheduled Redetermination, Interim Redetermination, or other adjustment of the Borrowing Base pursuant to the terms of the Credit
Agreement. The Borrowing Base redetermination provided for herein shall not be deemed a Scheduled Redetermination or an Interim Redetermination of the Borrowing Base elected by the Borrower or the Required Lenders for purposes of
Section 2.07(b) of the Credit Agreement. 
 Section 4. Conditions Precedent. This Sixth Amendment will take effect on the
date on which the conditions set forth below in this Section 4 are satisfied or waived in accordance with Section 12.02 of the Credit Agreement (the “Sixth Amendment Effective Date”). The Administrative Agent shall
notify the Borrower and the Lenders of the Sixth Amendment Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, this Sixth Amendment shall not become effective unless each of the foregoing conditions is
satisfied at or prior to 2:00 p.m., central standard time, on February 28, 2014 (and, in the event such conditions are not so satisfied or waived, this Sixth Amendment shall be deemed null and void and of no force and effect). 

4.1 The Administrative Agent shall have received counterparts of this Sixth Amendment from the Loan Parties and each of the Lenders. 

4.2 The Administrative Agent shall have received duly executed counterparts of (a) the Parent Guaranty and Pledge Agreement executed by
REA and REI, (b) an assumption agreement executed by Alpha Shale Holdings and Alpha Shale Resources pursuant to which Alpha Shale Holdings and Alpha Shale Resources will become parties to the Guaranty and Pledge Agreement and the Intercreditor
Agreement, (c) new mortgages duly executed by Alpha Shale Resources and (d) any amendments requested by the Administrative Agent to any existing mortgages previously delivered by a Loan Party under the Credit Agreement, in each case, in
form and substance satisfactory to the Administrative Agent. In connection with the execution and delivery of the such Security Instruments, the Administrative Agent shall be reasonably satisfied that the Liens under such Security Instruments will,
upon the recording of such Security Instruments and the requisite UCC financing statements, as applicable, be first priority, perfected Liens (subject only to Permitted Liens other than Liens securing Permitted Second Lien Debt), after giving effect
to the Alpha Shale Acquisition, on (i) at least 80% of the total PV10 of the proved Oil and Gas Properties evaluated in the most recent Reserve Report (as supplemented by any applicable Reserve Report relating to the Oil and Gas Properties of
Alpha Shale Resources), (ii) 80% of the Unproven Utica Shale Acreage, (iii) substantially all of each Gathering System then in operation, and (iv) all other Property purported to be pledged as Collateral pursuant to the Security
Instruments including, without limitation, all Equity Interests in each Loan Party other than REI. 
 4.3 To the extent not already in
possession of the Administrative Agent, the Administrative Agent shall have received the original certificates, if any exist, evidencing the Equity Interests of each Loan Party (other than REI), together with an appropriate undated stock or equity
interest power for each certificate duly executed in blank by the registered owner thereof. 

  
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 4.4 The Administrative Agent shall have received duly executed Notes payable to each Lender
requesting a Note in a principal amount equal to its Maximum Credit Amount (as amended hereby) dated as of the date hereof. 
 4.5 The
Administrative Agent shall have received a certificate of the Secretary, Assistant Secretary or a Responsible Officer of the Borrower and each other Loan Party setting forth (a) resolutions of the members, board of directors or other
appropriate governing body with respect to the authorization of the Borrower or such other Loan Party to execute and deliver the Loan Documents to which it is a party and to enter into the transactions contemplated hereby and in those documents,
(b) the officers of the Borrower or such other Loan Party who are authorized to sign the Loan Documents to which such Loan Party is a party and who will, until replaced by another officer or officers duly authorized for that purpose, act as its
representative for the purposes of signing documents and giving notices and other communications in connection with the Credit Agreement and the transactions contemplated hereby, (c) specimen signatures of such authorized officers, and
(d) the limited liability company agreement, the articles or certificate of incorporation and bylaws (or comparable organizational documents) of the Borrower and such other Loan Party, certified as being true and complete (or, if previously
delivered and certified in connection with the Credit Agreement, a certification that such documents have not been amended, modified, supplemented or rescinded and remain in full force and effect). The Administrative Agent and the Lenders may
conclusively rely on each such certificate until the Administrative Agent receives notice in writing from the Borrower to the contrary. 

4.6 The Administrative Agent shall have received certificates of the appropriate State agencies with respect to the existence, qualification
and good standing of the Borrower and each other Loan Party. 
 4.7 The IPO shall have been consummated in accordance with (a) the Form
S-1 Registration Statement File No. 333-192894 initially filed by REI with the SEC on December 16, 2013, as amended prior to the date hereof (the “Registration Statement”), (b) the certificate of incorporation and
other organizational documents of REI and (c) all Governmental Requirements, and the Administrative Agent shall have received copies of any documentation related thereto that it has reasonably requested. 

4.8 The consummation of the IPO shall have resulted in gross cash proceeds to REI in an amount not less than $400,000,000, and REI shall have
contributed, directly or indirectly, all of such proceeds (less underwriting discounts, offering expenses and other costs of the IPO) to the Borrower and/or shall have used such net cash proceeds for the Borrower’s benefit to complete the Alpha
Shale Acquisition and pay the Alpha Shale Group Debt. 
 4.9 The Administrative Agent shall have received a certificate of a Responsible
Officer of the Borrower certifying (a) that Rice Drilling C is concurrently consummating the Alpha Shale Acquisition and acquiring all of the Specified Equity Interests as contemplated in the Alpha Shale Acquisition Agreement, with no condition
precedent or other provision of the Alpha Shale Acquisition Agreement having been waived, amended, supplemented or otherwise 

  
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modified in any manner that is adverse to the interests of the Lenders, (b) as to the purchase price to be paid for the Specified Equity Interests on or about the Sixth Amendment Effective
Date, after giving effect to all adjustments, if any, as of the Sixth Amendment Effective Date contemplated by the Alpha Shale Acquisition Agreement, (c) that attached to such certificate is a true, correct and complete copy of all amendments,
if any, to the Alpha Shale Acquisition Agreement (or, if there have not been any amendments to the Alpha Shale Acquisition Agreement after December 6, 2013, such certificate shall include a statement to that effect), (d) that, after giving
effect to the Alpha Shale Acquisition, Rice Drilling C owns, directly or indirectly, 100% of the outstanding Equity Interests of both Alpha Shale Holdings and Alpha Shale Resources, and (e) that the IPO Related Transactions have been
consummated or are being consummated contemporaneously herewith. 
 4.10 After giving effect to the Alpha Shale Acquisition and any
additional title information delivered to the Administrative Agent in connection therewith, the Administrative Agent shall have received title information satisfactory to it on at least 80% of the total PV10 of the Proved Oil and Gas Properties
evaluated in the most recent Reserve Report, as supplemented by any applicable Reserve Report relating to the Properties of Alpha Shale Resources (but not, for the avoidance of doubt, with respect to the status of title on the Gathering Systems).

 4.11 The Administrative Agent shall be satisfied that (a) the Alpha Shale Group Debt and all other amounts due under the Alpha Shale
Credit Agreement have been or are being paid in full, (b) that all commitments to lend thereunder have been terminated, and (c) all Liens securing such the Alpha Shale Credit Agreement will be released upon such payment in full. 

4.12 The Administrative Agent shall have received an opinion of Thompson & Knight, LLP, special counsel to the Loan Parties, and local
counsel in the States of Ohio and Pennsylvania, in each case in form and substance reasonably satisfactory to the Administrative Agent. 

4.13 The Administrative Agent shall have received a certificate of insurance coverage of the Borrower, the Parent Guarantors and the Guarantors
evidencing that such entities are carrying insurance in accordance with Section 7.12 of the Credit Agreement (after giving effect to this Sixth Amendment). 

4.14 The Administrative Agent and Wells Fargo Securities, LLC shall have received all fees and other amounts due and payable on or prior to the
Sixth Amendment Effective Date including, without limitation, the upfront fees described in Section 4.15 below. 
 4.15 The
Administrative Agent shall have received, for the account of each of the Lenders, upfront fees in an aggregate amount for each such Lender equal to (a) fifty basis points (0.50%) of the amount of such Lender’s Increased Commitment (as
defined below), if any, (b) twelve and one half basis points (0.125%) of the amount of such Lender’s Continued Alpha Shale Commitment (as defined below), if any, and (c) seven and one half basis points (0.075%) of the amount of such
Lender’s Continued Rice Commitment (as defined below), if any. As used in this Section 4.15 with respect to any Lender: 

  
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 “Existing Rice Commitment” means such Lender’s Commitment,
if any, that was in effect immediately prior to giving effect to this Sixth Amendment; 
 “Existing Alpha Shale
Commitment” means such Lender’s “Commitment”, if any, under and as defined in the Alpha Shale Credit Agreement, as amended prior to the Sixth Amendment Effective Date; 

“New Rice Commitment” means such Lender’s Commitment that is in effect after giving effect to this Sixth
Amendment; 
 “Continued Rice Commitment” means the lesser of such Lender’s Existing Rice Commitment
and such Lender’s New Rice Commitment; 
 “Continued Alpha Shale Commitment” means, for any Lender that
has an Existing Alpha Shale Commitment, the lesser of (i) such Lender’s Existing Alpha Shale Commitment, and (ii) the positive amount, if any, by which (A) such Lender’s New Rice Commitment exceeds (B) such
Lender’s Existing Rice Commitment; and 
 “Increased Commitment” means, the amount, if any, by which
such Lender’s New Rice Commitment exceeds the sum of such Lender’s Existing Rice Commitment plus such Lender’s Existing Alpha Shale Commitment, if any. 

4.16 After giving effect to this Sixth Amendment and the Alpha Shale Acquisition, the outstanding principal amount of all Loans under the
Credit Agreement (as amended hereby) shall be $0. 
 4.17 The Administrative Agent shall have received duly executed counterparts of a
joinder agreement in form and substance satisfactory to the Administrative Agent pursuant to which REI and REA shall become parties to the Intercreditor Agreement. 

Section 5. Miscellaneous. 

5.1 Confirmation and Effect. The provisions of the Credit Agreement (as amended by this Sixth Amendment) shall remain in full force and
effect in accordance with its terms following the effectiveness of this Sixth Amendment, and this Sixth Amendment shall not constitute a waiver of any provision of the Credit Agreement or any other Loan Document, except as expressly provided for
herein. Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof’, “herein”, or words of like import shall mean and be a reference to the Credit Agreement as amended hereby, and each
reference to the Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby. 

5.2 Ratification and Affirmation of Loan Parties. Each of the Loan Parties hereby expressly (a) acknowledges the terms of this
Sixth Amendment, (b) ratifies and affirms its obligations under the Loan Documents to which it is a party, (c) acknowledges, renews and extends its continued liability under the Loan Documents to which it is a party, (d) agrees that
its guarantee under the Loan Documents to which it is a party remains in full force and effect with 

  
 Page 21 

 
respect to the Obligations as amended hereby, (e) represents and warrants to the Lenders and the Administrative Agent that each representation and warranty of such Loan Party contained in
the Credit Agreement and the other Loan Documents to which it is a party is true and correct as of the date hereof and after giving effect to the amendments set forth in Section 2 hereof (other than representations and warranties that
were made as of a specific date, in which case such representations and warranties were true and correct when made), (f) represents and warrants to the Lenders and the Administrative Agent that the execution, delivery and performance by such
Loan Party of this Sixth Amendment are within such Loan Party’s corporate, limited partnership or limited liability company powers (as applicable), have been duly authorized by all necessary action and that this Sixth Amendment constitutes the
valid and binding obligation of such Loan Party enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditor’s rights generally, and
(g) represents and warrants to the Lenders and the Administrative Agent that, after giving effect to this Sixth Amendment, no Event of Default exists. 

5.3 Counterparts. This Sixth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and
all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Sixth Amendment by facsimile or electronic (e.g. pdf) transmission shall be effective as delivery of a manually executed original
counterpart hereof. 
 5.4 No Oral Agreement. THIS WRITTEN SIXTH
AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN
CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL
AGREEMENTS BETWEEN THE PARTIES. 
 5.5 Governing Law. THIS
SIXTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY
HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 

5.6 Payment of Expenses. The Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs
and expenses incurred in connection with this Sixth Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent. 
 5.7 Severability. Any provision of this Sixth Amendment which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 5.8 Successors and Assigns. This Sixth Amendment shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

  
 Page 22 

 [Signature Pages Follow.] 

  
 Page 23 

 The parties hereto have caused this Sixth Amendment to be duly executed as of the day and year
first above written. 
  

									
	BORROWER:	 		 		 	RICE DRILLING B LLC, a Delaware limited liability company
				
		 		 		 	By:                                   
                                         
                    
		 		 		 	Name:	 	
		 		 		 	Title:	 	

 SIGNATURE PAGE TO SIXTH AMENDMENT
TO 
 SECOND AMENDED AND RESTATED CREDIT
AGREEMENT 
 RICE DRILLING B LLC 

									
	GUARANTORS:	 		 		 	RICE DRILLING C LLC, a Pennsylvania limited liability company
				
		 		 		 	By:                                   
                                         
                    
		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 		 		 	RICE DRILLING D LLC, a Delaware limited liability company
				
		 		 		 	By:                                   
                                         
                    
		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 		 		 	RICE POSEIDON MIDSTREAM LLC, a Delaware limited liability company
				
		 		 		 	By:                                   
                                         
                    
		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 		 		 	RICE OLYMPUS MIDSTREAM LLC, a Delaware limited liability company
				
		 		 		 	By:                                   
                                         
                    
		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 		 		 	ALPHA SHALE HOLDINGS, LLC, a Delaware limited liability company
				
		 		 		 	By:                                   
                                         
                    
		 		 		 	Name:	 	
		 		 		 	Title:	 	

  

SIGNATURE PAGE TO SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

RICE DRILLING B LLC 

 
	
	ALPHA SHALE RESOURCES, LP, a Delaware limited partnership
	
	 By:   Alpha Shale Holdings, LLC, its general partner

	
	
By:                            
                                         
                 

	 Name:

	 Title:

  

SIGNATURE PAGE TO SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

RICE DRILLING B LLC 

									
	PARENT GUARANTORS:	 		 		 	RICE ENERGY INC., a Delaware corporation
				
		 		 		 	By:                                   
                                         
                    
		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 		 		 	RICE ENERGY APPALACHIA, LLC, a Delaware limited liability company
				
		 		 		 	By:                                   
                                         
                    
		 		 		 	Name:	 	
		 		 		 	Title:	 	

  

SIGNATURE PAGE TO SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

RICE DRILLING B LLC 

 
			
	WELLS FARGO BANK, N.A., as Administrative Agent, a Lender and as Issuing Bank
	
	By:                                   
                                         
                    
	Name:	 	Matthew W. Coleman
	Title:	 	Vice President

  

SIGNATURE PAGE TO SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

RICE DRILLING B LLC 

 
			
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

SIGNATURE PAGE TO SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

RICE DRILLING B LLC 

 
			
	BMO HARRIS FINANCING, INC.,
	as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

SIGNATURE PAGE TO SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

RICE DRILLING B LLC 

 
			
	CITIBANK, N.A., as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

SIGNATURE PAGE TO SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

RICE DRILLING B LLC 

 
			
	COMERICA BANK, as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

SIGNATURE PAGE TO SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

RICE DRILLING B LLC 

 
			
	FIFTH THIRD BANK, as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

SIGNATURE PAGE TO SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

RICE DRILLING B LLC 

 
			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

SIGNATURE PAGE TO SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

RICE DRILLING B LLC 

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

SIGNATURE PAGE TO SIXTH AMENDMENT TO 

SECOND AMENDED AND RESTATED CREDIT AGREEMENT 

RICE DRILLING B LLC 

 ANNEX I 

LIST OF MAXIMUM CREDIT AMOUNTS 
  

									
	 Name of Lender
	  	Applicable Percentage	 	 	Maximum Credit Amount	 
	 Wells Fargo Bank, N.A.
	  	 	25.00	% 	 	$	375,000,000.00	  
	 Barclays Bank PLC
	  	 	15.00	% 	 	$	225,000,000.00	  
	 BMO Harris Bank N.A.
	  	 	15.00	% 	 	$	225,000,000.00	  
	 Citibank, N.A.
	  	 	10.00	% 	 	$	150,000,000.00	  
	 Comerica Bank
	  	 	10.00	% 	 	$	150,000,000.00	  
	 Fifth Third Bank
	  	 	10.00	% 	 	$	150,000,000.00	  
	 Royal Bank of Canada
	  	 	10.00	% 	 	$	150,000,000.00	  
	 Goldman Sachs Bank USA
	  	 	5.00	% 	 	$	75,000,000.00	  
		  	  
	  
	 	 	  
	  
	 
	 TOTAL
	  	 	100.00	% 	 	$	1,500,000,000.00	  
		  	  
	  
	 	 	  
	  
	 

  
 ANNEX I 

 ANNEX II 

EXISTING ALPHA SHALE LETTERS OF CREDIT 

[to be completed] 
  

  
 ANNEX II 

 SCHEDULE 7.14 

SUBSIDIARIES 
  

									
	 Restricted Subsidiaries
	 	 Ownership of Restricted
Subsidiary
	 	 Jurisdiction of Organization
	 	 Organizational Identification
Number
	  	 Principal Place of Business
and Chief Executive
Office

	Rice Drilling C LLC	 	100% by Rice Drilling B LLC	 	Pennsylvania	 	3906088	  	171 Hillpointe Drive, Suite 301 Canonsburg PA 15317
					
	Rice Drilling D LLC	 	100% by Rice Drilling B LLC	 	Delaware	 	5060349	  	171 Hillpointe Drive, Suite 301 Canonsburg PA 15317
					
	Rice Poseidon Midstream LLC	 	100% by Rice Drilling B LLC	 	Delaware	 	5334098	  	 171 Hillpointe Drive, Suite 301
 Canonsburg PA
15317

					
	Rice Olympus Midstream LLC	 	100% by Rice Drilling B LLC	 	Delaware	 	5334101	  	 171 Hillpointe Drive, Suite 301
 Canonsburg PA
15317

					
	Alpha Shale Holdings, LLC	 	100% membership interests owned by Rice Drilling C LLC	 	Delaware	 	4761770	  	 171 Hillpointe Drive, Suite 301
 Canonsburg PA
15317

					
	Alpha Shale Resources, LP	 	 99.9% limited partnership interest owned by Rice Drilling C LLC
  

0.1% general partnership interest owned by Alpha Shale Holdings, LLC
	 	Delaware	 	4761777	  	 171 Hillpointe Drive, Suite 301
 Canonsburg PA
15317

 The above ownership interests in Alpha Shale Holdings, LLC and Alpha Shale Resources, LP are presented after
giving effect to the Alpha Shale Acquisition. 
  

					
	 Unrestricted Subsidiaries
	  	 Ownership of Unrestricted Subsidiary
	  	 Jurisdiction of Organization

	 Blue Tiger Oilfield Services LLC
	  	100% membership interests owned by Rice Drilling B LLC	  	Delaware
			
	 RDB Real Estate Holding LLC*
	  	100% membership interests owned by Rice Drilling B LLC	  	Pennsylvania

  

	*	entity to be dissolved 

  
 SCHEDULE 7.14 

 Other Equity Interests owned by the Borrower and Guarantors as of the Sixth Amendment Effective
Date 
  

					
	 Entity
	  	 Ownership of Entity
	  	 Jurisdiction of Organization

	 Countrywide Energy Services LLC
	  	50% membership interests owned by Rice Drilling B LLC	  	Pennsylvania

 The only subsidiary directly owned by REI is REA, and REI owns 100% of the membership interests in REA. 

The only subsidiary that is directly owned by REA is the Borrower, and REA owns 100% of the membership interests in the Borrower. 

  
 SCHEDULE 7.14EX-10.9

 Exhibit 10.9 

FORM OF MASTER REORGANIZATION AGREEMENT 

This Master Reorganization Agreement (this “Agreement”), dated as of [•], 2014, is entered into by and
among Rice Energy Limited Partnership, a Delaware limited partnership (“RELP”), RELP Sub, LLC, a Delaware limited liability company (“RELP Sub”), NGP RE Holdings, L.L.C., a Delaware limited liability
company (“NGP I”), NGP RE Holdings II, L.L.C., a Delaware limited liability company (“NGP II”), Daniel J. Rice III (“DRIII”), Rice Drilling B LLC, a Delaware limited liability
company (“RDB”), Rice Merger LLC, a Delaware limited liability company (“Merger Sub”), Rice Energy Appalachia, LLC, a Delaware limited liability company (“REA”), each of the
persons holding incentive units representing interests in REA (collectively, the “Incentive Unitholders”), Rice Energy Inc., a Delaware corporation (“Rice Energy”), Rice Energy Holdings LLC, a Delaware
limited liability company (“Rice Holdings”), and NGP Rice Holdings LLC, a Delaware limited liability company (“NGP Holdings” and, together with RELP, RELP Sub, NGP I, NGP II, DRIII, RBD, Merger Sub,
REA, the Incentive Unit Holders, Rice Energy and Rice Holdings, collectively, the “Parties”). 
 RECITALS 

WHEREAS, RDB formed Rice Energy as a wholly owned subsidiary and, in connection therewith, contributed a note receivable in the amount
of $10 to Rice Energy in exchange for 1,000 shares of common stock of Rice Energy, par value $0.01 per share (the “Common Stock”); 

WHEREAS, REA formed Merger Sub and, in connection therewith, contributed $10 to Merger Sub in exchange for a 100% limited liability
company interest therein; 
 WHEREAS, RELP formed RELP Sub and, in connection therewith, contributed $10 to RELP Sub in exchange for
a 100% limited liability company interest therein; 
 WHEREAS, in anticipation of, and prior to the completion of, an initial public
offering of Common Stock (the “Offering”) pursuant to, and as more fully described in, a registration statement filed with the U.S. Securities and Exchange Commission, Registration No. 333-192894 (the
“Registration Statement”), certain restructuring transactions have been or will be undertaken, as more fully described in the Registration Statement (the “Reorganization”); 

WHEREAS, in connection with the Offering and the Reorganization, the Parties desire to, among other things, (a) establish the
economic terms of the Reorganization, and (b) enter into certain agreements to effectuate the foregoing. 
 NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows, and further agree that the actions
set forth in Article II shall be deemed to have been taken and become effective in the order set forth therein. 

 ARTICLE I 

DEFINITIONS 
 The terms set
forth below in this Article I shall have the meanings ascribed to them below or in the part of this Agreement referred to below: 

“Applicable Portion of REA Shares” means, with respect to any Incentive Unitholder, an amount of shares of Common Stock
equal to the quotient obtained by dividing (a) the product of (i) the dollar amount that such Incentive Unitholder would receive in respect of its New Incentive Units or Legacy Incentive Units, as applicable, if a distribution of
Distributable Funds (as defined in the REA LLC Agreement) in an amount equal to the REA Value was distributed pursuant to Section 4.3 of the REA LLC Agreement, multiplied by (ii) in the case of Legacy Incentive Units, [4.095]%, and, in the
case of New Incentive Units, [0.128]%, by (b) the IPO Price. 
 “Effective Time” means 12:01 a.m. Central
Standard Time on the date of the closing of the Offering. 
 “IPO Price” means the initial public offering price of
Common Stock in the Offering. 
 “Legacy Incentive Units” means the Legacy Tier I Units, Legacy Tier II Units or
Legacy Tier III Units (as each term is defined in the REA LLC Agreement). 
 “Merger Agreement” means the Agreement
and Plan of Merger among Rice Energy, RDB and Merger Sub, a Delaware limited liability company in the form attached hereto as Schedule A. 

“New Incentive Units” means New Tier I Units, New Tier II Units, New Tier III Units or New Tier IV Units (as each term
is defined in the REA LLC Agreement). 
 “NGP Holdings LLC Agreement” means the Amended and Restated Limited
Liability Company Agreement of NGP Holdings, in the form attached hereto as Schedule B. 
 “REA Equity” means
interests held in REA. 
 “REA LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of
REA, dated April 18, 2013. 
 “REA Value” means the dollar amount equal to the product of (a) the REA
Shares (as defined in the Merger Agreement), multiplied by (b) the IPO Price. 
 “Rice Holdings LLC Agreement”
means the Amended and Restated Limited Liability Company Agreement of Rice Holdings, in the form attached hereto as Schedule C. 

  
 2 

 ARTICLE II 

CONTRIBUTIONS AND ACKNOWLEDGEMENTS 

Section 2.1. Sale of Rice Energy to REA. Effective immediately following the Effective Time, RDB hereby sells to REA all of
the outstanding equity interests in Rice Energy in exchange for $10. 
 Section 2.2. First REA Interest Contribution.
Effective immediately following the consummation of the transactions described in Sections 2.1: 
 (a) each of the Incentive
Unitholders (i) who holds any New Incentive Units hereby contributes, transfers, assigns and delivers [99.872]% of such Incentive Unitholder’s right, title and interest in such New Incentive Units to NGP Holdings and (ii) who holds
any Legacy Incentive Units hereby contributes, transfers, assigns and delivers [66.409]% of such Incentive Unitholder’s right, title and interest in such Legacy Incentive Units to Rice Holdings and [29.497]% of such Incentive Unitholder’s
right, title and interest in such Legacy Incentive Units to NGP Holdings; and, in exchange for the foregoing contributions, transfers, assignments and deliveries, each Incentive Unitholder hereby is issued (x) equity in Rice Holdings in the
amount set forth opposite such Incentive Unitholder’s name on Exhibit A to the Rice Holdings LLC Agreement in the column entitled “Equity of the Company held as of the Effective Date” and (y) and equity in NGP Holdings in
the amount set forth opposite such Incentive Unitholder’s name on Exhibit A to the NGP Holdings LLC Agreement in the columns entitled “Equity of the Company held as of the Effective Date,” respectively; 

(b) RELP hereby contributes, transfers, assigns and delivers all of the right, title and interest in the REA Equity held by it to Rice
Holdings, and in exchange for such contribution, transfer, assignment and delivery, RELP hereby is issued equity in Rice Holdings in the amount set forth opposite RELP’s name on Exhibit A to the Rice Holdings LLC Agreement in the column
entitled “Equity of the Company held as of the Effective Date;” 
 (c) each of NGP I and NGP II hereby contributes, transfers,
assigns and delivers all of the right, title and interest in the REA Equity held by such person to NGP Holdings, and in exchange for such contribution, transfer, assignment and delivery, NGP Holdings hereby issues to each of NGP I and NGP II equity
in NGP Holdings in the amount set forth opposite its respective name on Exhibit A to the NGP Holdings LLC Agreement in the column entitled “Equity of the Company held as of the Effective Date;” 

(d) each of Rice Holdings and NGP Holdings hereby accepts, acquires, assumes and receives the contributions, transfers, assignments and
deliveries made to it pursuant to this Section 2.3 as a contribution to its respective capital; 
 (e) RELP, as sole member of
Rice Holdings, hereby enters into the Rice Holdings LLC Agreement; and 
 (f) NGP I, as sole member of NGP Holdings, hereby enters into the
NGP Holdings LLC Agreement. 

  
 3 

 Section 2.3. Second REA Interest Contribution. Effective immediately following
the effectiveness of the transactions contemplated by Section 2.3: 
 (a) each of NGP Holdings and Rice Holdings hereby
contributes, transfers, assigns and delivers all of the right, title and interest in the REA Equity held by such person to Rice Energy, and in exchange for such contribution, transfer, assignment and delivery Rice Energy hereby issues Common Stock
to each of NGP Holdings and Rice Holdings in an amount equal to [50.37]% and [46.71]%, respectively, of the REA Shares (as defined in the Merger Agreement); 

(b) each of the Incentive Unitholders hereby contributes, transfers, assigns and delivers all of such Incentive Unitholder’s right, title
and interest in their remaining New Incentive Units to Rice Energy and in exchange for such contribution, transfer, assignment and delivery Rice Energy hereby issues Common Stock to such Incentive Unitholder in an amount equal to such Incentive
Unitholder’s Applicable Portion of REA Shares with respect to such New Incentive Units; 
 (c) each of the Incentive Unitholders hereby
contributes, transfers, assigns and delivers all of such Incentive Unitholder’s right, title and interest in their remaining Legacy Incentive Units to Rice Energy and in exchange for such contribution, transfer, assignment and delivery Rice
Energy hereby issues Common Stock to such Incentive Unitholder in an amount equal to such Incentive Unitholder’s Applicable Portion of REA Shares with respect to such Legacy Incentive Units; 

(d) DRIII shall contribute, transfer, assign and deliver all of his right, title and interest in the REA Equity to Rice Energy and in exchange
for such contribution, transfer, assignment and delivery Rice Energy hereby issues Common Stock to DRIII in an amount equal to the REA Shares less the shares of Common Stock received by NGP Holdings, Rice Holdings and the Incentive Unitholders
pursuant to Sections 2.4(a), (b), and (c); and 
 (e) Rice Energy hereby accepts, acquires, assumes and receives the
contributions, transfers, assignments and deliveries made to it pursuant to this Section 2.4 as a contribution to its capital. 

Section 2.4. Amended and Restated Limited Liability Company Agreement of REA. Effective immediately following the
transactions described in Section 2.3 and Section 2.4, Rice Energy, as sole member of REA, shall enter into a Second Amended and Restated Limited Liability Company Agreement of REA (the “A&R REA LLC
Agreement”). 
 Section 2.5. Merger of RDB and Merger Sub. Following the effectiveness of the transactions
contemplated by Section 2.4, Merger Sub shall merge with and into RDB (with RBD as the surviving company) in accordance with the Merger Agreement. Following the effectiveness of the merger in the preceding sentence, for the avoidance of
doubt, REA may make any amendments, amendments and restatements or other modifications to the limited liability company agreement of RBD as REA desires in its sole discretion. 

  
 4 

 ARTICLE III 

FURTHER ASSURANCES 
 From
time to time after the Effective Time, and without any further consideration, the Parties agree to execute, acknowledge and deliver all such additional, assignments, conveyances, instruments, notices and other documents, and to do all such other
acts and things, all in accordance with applicable law, as may be necessary or appropriate (a) more fully to assure that the applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers and privileges
granted by this Agreement, or which are intended to be so granted, (b) more fully and effectively to vest in the applicable Parties and their respective successors and assigns beneficial and record title to the interests contributed and
assigned by this Agreement or intended to be so and (c) more fully and effectively to carry out the purposes and intent of this Agreement. 

ARTICLE IV 

REPRESENTATIONS 
 Each of
the Parties hereby represents and warrants to each other Party: 
 (a) that the execution, delivery and performance by such Party of this
Agreement, and the consummation of the transactions contemplated hereby, do not and will not (i) conflict with or violate the certificate of incorporation, bylaws, certificate of formation, operating agreement or similar organizational document
of such Party, as in effect on the date hereof (ii) conflict with or violate any law applicable to such Party, or (iii) result in any breach of, constitute a default (or an event that, with notice or lapse of time or both, would become a
default) under, require any consent of or notice to any person pursuant to, give to others any right of termination, amendment, modification, acceleration or cancellation of, allow the imposition of any fees or penalties, require the offering or
making of any payment or redemption, give rise to any increased, guaranteed, accelerated or additional rights or entitlements of any person or otherwise adversely affect any rights of such Party under or pursuant to, any note, bond, mortgage,
indenture, agreement, lease, license, permit, franchise, instrument, obligation or other contract to which such Party is a party or by which such Party or its assets may be bound or affected; and 

(b) that such Party owns all interests contributed hereby free and clear of all liens, encumbrances, security interests, equities, charges or
claims. 
 ARTICLE V 

TAXES 

Section 5.1. Tax Treatment. Unless required to do so as a result of a final determination (as defined in Section 1313
of the Internal Revenue Code of 1986, as amended (the “Code”)), each of Rice Holdings, NGP Holdings, DRIII and each Incentive Unitholder (each a “PublicCo Contributor,” and collectively, the
“PublicCo Contributors”) and Rice Energy agrees that it will not make any tax filing or otherwise take any position inconsistent with the qualification of the transactions described in Section 2.4 (the “Second
REA Interest Contribution”) and the Offering (collectively, the “Transactions”) as a transaction described in Section 351 of the Code. The U.S. federal income tax treatment of the Transactions described in

  
 5 

 
the preceding sentence is referred to herein as the “Tax Treatment.” If any Party becomes aware of any audit, inquiry, litigation or other proceeding relevant to the Tax
Treatment, such person shall promptly notify the other Parties of such proceeding, and all Parties shall use reasonable efforts to cooperate with respect to such proceeding. 

Section 5.2. Tax Warranties by PublicCo Contributors. Each PublicCo Contributor represents and warrants to all other
PublicCo Contributors that the statements as set forth below, solely as they relate to the Tax Treatment, are true, correct and complete as of the date hereof and as of the effective time of the Transactions with respect to such PublicCo
Contributor: 
 (a) Such PublicCo Contributor does not have any current plan, intention, agreement, arrangement or understanding, and has not
engaged in any material negotiations, related to: 
 (i) engaging in the Transactions, other than pursuant to this Agreement, any agreements
referenced herein and the Registration Statement, 
 (ii) selling, exchanging, hedging, constructively selling or otherwise disposing of the
Common Stock to be received by such PublicCo Contributor pursuant to the Second REA Interest Contribution, except as contemplated by this Agreement and the Registration Statement, with respect to the distribution of Common Stock by Rice Holdings to
its members, or with respect to any Contributor Pledge (as defined below), 
 (iii) acquiring or retaining any rights in the REA Equity
contributed to Rice Energy pursuant to this Agreement, 
 (iv) allowing any person other than such PublicCo Contributor to exercise control
over the voting of the Common Stock received by such PublicCo Contributor in connection with the Second REA Interest Contribution, except, with respect to Rice Holdings and NGP Holdings, the stockholder’s agreement between such Parties and Rice
Energy and Alpha Natural Resources, Inc. with respect to the nomination of directors for Rice Energy’s board of directors (the “Stockholders’ Agreement”), 

(v) placing any Common Stock to be issued to such PublicCo Contributor in escrow or issuing such Common Stock after the completion of the
Transactions under a conditional or contingent stock or similar arrangement, 
 (vi) creating, extinguishing or modifying any indebtedness
between such PublicCo Contributor and Rice Energy or REA or RDB as a result of the Transactions, except for any de minimis advances made in connection with joint operations and the development of wells, or 

(vii) issuing Common Stock to such PublicCo Contributor other than solely for the REA Equity contributed by such PublicCo Contributor to Rice
Energy in connection with the Second REA Interest Contribution; 

  
 6 

 (b) To the extent such PublicCo Contributor is subject to a lock-up letter agreement (the
“Lock-Up Agreement”) pursuant to the Underwriting Agreement among Rice Energy, NGP Holdings and the underwriters named therein, such PublicCo Contributor does not have any current plan, intention, agreement, arrangement or
understanding to request, and has not engaged in material negotiations with respect to, a release or waiver of any of the restrictions set forth in the Lock-Up Agreement with respect to such PublicCo Contributor, except to the extent any such
PublicCo Contributor will pledge a portion of its Common Stock (a “Contributor Pledge”) under an agreement that: (i) will be subject to the provisions of Article of the Uniform Commercial Code, relating to security
interests, (ii) will provide that, unless a default occurs, such PublicCo Contributor alone will have voting rights with respect to the pledged stock and all cash dividends (other than liquidating dividends) lawfully declared and paid by Rice
Energy will be received by and belong to such PublicCo Contributor, (iii) will have as its purpose the collateralization of adequately collateralized indebtedness of such PublicCo Contributor to which such agreement relates, and (iv) will
not have a purpose of effecting a transfer of the Common Stock through a prearranged plan to default under the terms of such agreement; 

(c) The aggregate fair market value of the REA Equity to be contributed by such PublicCo Contributor to Rice Energy in connection with the
Second REA Interest Contribution exceeds the sum of any liabilities that will be assumed or deemed to be assumed by Rice Energy for U.S. federal income tax purposes with respect to such REA Equity, including any expenses paid by Rice Energy on
behalf of such PublicCo Contributor in connection with the Transactions; 
 (d) Such PublicCo Contributor is not under the jurisdiction of a
court in a Title 11 or similar case (within the meaning of Section 368(a)(3)(A) of the Code); 
 (e) To such PublicCo Contributor’s
knowledge, the Transactions will occur pursuant to and in accordance with the terms of this Agreement, any agreements referenced herein and the Registration Statement; and 

(f) If such PublicCo Contributor is an entity, to such PublicCo Contributor’s knowledge, no direct or indirect member, partner or owner of
such PublicCo Contributor has any current plan, intention, agreement, arrangement or understanding to sell, exchange, hedge, constructively sell or otherwise dispose of its direct or indirect interests in such PublicCo Contributor. 

Section 5.3. Tax Warranties by Rice Energy. Rice Energy represents and warrants to the PublicCo Contributors that the
statements as set forth below, solely as they relate to the Tax Treatment, are true, correct and complete as of the date hereof and as of the effective time of the Transactions: 

(a) To Rice Energy’s knowledge, there is no agreement, arrangement or understanding relating to rights or obligations to vote its Common
Stock, except the Stockholders’ Agreement; 
 (b) There is no current plan, intention, agreement, arrangement or understanding for:
(i) Rice Energy to issue any shares of Common Stock or other interests in its equity other than Common Stock issued pursuant to the Transactions; (ii) Rice Energy, or to Rice 

  
 7 

 
Energy’s knowledge, REA or RDB, to dispose of the REA Equity or any assets held by REA or RDB or any of their respective subsidiaries other than in the ordinary course of business (including
to fund the acquisition of additional oil and gas properties); (iii) Rice Energy or, to Rice Energy’s knowledge, REA, RDB or any other person affiliated with Rice Energy to redeem or otherwise reacquire any Common Stock to be issued in
connection with the Transactions; or (iv) Rice Energy or, to Rice Energy’s knowledge, any underwriter to release or waive any of the restrictions set forth in the Lock-Up Agreements, except with respect to any Contributor Pledge that, to
Rice Energy’s knowledge, satisfies the requirements described in Section 5.2(b); 
 (c) Rice Energy has not engaged in any
material negotiations with respect to any release or waiver of any of the restrictions set forth in the Lock-Up Agreements, except with respect to any Contributor Pledge; 

(d) To Rice Energy’s knowledge, there is no current plan, intention, agreement, arrangement or understanding for any person to exercise
any Rice Energy stock rights, warrants or subscriptions with respect to Common Stock other than pursuant to the Transactions; 
 (e) The
Common Stock to be issued to each PublicCo Contributor as described in Section 2.4 of this Agreement will be issued and paid in exchange for solely the REA Equity contributed by such PublicCo Contributor to Rice Energy in connection with
the Transactions; 
 (f) There is no indebtedness between any PublicCo Contributor and either Rice Energy or, to Rice Energy’s
knowledge, REA or RDB, and there will be no such indebtedness created in favor of any PublicCo Contributor as a result of the Transactions, except for any de minimis advances made in connection with joint operations and the development of wells;

 (g) Rice Energy has no stock issued or outstanding other than the Common Stock; 

(h) To Rice Energy’s knowledge, there are no agreements, arrangements or understandings between or among any of the Parties relating to
the Transactions, including any agreement to place any Common Stock to be issued to such PublicCo Contributor in escrow or to issue such Common Stock after the completion of the Transactions under a conditional or contingent stock or similar
arrangement, other than this Agreement, any agreements referenced herein and the Registration Statement; 
 (i) Rice Energy is not an
investment company within the meaning of Section 351(e)(1) of the Code and Treasury Regulation §1.351-1(c)(1)(ii); and 
 (j) To
Rice Energy’s knowledge, the Transactions will occur pursuant to and in accordance with the terms of this Agreement, any agreements referenced herein and the Registration Statement. 

  
 8 

 ARTICLE VI 

MISCELLANEOUS 

Section 6.1. Release. Effective as of the Effective Date, each of the Parties, on behalf of himself (or herself or itself)
and his (or her or its assigns), heirs, beneficiaries, representatives, agents and affiliates (the “Releasing Parties”), hereby fully and finally releases, acquits and forever discharges each of the other Parties and each of
their respective present and former officers, directors, employees, agents, predecessors, successors, assigns, insurers and attorneys (the “Released Parties”) from any and all claims, causes of action, liabilities, losses,
costs, damages, penalties, charges, expenses and all other forms of liability or obligation whatsoever, in law or equity, whether asserted or unasserted, known or unknown, foreseen or unforeseen (“Claims”), arising prior to
the Effective Date and relating to such Releasing Party’s ownership of equity of REA prior to the Effective Date, (collectively, the “Released Claims”); provided, however, that the Released Claims shall
exclude any Claims arising from or relating to or in connection with (a) rights or obligations under this Agreement and (b) any claim or right to indemnification or advancement of expenses under the REA LLC Agreement as in effective prior
to the Effective Date. Each Releasing Party expressly acknowledges that the release contained herein applies to all Released Claims, whether such Released Claims are known or unknown, and include Released Claims that if known by the releasing party
might materially affect its decision to effect the settlement contained herein. Each Releasing Party has considered and taken into account the possible existence of such Released Claims in determining to execute and deliver this Agreement. Without
limiting the generality of the foregoing, solely with respect to the Released Claims, each Releasing Party expressly waives any and all rights conferred upon it by any statute or rule of law that provides that a release does not extend to claims
that the Releasing Party does not know or suspect to exist in its favor at the time of executing the release, which if known by the Releasing Party would have materially affected the Releasing Party’s settlement with the Released Parties. This
Agreement constitutes a complete defense of any and all Released Claims. Each Releasing Party further agrees not to initiate any litigation, lawsuit, claim or action against any Released Party with respect to any Released Claim, except that the
Releasing Party shall not be limited hereby from responding to, joining, prosecuting or being involved in any litigation, lawsuit, claim or action brought against such Releasing Party in respect of a Released Claim, nor from adjudicating whether or
not a Claim constitutes a Released Claim. 
 Section 6.2. Tax Indemnification. From and after the Effective Time, each
Party (the “Indemnifying Party”) shall indemnify, defend and hold harmless each other Party and such other Party’s affiliates, and its and its affiliates’ respective directors, officers, managers, members, partners,
stockholders, employees, agents and representatives, as applicable (the “Indemnitees”), from any and all damages, losses, obligations, liabilities, payments, costs and expenses (including reasonable fees and expenses of
outside attorneys, accountants and other professional advisors and expert witnesses), whether known or unknown, contingent or vested, matured or unmatured, that are or may be suffered or incurred by any such Indemnitee arising out or relating to a
breach of any representation, warranty, covenant, agreement or obligation of the Indemnifying Party set forth in Article V; provided that the indemnity described in this Section 6.2 shall apply only to the extent that
such breach adversely affects the Tax Treatment and such adverse effect results in damages, losses, obligations, liabilities, payments, costs and/or expenses that are suffered or incurred by an Indemnitee. 

  
 9 

 Section 6.3. Delivery of FIRPTA Certificate. Each PublicCo Contributor will
deliver to Rice Energy a certificate meeting the requirements of Treasury Regulation § 1.1445-2(b)(2) certifying that such PublicCo Contributor is not a “foreign person” within the meaning of Section 1445 of the Code, duly
executed by such PublicCo Contributor. 
 Section 6.4. Successors and Assigns; No Third Party Rights. The Agreement shall
be binding upon and inure to the benefit of the Parties and their respective successors and assigns. Except as set forth in Section 5.1 for the Released Parties, this Agreement is not intended to, and does not create, rights in any other
person and no person is or is intended to be a third-party beneficiary of any of the provisions of this Agreement. 
 Section 6.5.
Severability. If any of the provisions of this Agreement are held by any court of competent jurisdiction to contravene, or to be invalid under, the laws of any political body having jurisdiction over the subject matter hereof, such
contravention or invalidity shall not invalidate the entire Agreement. Instead, this Agreement shall be construed as if it did not contain the particular provision or provisions held to be invalid, and an equitable adjustment shall be made and
necessary provision added so as to give effect to the intention of the Parties as expressed in this Agreement at the time of execution of this Agreement. 

Section 6.6. Waivers and Amendments. Any waiver of any term or condition of this Agreement, or any amendment or supplement
to this Agreement, shall be effective only if in writing and signed by the Parties. A waiver of any breach or failure to enforce any of the terms or conditions of this Agreement shall not in any way affect, limit or waive a Party’s rights
hereunder at any time to enforce strict compliance thereafter with every term or condition of this Agreement. 
 Section 6.7.
Entire Agreement. This Agreement, together with the limited liability company agreements of each of Rice Holdings and NGP Holdings, constitute the entire agreement among the Parties pertaining to the transactions contemplated hereby, and
together supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, of the Parties pertaining thereto. 

Section 6.8. Governing Law. The Agreement shall be governed by, and construed in accordance with, the laws of the State of
Delaware. 
 Section 6.9. Counterparts. This Agreement may be executed in any number of counterparts (including by
facsimile or other electronic means) with the same effect as if all Parties had signed the same document. 

*        *        *       
 *        * 

  
 10 

 IN WITNESS WHEREOF, this Agreement has been duly executed by each of the Parties as of the date
first written above. 
  

			
	RICE ENERGY LIMITED PARTNERSHIP
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	RICE ENERGY APPALACHIA, L.L.C.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	RICE ENERGY HOLDINGS LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	RICE DRILLING B LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	RICE ENERGY INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

[SIGNATURE PAGES TO MASTER REORGANIZATION
AGREEMENT] 

 
			
	RICE MERGER SUB LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	   

	DANIEL J. RICE III
	
	RELP SUB, LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	NGP RICE HOLDINGS LLC
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	NGP RE HOLDINGS, L.L.C.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	NGP RE HOLDINGS II, L.L.C.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

[SIGNATURE PAGES TO MASTER REORGANIZATION
AGREEMENT] 

 
	
	
	   

	JOHN LAVELLE
	
	   

	VARUN MISHRA
	
	   

	ROBERT RIKEMAN
	
	   

	DAVID MILLER
	
	   

	JAMIE ROGERS
	
	   

	RYAN KANTO
	
	   

	ZACHARY WILLENS
	
	   

	GINA BANAI
	
	   

	STEPHEN RIKEMAN
	
	   

	MICHAEL LAUDERBAUGH
	
	   

	GLENN KING

  

[SIGNATURE PAGES TO MASTER REORGANIZATION
AGREEMENT] 

 
	
	
	   

	TOBY RICE
	
	   

	DANIEL J. RICE IV
	
	   

	DEREK RICE
	
	   

	AILEEN RICE
	
	   

	TONYA WINKLER
	
	   

	GRAY LISENBY
	
	   

	JIDE FAMUAGUN
	
	   

	MATT FAHEY
	
	   

	JENNA DIFRANCESCO
	
	   

	KRIS HANCOCK
	
	   

	ROB WINGO

  

[SIGNATURE PAGES TO MASTER REORGANIZATION
AGREEMENT] 

 Schedule A 

FORM OF 
 AGREEMENT AND
PLAN OF MERGER OF 
 RICE MERGER LLC 

WITH AND INTO 
 RICE
DRILLING B LLC 
 This Agreement and Plan of Merger (this “Agreement”) is entered into on
[•], 2014, by and among Rice Drilling B LLC, a Delaware limited liability company (“Rice Drilling”), Rice Merger LLC, a Delaware limited liability company (“Merger Sub,” and
together with Rice Drilling, the “Merging Entities”), and Rice Energy Inc., a Delaware corporation (“Rice Energy”). 

WHEREAS, each of the Merging Entities is duly organized and existing under the laws of the State of Delaware; and 

WHEREAS, each of Rice Energy Appalachia, LLC, a Delaware limited liability company (“REA”), which is the sole
member of Merger Sub, the board of managers of Rice Drilling and the board of directors of Rice Energy has approved the merger of Merger Sub with and into Rice Drilling as set forth below (the “Merger”), in accordance with
the Delaware Limited Liability Company Act (the “DLLCA”) and upon the terms and subject to the conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Upon the terms and subject
to the satisfaction or waiver of the conditions hereof, and in accordance with Section 18-209 of the DLLCA, Merger Sub shall be merged with and into Rice Drilling at the Effective Time (as hereinafter defined). Following the Merger, the
separate existence of Merger Sub shall cease, and Rice Drilling shall continue as the surviving limited liability company (the “Surviving Entity”) and shall continue to be governed by the applicable laws of the State of
Delaware. 
 2. Subject to the provisions of this Agreement, the parties shall duly prepare, execute and file a certificate of merger (the
“Certificate of Merger”) with the Secretary of State of the State of Delaware with respect to the Merger and make all other filings or recordings as may be required by law to make the Merger effective. The Merger shall be
subject to the completion of the initial public offering of common stock of Rice Energy and shall become effective as set forth in the Certificate of Merger (the “Effective Time”). 

3. The Merger shall have the effects set forth in the DLLCA. Without limiting the generality of the foregoing, and subject thereto, from the
Effective Time, all the properties, rights, privileges, immunities, powers and franchises of Merger Sub shall vest in Rice Drilling, as the Surviving Entity, and all debts, liabilities and duties of Merger Sub shall become the debts, liabilities and
duties of Rice Drilling, as the Surviving Entity. 

 4. The Amended and Restated Limited Liability Company Agreement of Rice Drilling, as in effect
immediately prior to the Effective Time, shall be amended and restated in its entirety to read as set forth in Annex A, and as so amended and restated shall be the limited liability company agreement of the Surviving Entity until thereafter
amended as provided therein and in accordance with the DLLCA, and the Certificate of Formation of Rice Drilling, as in effect immediately prior to the Effective Time, shall be the certificate of formation of the Surviving Entity until thereafter
amended as provided therein and in accordance with the DLLCA. 
 5. At the Effective Time, by virtue of the Merger and without any action on
the part of the holders thereof: 
  

	 	a.	All of the membership interests in Merger Sub issued and outstanding immediately prior to the Effective Time shall cease to exist with no payment being made with respect thereto. 

 

	 	b.	Each of the Units of Rice Drilling issued and outstanding immediately prior to the Effective Time shall receive a number of shares of Common Stock equal to the Rice Energy Share Amount, and all Units (other than
Preferred Units) of Rice Drilling shall be cease to exist. 

  

	 	c.	The Preferred Units of Rice Drilling shall automatically convert into a sole membership interest of Rice Drilling and continue to remain outstanding. 

 

	 	d.	Notwithstanding the foregoing, any shares of Common Stock issuable to REA pursuant to this Agreement (the “REA Shares”) shall be issued in accordance with Section 2.4 of the Master
Reorganization Agreement. 

 Certain capitalized terms used in this Section 5 shall have the meanings set forth below:

 “IPO Price” means the initial public offering price of common stock of Rice Energy in its initial public offering
pursuant to, and as more fully described in, a registration statement filed with the U.S. Securities and Exchange Commission, Registration No. 333-192894. 

“Master Reorganization Agreement” means the Master Reorganization Agreement, dated as of [•], 2014, is entered
into by and among Rice Energy, Rice Drilling, Merger Sub and the other parties thereto. 
 “Preferred Units” shall
have the meaning assigned to such term in the Rice Drilling LLC Agreement. 
 “REA” means Rice Energy Appalachia,
LLC, a Delaware limited liability company. 
 “Rice Drilling LLC Agreement” means the Amended and Restated Limited
Liability Company Agreement of Rice Drilling, dated as of November 12, 2009, as amended. 
 “Rice Drilling
Value” means the product of (x) the IPO Price multiplied by (y) [•]. 

  
 16 

 “Rice Energy Share Amount” means, with respect to any Unit, an amount of
shares of Common Stock equal to the quotient of (x) the amount of proceeds that would be received in respect of such Unit if a distribution of proceeds in an amount equal to the Rice Drilling Value was made pursuant to Section 5.2.1(b) of
the Rice Drilling LLC Agreement, divided by (y) the IPO Price. 
 “Units” shall have the meaning assigned to
such term in the Rice Drilling LLC Agreement. 
 6. This Agreement, together with the Certificate of Merger, constitutes the sole and entire
agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, representations and warranties and agreements, both written and oral, with respect to such
subject matter. 
 7. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. 
 8. This Agreement is for the sole benefit of the parties hereto and their respective successors and
permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement. 

9. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall
constitute one and the same instrument. 
 [Signature page follows.] 

  
 17 

 IN WITNESS WHEREOF, each of the parties to this Agreement has caused this Agreement to be
executed as of the date first written above. 
  

			
	RICE DRILLING B LLC
		
	By:	 	 
	Name:	 	Toby Z. Rice
	Title:	 	Manager
	
	RICE MERGER LLC,
	By: Rice Energy Appalachia, LLC,
		 	its sole member
		
	By:	 	 
	Name:	 	Toby Z. Rice
	Title:	 	Manager
	
	RICE ENERGY INC.
		
	By:	 	 
	Name:	 	Daniel J. Rice IV
	Title:	 	Chief Executive Officer

 Schedule B 

NGP Holdings LLC Agreement 

  

 
 FORM OF 

AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

NGP RICE HOLDINGS LLC 

[            ], 2014 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  			
		
	FORMATION OF COMPANY	  			
			
	 Section 1.1
	 	Formation	  	 	1	  
	 Section 1.2
	 	Name	  	 	1	  
	 Section 1.3
	 	Business	  	 	1	  
	 Section 1.4
	 	Places of Business; Registered Agent; Names and Addresses of Members	  	 	2	  
	 Section 1.5
	 	Term	  	 	2	  
	 Section 1.6
	 	Filings	  	 	2	  
	 Section 1.7
	 	Title to Company Property	  	 	2	  
	 Section 1.8
	 	No State Law Partnership	  	 	2	  
		
	ARTICLE II	  			
		
	DEFINITIONS AND REFERENCES	  			
			
	 Section 2.1
	 	Defined Terms	  	 	3	  
	 Section 2.2
	 	References and Titles	  	 	10	  
		
	ARTICLE III	  			
		
	CAPITALIZATION AND COMPANY INTERESTS	  			
			
	 Section 3.1
	 	Capital Contributions of Members	  	 	11	  
	 Section 3.2
	 	Return of Contributions	  	 	11	  
	 Section 3.3
	 	Incentive Units	  	 	11	  
		
	ARTICLE IV	  			
		
	ALLOCATIONS AND DISTRIBUTIONS	  			
			
	 Section 4.1
	 	Allocations of Profits and Losses	  	 	14	  
	 Section 4.2
	 	Special Allocations	  	 	14	  
	 Section 4.3
	 	Distributions	  	 	16	  
	 Section 4.4
	 	Income Tax Allocations	  	 	18	  
		
	ARTICLE V	  			
		
	MANAGEMENT AND RELATED MATTERS	  			
			
	 Section 5.1
	 	Power and Authority of Board	  	 	19	  
	 Section 5.2
	 	Officers	  	 	21	  

  
 i 

							
	 Section 5.3
	 	Acknowledged and Permitted Activities	  	 	21	  
	 Section 5.4
	 	Duties and Services of the Board	  	 	22	  
	 Section 5.5
	 	Liability and Indemnification	  	 	22	  
	 Section 5.6
	 	Contracts with Affiliates	  	 	24	  
	 Section 5.7
	 	Reimbursement of Members	  	 	24	  
	 Section 5.8
	 	Insurance	  	 	24	  
	 Section 5.9
	 	Tax Elections and Status	  	 	24	  
	 Section 5.10
	 	Tax Returns	  	 	24	  
	 Section 5.11
	 	Tax Matters Member	  	 	25	  
	 Section 5.12
	 	Outside Manager Expenses	  	 	25	  
		
	ARTICLE VI	  			
		
	RIGHTS OF MEMBERS	  			
			
	 Section 6.1
	 	Rights of Members	  	 	25	  
	 Section 6.2
	 	Limitations on Members	  	 	25	  
	 Section 6.3
	 	Liability of Members	  	 	25	  
	 Section 6.4
	 	Withdrawal and Return of Capital Contributions	  	 	26	  
	 Section 6.5
	 	Voting Rights	  	 	26	  
		
	ARTICLE VII	  			
		
	BOOKS, REPORTS, MEETINGS AND CONFIDENTIALITY	  			
			
	 Section 7.1
	 	Capital Accounts, Books and Records	  	 	26	  
	 Section 7.2
	 	Bank Accounts	  	 	27	  
	 Section 7.3
	 	Reports	  	 	28	  
	 Section 7.4
	 	Meetings of Members	  	 	28	  
	 Section 7.5
	 	Confidentiality	  	 	28	  
		
	ARTICLE VIII	  			
		
	DISSOLUTION, LIQUIDATION AND TERMINATION	  			
			
	 Section 8.1
	 	Dissolution	  	 	29	  
	 Section 8.2
	 	Liquidation and Termination	  	 	29	  
		
	ARTICLE IX	  			
		
	ASSIGNMENTS OF COMPANY INTERESTS	  			
			
	 Section 9.1
	 	Assignments of Company Interests	  	 	30	  

  
 ii 

							
		
	ARTICLE X	  			
		
	REPRESENTATIONS AND WARRANTIES	  			
		
	ARTICLE XI	  			
		
	MISCELLANEOUS	  			
	 Section 11.1
	 	Notices	  	 	33	  
	 Section 11.2
	 	Amendment	  	 	33	  
	 Section 11.3
	 	Partition	  	 	34	  
	 Section 11.4
	 	Entire Agreement	  	 	34	  
	 Section 11.5
	 	Severability	  	 	34	  
	 Section 11.6
	 	No Waiver	  	 	34	  
	 Section 11.7
	 	Applicable Law	  	 	34	  
	 Section 11.8
	 	Successors and Assigns	  	 	34	  
	 Section 11.9
	 	Arbitration	  	 	35	  
	 Section 11.10
	 	Spouses	  	 	36	  
	 Section 11.11
	 	Counterparts	  	 	37	  
	 Section 11.12
	 	Representation	  	 	37	  

  
 iii 

 AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 NGP RICE HOLDINGS LLC

 THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of NGP Rice Holdings LLC,
a Delaware limited liability company (the “Company”), dated effective as of [            ], 2014 (the “Effective Date”) is adopted, executed
and agreed to by the Members (as defined below). 
 WHEREAS, the Company has been formed as a limited liability company under
the Delaware Limited Liability Company Act (the “Act”) by filing a certificate of formation with the Secretary of State of the State of Delaware on [            ],
2014 (as amended, the “Certificate”); 
 WHEREAS, on
[            ], 2014, NGP II entered into that limited liability company agreement of the Company (as amended, the “Original Agreement”); and 

WHEREAS, pursuant to the Master Reorganization Agreement, dated as of
[            ], 2014, by and among the Company, the Members, and the other parties thereto (the “Master Reorganization Agreement”), the Members contributed their
equity in Rice Energy Appalachia Holdings LLC to the Company and, in certain cases, Rice Holdings in exchange for equity in the Company (as described further herein) and, in certain cases, Rice Holdings. 

NOW, THEREFORE, in consideration of the premises and the covenants and provisions hereinafter contained, the Members hereby amend and restate
the Original Agreement in its entirety and further agree as follows: 
 ARTICLE I 

FORMATION OF COMPANY 

Section 1.1 Formation. Subject to the provisions of this Agreement, the Members do hereby desire to establish this Agreement to
continue and govern the Company as a limited liability company under the provisions of the Act. The Company was formed upon the execution and filing of the Certificate by the organizer (such Person being hereby authorized to take such action) with
the Secretary of State of the State of Delaware. 
 Section 1.2 Name. The name of the Company shall be NGP Rice Holdings LLC, or such
other name as designated by the Board from time to time. The Board shall cause to be filed on behalf of the Company such assumed or fictitious name certificate or certificates or similar instruments as may from time to time be required by law. 

Section 1.3 Business. The business of the Company shall be, whether directly or indirectly through subsidiaries, to conduct all
activities permissible by applicable law. 

 Section 1.4 Places of Business; Registered Agent; Names and Addresses of Members. 

(a) The address of the principal United States office and place of business of the Company and its street address shall be 5221 N.
O’Connor Blvd., Suite 1100, Irving, TX 75039. The Board, at any time and from time to time, may change the location of the Company’s principal place of business upon giving prior written notice of such change to the Members and may
establish such additional place or places of business of the Company as the Board shall determine to be necessary or desirable. 
 (b) The
registered office of the Company in the State of Delaware shall be, and it hereby is, established and maintained at National Corporate Research, Ltd., 615 S. Dupont Hwy., Dover, Delaware 19901, and the registered agent for service of process on the
Company shall be National Corporate Research, Ltd., whose business address is the same as the Company’s registered office in Delaware. The Board, at any time and from time to time, may change the Company’s registered office or registered
agent or both by complying with the applicable provisions of the Act, and may establish, appoint and change additional registered offices and registered agents of the Company in such other states as the Board shall determine to be necessary or
advisable. 
 (c) The mailing address and street address of each of the Members shall be the same as for the Company, unless another address
for such Member is set forth on Exhibit A to this Agreement. 
 Section 1.5 Term. The Company shall continue until terminated
in accordance with Section 8.1. 
 Section 1.6 Filings. Upon the request of the Board, the Members shall promptly execute
and deliver all such certificates and other instruments conforming hereto as shall be necessary for the Board to accomplish all filing, recording, publishing and other acts appropriate to comply with all requirements for the formation and operation
of a limited liability company under the laws of the State of Delaware and for the qualification and operation of a limited liability company in all other jurisdictions where the Company shall propose to conduct business. Prior to conducting
business in any jurisdiction, the Board shall use its reasonable good faith efforts to cause the Company to comply with all requirements for the qualification of the Company to conduct business as a limited liability company in such jurisdiction.

 Section 1.7 Title to Company Property. All property owned by the Company, whether real or personal, tangible or intangible, shall
be deemed to be owned by the Company as an entity, and no Member, individually, shall have any ownership of such property. The Company may hold its property in its own name or in the name of a nominee which may be the Board or any of its Affiliates
or any trustee or agent designated by it. 
 Section 1.8 No State Law Partnership. The Members intend that the Company not be a
partnership (including a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member, for any purposes other than federal or state tax purposes, and this Agreement may not be construed to suggest
otherwise. 

  
 25 

 ARTICLE II 

DEFINITIONS AND REFERENCES 

Section 2.1 Defined Terms. When used in this Agreement, the following terms shall have the respective meanings set forth below: 

“Act” shall have the meaning assigned to such term in the recitals hereto. 

“Adjusted Capital Account” shall mean the Capital Account maintained for each Member, (a) increased by any
amounts that such Member is obligated to restore or is treated as obligated to restore under Treasury Regulation Sections 1.704-1(b)(2)(ii)(c), 1.704-2(g)(1) and 1.704-2(i)(5)), and (b) decreased by any amounts described in
Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) with respect to such Member. The foregoing definition of “Adjusted Capital Account” is intended to comply with the provisions of Treasury
Regulation Sections 1.704-1(b)(2)(ii)(d) and 1.704-2 and shall be interpreted consistently therewith. 

“Adjusted Property” shall mean any property the Carrying Value of which has been adjusted pursuant to
Section 7.1(b)(v) or any property that has a Carrying Value different than the adjusted tax basis at the time of a Capital Contribution by a Member. 

“Affiliate” (whether or not capitalized) shall mean, with respect to any Person: (a) any other Person directly or
indirectly owning, controlling or holding power to vote 10% or more of the outstanding voting securities of such Person, (b) any other Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held with power to vote by such Person, (c) any other Person directly or indirectly controlling, controlled by or under common control with such Person and (d) any officer, director, member, partner or immediate family member of such
Person or any other Person described in subsection (a), (b) or (c) of this paragraph. Notwithstanding the foregoing or anything to the contrary, PublicCo and its subsidiaries shall not be deemed to be Affiliates or subsidiaries of the
Company and its subsidiaries; provided, however, in the definition of “cause”, each of PublicCo and its subsidiaries shall be deemed to be a subsidiary of the Company. 

“Agreement” shall have the meaning assigned to such term in the introductory paragraph of this document. 

“Board” shall have the meaning assigned to such term in Section 5.1(a). 

“Capital Account” shall have the meaning assigned to such term in Section 7.1(b). 

“Capital Contributions” shall mean for any Member at the particular time in question the aggregate of the dollar
amounts of any cash and the initial Carrying Value of any property contributed to the capital of the Company, or, if the context in which such term is used so indicates, the dollar amounts of cash or the fair market value of any property agreed to
be contributed, or requested to be contributed, by such Member to the capital of the Company. 

  
 26 

 “Capital Interest” shall mean each of NGP I’s and NGP II’s (and
their respective successors’ and assigns’) membership interest in the Company, with the rights and obligations specified in this Agreement.  

“Carrying Value” shall mean with respect to any asset, the value of such asset as reflected in the Capital Accounts of
the Members. The Carrying Value of any asset shall be such asset’s adjusted basis for federal income tax purposes, except as follows:  

(a) The initial Carrying Value of any asset contributed by a Member to the Company will be the fair market value of the asset
on the date of the contribution, as determined by the Board; provided, however, that the Carrying Value of the assets contributed by each of NGP I and NGP II pursuant to the Master Reorganization Agreement shall be as set forth on
Exhibit A opposite their respective names. 
 (b) The Carrying Value of all Company assets shall be adjusted to equal
their respective fair market values, as determined by the Board, upon (i) the acquisition of an additional Company Interest by any new or existing Member in exchange for a Capital Contribution that is not de minimis; (ii) the
distribution by the Company to a Member of Company property that is not de minimis as consideration for a Company Interest; (iii) the grant of a Company Interest for the performance of services that is not de minimis to or for the
benefit of the Company by any new or existing Member; (iv) the liquidation of the Company within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g)(1) (other than pursuant to Internal Revenue Code
Section 708(b)(1)(B)); or (v) any other event to the extent determined by the Board to be necessary to properly reflect Carrying Values in accordance with the standards set forth in Treasury Regulation
Section 1.704-1(b)(2)(iv)(q); provided that adjustments pursuant to clauses (i), (ii), and (iii) above shall be made only if the Board determines that such adjustments are necessary or appropriate to
reflect the relative economic interests of the Members in the Company. 
 (c) The Carrying Value of any Company asset
distributed to any Member shall be adjusted to equal the fair market value of such asset on the date of distribution, as determined by the Board. 

(d) The Carrying Value of all Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis
of such property pursuant to Internal Revenue Code Section 734(b) or Internal Revenue Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(m) and clause (f) of the definition of Net Profit or Net Loss or Section 4.2(e); provided, however, that the Book Value of Company assets shall not be adjusted pursuant to this
clause (d) to the extent that the Board determines an adjustment pursuant to clause (b) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this
clause (d). 
 (e) If the Carrying Value of any Company asset has been determined or adjusted pursuant to
clauses (a), (b) or (d) hereof, the Carrying Value of an asset shall be adjusted by Depreciation taken into account with respect to such asset for purposes of computing Net Profits, Net Losses and other items allocated
pursuant to Sections 4.1 and 4.2. 

  
 27 

 (f) The Carrying Value of Company assets shall be adjusted at such other times as
required in the applicable Treasury Regulations. 
 “Company” shall have the meaning assigned to it in the introductory
paragraph of this Agreement. 
 “Company Interest” shall mean a membership interest in the Company, including any
Capital Interests and any Incentive Units. 
 “Company Nonrecourse Liabilities” shall mean nonrecourse
liabilities (or portions thereof) of the Company for which no Member bears the economic risk of loss in accordance with applicable Treasury Regulations. 

“Confidential Information” shall mean, without limitation, all proprietary and confidential information of the Company
and its subsidiaries or Affiliates, including business opportunities of the Company and its subsidiaries or Affiliates, intellectual property and any other information heretofore or hereafter acquired, developed or used by the Company and its
subsidiaries or Affiliates relating to their business, including any confidential information contained in any lease files, well files and records, land files, abstracts, title opinions, title or curative matters, contract files, seismic records,
electric logs, core data, pressure data, production records, geological and geophysical reports and related data, memoranda, notes, records, drawings, correspondence, financial and accounting information, customer lists, statistical data and
compilations, patents, copyrights, trademarks, trade names, inventions, formulae, methods, processes, agreements, contracts, manuals or any other documents relating to the business of the Company and its subsidiaries or Affiliates, developed by, or
originated by, any third party and brought to the attention of, the Company and its Affiliates.  

“Depreciation” shall mean for each fiscal year or other period, an amount equal to the depreciation, amortization or
other cost recovery deduction allowable for federal income tax purposes with respect to an asset for such fiscal year or other period, except that if the Carrying Value of an asset differs from its adjusted basis for federal income tax purposes at
the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Carrying Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other
period bears to such beginning adjusted tax basis (unless the adjusted tax basis at the beginning of such year or other period is equal to zero, in which event Depreciation shall be determined under any reasonable method selected by the Board).

 “Dispute” shall have the meaning assigned to such term in Section 11.9. 

“Distributable Amount Value” means, as of the date of determination, with respect to any share of common stock of
PublicCo, the volume-weighted average trading price of a share of common stock of PublicCo on the New York Stock Exchange over the 30-trading day period ending on and including the trading day immediately preceding such date of determination.

  
 28 

 “Effective Date” shall have the meaning assigned to such term in the preamble
hereto. 
 “Employee” shall mean an individual who is employed by, or serves as an independent contractor for,
PublicCo or any of its subsidiaries. In the event any provision of this Agreement refers to the resignation of an Employee, such resignation or termination shall apply to the entity that is the employer of such Employee.  

“Excluded Affiliate Transfer” shall mean (a) any Transfer of a Company Interest by a Member who is a natural
person to a member of such Member’s family or to a revocable trust for estate planning purposes, but only if and for so long as such Transferring Member retains the exclusive right to vote such Company Interest following such Transfer;
(b) any Transfer occurring by operation of law upon the death or mental incapacity of a Member who is a natural person; (c) any Transfer to a corporation, partnership or limited liability company that is wholly owned and controlled
(through voting rights) by such Member, but only if and for so long as such Transferring Member retains the exclusive right to vote such Company Interest following such Transfer (provided, however, that any
failure to retain the right to vote or the failure to retain 100% ownership and control shall then immediately and automatically be deemed to be a Transfer that is not an Excluded Affiliate Transfer), (d) any Transfer of a Company Interest by a
Member that is a trust to the principal beneficiary of that trust and (e) any Transfer of a Company Interest by NGP I or NGP II (whether voluntarily or by operation of law) to a partner or other Affiliate or a legal successor of either NGP I or
NGP II; provided, however, that, in the case of any Transfer described in clauses (a) – (e) above, such Transferee agrees to be bound by the terms of this Agreement, and any
applicable agreement with respect to such Company Interest (including that the provisions thereof relating to vesting, forfeiture and redemption shall continue to be applicable to such Company Interests after such Transfer as if held by the
Transferring Member regardless of the holder of such Company Interests) and evidences the same by executing a copy of this Agreement and such other documents as the Company may reasonably request promptly upon receiving the assignment of such
Company Interest and (ii) such Transferee shall not be entitled to make any further Excluded Affiliate Transfers, except for a Transfer of such acquired Company Interests back to such original holder or another Transfer that would have been an
Excluded Affiliate Transfer had such original holder made such Transfer. 
 “Incentive Units” shall mean the Company
Interests issued as Legacy Tier I Units, Legacy Tier II Units, Legacy Tier III Units, New Tier I Units, New Tier II Units, New Tier III Units or New Tier IV Units, pursuant to Section 3.3 and reflected on Exhibit A as, from time
to time, may be updated pursuant to this Agreement. 
 “Indemnitee” shall have the meaning set forth in
Section 5.5. 
 “Indirect Transfer” shall mean (with respect to any Member that is a corporation,
partnership, limited liability company or other entity) a deemed Transfer of a Company Interest, which shall occur upon any Transfer of the ownership of, or voting rights associated with, the equity or other ownership interests in such Member.

 “Internal Revenue Code” shall mean the Internal Revenue Code of 1986. 

  
 29 

 “JAMS” shall have the meaning assigned to such term in
Section 11.9(a). 
 “Legacy Tier I Units” shall mean Legacy Tier I Units representing Company Interests
and with the rights and obligations specified in this Agreement. 
 “Legacy Tier II Units” shall mean Legacy
Tier II Units representing Company Interests and with the rights and obligations specified in this Agreement. 

“Legacy Tier III Units” shall mean Legacy Tier III Units representing Company Interests and with the rights and
obligations specified in this Agreement. 
 “Manager” shall have the meaning assigned to such term in
Section 5.1(a). 
 “Master Reorganization Agreement” shall have the meaning set forth in the recitals
hereto. 
 “Members” shall mean the Persons (including holders of Incentive Units) who from time to time
shall execute a signature page to this Agreement (including by counterpart) as the Members, including any Person who becomes a substituted Member of the Company pursuant to the terms hereof, but does not include any Person that ceases to hold any
Company Interest. 
 “Member Nonrecourse Debt” shall mean any nonrecourse debt of the Company for which any
Member bears the economic risk of loss in accordance with applicable Treasury Regulations. 
 “Member Nonrecourse
Deductions” shall mean the amount of deductions, losses and expenses equal to the net increase during the year in Minimum Gain attributable to a Member Nonrecourse Debt, reduced (but not below zero) by proceeds of such Member Nonrecourse
Debt distributed during the year to the Members who bear the economic risk of loss for such debt, as determined in accordance with applicable Treasury Regulations. 

“Minimum Gain” shall mean (a) with respect to Company Nonrecourse Liabilities, the amount of gain that would be
realized by the Company if the Company Transferred (in a taxable transaction) all Company properties that are subject to Company Nonrecourse Liabilities in full satisfaction of Company Nonrecourse Liabilities, computed in accordance with applicable
Treasury Regulations or (b) with respect to each Member Nonrecourse Debt, the amount of gain that would be realized by the Company if the Company Transferred (in a taxable transaction) the Company property that is subject to such Member
Nonrecourse Debt in full satisfaction of such Member Nonrecourse Debt, computed in accordance with applicable Treasury Regulations. 

“Net Profit” or “Net Loss” shall mean, with respect to any fiscal year or other fiscal period, the
net income or net loss of the Company for such period, determined in accordance with federal income tax accounting principles and Section 703(a) of the Internal Revenue Code (including any items that are separately stated for purposes of
Section 702(a) of the Internal Revenue Code), with the following adjustments: 
 (a) any income of the Company
that is exempt from federal income tax shall be included as income; 

  
 30 

 (b) any expenditures of the Company that are described in
Section 705(a)(2)(B) of the Internal Revenue Code or treated as so described pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i) shall be subtracted from such taxable income or loss; 

(c) in the event the Carrying Value of any Company asset is adjusted pursuant to clause (b) or clause
(c) of the definition of Carrying Value, the amount of such adjustment shall be taken into account as gain (if the adjustment increases the Carrying Value of the asset) or loss (if the adjustment decreases the Carrying Value of the asset)
from the disposition of such asset and shall, except to the extent allocated pursuant to Section 4.2, be taken into account for purposes of computing Net Profit or Net Loss; 

(d) gain or loss resulting from any Transfer of Company property with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Carrying Value of the property Transferred, notwithstanding that the adjusted tax basis for such property differs from its Carrying Value; 

(e) in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation for such fiscal year or other period; 
 (f) to the extent an
adjustment to the adjusted tax basis of any asset pursuant to Internal Revenue Code Section 734(b) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account
balances as a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss
(if the adjustment decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Net Profit or Net Loss; and 

(g) items specially allocated under Section 4.2 shall be excluded. 

“New Tier I Payout” shall mean the first date, if any, on which NGP II shall have received cumulative cash distributions
pursuant to Section 4.3(a) equal to $200,000,000.00 multiplied by (1.08)n, where “n” is equal to the number of years from April 18, 2013 until the date of such
distribution (with a partial year being expressed as a decimal determined by dividing the number of days which have passed since the most recent anniversary by 365). For the avoidance of doubt, any distribution made prior to the New Tier I Payout,
if any, that is subtracted from such contribution amount shall be first increased by the exponent for purposes of the payout calculation by multiplying such distribution by (1.08)m, where
“m” is equal to the number of years between the distribution and the New Tier I Payout (with a partial year being expressed as a decimal determined by dividing the number of days which have passed since the most recent anniversary by 365).

 “New Tier I Units” shall mean New Tier I Units representing Company Interests and with the rights and obligations
specified in this Agreement. 

  
 31 

 “New Tier II Payout” shall mean the first date, if any, on which NGP II shall
have received cumulative cash distributions pursuant to Section 4.3(a) equal to $200,000,000.00 multiplied by (1.20)n, where “n” is equal to the number of years from
April 18, 2013 until the date of such distribution (with a partial year being expressed as a decimal determined by dividing the number of days which have passed since the most recent anniversary by 365). For the avoidance of doubt, any
distribution made prior to the New Tier II Payout, if any, that is subtracted from such contribution amount shall be first increased by the exponent for purposes of the payout calculation by multiplying such distribution by (1.20)m, where “m” is equal to the number of years between the distribution and the New Tier II Payout (with a partial year being expressed as a decimal determined by dividing the number of days
which have passed since the most recent anniversary by 365). 
 “New Tier II Units” shall mean New Tier II Units
representing Company Interests and with the rights and obligations specified in this Agreement. 
 “New Tier III
Payout” shall mean NGP II has received $400,000,000.00 pursuant to Section 4.3(a)(ii). 
 “New Tier III
Units” shall mean New Tier III Units representing Company Interests and with the rights and obligations specified in this Agreement. 

“New Tier IV Payout” shall mean NGP II has received $500,000,000.00 pursuant to Section 4.3(a)(ii). 

“New Tier IV Units” shall mean New Tier IV Units representing Company Interests and with the rights and obligations
specified in this Agreement. 
 “NGP” shall mean NGP I and NGP II, collectively. 

“NGP I” shall mean NGP RE Holdings, L.L.C., a Delaware limited liability company, and its successors and assigns.

 “NGP II” shall mean NGP RE Holdings II, L.L.C., a Delaware limited liability company, and its successors and
assigns.  
 “Original Agreement” shall have the meaning set forth in the recitals hereto. 

“Person” (whether or not capitalized) shall mean any natural person, corporation, company, limited or general
partnership, joint stock company, joint venture, association, limited liability company, trust, bank, trust company, business trust or other entity or organization, whether or not a governmental authority. 

“PublicCo” means Rice Energy, Inc., and its successors and assigns. 

“Regulatory Allocations” shall have the meaning assigned to such term in Section 4.2(g). 

“Rice Holdings” shall mean Rice Energy Holdings LLC. 

  
 32 

 “Rules” shall have the meaning assigned to such term in
Section 11.9(a). 
 “Securities Act” shall mean the Securities Act of 1933. 

“Sponsor Indemnitees” shall mean those Indemnitees that have rights to indemnification, advancement of expenses or
insurance provided by the Sponsor Indemnitors. 
 “Sponsor Indemnitors” shall mean each of NGP I and NGP II
and their respective Affiliates.  
 “Tax Matters Member” shall have the meaning assigned to such term in
Section 5.11. 
 “Transaction Documents” shall mean, collectively, this Agreement, the Master
Reorganization Agreement and all other agreements, documents or instruments executed in conjunction with, or relation to, any of the foregoing. 

“Transfer,” or any derivation thereof, shall mean any sale, assignment, conveyance, mortgage, pledge, granting of
security interest in, or other disposition of a Company Interest or any asset of the Company, as the context may require. 

“Treasury Regulations” shall mean regulations promulgated by the United States Treasury Department under the Internal
Revenue Code. 
 “Unrealized Gain” attributable to any item of Company property shall mean, as of any date of
determination, the excess, if any, of (a) the fair market value of such property as of such date over (b) the Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to Section 7.1(b)(v) as
of such date). 
 “Unrealized Loss” attributable to any item of Company property shall mean, as of any date of
determination, the excess, if any, of (a) the Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to Section 7.1(b)(v) as of such date) over (b) the fair market value of such property as
of such date. 
 Section 2.2 References and Titles. All references in this Agreement to articles, sections, subsections and other
subdivisions refer to corresponding articles, sections, subsections and other subdivisions of this Agreement unless expressly provided otherwise. Titles appearing at the beginning of any of such subdivisions are for convenience only and shall not
constitute part of such subdivisions and shall be disregarded in construing the language contained in such subdivisions. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder” and
words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter genders shall be construed to include any other gender, and words in the
singular form shall be construed to include the plural and vice versa, unless the context otherwise requires. The word “including” (in its various forms) means including without limitation. All references to laws, contracts, agreements and
instruments refer to such laws, contracts, agreements and instruments as they may be amended from time to time, and references to particular provisions of laws or regulations include a reference to the corresponding provisions of any succeeding law
or regulation. 

  
 33 

 ARTICLE III 

CAPITALIZATION AND COMPANY INTERESTS 

Section 3.1 Capital Contributions of Members. 

(a) Pursuant to the Master Reorganization Agreement and contemporaneous with the execution date of this Agreement, each of NGP I and NGP II
made a Capital Contribution to the Company in the amount set forth on the books and records of the Company and received in exchange therefor their respective Capital Interests. 

Section 3.2 Return of Contributions. No interest shall accrue on any contributions to the capital of the Company, and no Member shall
have the right to withdraw or to be repaid any capital contributed by such Member, except as otherwise specifically provided in this Agreement. 

Section 3.3 Incentive Units. 

(a) The following Incentive Units are hereby created, subject to the adjustments provided for in this Section 3.3: 

(i) 990,414 “Legacy Tier I Units,” which are held, as of the date hereof, by those individuals set forth on
Exhibit A in the amount opposite each such individual’s name in the column entitled “Legacy Tier I Units;” 

(ii) 1,000,000 “Legacy Tier II Units,” which are held, as of the date hereof, by those individuals set forth
on Exhibit A in the amount opposite each such individual’s name in the column entitled “Legacy Tier II Units;” 

(iii) 1,000,000 “Legacy Tier III Units,” which are held, as of the date hereof, by those individuals set forth
on Exhibit A in the amount opposite each such individual’s name in the column entitled “Legacy Tier III Units;” 

(iv) 817,546 “New Tier I Units,” which are held, as of the date hereof, by those individuals set forth on
Exhibit A in the amount opposite each such individual’s name in the column entitled “New Tier I Units;” 

(v) 677,546 “New Tier II Units,” which are held, as of the date hereof, by those individuals set forth on
Exhibit A in the amount opposite each such individual’s name in the column entitled “New Tier II Units;” 

(vi) 677,546 “New Tier III Units,” which are held, as of the date hereof, by those individuals set forth on
Exhibit A in the amount opposite each such individual’s name in the column entitled “New Tier III Units;” and 

(vii) 677,546 “New Tier IV Units,” which are held, as of the date hereof, by those individuals set forth on
Exhibit A in the amount opposite each such individual’s name in the column entitled “New Tier IV Units.” 

  
 34 

 (b) The Incentive Units are non-voting, and subject to vesting, forfeiture and termination as
follows: 
 (i) (A) The Legacy Tier I Units held by each Employee shall vest ratably over a three-year period following the
grant of the “Legacy Tier I Units” of Rice Appalachia Holdings, LLC that corresponds, pursuant to the Master Reorganization Agreement, to the Legacy Tier I Units granted thereunder to such Employee, with one-third vesting on the first
anniversary of such grant, an additional one-third vesting on the second anniversary of such grant and the remaining one-third vesting on the third anniversary of such grant (with vesting between such anniversaries occurring pro rata determined by
multiplying the number of such Incentive Units that would vest on the next annual vesting date by a fraction with a numerator equal to the number of full months which have then elapsed since the last vesting date and a denominator of 12, and
rounding to the closest whole number). 
 (B) The Legacy Tier II Units held by each Employee shall vest only upon and
concurrently with NGP I receiving, pursuant to Section 4.3(a), $303,017,555.52 in the aggregate. 
 (C) The
Legacy Tier III Units held by each Employee shall vest only upon and concurrently with NGP I receiving, pursuant to Section 4.3(a), $404,023,407.36 in the aggregate. 

(D) The New Tier I Units held by each Employee shall vest ratably over a five-year period following the grant of the
“New Tier I Units” of Rice Appalachia Holdings, LLC that corresponds, pursuant to the Master Reorganization Agreement, to the New Tier I Units granted thereunder to such Employee, with one-fifth vesting on the first anniversary of such
grant, and an additional one-fifth vesting on the each of the second, third, fourth and fifth anniversaries of such grant (with vesting between such anniversaries occurring pro rata determined by multiplying the number of such Incentive Units
that would vest on the next annual vesting date by a fraction with a numerator equal to the number of full months which have then elapsed since the last vesting date and a denominator of 12, and rounding to the closest whole number).  

(E) The New Tier II Units held by each Employee shall vest ratably over a five-year period following the grant of the
“New Tier II Units” of Rice Appalachia Holdings, LLC that corresponds, pursuant to the Master Reorganization Agreement, to the New Tier II Units granted thereunder to such Employee, with one-fifth vesting on the first anniversary of such
grant, and an additional one-fifth vesting on the each of the second, third, fourth and fifth anniversaries of such grant (with vesting between such anniversaries occurring pro rata determined by multiplying the number of such Incentive Units
that would vest on the next annual vesting date by a fraction with a numerator equal to the number of full months which have then elapsed since the last vesting date and a denominator of 12, and rounding to the closest whole number). 

  
 35 

 (F) The New Tier III Units held by each Employee shall vest only upon and
concurrently with the occurrence of New Tier III Payout. 
 (G) The New Tier IV Units held by each Employee shall vest only
upon and concurrently with the occurrence of New Tier IV Payout. 
 (ii) Unless otherwise agreed by the Board, all Incentive
Units that have not yet vested in accordance with the vesting requirements set forth in Section 3.3(b)(i) that are held by an Employee shall automatically, without any action required of any Person, be forfeited and thereby become null
and void, if and when such Person’s status as an Employee is terminated for any reason or without reason, including by termination, resignation, death or disability, and any vested, unforfeited Incentive Units held by such Person shall, upon
such termination, remain non-voting. 
 (iii) Anything herein to the contrary notwithstanding, unless otherwise agreed by the
Board in the case of Section 3.3(b)(iii)(B), all Incentive Units held by an Employee (regardless of whether vested or unvested) shall automatically be forfeited and thereby become null and void if and when such Person’s status as an
Employee is terminated: 
 (A) for “cause,” which shall mean by reason of such
holder’s: (1) conviction of, or plea of nolo contendere to, any felony or to any crime or offense causing substantial harm to PublicCo, the Company or any of their respective Affiliates or involving acts of theft, fraud,
embezzlement, moral turpitude or similar conduct, (2) repeated intoxication by alcohol or drugs during the performance of such holder’s duties in a manner that materially and adversely affects the holder’s performance of such duties,
(3) malfeasance, in the conduct of such holder’s duties, including (I) misuse or diversion of funds of PublicCo, the Company or any of their respective Affiliates, (II) embezzlement or (III) misrepresentations or concealments on any
written reports submitted to the Company or its Affiliates, (4) violation of any provision of this Agreement or of such Person’s agreements with any of PublicCo, the Company or their respective Affiliates or (5) failure to perform the
duties of such holder’s employment or service relationship with PublicCo, the Company or any of their respective Affiliates, or failure to follow or comply with the reasonable and lawful written directives of the Board or the managers or
directors of the Person that employs such holder or for whom such holder provides services; or  
 (B) by such
Employee’s resignation or early termination of service relationship. 
 (c) Upon any forfeiture or other termination of Incentive Units,
the Company shall amend Exhibit A to reflect such occurrence. 
 (d) The Company shall not issue any Incentive Units following the
Effective Date. 

  
 36 

 ARTICLE IV 

ALLOCATIONS AND DISTRIBUTIONS 

Section 4.1 Allocations of Profits and Losses. After giving effect to the allocations under Section 4.2, the Members shall
share Company Net Profits and Net Losses and all related items of income, gain, loss, deduction and credit for federal income tax purposes as follows: 

(a) Net Profits and Net Losses for each fiscal year shall be allocated among the Members in such manner as shall cause the Capital Accounts of
each Member to equal, as nearly as possible, (i) the amount such Member would receive if all assets on hand at the end of such year were sold for cash at the Carrying Values of such assets, all liabilities were satisfied in cash in accordance
with their terms (limited in the case of Member Nonrecourse Debt and Company Nonrecourse Liabilities to the Carrying Value of the assets securing such liabilities) and any remaining or resulting cash was distributed to the Members under
Section 4.3(a), minus (ii) an amount equal to such Member’s allocable share of Minimum Gain as computed on the last day of such fiscal year in accordance with the applicable Treasury Regulations. 

(b) The Board shall make the foregoing allocations as of the last day of each fiscal year; provided, however, that if
during any fiscal year of the Company there is a change in any Member’s Company Interest, the Board shall make the foregoing allocations as of the date of each such change in a manner which takes into account the varying interests of the
Members and in a manner the Board reasonably deems appropriate. 
 Section 4.2 Special Allocations. 

(a) Notwithstanding any of the provisions of Section 4.1 to the contrary: 

(i) If during any fiscal year of the Company there is a net increase in Minimum Gain attributable to a Member
Nonrecourse Debt that gives rise to Member Nonrecourse Deductions, each Member bearing the economic risk of loss for such Member Nonrecourse Debt shall be allocated items of Company deductions and losses for such year (consisting first of cost
recovery or depreciation deductions with respect to property that is subject to such Member Nonrecourse Debt and then, if necessary, a pro rata portion of the Company’s other items of deductions and losses, with any remainder being
treated as an increase in Minimum Gain attributable to Member Nonrecourse Debt in the subsequent year) equal to such Member’s share of Member Nonrecourse Deductions, as determined in accordance with applicable Treasury Regulations. 

(ii) If for any fiscal year of the Company there is a net decrease in Minimum Gain attributable to Company Nonrecourse
Liabilities, each Member shall be allocated items of Company income and gain for such year (consisting first of gain recognized from the Transfer of Company property subject to one or more Company Nonrecourse Liabilities and then, if necessary, a
pro rata portion of the Company’s other items of income and gain, and if necessary, for subsequent years) equal to such Member’s share of such net decrease (except to the extent such Member’s share of such net decrease
is caused by a change in debt structure with such Member commencing to bear the 

  
 37 

 
economic risk of loss as to all or part of any Company Nonrecourse Liability or by such Member contributing capital to the Company that the Company uses to repay a Company Nonrecourse Liability),
as determined in accordance with applicable Treasury Regulations. 
 (iii) If for any fiscal year of the Company there
is a net decrease in Minimum Gain attributable to a Member Nonrecourse Debt, each Member bearing the economic risk of loss for such Member Nonrecourse Debt shall be allocated items of Company income and gain for such year (consisting first of gain
recognized from the Transfer of Company property subject to Member Nonrecourse Debt, and then, if necessary, a pro rata portion of the Company’s other items of income and gain, and if necessary, for subsequent years) equal to such
Member’s share of such net decrease (except to the extent such Member’s share of such net decrease is caused by a change in debt structure such that the Member Nonrecourse Debt becomes partially or wholly a Company Nonrecourse Liability or
by the Company’s use of capital contributed by such Member to repay the Member Nonrecourse Debt) as determined in accordance with applicable Treasury Regulations. 

(b) The Net Losses allocated pursuant to this Article IV shall not exceed the maximum amount of Net Losses that can be allocated to a
Member without causing or increasing a deficit balance in the Member’s Adjusted Capital Account balance. All Net Losses in excess of the limitations set forth in this Section 4.2(b) shall be allocated to Members with positive
Adjusted Capital Account balances remaining at such time in proportion to such positive balances. In the event an allocation of Net Losses has been made to any Member(s) pursuant to the terms of this Section 4.2(b), Net Profits shall be
allocated to such Member(s), in proportion to the amount of such allocation of Net Losses, until such Member(s) receive an allocation of Net Profits equal to such amount of Net Losses allocated pursuant to the terms of this
Section 4.2(b). 
 (c) In the event that a Member unexpectedly receives any adjustment, allocation or distribution described in
Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) that causes or increases a deficit balance in such Member’s Adjusted Capital Account, items of Company income and gain shall be allocated to that Member in an
amount and manner sufficient to eliminate the deficit balance as quickly as possible; provided, however, that an allocation pursuant to this Section 4.2(c) shall be made only if and to the extent that such Member would have
a deficit balance in its Adjusted Capital Account after all other allocations provided for in this Section 4.2 have been tentatively made as if this Section 4.2(c) were not in this Agreement. This Section 4.2(c)
is intended to constitute a qualified income offset under Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

(d) In the event that any Member has a deficit balance in its Adjusted Capital Account at the end of any fiscal period, such Member shall be
allocated items of Company gross income and gain in the amount of such deficit as quickly as possible; provided, however, that an allocation pursuant to this Section 4.2(d) shall be made only if and to the extent that such
Member would have a deficit balance in its Adjusted Capital Account after all other allocations provided for in this Section 4.2 have been tentatively made as if Section 4.2(c) and this Section 4.2(d) were not in
this Agreement. 

  
 38 

 (e) To the extent an adjustment to the adjusted tax basis of any Company properties
pursuant to Internal Revenue Code Section 734(b) or Internal Revenue Code Section 743(b) is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4) to be taken into account in
determining Capital Accounts as the result of a distribution to any Member in complete liquidation of such Member’s Company Interests, the amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be allocated to the Members in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(2) if such Treasury Regulation
Section applies, or to the Member to whom such distribution was made if Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4) applies. 

(f) If any holder of Incentive Units forfeits all or a portion of such Company Interests, such holder shall be allocated items of loss and
deduction in the year of such forfeiture in an amount equal to the portion of such holder’s Capital Account attributable to such forfeited Company Interests. 

(g) The allocations set forth in subsections (a) through (e) of this Section 4.2 (collectively, the
“Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations that are made be offset either with
other Regulatory Allocations or with special allocations pursuant to this Section 4.2(g). Therefore, notwithstanding any other provisions of this Article IV (other than the Regulatory Allocations), the Board shall make such
offsetting special allocations in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member’s Adjusted Capital Account balance is, to the extent possible, equal to the Adjusted Capital Account
balance such Member would have had if the Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to Section 4.1 and the remaining subsections of this Section 4.2. 

Section 4.3 Distributions. 

(a) The Board may cause the Company to distribute available cash or other assets or property of the Company at such times and in such amounts
as the Board, in its sole discretion, determines to be appropriate; provided, however, that except as consented to by Rice Holdings, the Company may not distribute shares of common stock of PublicCo to its Members, unless NGP I or NGP
II represents to the Company prior to such distribution that it intends to distribute all such shares received by it in such distribution to the limited partners of its applicable parent investment funds. For purposes of this Agreement, the value of
each share of common stock of PublicCo distributed hereunder shall be deemed to be equal to the Distributable Amount Value. All such distributions made pursuant to this Section 4.3(a) shall be made to the Members as follows and in the
following order of priority: 
 (i) Concurrently with the distributions made pursuant to Section 4.3(a)(ii),
41.1953092% to the Members as follows: 
 (A) 100% to NGP I until NGP I has received total distributions pursuant to
Section 4.3(a)(i) of $202,011,703.68; 

  
 39 

 (B) next, 90% to NGP I and 10% to the holders of Legacy Tier I Units until NGP I
has received total distributions pursuant to Section 4.3(a)(i) of $303,017,555.52; 
 (C) next, 80% to NGP I, 10%
to the holders of Legacy Tier I Units, and 10% to the holders of Legacy Tier II Units until NGP I has received total distributions pursuant to Section 4.3(a)(i) of $404,023,407.36; 

(D) thereafter, 70% to NGP I, 10% to the holders of Legacy Tier I Units, 10% to the holders of Legacy Tier II Units, and 10% to
the holders of Legacy Tier III Units 
 Distributions to the holders of Legacy Tier I Units, Legacy Tier II Units and Legacy Tier III Units
shall be allocated among the holders of such Units pro rata, in accordance with the number of such Units held by each holder. 

(ii) Concurrently with the distributions made pursuant to Section 4.3(a)(i), 58.8046908% to the Members as follows:

 (A) 100% to NGP II until New Tier I Payout has occurred; 

(B) Next, 80% to NGP II and 20% to the holders of New Tier I Units until the earlier of New Tier II Payout or New Tier III
Payout; 
 (C) If New Tier II Payout has not occurred, then until Tier II Payout occurs: 

(1) then, 75% to NGP II, 20% to the Members holding New Tier I Units, and 5% to the Members holding New Tier III Units until
New Tier IV Payout occurs; and 
 (2) then, 70% to NGP II, 20% to the Members holding New Tier I Units, 5% to the Members
holding New Tier III Units, and 5% to the Members holding New Tier IV Units. 
 (D) After New Tier II Payout has occurred:

 (1) if New Tier III Payout has not yet occurred, 75% to NGP II, 20% to the holders of New Tier I Units and 5% to the
holders of New Tier II Units until New Tier III Payout occurs; 
 (2) then, 70% to NGP II, 20% to the holders of New Tier I
Units, 5% to the holders of New Tier II Units and 5% to the holders of New Tier III Units until New Tier IV Payout occurs: 

(3) thereafter, 65% to NGP II, 20% to the holders of New Tier I Units, 5% to the holders of New Tier II Units, 5% to the
holders of New Tier III Units and 5% to the holders of New Tier IV Units. 

  
 40 

 Distributions to the holders of New Tier I Units, New Tier II Units, New Tier III Units and New
Tier IV Units shall be allocated among the holders of such Units pro rata, in accordance with the number of such Units held by each holder. 

(b) Prior to making distributions to the Members pursuant to Section 4.3(a), and subject to applicable law, the Board shall cause
the Company to pay to the Members within 90 days after the end of each year an amount equal to the lesser of (i) the excess of the available cash of the Company over the liabilities of the Company on such date, as determined by the Board, or
(ii) an amount equal to the highest marginal federal and applicable state income tax rate for individuals (taking into account the character of the taxable income (e.g., long-term capital gain, qualified dividend income, ordinary income, etc.))
multiplied by the taxable income of the Company, if any, for such year, such payment to be made among the Members in the same percentages as the taxable income for such year was allocated. Any such payments to a Member under this
Section 4.3(b) shall be deemed to be a draw against such Member’s share of future distributions under Sections 4.3(a) and 8.2(b), so that such Member’s share of such future distributions shall be reduced by the
amounts previously drawn under this Section 4.3(b) until the aggregate reductions in such distributions equal the aggregate draws made under this Section 4.3(b). 

(c) No distribution may be made by the Company except in accordance with this Section 4.3 or Article VIII. 

Section 4.4 Income Tax Allocations. 

(a) Except as provided in this Section 4.4, each item of income, gain, loss and deduction of the Company for federal income tax
purposes shall be allocated among the Members in the same manner as such items are allocated for Capital Account purposes under Sections 4.1 and 4.2. 

(b) The Members recognize that, with respect to Adjusted Property, there will be a difference between the Carrying Value of such property at
the time of revaluation and the adjusted tax basis of such property at the time. All items of tax depreciation, cost recovery, amortization, amount realized and gain or loss with respect to such Adjusted Property shall be allocated among the Members
to take into account the disparities between the Carrying Values and the adjusted tax basis with respect to such properties in accordance with the provisions of Sections 704(b) and 704(c) of the Internal Revenue Code and the Treasury Regulations
under those sections; provided, however, that any tax items not required to be allocated under Sections 704(b) or 704(c) of the Internal Revenue Code shall be allocated in the same manner as such gain or loss would be allocated for
Capital Account purposes under Sections 4.1 and 4.2. In making such allocations under Section 704(c) of the Internal Revenue Code, the Board shall use the remedial allocation method pursuant to Treasury Regulation
Section 1.704-3(d). 
 (e) All recapture of income tax deductions resulting from the Transfer of Company property shall, to the maximum
extent possible, be allocated to the Member to whom the deduction that gave rise to such recapture was allocated hereunder to the extent that such Member is allocated any gain from the Transfer of such property. For this purpose, deductions that
were allocated as a component of Net Profit or Net Loss shall be treated as if allocated in the same manner as the allocation of the related Net Profit or Net Loss. 

  
 41 

 (f) Allocations pursuant to this Section 4.4 are solely for purposes of U.S. federal,
state and local taxes and, except as otherwise specifically provided, shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Net Profit, Net Loss, other items or distributions pursuant to
any provision of this Agreement. 
 ARTICLE V 

MANAGEMENT AND RELATED MATTERS 

Section 5.1 Power and Authority of Board. 

(a) The Company shall be managed by a Board of Managers (the “Board”). The Company shall initially have three
(3) managers (each, a “Manager” and, collectively, the “Managers”). 
 (b) Subject to
Section 5.1(c), NGP shall have the right to designate each of the three (3) Managers, which Managers currently are Scott Gieselman, Chris Carter, and Cameron Dunn. NGP shall also have the right to remove any Manager with or without
cause. In the event that any Manager of the Company is removed or ceases to serve as a Manager of the Company during such Manager’s term of office, the resulting vacancy shall only be filled by NGP. Managers need not be Members or residents of
the State of Delaware. A Manager must be a natural person. 
 (c) Except as otherwise expressly provided in this Agreement, all management
powers over the business and affairs of the Company shall be exclusively vested in the Board, and the Members shall have no right of control over the business and affairs of the Company. In addition to the powers now or hereafter granted to managers
under the Act or which are granted to the Board under any other provision of this Agreement, the Board shall have full power and authority to do all things deemed necessary or desirable by it to conduct the business of the Company in the name of the
Company. 
 (d) Notwithstanding the foregoing, the Company (and the officers, authorized persons, employees, and agents acting on behalf of
the Company) shall not, either acting on its own behalf or when acting as controlling equity-holder of any of its subsidiaries (and the officers, authorized persons, employees, and agents acting on the Company’s behalf in such capacity) permit
such subsidiaries to, do any of the things described in this Section 5.1(d) without the consent of the Board (it being agreed that the below items are not intended to be an exclusive statement of all of the actions of the Board that
require prior approval of the members of the Board, and such provisions are in addition to any and all other requirements imposed by other provisions of this Agreement or applicable law): 

(i) approve, agree or consent to or make or enter into any agreement, transaction or take any other action the effect of which
is to cause, any fundamental change in the Company or any of its subsidiaries, or their respective businesses, including the following: (A) any material change in the Company’s or any of its subsidiaries’

  
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operating strategies; (B) any merger or consolidation or amalgamation, or liquidation, winding-up or dissolution, or Transfer of, in one transaction or a series of transactions, all or any
material part of their respective businesses or Properties, whether now owned or hereafter acquired; or (C) the institution of proceedings to be adjudicated a bankrupt or insolvent, or the consent to the institution of bankruptcy or insolvency
proceedings or the filing of a petition or consent to a petition seeking reorganization or relief under any applicable federal or state law relating to bankruptcy, or the consent to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator or other similar official, or an assignment for the benefit of creditors, or, except as may be required by any fiduciary obligation of the Board or as may be required by applicable law, the admission in writing of inability to pay debts
generally as they become due, or any corporate action in furtherance of any such action; 
 (ii) issue any Company Interest
or any equity interest in any of its subsidiaries or repurchase any Company Interest or any equity interest in any of its subsidiaries or otherwise call for payment upon any outstanding subscription or other funding by the Members; 

(iii) incur, create, authorize, issue, assume or suffer to exist any debt or any liens related thereto; 

(iv) create subsidiaries or make additional contributions or investments in any subsidiaries; 

(v) sell, lease or Transfer, directly or indirectly (including by way of any farm-out), any assets; 

(vi) enter into or modify in any material respect any (A) contract to sell or market hydrocarbons, or (B) hedge,
swap, futures, option, or other derivative transactions or contracts; 
 (vii) designate (or otherwise form, empower or
delegate any responsibility to) any committee of the Board; 
 (viii) make any distribution of cash or other assets or
property of the Company; or 
 (ix) take any other action required or permitted hereunder to be taken by the Board. 

(e) The Board may hold such meetings at such place and at such time as it may determine. Notice of a meeting shall be served not less than 24
hours before the date and time fixed for such meeting by confirmed facsimile or other written communication or not less than three days prior to such meeting if notice is provided by overnight delivery service. Notice of a meeting need not be given
to any Manager who signs a waiver of notice or provides a waiver by electronic transmission or a consent to holding the meeting or an approval of the minutes thereof, whether before or after the meeting, or who attends the meeting without
protesting, either prior thereto or at its commencement, the lack of notice to such Manager. A special meeting of the 

  
 43 

 
Board may be called by any member of the Board. Any member of the Board may participate in a meeting by conference telephone or similar communications equipment. Any action required or permitted
to be taken by the Board may be taken without a meeting if such action is evidenced in writing and signed by Managers representing a majority of the entire Board. At any meeting of the Board, the presence in person or by telephone or similar
electronic communication of Managers representing at least a majority of the Board shall constitute a quorum. 
 (f) Each Manager serving on
the Board shall have one vote on any Company matter. Except as otherwise provided in this Agreement, the business of the Company presented at any meeting of the Board shall be decided by a vote of Managers representing a majority of the entire
Board. 
 (g) In accomplishing all of the foregoing and in fulfilling its obligations pursuant to this Agreement, the Board may, in its sole
discretion, retain or use any Company Affiliates’ personnel, properties and equipment or the Board may hire or rent those of third parties and may employ on a temporary or continuing basis outside accountants, attorneys, consultants and others
on such terms as the Board deems advisable. No Person, firm or corporation dealing with the Company shall be required to inquire into the authority of the Board to take any action or make any decision. 

Section 5.2 Officers. 

(a) Designation. The Board may, from time to time, designate individuals (who need not be a Manager) to serve as officers or authorized
persons of the Company. The officers may, but need not, include a president and chief executive officer, a chief financial officer, a treasurer, one or more vice presidents and a secretary. Any two or more offices may be held by the same Person.

 (b) Term of Office; Removal; Filling of Vacancies. 

(i) Each officer and authorized person of the Company shall hold office until his successor is chosen and qualified in his
stead or until his earlier death, resignation, retirement, disqualification or removal from office. 
 (ii) Any officer or
authorized person may be removed at any time by the Board for any or no reason. Designation of an officer or authorized person shall not of itself create any contract rights in favor of such officer or authorized person. 

(iii) If the office of any officer becomes vacant for any reason, the vacancy may be filled by the Board. 

Section 5.3 Acknowledged and Permitted Activities. The Company and the Members acknowledge and agree that (i) none of the Managers
or NGP: (A) shall be prohibited or otherwise restricted by his or its relationship with the Company and its subsidiaries from engaging in the business of investing any other Person, entering into agreements to provide advisory services to any
Person or acting as a director or advisor to, or other principal of, any Person, regardless of whether such activities are in direct or indirect competition with the business or activities of any of the Company or its subsidiaries and (B) shall
have any obligation to offer the Company or its 

  
 44 

 
subsidiaries any business opportunity and (ii) the Company and the Members hereby renounce any interest or expectancy in any business opportunity pursued by any Person described in Clause
(A) and waive any claim that any such business opportunity constitutes a corporate, partnership or other business opportunity of any of the Company or its subsidiaries. Nothing in this Section 5.3 shall relieve any Person of his
confidentiality obligation with respect to Confidential Information as provided in Section 7.5. 
 Section 5.4 Duties and
Services of the Board. The Board shall comply in all respects with the terms of this Agreement. The Board shall be obligated to perform the duties, responsibilities and obligations of the Board hereunder only to the extent that funds of the
Company are available therefor. During the existence of the Company, each Manager serving on the Board shall devote such time and effort to the Company’s business as he deems necessary to manage and supervise Company business and affairs in an
efficient manner. 
 Section 5.5 Liability and Indemnification. 

(a) To the fullest extent permitted by law and notwithstanding any provision of this Agreement, no Member in its capacity as a Member,
Manager in his capacity as a Manager, officer in his or her capacity as an officer, or authorized person in his or her capacity as an authorized person shall have any duty, fiduciary or otherwise, to the Company or any Member in connection with the
business and affairs of the Company or any consent or approval given or withheld pursuant to this Agreement, other than the implied contractual covenant of good faith and fair dealing. The foregoing sentence will not be deemed to alter the
contractual obligations of a Member to another Member or the Company pursuant to the Transaction Documents. To the maximum extent permitted by applicable law, each Member acknowledges and agrees that any Manager, officer or authorized person shall
serve in such capacity to represent the interests of NGP and shall be entitled to consider only such interests (including the interests of NGP) and factors specified by NGP, and shall not owe duties, fiduciary or otherwise (including any duty of
disclosure), at law, in equity or under the Transaction Documents, to the Company, any other Member or to any creditor of the Company (even if the Company is insolvent or near insolvency), other than the implied contractual covenant of good faith
and fair dealing. To the maximum extent permitted by applicable law, each Member acknowledges and agrees that any Member may act hereunder to represent its own interests and shall be entitled to consider only such interests (including its own
interests), and shall not owe duties, fiduciary or otherwise (including any duty of disclosure), at law, in equity or under the Transaction Documents, to the Company, any other Member or to any creditor of the Company (even if the Company is
insolvent or near insolvency), other than the implied contractual covenants of good faith and fair dealing. The Company’s officers, authorized persons, the Board, the Members and their Affiliates, and their respective managers, members,
partners, officers, authorized persons, directors, employees, authorized persons and agents, shall not be liable, responsible or accountable in damages or otherwise to the Company or the other Members for any acts or omissions that do not constitute
a violation of the implied contractual covenant of good faith and fair dealing, and the Company shall indemnify to the maximum extent permitted under the Act and save harmless the Company’s officers, authorized persons, the Board and the
Members and their Affiliates, and their respective managers, members, partners, officers, authorized persons, directors, employees and agents (individually, an “Indemnitee”) from all liabilities reasonably incurred or suffered by
any such Indemnitee in connection with the activities of the Company or  

  
 45 

 
its subsidiaries. Any act or omission performed or omitted by an Indemnitee on advice of legal counsel or an independent consultant who has been employed or retained by the Company shall be
presumed to have been performed or omitted in good faith without gross negligence or willful misconduct. THE PARTIES RECOGNIZE THAT THIS PROVISION SHALL RELIEVE ANY SUCH INDEMNITEE FROM ANY AND ALL LIABILITIES, OBLIGATIONS, DUTIES, CLAIMS,
ACCOUNTS AND CAUSES OF ACTION WHATSOEVER ARISING OR TO ARISE OUT OF ANY NEGLIGENCE BY ANY SUCH INDEMNITEE, AND SUCH INDEMNITEE SHALL BE ENTITLED TO INDEMNIFICATION FROM ACTS OR OMISSIONS THAT MAY CONSTITUTE NEGLIGENCE. 

(b) The Company shall, to the maximum extent permitted under the Act, pay or reimburse expenses incurred by an Indemnitee in connection with
the Indemnitee’s appearance as a witness or other participation in a proceeding involving or affecting the Company at a time when the Indemnitee is not a named defendant or respondent in the proceeding. 

(c) The Board shall have the right to require that any contract entered into by the Company provide that the Board shall have no personal
liability for the obligations of the Company thereunder. 
 (d) The indemnification provided by this Section 5.5 shall be in
addition to any other rights to which each Indemnitee may be entitled under any agreement or vote of the Members, as a matter of law or otherwise, both as to action in the Indemnitee’s capacity as a Member or an officer, authorized person,
director, manager, employee or agent of a Member or as a Person serving at the request of the Company as set forth above and to action in another capacity, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall
inure to the benefit of the heirs, successors, assigns, administrators and personal representatives of the Indemnitees. 
 (e) In no event
may an Indemnitee subject the Members to personal liability by reason of this indemnification provision. 
 (f) An Indemnitee shall not be
denied indemnification in whole or in part under this Section 5.5 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this
Agreement. 
 (g) The Company hereby agrees, and the Members hereby acknowledge, that: (i) to the extent legally permitted and as
required by the terms of this Agreement and the Certificate (or by the terms of any other agreement between the Company and a Sponsor Indemnitee), (A) the Company is the indemnitor of first resort (i.e., its obligations to each Sponsor
Indemnitee are primary and any obligation of the Sponsor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by any Sponsor Indemnitee are secondary) and (B) the Company shall be required
to advance the full amount of expenses incurred by a Sponsor Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement, without regard to any rights that a Sponsor Indemnitee may
have against the Sponsor Indemnitors and (ii) the Company irrevocably waives, relinquishes and releases the Sponsor Indemnitors from any and all claims for 

  
 46 

 
contribution, subrogation or any other recovery of any kind in respect of any of the matters described in clause (i) of this sentence for which any Sponsor Indemnitee has received
indemnification or advancement from the Company. No advancement or payment by the Sponsor Indemnitors on behalf of any Sponsor Indemnitee with respect to any claim for which a Sponsor Indemnitee has sought indemnification from the Company shall
affect the foregoing and that the Sponsor Indemnitors shall have a right of contribution or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Sponsor Indemnitee against the Company. 

Section 5.6 Contracts with Affiliates. The Company may enter into contracts and agreements with any Member and/or any of its Affiliates
for the rendering of services and the sale and lease of supplies and equipment on such arm’s-length terms that are no less favorable to the Company than those available from unrelated third parties as determined by the Board. 

Section 5.7 Reimbursement of Members. The Company or its subsidiaries shall pay or reimburse to NGP all reasonable direct and indirect
costs and expenses incurred by NGP to the extent solely related to the Company, including legal fees and accounting fees. 
 Section 5.8
Insurance. The Company shall acquire and maintain insurance covering such risks and in such amounts as the officers or authorized persons of the Company shall, from time to time, determine to be necessary or appropriate. 

Section 5.9 Tax Elections and Status. 

(a) The Board shall make such tax elections on behalf of the Company as it shall deem appropriate in its sole discretion. 

(b) The Members agree to classify the Company as a partnership for income tax purposes. Therefore, any provision hereof to the contrary
notwithstanding, solely for income tax purposes, each of the Members hereby recognizes that the Company, so long as it has at least two Members, shall be subject to all provisions of subchapter K of Chapter 1 of Subtitle A of the Internal Revenue
Code and, to the extent permitted by law, any comparable state or local income tax provisions. Neither the Company, any Member nor any Manager shall make an election for the Company to be excluded from the application of the provisions of subchapter
K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state law or to be classified as other than a partnership pursuant to Treasury Regulation Section 301.7701-3. 

Section 5.10 Tax Returns. The Company shall deliver necessary tax information to each Member after the end of each fiscal year of the
Company. Not less than 60 days prior to the date (as extended) on which the Company intends to file its federal income tax return or any state income tax return but in any event no earlier than March 1 of each year, the return proposed by the
Board to be filed by the Company shall be furnished to the Members (other than Members holding Incentive Units) for review; provided, however, that an IRS Form K-1 or a good faith estimate of the amounts to be included on such IRS Form
K-1 for each Member shall be sent to each Member on or before March 1 of each year. In addition, not more than 10 days after the date on which the Company files its federal income tax return or any state income tax return, a copy of the return
so filed shall be furnished to the Members. 

  
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 Section 5.11 Tax Matters Member. NGP II shall be designated the tax matters member under
Section 6231 of the Internal Revenue Code (in such capacity, the “Tax Matters Member”). The Tax Matters Member is authorized to take such actions and to execute and file all statements and forms on behalf of the Company which may be
permitted or required by the applicable provisions of the Internal Revenue Code or Treasury Regulations issued thereunder. The Tax Matters Member shall have full and exclusive power and authority on behalf of the Company to represent the Company (at
the Company’s expense) in connection with all examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Company funds for professional services and costs associated
therewith. The Tax Matters Member shall keep the Members informed as to the status of any audit of the Company’s tax affairs, and shall take such action as may be necessary to cause any Member so requesting to become a “notice
partner” within the meaning of Section 6223 of the Internal Revenue Code. 
 Section 5.12 Outside Manager Expenses. Each
member of the Board shall be entitled to be reimbursed by the Company for all reasonable out-of-pocket expenses incurred by such Person in connection with the services rendered on behalf of, or for the benefit of, the Company. 

ARTICLE VI 
 RIGHTS OF
MEMBERS 
 Section 6.1 Rights of Members. Each of the Members shall have the right to: (a) have the Company books and
records (including those required under the Act) kept at the principal United States office of the Company and at all reasonable times to inspect and copy any of them at the sole expense of such Member for any reasonably requested purpose;
(b) have dissolution and winding up of the Company by decree of court as provided for in the Act and (c) exercise all rights of a Member under the Act (except to the extent otherwise specifically provided herein). Notwithstanding the
foregoing, the Members shall not have the right to receive data pertaining to the properties of the Company if the Company is subject to a valid agreement prohibiting the distribution of such data or if the Board shall otherwise determine that such
data is Confidential Information. 
 Section 6.2 Limitations on Members. No Member (in his or its capacity as a Member) shall:
(a) be permitted to take part in the business or control of the business or affairs of the Company; (b) have any voice in the management or operation of any Company property or (c) have the authority or power to act as agent for, or
on behalf of, the Company or any other Member, to do any act which would be binding on the Company or any other Member, or to incur any expenditures on behalf of or with respect to the Company. No Member (in his or its capacity as a Member) shall
hold out or represent to any third party that the Members have any such power or right or that the Members are anything other than “members” of the Company. The foregoing provision shall not be applicable to a Member acting in his or its
capacity as a member of the Board or an officer, authorized person or employee of the Company. 
 Section 6.3 Liability of Members.
Except as otherwise provided under the Act, the debts, liabilities, contracts and other obligations of the Company (whether arising in contract, tort or otherwise) shall be solely the debts, liabilities, contracts and other obligations of the

  
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Company, and no Member in its capacity as such shall be liable personally for any debts, liabilities, contracts or 

other obligations of: (i) the Company, except to the extent and under the circumstances set forth in any non-waivable provision of the Act or in any
separate written instrument signed by the applicable Member or (ii) any other Member. No Member shall have any responsibility to restore any negative balance in its Capital Account or to contribute to or in respect of the liabilities or
obligations of the Company or to return distributions made by the Company, except as expressly provided in this Agreement or required by any non-waivable provision of the Act. The agreement set forth in the immediately preceding sentence shall be
deemed to be a compromise with the consent of all of the Members for purposes of Section 18-502(b) of the Act. However, if any court of competent jurisdiction orders, holds or determines that, notwithstanding the provisions of this Agreement,
any Member is obligated to restore any such negative balance, make any such contribution or make any such return, such obligation shall be the obligation of such Member and not of any other Person. 

Section 6.4 Withdrawal and Return of Capital Contributions. No Member shall be entitled to (a) withdraw from the Company, except
upon the assignment by such Member of all of its Company Interest in accordance with Article IX or (b) the return of its Capital Contributions, except to the extent, if any, that distributions made pursuant to the express terms of this
Agreement may be considered as such by law or upon dissolution and liquidation of the Company, and then only to the extent expressly provided for in this Agreement and as permitted by law. 

Section 6.5 Voting Rights. Except as otherwise provided herein, to the extent that the vote of the Members may be required hereunder,
the act of NGP shall be an act of the Members. Notwithstanding anything in this Agreement to the contrary, with respect to any Company Interests held by any Member who is an Employee, such Company Interests shall be non-voting if and when such
Person’s status as an Employee is terminated for any reason or without reason, including by termination, resignation, death or disability and the Incentive Units will be non-voting. 

ARTICLE VII 
 BOOKS,
REPORTS, MEETINGS AND CONFIDENTIALITY 
 Section 7.1 Capital Accounts, Books and Records. 

(a) The Company shall keep books of account for the Company in accordance with the terms of this Agreement. Such books shall be maintained at
the principal office of the Company. 
 (b) An individual capital account (the “Capital Account”) shall be maintained by the
Company for each Member as provided below: 
 (i) The Capital Account of each Member shall, except as otherwise provided
herein, be increased by the amount of cash and the fair market value of any property contributed to the Company by such Member (net of liabilities secured by such contributed property that the Company is considered to assume or take subject to under
Section 752 of the Internal Revenue Code) and by such Member’s share of the Net Profits of the Company and special allocations under 

  
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Section 4.2, and shall be decreased by such Member’s share of the Net Losses of the Company and special allocations under Section 4.2 and by the amount of cash or the
fair market value of any property distributed to such Member (net of liabilities secured by such distributed property that such Member is considered to assume or take subject to under Section 752 of the Internal Revenue Code). 

(ii) Any adjustments of basis of Company property provided for under Sections 734 and 743 of the Internal Revenue Code and
comparable provisions of state law (resulting from an election under Section 754 of the Internal Revenue Code or comparable provisions of state law) shall not affect the Capital Accounts of the Members (unless otherwise required by applicable
Treasury Regulations), and the Members’ Capital Accounts shall be debited or credited pursuant to the terms of this Section 7.1 as if no such election had been made. 

(iii) Capital Accounts shall be adjusted, in a manner consistent with this Section 7.1, to reflect any adjustments
in items of Company income, gain, loss or deduction that result from amended returns filed by the Company or pursuant to an agreement by the Company with the Internal Revenue Service or a final court decision. 

(iv) It is the intention of the Members that the Capital Accounts of each Member be kept in the manner required under Treasury
Regulation Section 1.704-1(b)(2)(iv). To the extent any additional adjustment to the Capital Accounts is required by such regulation, the Board is hereby authorized to make such adjustment after notice to the Members. 

(v) In accordance with the provisions of Treasury Regulation Section 1.704-1(b)(2)(iv)(f), upon a Member’s
contribution to the Company of cash or properties in exchange for a Company Interest, the Capital Accounts of all Members and the Carrying Values of all Company properties shall, immediately prior to such issuance, be adjusted upward or downward to
reflect any Unrealized Gain or Unrealized Loss attributable to the Company properties, as if such Unrealized Gain or Unrealized Loss had been recognized on an actual Transfer of each such property immediately prior to such contribution for an amount
equal to its fair market value and had been allocated to the Members at such time pursuant to Sections 4.1 and 4.2. 

(vi) Any Person who acquires a Company Interest directly from a Member, or whose Company Interest shall be increased by means
of a Transfer to it of all or part of the Company Interest of another Member, shall have a Capital Account (including a credit for all Capital Contributions made by such Member Transferring such Company Interest) which includes the Capital Account
balance of the Company Interest or portion thereof so acquired or Transferred. 
 Section 7.2 Bank Accounts. The Board shall cause
one or more Company accounts to be maintained in a bank (or banks) that is a member of the Federal Deposit Insurance Corporation or some other financial institution, which accounts shall be used for the payment of the expenditures incurred by the
Company in connection with the business of the Company, and in which shall be deposited any and all receipts of the Company. The Board shall determine the number of and the Persons who will be authorized as signatories on each such bank account. The
Company may invest the Company funds in such money market accounts or other investments as the Board shall determine to be of high quality. 

  
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 Section 7.3 Reports. The Company shall provide NGP with copies of such financial reports
as shall be reasonably requested from time to time and such other information reasonably requested by NGP and any such other reports and financial information as the Board shall determine from time to time. 

Section 7.4 Meetings of Members. The Board may hold meetings of the Members from time to time to inform and consult with the Members
concerning the Company’s assets and such other matters as the Board deems appropriate, provided that nothing in this Section 7.4 shall require the Board to hold any such meetings. Such meetings shall be held at such times and
places, as often and in such manner, as shall be determined by the Board. The Board at its election may separately inform and consult with the Members for the above purposes without the necessity of calling and/or holding a meeting of the Members.
Notwithstanding the foregoing provisions of this Section 7.4, the Members shall not be permitted to take part in the business or control of the business of the Company; it being the intention of the parties that the involvement of the
Members as contemplated in this Section 7.4 is for the purpose of informing the Members with respect to various Company matters, explaining any information furnished to the Members in connection therewith, answering any questions the
Members may have with respect thereto and receiving any ideas or suggestions the Members may have with respect thereto; it being the further intention of the parties that the Board shall have full and exclusive power and authority on behalf of the
Company to acquire, manage, control and administer the assets, business and affairs of the Company in accordance with Section 5.1 and the other applicable provisions of this Agreement. 

Section 7.5 Confidentiality. No Member shall use, publish, disseminate or otherwise disclose, directly or indirectly, any Confidential
Information that should come into the possession of such Member for other than a proper Company purpose. No Member shall disclose any such Confidential Information, except as expressly authorized by this Agreement or by the Board, or as required by
law or governmental or regulatory authority. Each Member shall instruct all Affiliates (including their representatives, agents and counsel) to comply with this Section 7.5; provided, however, NGP I and NGP II shall only be
required to instruct their controlling Affiliates to comply with this Section 7.5. If a Member is required by law or court order to disclose information that would otherwise be Confidential Information under this Agreement, such Member
shall immediately notify the Company of such notice and provide the Company the opportunity to resist such disclosure by appropriate proceedings. The terms of this Section 7.5 shall survive with respect to each Member until the earlier
to occur of (a) the date following one year from the date of the liquidation of the Company and (b) the date following two years from the date such Member ceases to be a Member. 

  
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 ARTICLE VIII 

DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 8.1 Dissolution. The Company shall be dissolved only upon the occurrence of any of the following: 

(a) the consent in writing of NGP; 

(b) at any time when there are no Members; and 

(c) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act; 

provided, however, if the event described in Section 8.1(b) shall occur, the Company shall not be dissolved, and the business of the
Company shall be continued, if the requirements of Section 18-801 of the Act for the avoidance of dissolution are satisfied. 
 Section
8.2 Liquidation and Termination. Upon dissolution of the Company, the Board or, if the Board so desires, a Person selected by the Board, shall act as liquidator or shall appoint one or more liquidators who shall have full authority to wind up
the affairs of the Company and make final distribution as provided herein. The liquidator shall continue to operate the Company properties with all of the power and authority of the Board. The steps to be accomplished by the liquidator are as
follows: 
 (a) As promptly as possible after dissolution and again after final liquidation, the liquidator, if requested by any Member,
shall cause a proper accounting to be made by the Company’s independent accountants of the Company’s assets, liabilities and operations through the last day of the month in which the dissolution occurs or the final liquidation is
completed, as appropriate. 
 (b) The liquidator shall pay all of the debts and liabilities of the Company (including all expenses incurred
in liquidation) or otherwise make adequate provision therefor (including the establishment of a cash escrow fund for contingent liabilities in such amount and for such term as the liquidator may reasonably determine). After making payment or
provision for all debts and liabilities of the Company, the liquidator shall sell all properties and assets of the Company for cash as promptly as is consistent with obtaining the best price therefor; provided, however, that upon the
consent of NGP, the liquidator may distribute such properties in kind. All Net Profit and Net Loss (or other items of income, gain loss or deduction allocable under Section 4.2) realized on such sales shall be allocated to the Members as
provided in this Agreement, and the Capital Accounts of the Members shall be adjusted accordingly. In the event of a distribution of properties in kind, the liquidator shall first adjust the Capital Accounts of the Members by the amount of any Net
Profit and Net Loss (or other items of income, gain loss or deduction allocable under Section 4.2) that would have been recognized by the Members if such properties had been sold at fair market value. The liquidator shall then distribute
the proceeds of such sales or such properties to the Members in the manner provided in Section 4.3(a). If the foregoing distributions to the Members do not equal the Member’s respective positive Capital Account balances as
determined after giving effect to the foregoing adjustments and to all 

  
 52 

 
adjustments attributable to allocations of Net Profit and Net Loss realized by the Company during the taxable year in question and all adjustments attributable to contributions and distributions
of money and property effected prior to such distribution, then, the allocations of Net Profit and Net Loss provided for in this Agreement shall be adjusted, to the least extent necessary, to produce a Capital Account balance for each Member which
corresponds to the amount of the distribution to such Member. Each Member shall have the right to designate another Person to receive any property which otherwise would be distributed in kind to that Member pursuant to this Section 8.2.

 (c) Except as expressly provided herein, the liquidator shall comply with any applicable requirements of the Act and all other applicable
laws pertaining to the winding up of the affairs of the Company and the final distribution of its assets. 
 (d) The distribution of cash
and/or property to the Members in accordance with the provisions of this Section 8.2 shall constitute a complete return to the Members of their Capital Contributions and a complete distribution to the Members of their Company Interest
and all Company property. 
 ARTICLE IX 

ASSIGNMENTS OF COMPANY INTERESTS 

Section 9.1 Assignments of Company Interests. 

(a) No Member’s Company Interest or rights therein shall be Transferred, or made subject to an Indirect Transfer, in whole or in part,
without the prior written consent of the Board except as provided in this Section 9.1; provided, however, each of NGP I and NGP II may Transfer their respective Company Interests or make any Indirect Transfer subject to
compliance with Section 9.1(c), and, if applicable, Sections 9.1(e)(i) and 9.1(e)(iii); provided, further, if NGP I or NGP II Transfers any Company Interest or makes an Indirect Transfer (excluding, in each
case, any Excluded Affiliate Transfer), the proceeds of such Transfer must be distributed to all Members as though the sale proceeds had been distributed by the Company to the Members pursuant to Section 4.3(a). 

(b) Any Member (including Members holding Incentive Units) may assign his or its Company Interest without the consent of the Board pursuant to
an Excluded Affiliate Transfer. 
 (c) In addition to any of the other requirements and prohibitions in this Section 9.1, any
permitted Transfer must meet the availability of an exemption from registration under the Securities Act, and applicable state securities laws in connection with such Transfer and stating the factual and statutory bases relied upon by such counsel,
and the Company may require an opinion of counsel in form and substance reasonably acceptable to the Company and its counsel as to these matters as a condition to the effectiveness of such Transfers. 

(d) Any attempt by a Member to assign its Company Interest in violation of any provision of this Section 9.1 shall be void ab
initio. Unless an assignee of a Company Interest becomes a substituted Member in accordance with the provisions set forth below, such assignee shall not be entitled to any of the rights granted to a Member hereunder, other than the right to
receive allocations of income, gains, losses, deductions, credits and similar items and distributions to which the assignor would otherwise be entitled, to the extent such items are assigned. 

  
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 (e) An assignee of a Company Interest shall become a substituted Member entitled to all of the
rights of a Member if, and only if, (i) the assignor gives the assignee such right; (ii) the Board consents in writing to such substitution, the granting or denying of which shall be in the Board’s sole discretion; (iii) the
assignee executes and delivers such instruments, in form and substance satisfactory to the Board, as the Board may deem necessary or desirable to effect such substitution and to confirm the agreement of the assignee to be bound by all of the terms
and provisions of this Agreement and (iv) if the Board so requires, the assignee reimburses the Company for any costs incurred by the Company in connection with such assignment and substitution. Upon the satisfaction of such requirements, such
assignee shall be admitted as of such date as shall be provided for in any document evidencing such assignment as a substituted Member of the Company. 

(f) The Company and the Board shall be entitled to treat the record Member of any Company Interest as the absolute Member thereof in all
respects and shall incur no liability for distributions of cash or other property made in good faith to such Member until such time as a written assignment of such Company Interest that complies with the terms of this Agreement has been received by
the Board. 
 ARTICLE X 

REPRESENTATIONS AND WARRANTIES 

Each Member hereby represents and warrants to the Company and all other Members that such Member: 

(a) has sufficient financial resources to continue such Member’s investment in the Company for an indefinite period; 

(b) has adequate means of providing for its current needs and contingencies and can afford a complete loss of its investment in the Company;

 (c) intends to acquire and hold its Company Interest solely for its private investment and for its own account and with no view or
intention to Transfer such Company Interest (or any portion thereof); 
 (d) has no contract, undertaking, agreement or arrangement with any
Person to sell or otherwise Transfer to any Person, or to have any Person sell on behalf of such Member, its Company Interest (or any portion thereof), and such Member is not engaged in, and does not plan to engage within the foreseeable future in,
any discussion with any Person relative to the sale or any Transfer of its Company Interest (or any portion thereof); 
 (e) is not aware of
any occurrence, event or circumstance upon the happening of which such Member intends to attempt to Transfer its Company Interest (or any portion thereof), and such Member does not have any present intention of Transferring its Company Interest (or
any portion thereof) after the lapse of any particular period of time; 

  
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 (f) by making other investments of a similar nature and/or by reason of his/its business and
financial experience or the business and financial experience of those Persons it has retained to advise such Member with respect to its investment in the Company, is a sophisticated investor who has the capacity to protect its own interest in
investments of this nature and is capable of evaluating the merits and risks of this investment; 
 (g) has had all documents, records, books
and due diligence materials pertaining to this investment made available to such Member and such Member’s accountants and advisors; such Member has also had an opportunity to ask questions of and receive answers from the Company concerning this
investment; and such Member has all of the information deemed by such Member to be necessary or appropriate to evaluate the investment and the risks and merits thereof; 

(h) has a close business association with the Company or certain of its Affiliates, thereby making the Member a well-informed investor for
purposes of this investment; and 
 (i) is aware of the following: 

(i) the Company is newly organized and has no financial or operating history and, further, the investment in the Company is
speculative and involves a high degree of risk of loss by the Member of its entire investment, with no assurance of any income from such investment; 

(ii) no federal or state agency has made any finding or determination as to the fairness of the investment, or any
recommendation or endorsement, of such investment; 
 (iii) there are substantial restrictions on the Transferability of the
Company Interest of such Member, there will be no public market for the Company Interest and, accordingly, it may not be possible for such Member readily to liquidate its investment in the Company in case of emergency; 

(iv) an exemption from registration under the Securities Act or any applicable state securities laws under the Securities Act
or any applicable state securities laws may not be available if the Company Interest is acquired by such Member with a view to resale or distribution thereof under any conditions or circumstances as would constitute a distribution of such Company
Interest within the meaning and purview of the Securities Act or the applicable state securities laws; and 
 (v) any federal
or state income tax benefits which may be available to such Member may be lost through changes to existing laws and regulations or in the interpretation of existing laws and regulations; and in making this investment such Member is relying, if at
all, solely upon the advice of its own tax advisors with respect to the tax aspects of an investment in the Company. 

  
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 Each Member agrees that (x) its Company Interest shall not be resold unless the provisions set forth in
Article IX are complied with and (y) it has no right to require registration of its Company Interest under the Securities Act or applicable state securities laws and, in view of the nature of the Company and its business, such
registration is neither contemplated nor likely. 
 Each of the representations and warranties in this Article X made with respect to Company
Interests are hereby also given by each Member with respect to such Member’s interests (whether acquired hereafter or at any other time) in PublicCo. 

ARTICLE XI 

MISCELLANEOUS 
 Section
11.1 Notices. All notices, elections, demands or other communications required or permitted to be made or given pursuant to this Agreement shall be in writing and shall be considered as properly given or made on the date of actual delivery
(so long as delivery is made on a business day) if given by (a) personal delivery; (b) United States mail; (c) expedited overnight delivery service with proof of delivery or (d) via facsimile with confirmation of delivery,
addressed to the respective addressee(s). Any Member may change its address by giving notice in writing to the other Members of its new address. 

Section 11.2 Amendment. 

(a) In addition to the right of the Board to amend this Agreement as provided below, and except as otherwise provided below, any change,
modification or amendment to this Agreement shall be effective if made by an instrument in writing that has been duly approved by the Board and NGP. 

(b) Notwithstanding Section 11.2(a) with respect to any change, modification or amendment to this Agreement that would
(i) increase the liability or duties of any of the Members; (ii) change the contributions required of any of the Members; (iii) cause the Company to be taxed as a corporation or (iv) otherwise result in any disproportionate and
material adverse tax consequences for any Member, such change, modification or amendment shall not be binding on such Member unless contained in a written instrument duly executed by such Member; provided, however, that this
Section 11.2(b) shall not apply to the Board’s ability to amend this Agreement pursuant to Article III; provided further, that any amendment which is made to facilitate a merger or consolidation of the Company with any
other entity, to convert the Company into another entity, or to cause the Company to participate in an exchange of interests or some type of business combination with any other entity, shall require the approval only of the Board and NGP, if each of
the material terms and provisions of such merger, consolidation, conversion, exchange or combination provides for equal and/or proportionate treatment of each of the Members holding a class or series of Company Interests relative to the other
Members holding the same class or series of Company Interests. 
 (c) Notwithstanding anything herein to the contrary, the Board may change,
modify or amend this Agreement in a written instrument to (i) change the name of the Company; (ii) admit new or substituted Members in accordance with the terms of Article IX; (iii) in a manner

  
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that does not adversely affect the Members in any disproportionate and material respect and (iv) ensure that the Company is not and will not be treated as an association taxable as a
corporation for federal income tax purposes or to conform with changes in applicable tax law (provided, however, such changes do not have a material adverse effect on the Members); provided, however, that the Board
notifies the Members of such change, modification or amendment. 
 (d) Notwithstanding anything herein to the contrary, prior to
January 2, 2019, any change, amendment or modification to Sections 4.3 or 8.1 shall require the prior written consent of Rice Holdings. 

Section 11.3 Partition. Each of the Members hereby irrevocably waives for the term of the Company any right that such Member may have
to maintain any action for partition with respect to the Company property. 
 Section 11.4 Entire Agreement. This Agreement and the
other documents contemplated hereby constitute the full and complete agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior contracts or agreements with respect to the subject matter hereof, whether oral
or written, including the Original Agreement. 
 Section 11.5 Severability. Every provision in this Agreement is intended to be
severable. If any term or provision hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the remainder of this Agreement. 

Section 11.6 No Waiver. The failure of any Member to insist upon strict performance of a covenant hereunder or of any obligation
hereunder, irrespective of the length of time for which such failure continues, shall not constitute a waiver of such Member’s right to demand strict compliance in the future. No consent or waiver, express or implied, to or of any breach or
default in the performance of any obligation hereunder shall constitute a consent or waiver to or of any other breach or default in the performance of the same or any other obligation hereunder. 

Section 11.7 Applicable Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and
interpreted, construed and enforced in accordance with the internal laws of the State of Delaware, without regard to rules or principles of conflicts of law requiring the application of the law of another State. 

Section 11.8 Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit of, the Members and their
respective heirs, legal representatives, successors and assigns; provided, however, that no Member may Transfer all or any part of its rights or Company Interest or any interest under this Agreement, except in accordance with
Article IX. Nothing in this Agreement (express or implied) is intended to confer upon any Person other than the Members any rights or remedies of any nature whatsoever under or by reason of this Agreement; provided, however,
that each Indemnitee is hereby granted third-party beneficiary status with respect to Section 5.5 and shall be entitled to enforce such obligations as if such Indemnitee were a party hereto; provided, further, that Rice
Holdings is hereby granted third-party beneficiary status with respect to Section 11.2(d) and shall be entitled to enforce such obligations as if Rice Holdings were a party hereto. 

  
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 Section 11.9 Arbitration. Any dispute arising out of or relating to this Agreement, the
Transaction Documents or the Company, including claims sounding in contract, tort, statutory or otherwise (a “Dispute”), shall be settled exclusively and finally by arbitration in accordance with this Section 11.9. 

(a) Rules and Procedures. Such arbitration shall be administered by JAMS/Endispute, Inc., a Delaware corporation and national dispute
resolution company (“JAMS”), pursuant to (i) the JAMS Streamlined Arbitration Rules and Procedures, if the amount in controversy is $250,000 or less or (ii) the JAMS Comprehensive Arbitration Rules and Procedures, if the
amount in controversy exceeds $250,000 (each, as applicable, the “Rules”). The making, validity, construction and interpretation of this Section 11.9, and all procedural aspects of the arbitration conducted pursuant
hereto, shall be decided by the arbitrator(s). For purposes of this Section 11.9, “amount in controversy” means the stated amount of the claim, not including interest or attorneys’ fees, plus the stated amount of any
counterclaim, not including interest or attorneys’ fees. If the claim or counterclaim seeks a form of relief other than damages, such as injunctive or declaratory relief, it shall be treated as if the amount in controversy exceeds $250,000,
unless all parties to the Dispute otherwise agree. 
 (b) Discovery. Discovery shall be allowed only to the extent permitted by the
Rules. 
 (c) Time and Place. All arbitration proceedings hereunder shall be conducted in Dallas, Texas or such other location as all
parties to the Dispute may agree. Unless good cause is shown or all parties to the Dispute otherwise agree, the hearing on the merits shall be conducted within 180 days of the initiation of the arbitration, if the arbitration is being conducted
under the Streamlined Arbitration Rules, or within 270 days of the initiation of the arbitration, if the arbitration is being conducted under the Comprehensive Arbitration Rules. However, it shall not be a basis to challenge the outcome or result of
the arbitration proceeding that it was not conducted within the specified timeframe, nor shall the failure to conduct the hearing within the specified timeframe in any way waive the right to arbitration as provided for herein. 

(d) Arbitrator(s). 

(i) If the amount in controversy is $250,000 or less, the arbitration shall be before a single arbitrator selected by JAMS in
accordance with the Rules. 
 (ii) If the amount in controversy is more than $250,000, the arbitration shall be before a
panel of three arbitrators, selected in accordance with this paragraph. The party initiating the arbitration shall designate, with its initial filing, its choice of arbitrator. Within 30 days of the notice of initiation of the arbitration procedure,
the opposing party to the Dispute shall select one arbitrator. If any party to the Dispute shall fail to select an arbitrator within the required time, JAMS shall appoint an arbitrator for that party. In the event that the Dispute involves three or
more parties, JAMS shall determine the parties’ alignment pursuant to Rule 15 and each “side” shall have the right to appoint one arbitrator as provided above. The two arbitrators so selected shall select a third arbitrator, failing
agreement on which, the third arbitrator shall be selected in accordance with JAMS Rule 15. Notwithstanding that each party may select an arbitrator, all arbitrators (whether selected by the parties, JAMS or otherwise) shall be

  
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independent and shall disclose any relationship that he or she may have with any party to the Dispute at the time of their respective appointment. All arbitrators shall be subject to challenge
for cause under JAMS Rule 15. In the event that any party-selected arbitrator is struck for cause, JAMS shall appoint the replacement arbitrator. 

(e) Waiver of Certain Damages. Notwithstanding any other provision in this Agreement to the contrary, the Company and the Members
expressly agree that the arbitrators shall have absolutely no authority to award consequential, incidental, special, treble, exemplary or punitive damages of any type under any circumstances regardless of whether such damages may be available under
Delaware law, or any other laws, or under the Federal Arbitration Act or the Rules, unless such damages are a part of a third-party claim for which a Member is entitled to indemnification hereunder. 

(f) Limitations on Arbitrators. The arbitrators shall have authority to interpret and apply the terms and conditions of this Agreement
and to order any remedy allowed by this Agreement, including specific performance of the Agreement, but may not change any term or condition of this Agreement, deprive any Member of a remedy expressly provided hereunder or provide any right or
remedy that has been excluded hereunder. 
 (g) Form of Award. The arbitration award shall conform with the Rules, but also contain a
certification by the arbitrators that, except as permitted by Section 11.9(e), the award does not include any consequential, incidental, special, treble, exemplary or punitive damages. 

(h) Fees and Awards. The fees and expenses of the arbitrator(s) shall be borne equally by each side to the Dispute, but the decision of
the arbitrator(s) may include such award of the arbitrators’ expenses and of other costs to the prevailing side as the arbitrators may determine. In addition, the prevailing party shall be entitled to an award of its attorneys’ fees and
interest. 
 (i) Binding Nature. The decision and award shall be binding upon all of the parties to the Dispute and final and
nonappealable to the maximum extent permitted by law, and judgment thereon may be entered in a court of competent jurisdiction and enforced by any party to the Dispute as a final judgment of such court. 

Section 11.10 Spouses. 

(a) As a condition to becoming or remaining a Member, each Member that is an individual and is or becomes married, shall cause his or her
spouse to promptly execute an agreement in the form of Exhibit B. 
 (b) If any Company Interest is required by law to be Transferred
to a spouse of a holder thereof pursuant to an order of a court of competent jurisdiction in a divorce proceeding (notwithstanding the provisions of Section 9.1), then such holder shall nevertheless retain all rights with respect to such
interest and any interest of such spouse shall be subject to such rights of such holder. In addition, if it is determined that the holder will be required to pay any taxes attributable to such interest of the spouse in the Company, then any tax
liability of such holder that is attributable to such spouse’s interest shall be taken into account, and shall reduce such spouse’s interest in the Company; in no event shall the Company be required to provide any financial, valuation or
other information regarding the Company or any of its subsidiaries or Affiliates or any of their respective assets to the spouse or former spouse of such holder. 

  
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 (c) Any Company Interests held by an individual who has failed to cause his or her spouse to
execute an agreement in the form of Exhibit B and any Company Interests held by a Person who is an assignee shall be subject to the option of the Company to acquire all of such Person’s Company Interests for the fair market value
thereof, determined as of the date the Company elects to acquire such Company Interests. 
 (d) In the event of a property settlement or
separation agreement between a Member that is an individual and his or her spouse, such Member shall use his or her best efforts to assign to his or her spouse only the right to share in profits and losses, to receive distributions and to receive
allocations of income, gain, loss, deduction or credit or similar item to which the Member was entitled, to the extent assigned. 
 (e) If a
spouse or former spouse of a Member that is an individual acquires a Company Interest without prior approval of the Board, such spouse or former spouse hereby grants, as evidenced by Exhibit B, an irrevocable power of attorney (which shall be
coupled with an interest) to the original Member who held such Company Interest, as the case may be, to vote or to give or withhold such approval as such original Member shall himself or herself vote or approve with respect to such matter and
without the necessity of the taking of any action by any such spouse or former spouse. Such power of attorney shall not be affected by the subsequent disability or incapacity of the spouse or former spouse granting such power of attorney. Such
spouse or former spouse agrees that the Company shall have the option at any time to purchase all of the Company Interests, if any, acquired by such spouse or former spouse at fair market value. 

(f) This Section 11.10 shall apply mutatis mutandis to each Member, transferee or any of their respective Affiliates that is
controlled by (or for the benefit of) any current or former Employee, which Employee is married or becomes married, and such Employee’s spouse. 

Section 11.11 Counterparts. This Agreement may be executed in one or more counterparts (including by electronic means), each of which
shall be an original and all of which shall constitute but one and the same document. 
 Section 11.12 Representation. Each Member
hereby acknowledges that the Member has been advised that the Member should seek and has had the opportunity to seek independent legal counsel to review the Transaction Documents on the Member’s behalf and to obtain the advice of such legal
counsel relating to such documentation. 
 *     *     *     * 

[Signature Pages Attached] 

  
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 IN WITNESS WHEREOF, the Members have executed this Agreement as of the day and year first above
written. 
  

			
	NGP RE HOLDINGS, L.L.C.
	By:	 	NGP IX US HOLDINGS, LP, its Member
	By:	 	NGP IX Holdings GP, LLC, its General Partner
		
	By:	 	 
	                                    
    , Authorized Person
	
	NGP RE HOLDINGS II, L.L.C.
	By:	 	NGP X US HOLDINGS, L.P., its Managing Member
	By:	 	NGP X Holdings GP, L.L.C., its General Partner
		
	By:	 	 
	                                    
    , Authorized Person
	
	  
 GINA BANAI

	
	  
 JENNA
DIFRANCESCO

	
	  
 MATT FAHEY

	
	  
 JIDE
FAMUAGUN

	
	  
 KRIS
HANCOCK

	
	  
 RYAN KANTO

	
	  
 GLENN KING

	
	  
 MICHAEL
LAUDERBAUGH

 LIMITED LIABILITY COMPANY AGREEMENT 

SIGNATURE PAGES 

 
			
	  
 JOHN
LAVELLE

	
	  
 GRAY
LISENBY

	
	  
 DAVID
MILLER

	
	  
 VARUN
MISHRA

	
	  
 AILEEN
RICE

	
	  
 DANIEL J. RICE
IV

	
	  
 DEREK RICE

	
	  
 TOBY Z.
RICE

	
	  
 ROBERT
RIKEMAN

	
	  
 STEPHEN
RIKEMAN

	
	  
 JAMIE
ROGERS

	
	  
 ZACHARY
WILLENS

	
	  
 ROB WINGO

	
	  
 TONYA
WINKLER

 LIMITED LIABILITY COMPANY AGREEMENT 

SIGNATURE PAGES 

 EXHIBIT A 
  

																																							
	 Name
	 	Address	 	Carrying
Value	 	 	Equity of NGP Holdings held as of the Effective Date	 
	 	 	 	Capital
Interest	 	 	Legacy Tier
I Units	 	 	Legacy Tier
II Units	 	 	Legacy Tier
III Units	 	 	New Tier I
Units	 	 	New Tier
II Units	 	 	New Tier
III Units	 	 	New Tier
IV Units	 
	 NGP RE Holdings, L.L.C.
	 		 	 	[—	] 	 	 	Capital Interest	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  
	 NGP RE Holdings II, L.L.C.
	 		 	 	[—	] 	 	 	Capital Interest	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  
	 John Lavelle
	 		 	 	0	  	 	 	0	  	 	 	4.95	  	 	 	5	  	 	 	5	  	 	 	5.65	  	 	 	5.65	  	 	 	5.65	  	 	 	5.65	  
	 Varun Mishra
	 		 	 	0	  	 	 	0	  	 	 	9.90	  	 	 	10	  	 	 	10	  	 	 	7.87	  	 	 	7.87	  	 	 	7.87	  	 	 	7.87	  
	 Robert Rikeman
	 		 	 	0	  	 	 	0	  	 	 	4.95	  	 	 	5	  	 	 	5	  	 	 	9.78	  	 	 	9.78	  	 	 	9.78	  	 	 	9.78	  
	 David Miller
	 		 	 	0	  	 	 	0	  	 	 	0.99	  	 	 	1	  	 	 	1	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  
	 Jamie Rogers
	 		 	 	0	  	 	 	0	  	 	 	6.93	  	 	 	7	  	 	 	7	  	 	 	2.12	  	 	 	2.12	  	 	 	2.12	  	 	 	2.12	  
	 Ryan Kanto
	 		 	 	0	  	 	 	0	  	 	 	4.95	  	 	 	5	  	 	 	5	  	 	 	4.81	  	 	 	4.81	  	 	 	4.81	  	 	 	4.81	  
	 Zachary Willens
	 		 	 	0	  	 	 	0	  	 	 	9.90	  	 	 	10	  	 	 	10	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  
	 Gina Banai
	 		 	 	0	  	 	 	0	  	 	 	2.48	  	 	 	2.50	  	 	 	2.50	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  
	 Stephen Rikeman
	 		 	 	0	  	 	 	0	  	 	 	0.99	  	 	 	1	  	 	 	1	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  
	 Michael Lauderbaugh
	 		 	 	0	  	 	 	0	  	 	 	0.99	  	 	 	1	  	 	 	1	  	 	 	8.27	  	 	 	8.27	  	 	 	8.27	  	 	 	8.27	  
	 Glenn King
	 		 	 	0	  	 	 	0	  	 	 	4.95	  	 	 	5	  	 	 	5	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  
	 Toby Rice
	 		 	 	0	  	 	 	0	  	 	 	3.96	  	 	 	4	  	 	 	4	  	 	 	8.98	  	 	 	8.98	  	 	 	8.98	  	 	 	8.98	  
	 Daniel J. Rice IV
	 		 	 	0	  	 	 	0	  	 	 	6.93	  	 	 	7	  	 	 	7	  	 	 	7	  	 	 	0	  	 	 	0	  	 	 	0	  
	 Derek Rice
	 		 	 	0	  	 	 	0	  	 	 	6.93	  	 	 	7	  	 	 	7	  	 	 	7	  	 	 	0	  	 	 	0	  	 	 	0	  
	 Aileen Rice
	 		 	 	0	  	 	 	0	  	 	 	4.46	  	 	 	4.50	  	 	 	4.50	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  
	 Tonya Winkler
	 		 	 	0	  	 	 	0	  	 	 	2.48	  	 	 	2.50	  	 	 	2.50	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  
	 Gray Lisenby
	 		 	 	0	  	 	 	0	  	 	 	9.90	  	 	 	10	  	 	 	10	  	 	 	10.28	  	 	 	10.28	  	 	 	10.28	  	 	 	10.28	  
	 Jide Famuagun
	 		 	 	0	  	 	 	0	  	 	 	4.95	  	 	 	5	  	 	 	5	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  
	 Matt Fahey
	 		 	 	0	  	 	 	0	  	 	 	2.48	  	 	 	2.50	  	 	 	2.50	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  

  
 A-1 

																																							
	 Name
	 	Address	 	Carrying
Value	 	 	Equity of NGP Holdings held as of the Effective Date	 
	 	 	 	Capital
Interest	 	 	Legacy Tier
I Units	 	 	Legacy Tier
II Units	 	 	Legacy Tier
III Units	 	 	New Tier I
Units	 	 	New Tier
II Units	 	 	New Tier
III Units	 	 	New Tier
IV Units	 
	 Jenna Difrancesco
	 		 	 	0	  	 	 	0	  	 	 	2.48	  	 	 	2.50	  	 	 	2.50	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  
	 Kris Hancock
	 		 	 	0	  	 	 	0	  	 	 	2.48	  	 	 	2.50	  	 	 	2.50	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  
	 Rob Wingo
	 		 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	0	  	 	 	10	  	 	 	10	  	 	 	10	  	 	 	10	  

  
 A-2 

 EXHIBIT B 

Consent of Spouse 

I, the undersigned spouse of             , one of the Members of NGP
Rice Holdings LLC (the “Company”) or a Person who controls a Member of the Company, hereby acknowledge that I have read the Amended and Restated Limited Liability Company Agreement, dated
[            ], 2014 (the “Agreement”) and that I understand its contents. I hereby consent to and approve of the provisions of the Agreement, as it may be amended,
restated or supplemented from time to time in accordance with its terms, and agree that the Company Interests (as defined in the Agreement) held by my spouse and my interest in such Company Interests are subject to such provisions. I hereby agree,
for the benefit of the Company (which is relying hereupon) that (i) my spouse’s interest in the Company is subject to the Agreement and the other agreements referred to therein and any interest I may have in the Company or its equity shall
be irrevocably bound by the Agreement and the other agreements referred to therein and any community property interest of mine (if any) shall be similarly bound and (ii) I will take no action at any time to hinder the operations of the
Company. 
 Dated:
                                , 20__ 

 
  

Name:                   
                                         
                                         
                              

Address:                   
                                         
                                         
                          

  

 

 Schedule C 

Rice Holdings LLC Agreement 

  

 
 FORM OF 

AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

RICE ENERGY HOLDINGS LLC 

[            ], 2014 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  
	
	FORMATION OF COMPANY	  
	Section 1.1	 	 Formation
	  	 	1	  
	Section 1.2	 	 Name
	  	 	1	  
	Section 1.3	 	 Business
	  	 	1	  
	Section 1.4	 	 Places of Business; Registered Agent; Names and Addresses of Members
	  	 	2	  
	Section 1.5	 	 Term
	  	 	2	  
	Section 1.6	 	 Filings
	  	 	2	  
	Section 1.7	 	 Title to Company Property
	  	 	2	  
	Section 1.8	 	 No State Law Partnership
	  	 	2	  
	
	ARTICLE II	  
	
	DEFINITIONS AND REFERENCES	  
			
	Section 2.1	 	 Defined Terms
	  	 	3	  
	Section 2.2	 	 References and Titles
	  	 	10	  
	
	ARTICLE III	  
	
	CAPITALIZATION AND COMPANY INTERESTS	  
			
	Section 3.1	 	 Capital Contributions of Members
	  	 	10	  
	Section 3.2	 	 Return of Contributions
	  	 	10	  
	Section 3.3	 	 Incentive Units
	  	 	11	  
	
	ARTICLE IV	  
	
	ALLOCATIONS AND DISTRIBUTIONS	  
			
	Section 4.1	 	 Allocations of Profits and Losses
	  	 	12	  
	Section 4.2	 	 Special Allocations
	  	 	13	  
	Section 4.3	 	 Distributions
	  	 	15	  
	Section 4.4	 	 Income Tax Allocations
	  	 	17	  
	
	ARTICLE V	  
	
	MANAGEMENT AND RELATED MATTERS	  
			
	Section 5.1	 	 Power and Authority of Board
	  	 	17	  
	Section 5.2	 	 Officers
	  	 	20	  

  
 i 

							
	Section 5.3	 	 Acknowledged and Permitted Activities
	  	 	20	  
	Section 5.4	 	 Duties and Services of the Board
	  	 	20	  
	Section 5.5	 	 Liability and Indemnification
	  	 	20	  
	Section 5.6	 	 Contracts with Affiliates
	  	 	22	  
	Section 5.7	 	 Reimbursement of Members
	  	 	22	  
	Section 5.8	 	 Insurance
	  	 	23	  
	Section 5.9	 	 Tax Elections and Status
	  	 	23	  
	Section 5.10	 	 Tax Returns
	  	 	23	  
	Section 5.11	 	 Tax Matters Member
	  	 	23	  
	Section 5.12	 	 Outside Manager Expenses
	  	 	23	  
	
	ARTICLE VI	  
	
	RIGHTS OF MEMBERS	  
			
	Section 6.1	 	 Rights of Members
	  	 	24	  
	Section 6.2	 	 Limitations on Members
	  	 	24	  
	Section 6.3	 	 Liability of Members
	  	 	24	  
	Section 6.4	 	 Withdrawal and Return of Capital Contributions
	  	 	24	  
	Section 6.5	 	 Voting Rights
	  	 	25	  
	
	ARTICLE VII	  
	
	BOOKS, REPORTS, MEETINGS AND CONFIDENTIALITY	  
			
	Section 7.1	 	 Capital Accounts, Books and Records
	  	 	25	  
	Section 7.2	 	 Bank Accounts
	  	 	26	  
	Section 7.3	 	 Reports
	  	 	26	  
	Section 7.4	 	 Meetings of Members
	  	 	26	  
	Section 7.5	 	 Confidentiality
	  	 	27	  
	
	ARTICLE VIII	  
	
	DISSOLUTION, LIQUIDATION AND TERMINATION	  
			
	Section 8.1	 	 Dissolution
	  	 	27	  
	Section 8.2	 	 Liquidation and Termination
	  	 	27	  
	
	ARTICLE IX	  
	
	ASSIGNMENTS OF COMPANY INTERESTS	  
			
	Section 9.1	 	 Assignments of Company Interests
	  	 	29	  

  
 ii 

							
	
	ARTICLE X	  
	
	REPRESENTATIONS AND WARRANTIES	  
	
	ARTICLE XI	  
	
	MISCELLANEOUS	  
	Section 11.1	 	 Notices
	  	 	31	  
	Section 11.2	 	 Amendment
	  	 	32	  
	Section 11.3	 	 Partition
	  	 	32	  
	Section 11.4	 	 Entire Agreement
	  	 	32	  
	Section 11.5	 	 Severability
	  	 	33	  
	Section 11.6	 	 No Waiver
	  	 	33	  
	Section 11.7	 	 Applicable Law
	  	 	33	  
	Section 11.8	 	 Successors and Assigns
	  	 	33	  
	Section 11.9	 	 Arbitration
	  	 	33	  
	Section 11.10	 	 Spouses
	  	 	35	  
	Section 11.11	 	 Counterparts
	  	 	36	  
	Section 11.12	 	 Representation
	  	 	36	  

  
 iii 

 AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 RICE ENERGY HOLDINGS
LLC 
 THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of Rice Energy Holdings
LLC, a Delaware limited liability company (the “Company”), dated effective as of [            ] (the “Effective Date”), is adopted, executed
and agreed to by the Members (as defined below). 
 WHEREAS, the Company has been formed as a limited liability company under the
Delaware Limited Liability Company Act (the “Act”) by filing a certificate of formation with the Secretary of State of the State of Delaware on [            ] (as amended,
the “Certificate”); 
 WHEREAS, on [            ], 2014,
Rice Energy entered into that limited liability company agreement of the Company (as amended, the “Original Agreement”); and 

WHEREAS, pursuant to the Master Reorganization Agreement, dated as of
[            ], 2014, by and among the Company, the Members, and the other parties thereto (the “Master Reorganization Agreement”), the Members contributed their equity in
Rice Energy Appalachia Holdings LLC to the Company and, in certain cases, NGP in exchange for equity in the Company (as described further herein) and, in certain cases, NGP. 

NOW, THEREFORE, in consideration of the premises and the covenants and provisions hereinafter contained, the Members hereby amend and restate
the Original Agreement in its entirety and further agree as follows: 
 ARTICLE I 

FORMATION OF COMPANY 

Section 1.1 Formation. Subject to the provisions of this Agreement, the Members do hereby desire to establish this Agreement to
continue and govern the Company as a limited liability company under the provisions of the Act. The Company was formed upon the execution and filing of the Certificate by the organizer (such Person being hereby authorized to take such action) with
the Secretary of State of the State of Delaware. 
 Section 1.2 Name. The name of the Company shall be Rice Energy Holdings LLC, or
such other name as designated by the Board from time to time. The Board shall cause to be filed on behalf of the Company such assumed or fictitious name certificate or certificates or similar instruments as may from time to time be required by law.

 Section 1.3 Business. The business of the Company shall be, whether directly or indirectly through subsidiaries, to conduct all
activities permissible by applicable law. 

 Section 1.4 Places of Business; Registered Agent; Names and Addresses of Members. 

(a) The address of the principal United States office and place of business of the Company and its street address shall be 171 Hillpointe
Drive, Suite 301, Canonsburg, Pennsylvania 15317. The Board, at any time and from time to time, may change the location of the Company’s principal place of business upon giving prior written notice of such change to the Members and may
establish such additional place or places of business of the Company as the Board shall determine to be necessary or desirable. 
 (b) The
registered office of the Company in the State of Delaware shall be, and it hereby is, established and maintained at Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, and the registered agent for service of process on the
Company shall be the Corporation Trust Company, whose business address is the same as the Company’s registered office in Delaware. The Board, at any time and from time to time, may change the Company’s registered office or registered agent
or both by complying with the applicable provisions of the Act, and may establish, appoint and change additional registered offices and registered agents of the Company in such other states as the Board shall determine to be necessary or advisable.

 (c) The mailing address and street address of each of the Members shall be the same as for the Company, unless another address for such
Member is set forth on Exhibit A to this Agreement. 
 Section 1.5 Term. The Company shall continue until terminated in
accordance with Section 8.1. 
 Section 1.6 Filings. Upon the request of the Board, the Members shall promptly execute
and deliver all such certificates and other instruments conforming hereto as shall be necessary for the Board to accomplish all filing, recording, publishing and other acts appropriate to comply with all requirements for the formation and operation
of a limited liability company under the laws of the State of Delaware and for the qualification and operation of a limited liability company in all other jurisdictions where the Company shall propose to conduct business. Prior to conducting
business in any jurisdiction, the Board shall use its reasonable good faith efforts to cause the Company to comply with all requirements for the qualification of the Company to conduct business as a limited liability company in such jurisdiction.

 Section 1.7 Title to Company Property. All property owned by the Company, whether real or personal, tangible or intangible, shall
be deemed to be owned by the Company as an entity, and no Member, individually, shall have any ownership of such property. The Company may hold its property in its own name or in the name of a nominee which may be the Board or any of its Affiliates
or any trustee or agent designated by it. 
 Section 1.8 No State Law Partnership. The Members intend that the Company not be a
partnership (including a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member, for any purposes other than federal or state tax purposes, and this Agreement may not be construed to suggest
otherwise. 

  
 72 

 ARTICLE II 

DEFINITIONS AND REFERENCES 

Section 2.1 Defined Terms. When used in this Agreement, the following terms shall have the respective meanings set forth below: 

“Act” shall have the meaning assigned to such term in the recitals hereto. 

“Adjusted Capital Account” shall mean the Capital Account maintained for each Member, (a) increased by any amounts that
such Member is obligated to restore or is treated as obligated to restore under Treasury Regulation Sections 1.704-1(b)(2)(ii)(c), 1.704-2(g)(1) and 1.704-2(i)(5)), and (b) decreased by any amounts described in Treasury Regulation
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) with respect to such Member. The foregoing definition of “Adjusted Capital Account” is intended to comply with the provisions of Treasury Regulation Sections
1.704-1(b)(2)(ii)(d) and 1.704-2 and shall be interpreted consistently therewith. 
 “Adjusted Property” shall mean
any property the Carrying Value of which has been adjusted pursuant to Section 7.1(b)(v) or any property that has a Carrying Value different than the adjusted tax basis at the time of a Capital Contribution by a Member. 

“Affiliate” (whether or not capitalized) shall mean, with respect to any Person: (a) any other Person directly or
indirectly owning, controlling or holding power to vote 10% or more of the outstanding voting securities of such Person, (b) any other Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held with power to vote by such Person, (c) any other Person directly or indirectly controlling, controlled by or under common control with such Person and (d) any officer, director, member, partner or immediate family member of such
Person or any other Person described in subsection (a), (b) or (c) of this paragraph. Notwithstanding the foregoing or anything to the contrary, PublicCo and its subsidiaries shall not be deemed to be Affiliates or subsidiaries of the
Company and its subsidiaries; provided, however, in the definition of “cause”, each of PublicCo and its subsidiaries shall be deemed to be a subsidiary of the Company. 

“Agreement” shall have the meaning assigned to such term in the introductory paragraph of this document. 

“Board” shall have the meaning assigned to such term in Section 5.1(a). 

“Capital Account” shall have the meaning assigned to such term in Section 7.1(b). 

“Capital Contributions” shall mean for any Member at the particular time in question the aggregate of the dollar amounts of
any cash and the initial Carrying Value of any property contributed to the capital of the Company, or, if the context in which such term is used so indicates, the dollar amounts of cash or the fair market value of any property agreed to be
contributed, or requested to be contributed, by such Member to the capital of the Company. 
 “Capital Interest” shall mean
Rice Energy’s (and its successors’ and assigns’) membership interest in the Company, with the rights and obligations specified in this Agreement. 

  
 73 

 “Carrying Value” shall mean with respect to any asset, the value of such asset
as reflected in the Capital Accounts of the Members. The Carrying Value of any asset shall be such asset’s adjusted basis for federal income tax purposes, except as follows: 

(a) The initial Carrying Value of any asset contributed by a Member to the Company will be the fair market value of the asset
on the date of the contribution, as determined by the Board; provided, however, that the Carrying Value of the assets contributed by Rice Energy pursuant to the Master Reorganization Agreement shall be as set forth on Exhibit A.

 (b) The Carrying Value of all Company assets shall be adjusted to equal their respective fair market values, as determined
by the Board, upon (i) the acquisition of an additional Company Interest by any new or existing Member in exchange for a Capital Contribution that is not de minimis; (ii) the distribution by the Company to a Member of Company
property that is not de minimis as consideration for a Company Interest; (iii) the grant of a Company Interest for the performance of services that is not de minimis to or for the benefit of the Company by any new or existing
Member; (iv) the liquidation of the Company within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g)(1) (other than pursuant to Internal Revenue Code Section 708(b)(1)(B)); or (v) any other event to the
extent determined by the Board to be necessary to properly reflect Carrying Values in accordance with the standards set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(q); provided that adjustments pursuant to clauses
(i), (ii), and (iii) above shall be made only if the Board determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company. 

(c) The Carrying Value of any Company asset distributed to any Member shall be adjusted to equal the fair market value of such
asset on the date of distribution, as determined by the Board. 
 (d) The Carrying Value of all Company assets shall be
increased (or decreased) to reflect any adjustments to the adjusted basis of such property pursuant to Internal Revenue Code Section 734(b) or Internal Revenue Code Section 743(b), but only to the extent that such adjustments are taken
into account in determining Capital Accounts pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m) and clause (f) of the definition of Net Profit or Net Loss or Section 4.2(e); provided, however, that the Book
Value of Company assets shall not be adjusted pursuant to this clause (d) to the extent that the Board determines an adjustment pursuant to clause (b) is necessary or appropriate in connection with a transaction that would
otherwise result in an adjustment pursuant to this clause (d). 
 (e) If the Carrying Value of any Company asset
has been determined or adjusted pursuant to clauses (a), (b) or (d) hereof, the Carrying Value of an asset shall be adjusted by Depreciation taken into account with respect to such asset for purposes of computing Net
Profits, Net Losses and other items allocated pursuant to Sections 4.1 and 4.2. 

  
 74 

 (f) The Carrying Value of Company assets shall be adjusted at such other times as
required in the applicable Treasury Regulations. 
 “Company” shall have the meaning assigned to it in the introductory
paragraph of this Agreement. 
 “Company Interest” shall mean a membership interest in the Company, including any Capital
Interests and any Incentive Units. 
 “Company Nonrecourse Liabilities” shall mean nonrecourse liabilities (or portions
thereof) of the Company for which no Member bears the economic risk of loss in accordance with applicable Treasury Regulations. 

“Confidential Information” shall mean, without limitation, all proprietary and confidential information of the Company and
its subsidiaries or Affiliates, including business opportunities of the Company and its subsidiaries or Affiliates, intellectual property and any other information heretofore or hereafter acquired, developed or used by the Company and its
subsidiaries or Affiliates relating to their business, including any confidential information contained in any lease files, well files and records, land files, abstracts, title opinions, title or curative matters, contract files, seismic records,
electric logs, core data, pressure data, production records, geological and geophysical reports and related data, memoranda, notes, records, drawings, correspondence, financial and accounting information, customer lists, statistical data and
compilations, patents, copyrights, trademarks, trade names, inventions, formulae, methods, processes, agreements, contracts, manuals or any other documents relating to the business of the Company and its subsidiaries or Affiliates, developed by, or
originated by any third party and brought to the attention of, the Company and its Affiliates. 
 “Credited Shares” shall
have the meaning set forth in Section 4.3. 
 “Credited Value” shall have the meaning set forth in Section
4.3. 
 “D. Rice III” shall mean Daniel J. Rice III. 

“Depreciation” shall mean for each fiscal year or other period, an amount equal to the depreciation, amortization or other
cost recovery deduction allowable for federal income tax purposes with respect to an asset for such fiscal year or other period, except that if the Carrying Value of an asset differs from its adjusted basis for federal income tax purposes at the
beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Carrying Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period
bears to such beginning adjusted tax basis (unless the adjusted tax basis at the beginning of such year or other period is equal to zero, in which event Depreciation shall be determined under any reasonable method selected by the Board). 

“Dispute” shall have the meaning assigned to such term in Section 11.9. 

  
 75 

 “Distributable Amounts” shall mean, as of the date of determination, the
aggregate of (a) available cash of the Company, and (b) the product of (i) the sum of the number of shares of common stock of PublicCo held by the Company and the Credited Shares (as adjusted per Section 4.3), in each
case, as of such date, multiplied by (ii) the Distributable Amount Value, in excess of the liabilities of the Company on such date, in each case as determined by the Board. 

“Distributable Amount Value” means, as of the date of determination, with respect to any share of common stock of PublicCo,
the volume-weighted average trading price of a share of common stock of PublicCo on the New York Stock Exchange over the 30-trading day period ending on and including the trading day immediately preceding such date of determination; provided,
however, that for purposes of the Initial Distribution, subject to Section 4.3(a), the Distributable Amount Value shall mean the price per share of common stock of PublicCo to the public in the IPO. 

“Effective Date” shall have the meaning assigned to such term in the preamble hereto. 

“Employee” shall mean an individual who is employed by, or serves as an independent contractor for, PublicCo or any of its
subsidiaries. In the event any provision of this Agreement refers to the resignation of an Employee, such resignation or termination shall apply to the entity that is the employer of such Employee. 

“Excluded Affiliate Transfer” shall mean (a) any Transfer of a Company Interest by a Member who is a natural person to a
member of such Member’s family or to a revocable trust for estate planning purposes, but only if and for so long as such Transferring Member retains the exclusive right to vote such Company Interest following such Transfer; (b) any
Transfer occurring by operation of law upon the death or mental incapacity of a Member who is a natural person; (c) any Transfer to a corporation, partnership or limited liability company that is wholly owned and controlled (through voting
rights) by such Member, but only if and for so long as such Transferring Member retains the exclusive right to vote such Company Interest following such Transfer (provided, however, that any failure to retain the right to vote or the
failure to retain 100% ownership and control shall then immediately and automatically be deemed to be a Transfer that is not an Excluded Affiliate Transfer) and (d) any Transfer of a Company Interest by a Member that is a trust to the principal
beneficiary of that trust; provided, however, that, in the case of any Transfer described in clauses (a) – (d) above, such Transferee agrees to be bound by the terms of this Agreement, and any applicable
agreement with respect to such Company Interest (including that the provisions thereof relating to vesting, forfeiture and redemption shall continue to be applicable to such Company Interests after such Transfer as if held by the Transferring Member
regardless of the holder of such Company Interests) and evidences the same by executing a copy of this Agreement and such other documents as the Company may reasonably request promptly upon receiving the assignment of such Company Interest and
(ii) such Transferee shall not be entitled to make any further Excluded Affiliate Transfers, except for a Transfer of such acquired Company Interests back to such original holder or another Transfer that would have been an Excluded Affiliate
Transfer had such original holder made such Transfer. 
 “First Distribution Date” shall mean (a) in the event NGP
Alignment Date has occurred prior to December 3, 2015, the date that is 30 calendar days after the NGP Alignment Date or (b) otherwise, January 2, 2016. 

  
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 “First Scheduled Distribution” shall have the meaning set forth in Section
4.3(a). 
 “Incentive Units” shall mean the Company Interests issued as Tier I Units, Tier II Units or Tier III Units,
pursuant to Section 3.3 and reflected on Exhibit A as, from time to time, may be updated pursuant to this Agreement. 

“Indemnitee” shall have the meaning set forth in Section 5.5. 

“Indirect Transfer” shall mean (with respect to any Member that is a corporation, partnership, limited liability company or
other entity) a deemed Transfer of a Company Interest, which shall occur upon any Transfer of the ownership of, or voting rights associated with, the equity or other ownership interests in such Member. 

“Initial Distribution” shall have the meaning set forth in Section 4.3(a). 

“Internal Revenue Code” shall mean the Internal Revenue Code of 1986. 

“JAMS” shall have the meaning assigned to such term in Section 11.9(a). 

“Manager” shall have the meaning assigned to such term in Section 5.1(a). 

“Master Reorganization Agreement” shall have the meaning set forth in the recitals hereto. 

“Members” shall mean the Persons (including holders of Incentive Units) who from time to time shall execute a signature page
to this Agreement (including by counterpart) as the Members, including any Person who becomes a substituted Member of the Company pursuant to the terms hereof, but does not include any Person that ceases to hold any Company Interest. 

“Member Nonrecourse Debt” shall mean any nonrecourse debt of the Company for which any Member bears the economic risk of loss
in accordance with applicable Treasury Regulations. 
 “Member Nonrecourse Deductions” shall mean the amount of deductions,
losses and expenses equal to the net increase during the year in Minimum Gain attributable to a Member Nonrecourse Debt, reduced (but not below zero) by proceeds of such Member Nonrecourse Debt distributed during the year to the Members who bear the
economic risk of loss for such debt, as determined in accordance with applicable Treasury Regulations. 
 “Minimum Gain”
shall mean (a) with respect to Company Nonrecourse Liabilities, the amount of gain that would be realized by the Company if the Company Transferred (in a taxable transaction) all Company properties that are subject to Company Nonrecourse
Liabilities in full satisfaction of Company Nonrecourse Liabilities, computed in accordance with applicable Treasury Regulations or (b) with respect to each Member Nonrecourse Debt, the amount of gain that would be realized by the Company if
the Company Transferred (in a taxable transaction) the Company property that is subject to such Member Nonrecourse Debt in full satisfaction of such Member Nonrecourse Debt, computed in accordance with applicable Treasury Regulations. 

  
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 “Net Profit” or “Net Loss” shall mean, with respect to
any fiscal year or other fiscal period, the net income or net loss of the Company for such period, determined in accordance with federal income tax accounting principles and Section 703(a) of the Internal Revenue Code (including any items that
are separately stated for purposes of Section 702(a) of the Internal Revenue Code), with the following adjustments: 

(a) any income of the Company that is exempt from federal income tax shall be included as income; 

(b) any expenditures of the Company that are described in Section 705(a)(2)(B) of the Internal Revenue Code or treated as
so described pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i) shall be subtracted from such taxable income or loss; 

(c) in the event the Carrying Value of any Company asset is adjusted pursuant to clause (b) or clause
(c) of the definition of Carrying Value, the amount of such adjustment shall be taken into account as gain (if the adjustment increases the Carrying Value of the asset) or loss (if the adjustment decreases the Carrying Value of the asset)
from the disposition of such asset and shall, except to the extent allocated pursuant to Section 4.2, be taken into account for purposes of computing Net Profit or Net Loss; 

(d) gain or loss resulting from any Transfer of Company property with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Carrying Value of the property Transferred, notwithstanding that the adjusted tax basis for such property differs from its Carrying Value; 

(e) in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation for such fiscal year or other period; 
 (f) to the extent an
adjustment to the adjusted tax basis of any asset pursuant to Internal Revenue Code Section 734(b) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account
balances as a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss
(if the adjustment decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Net Profit or Net Loss; and 

(g) items specially allocated under Section 4.2 shall be excluded. 

“NGP” shall mean NGP Rice Holdings LLC. 

“NGP Alignment Date” shall mean that date on which NGP no longer holds (as a result of sale, distribution or otherwise) at
least 50% of shares of the common stock of PublicCo that it held on the date hereof. For purposes of the foregoing sentence, any shares of common stock of PublicCo sold by NGP in connection with PublicCo’s initial public offering shall be
deemed “held on the date hereof” by NGP. 

  
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 “Original Agreement” shall have the meaning set forth in the recitals hereto.

 “Person” (whether or not capitalized) shall mean any natural person, corporation, company, limited or general
partnership, joint stock company, joint venture, association, limited liability company, trust, bank, trust company, business trust or other entity or organization, whether or not a governmental authority. 

“PublicCo” means Rice Energy, Inc., and its successors and assigns. 

“Regulatory Allocations” shall have the meaning assigned to such term in Section 4.2(g). 

“Rice Energy” shall mean Rice Energy Family Holdings, LP, a Delaware limited partnership, and its successor and assigns. 

“Rules” shall have the meaning assigned to such term in Section 11.9(a). 

“Scheduled Distribution Date” shall mean the First Distribution Date and the first, second and third anniversaries thereof.

 “Second Scheduled Distribution” shall have the meaning set forth in Section 4.3(a). 

“Securities Act” shall mean the Securities Act of 1933. 

“Sponsor Indemnitees” shall mean those Indemnitees that have rights to indemnification, advancement of expenses or insurance
provided by the Sponsor Indemnitors. 
 “Sponsor Indemnitors” shall mean Rice Energy and its Affiliates. 

“Tax Matters Member” shall have the meaning assigned to such term in Section 5.11. 

“Third Scheduled Distribution” shall have the meaning set forth in Section 4.3(a). 

“Tier I Units” shall mean Tier I Units representing Company Interests with the rights and obligations specified in this
Agreement. 
 “Tier II Units” shall mean Tier II Units representing Company Interests with the rights and obligations
specified in this Agreement. 
 “Tier III Units” shall mean Tier III Units representing Company Interests with the rights
and obligations specified in this Agreement. 
 “Transaction Documents” shall mean, collectively, this Agreement, the
Master Reorganization Agreement and all other agreements, documents or instruments executed in conjunction with, or relation to, any of the foregoing. 

“Transfer,” or any derivation thereof, shall mean any sale, assignment, conveyance, mortgage, pledge, granting of security
interest in, or other disposition of a Company Interest or any asset of the Company, as the context may require. 

  
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 “Treasury Regulations” shall mean regulations promulgated by the United States
Treasury Department under the Internal Revenue Code. 
 “Unrealized Gain” attributable to any item of Company property
shall mean, as of any date of determination, the excess, if any, of (a) the fair market value of such property as of such date over (b) the Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to
Section 7.1(b)(v) as of such date). 
 “Unrealized Loss” attributable to any item of Company property shall
mean, as of any date of determination, the excess, if any, of (a) the Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to Section 7.1(b)(v) as of such date) over (b) the fair market
value of such property as of such date. 
 Section 2.2 References and Titles. All references in this Agreement to articles, sections,
subsections and other subdivisions refer to corresponding articles, sections, subsections and other subdivisions of this Agreement unless expressly provided otherwise. Titles appearing at the beginning of any of such subdivisions are for convenience
only and shall not constitute part of such subdivisions and shall be disregarded in construing the language contained in such subdivisions. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter genders shall be construed to include any other
gender, and words in the singular form shall be construed to include the plural and vice versa, unless the context otherwise requires. The word “including” (in its various forms) means including without limitation. All references to laws,
contracts, agreements and instruments refer to such laws, contracts, agreements and instruments as they may be amended from time to time, and references to particular provisions of laws or regulations include a reference to the corresponding
provisions of any succeeding law or regulation. 
 ARTICLE III 

CAPITALIZATION AND COMPANY INTERESTS 

Section 3.1 Capital Contributions of Members. 

(a) Pursuant to the Master Reorganization Agreement and contemporaneous with the execution date of this Agreement, Rice Energy made a Capital
Contribution to the Company in the amount set forth on the books and records of the Company and received in exchange therefor the Capital Interests. 

Section 3.2 Return of Contributions. No interest shall accrue on any contributions to the capital of the Company, and no Member shall
have the right to withdraw or to be repaid any capital contributed by such Member, except as otherwise specifically provided in this Agreement. 

  
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 Section 3.3 Incentive Units. 

(a) The following Incentive Units are hereby created, subject to the adjustments provided for in this Section 3.3: 

(i) 990,414 “Tier I Units,” which are held, as of the date hereof, by those individuals set forth on
Exhibit A in the amount opposite each such individual’s name in the column entitled “Tier I Units;” 

(ii) 1,000,000 “Tier II Units,” which are held, as of the date hereof, by those individuals set forth on
Exhibit A in the amount opposite each such individual’s name in the column entitled “Tier II Units;” and 

(iii) 1,000,000 “Tier III Units,” which are held, as of the date hereof, by those individuals set forth on
Exhibit A in the amount opposite each such individual’s name in the column entitled “Tier III Units.” 
 (b) The
Incentive Units are non-voting, and subject to vesting, forfeiture and termination as follows: 
 (i) (A) The Tier I
Units held by each Employee shall vest ratably over a three-year period following the grant of the “Legacy Tier I Units” of Rice Energy Appalachia Holdings, LLC that corresponds, pursuant to the Master Reorganization Agreement, to the Tier
I Units granted thereunder to such Employee, with one-third vesting on the first anniversary of such grant, an additional one-third vesting on the second anniversary of such grant and the remaining one-third vesting on the third anniversary of such
grant (with vesting between such anniversaries occurring pro rata determined by multiplying the number of such Incentive Units that would vest on the next annual vesting date by a fraction with a numerator equal to the number of full months
which have then elapsed since the last vesting date and a denominator of 12, and rounding to the closest whole number). 

(B) The Tier II Units held by each Employee shall vest only upon and concurrently with Rice Energy receiving, pursuant to
Section 4.3, $682,212,620.04 (in cash or otherwise) in the aggregate. 
 (C) The Tier III Units held by each
Employee shall vest only upon and concurrently with Rice Energy receiving, pursuant to Section 4.3, $909,616,826.72 (in cash or otherwise) in the aggregate. 

(ii) Unless otherwise agreed by the Board, all Incentive Units that have not yet vested in accordance with the vesting
requirements set forth in Section 3.3(b)(i) that are held by an Employee shall automatically, without any action required of any Person, be forfeited and thereby become null and void, if and when such Person’s status as an Employee
is terminated for any reason or without reason, including by termination, resignation, death or disability, and any vested, unforfeited Incentive Units held by such Person shall, upon such termination, remain non-voting. 

  
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 (iii) Anything herein to the contrary notwithstanding, unless otherwise agreed by
the Board in the case of Section 3.3(b)(iii)(B), all Incentive Units held by an Employee (regardless of whether vested or unvested) shall automatically be forfeited and thereby become null and void if and when such Person’s status
as an Employee is terminated: 
 (A) for “cause,” which shall mean by reason of such holder’s:
(1) conviction of, or plea of nolo contendere to, any felony or to any crime or offense causing substantial harm to PublicCo, the Company or any of their respective Affiliates or involving acts of theft, fraud, embezzlement, moral
turpitude or similar conduct, (2) repeated intoxication by alcohol or drugs during the performance of such holder’s duties in a manner that materially and adversely affects the holder’s performance of such duties,
(3) malfeasance, in the conduct of such holder’s duties, including (I) misuse or diversion of funds of PublicCo, the Company or any of their respective Affiliates, (II) embezzlement or (III) misrepresentations or concealments on any
written reports submitted to the Company or its Affiliates, (4) violation of any provision of this Agreement or of such Person’s agreements with any of PublicCo, the Company or their respective Affiliates or (5) failure to perform the
duties of such holder’s employment or service relationship with PublicCo, the Company or any of their respective Affiliates, or failure to follow or comply with the reasonable and lawful written directives of the Board or the managers or
directors of the Person that employs such holder or for whom such holder provides services; or 
 (B) by such Employee’s
resignation or early termination of service relationship. 
 (c) Upon any forfeiture or other termination of Incentive Units,
the Company shall amend Exhibit A to reflect such occurrence. 
 (d) The Company shall not issue any Incentive Units
following the Effective Date. 
 ARTICLE IV 

ALLOCATIONS AND DISTRIBUTIONS 

Section 4.1 Allocations of Profits and Losses. After giving effect to the allocations under Section 4.2, the Members shall
share Company Net Profits and Net Losses and all related items of income, gain, loss, deduction and credit for federal income tax purposes as follows: 

(a) Net Profits and Net Losses for each fiscal year shall be allocated among the Members in such manner as shall cause the Capital Accounts of
each Member to equal, as nearly as possible, (i) the amount such Member would receive if all assets on hand at the end of such year were sold for cash at the Carrying Values of such assets, all liabilities were satisfied in cash in accordance
with their terms (limited in the case of Member Nonrecourse Debt and Company Nonrecourse Liabilities to the Carrying Value of the assets securing such liabilities) and any remaining or resulting cash was distributed to the Members under
Section 4.3, minus (ii) an amount equal to such Member’s allocable share of Minimum Gain as computed on the last day of such fiscal year in accordance with the applicable Treasury Regulations. 

  
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 (b) The Board shall make the foregoing allocations as of the last day of each fiscal year;
provided, however, that if during any fiscal year of the Company there is a change in any Member’s Company Interest, the Board shall make the foregoing allocations as of the date of each such change in a manner which takes into
account the varying interests of the Members and in a manner the Board reasonably deems appropriate. 
 Section 4.2 Special
Allocations. 
 (a) Notwithstanding any of the provisions of Section 4.1 to the contrary: 

(i) If during any fiscal year of the Company there is a net increase in Minimum Gain attributable to a Member Nonrecourse Debt
that gives rise to Member Nonrecourse Deductions, each Member bearing the economic risk of loss for such Member Nonrecourse Debt shall be allocated items of Company deductions and losses for such year (consisting first of cost recovery or
depreciation deductions with respect to property that is subject to such Member Nonrecourse Debt and then, if necessary, a pro-rata portion of the Company’s other items of deductions and losses, with any remainder being treated as an increase
in Minimum Gain attributable to Member Nonrecourse Debt in the subsequent year) equal to such Member’s share of Member Nonrecourse Deductions, as determined in accordance with applicable Treasury Regulations. 

(ii) If for any fiscal year of the Company there is a net decrease in Minimum Gain attributable to Company Nonrecourse
Liabilities, each Member shall be allocated items of Company income and gain for such year (consisting first of gain recognized from the Transfer of Company property subject to one or more Company Nonrecourse Liabilities and then, if necessary, a
pro-rata portion of the Company’s other items of income and gain, and if necessary, for subsequent years) equal to such Member’s share of such net decrease (except to the extent such Member’s share of such net decrease is caused by a
change in debt structure with such Member commencing to bear the economic risk of loss as to all or part of any Company Nonrecourse Liability or by such Member contributing capital to the Company that the Company uses to repay a Company Nonrecourse
Liability), as determined in accordance with applicable Treasury Regulations. 
 (iii) If for any fiscal year of the Company
there is a net decrease in Minimum Gain attributable to a Member Nonrecourse Debt, each Member bearing the economic risk of loss for such Member Nonrecourse Debt shall be allocated items of Company income and gain for such year (consisting first of
gain recognized from the Transfer of Company property subject to Member Nonrecourse Debt, and then, if necessary, a pro-rata portion of the Company’s other items of income and gain, and if necessary, for subsequent years) equal to such
Member’s share of such net decrease (except to the extent such Member’s share of such net decrease is caused by a change in debt structure such that the Member Nonrecourse Debt becomes partially or wholly a Company Nonrecourse Liability or
by the Company’s use of capital contributed by such Member to repay the Member Nonrecourse Debt) as determined in accordance with applicable Treasury Regulations. 

  
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 (b) The Net Losses allocated pursuant to this Article IV shall not exceed the maximum
amount of Net Losses that can be allocated to a Member without causing or increasing a deficit balance in the Member’s Adjusted Capital Account balance. All Net Losses in excess of the limitations set forth in this Section 4.2(b)
shall be allocated to Members with positive Adjusted Capital Account balances remaining at such time in proportion to such positive balances. In the event an allocation of Net Losses has been made to any Member(s) pursuant to the terms of this
Section 4.2(b), Net Profits shall be allocated to such Member(s), in proportion to the amount of such allocation of Net Losses, until such Member(s) receive an allocation of Net Profits equal to such amount of Net Losses allocated
pursuant to the terms of this Section 4.2(b). 
 (c) In the event that a Member unexpectedly receives any adjustment, allocation
or distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) that causes or increases a deficit balance in such Member’s Adjusted Capital Account, items of Company income and gain shall be
allocated to that Member in an amount and manner sufficient to eliminate the deficit balance as quickly as possible; provided, however, that an allocation pursuant to this Section 4.2(c) shall be made only if and to the
extent that such Member would have a deficit balance in its Adjusted Capital Account after all other allocations provided for in this Section 4.2 have been tentatively made as if this Section 4.2(c) were not in this
Agreement. This Section 4.2(c) is intended to constitute a qualified income offset under Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

(d) In the event that any Member has a deficit balance in its Adjusted Capital Account at the end of any fiscal period, such Member shall be
allocated items of Company gross income and gain in the amount of such deficit as quickly as possible; provided, however, that an allocation pursuant to this Section 4.2(d) shall be made only if and to the extent that such
Member would have a deficit balance in its Adjusted Capital Account after all other allocations provided for in this Section 4.2 have been tentatively made as if Section 4.2(c) and this Section 4.2(d) were not in
this Agreement. 
 (e) To the extent an adjustment to the adjusted tax basis of any Company properties pursuant to Internal Revenue Code
Section 734(b) or Internal Revenue Code Section 743(b) is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as the result of a
distribution to any Member in complete liquidation of such Member’s Company Interests, the amount of such adjustment to Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the
adjustment decreases such basis) and such gain or loss shall be allocated to the Members in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(2) if such Treasury Regulation Section applies, or to the Member to whom such
distribution was made if Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4) applies. 
 (f) If any holder of Incentive Units forfeits
all or a portion of such Company Interests, such holder shall be allocated items of loss and deduction in the year of such forfeiture in an amount equal to the portion of such holder’s Capital Account attributable to such forfeited Company
Interests. 

  
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 (g) The allocations set forth in subsections (a) through (e) of this
Section 4.2 (collectively, the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory
Allocations that are made be offset either with other Regulatory Allocations or with special allocations pursuant to this Section 4.2(g). Therefore, notwithstanding any other provisions of this Article IV (other than the
Regulatory Allocations), the Board shall make such offsetting special allocations in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member’s Adjusted Capital Account balance is, to the extent
possible, equal to the Adjusted Capital Account balance such Member would have had if the Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to Section 4.1 and the remaining subsections
of this Section 4.2. 
 Section 4.3 Distributions. 

(a) Scheduled Distributions. 

(i) Initial Distribution. Within thirty days of the Effective Date, upon the request of Rice Energy, the Company shall
distribute (the “Initial Distribution”) [20,000,000] (or such lesser amount as requested by Rice Energy in its sole discretion) shares of common stock of PublicCo to Rice Energy. 

(ii) First Scheduled Distribution. Within 10 days following the First Distribution Date, the Company shall make a
distribution (the “First Scheduled Distribution”) to the Members in accordance with Section 4.3(b) in an amount equal to one-quarter of the Company’s then Distributable Amounts determined as of the First
Distribution Date. 
 (iii) Second Scheduled Distribution. Within 10 days following the first anniversary of the First
Distribution Date, the Company shall make a distribution (the “Second Scheduled Distribution”) to the Members in accordance with Section 4.3(b) in an amount equal to one-third of the Company’s then Distributable
Amounts determined as of the first anniversary of the First Distribution Date.  
 (iv) Third Scheduled
Distribution. Within 10 days following the second anniversary of the First Distribution Date, the Company shall make a distribution (the “Third Scheduled Distribution”) to the Members in accordance with
Section 4.3(b) in an amount equal to one-half of the Company’s then Distributable Amounts determined as of the second anniversary of the First Distribution Date.  

(v) Fourth Scheduled Distribution. Within 10 days following the third anniversary of the First Distribution Date, the
Company shall make a distribution in accordance with Section 4.3(b) of all of the Company’s property and assets. 

  
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 (b) Subject to Sections 4.3(c) and 4.3(d), all distributions made pursuant to
Section 4.3(a)(ii) through Section 4.3(a)(v) shall be made to the Members as follows and in the following order of priority: 

(i) First: 100% to Rice Energy until Rice Energy has received total distributions pursuant to Section 4.3 of
$454,808,413.36; 
 (ii) Second: 90% to Rice Energy and 10% to the holders of Tier I Units until Rice Energy has received
total distributions pursuant to Section 4.3 of $682,212,620.04; 
 (iii) Third: 80% to Rice Energy, 10% to the
holders of Tier I Units and 10% to the holders of Tier II Units until Rice Energy has received total distributions pursuant to Section 4.3 of $909,616,826.72; and 

(iv) Fourth: 70% to Rice Energy, 10% to the holders of Tier I Units, 10% to the holders of Tier II Units, and 10% to the
holders of Tier III Units. 
 Distributions to the holders of Tier I Units, Tier II Units and Tier III Units shall be allocated among the
holders of such Units pro rata, in accordance with the number of such Units held by each holder. 
 (c) The “Credited
Value” shall mean, with respect to the relevant date of determination, (x) the number of shares of common stock of PublicCo distributed to Rice Energy in the Initial Distribution (as adjusted from time to time pursuant to this
Section 4.3, the “Credited Shares”) multiplied by (y) the Distribution Amount Value determined as of such date. If the Credited Value is greater than zero on any Scheduled Distribution Date, any distribution payable
to Rice Energy on such date shall be deemed satisfied to the extent of such Credited Value. Following such Scheduled Distribution Date, the number of Credited Shares shall be reduced by an amount equal to the quotient of (x) the distribution
payable to Rice Energy in connection with such Scheduled Distribution Date divided by (y) the Distributable Amount Value as of such Scheduled Distribution Date. 

(d) Prior to making distributions (other than the Initial Distribution) to the Members, and subject to applicable law, the Board shall cause
the Company to pay to the Members within 90 days after the end of each year an amount equal to the lesser of (i) the excess of the available cash of the Company over the liabilities of the Company on such date, as determined by the Board, or
(ii) an amount equal to the highest marginal federal and applicable state income tax rate for individuals (taking into account the character of the taxable income (e.g., long-term capital gain, qualified dividend income, ordinary income, etc.))
multiplied by the taxable income of the Company, if any, for such year, such payment to be made among the Members in the same percentages as the taxable income for such year was allocated. Any such payments to a Member under this
Section 4.3(d) shall be deemed to be a draw against such Member’s share of future distributions under Sections 4.3(b) and 8.2(b), so that such Member’s share of such future distributions shall be reduced by the
amounts previously drawn under this Section 4.3(d) until the aggregate reductions in such distributions equal the aggregate draws made under this Section 4.3(d). 

  
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 (e) No distribution may be made by the Company except in accordance with this
Section 4.3 or Article VIII. 
 Section 4.4 Income Tax Allocations. 

(a) Except as provided in this Section 4.4, each item of income, gain, loss and deduction of the Company for federal income tax
purposes shall be allocated among the Members in the same manner as such items are allocated for Capital Account purposes under Sections 4.1 and 4.2. 

(b) The Members recognize that, with respect to Adjusted Property, there will be a difference between the Carrying Value of such
property at the time of revaluation and the adjusted tax basis of such property at the time. All items of tax depreciation, cost recovery, amortization, amount realized and gain or loss with respect to such Adjusted Property shall be allocated among
the Members to take into account the disparities between the Carrying Values and the adjusted tax basis with respect to such properties in accordance with the provisions of Sections 704(b) and 704(c) of the Internal Revenue Code and the Treasury
Regulations under those sections; provided, however, that any tax items not required to be allocated under Sections 704(b) or 704(c) of the Internal Revenue Code shall be allocated in the same manner as such gain or loss would be
allocated for Capital Account purposes under Sections 4.1 and 4.2. In making such allocations under Section 704(c) of the Internal Revenue Code, the Board shall use the remedial allocation method pursuant to Treasury Regulation
Section 1.704-3(d). 
 (e) All recapture of income tax deductions resulting from the Transfer of Company property shall, to the
maximum extent possible, be allocated to the Member to whom the deduction that gave rise to such recapture was allocated hereunder to the extent that such Member is allocated any gain from the Transfer of such property. For this purpose, deductions
that were allocated as a component of Net Profit or Net Loss shall be treated as if allocated in the same manner as the allocation of the related Net Profit or Net Loss. 

(f) Allocations pursuant to this Section 4.4 are solely for purposes of U.S. federal, state and local taxes and, except as
otherwise specifically provided, shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Net Profit, Net Loss, other items or distributions pursuant to any provision of this Agreement. 

ARTICLE V 
 MANAGEMENT
AND RELATED MATTERS 
 Section 5.1 Power and Authority of Board. 

(a) The Company shall be managed by a Board of Managers (the “Board”). The Company shall initially have three
(3) managers (each, a “Manager” and, collectively, the “Managers”). 
 (b) Subject to
Section 5.1(c), Rice Energy shall have the right to designate each of the three (3) Managers, which Managers currently are Daniel J. Rice IV, Toby Z. Rice and Daniel J Rice III. Rice Energy shall also have the right to remove any
Manager with or without cause. In 

  
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the event that any Manager of the Company is removed or ceases to serve as a Manager of the Company during such Manager’s term of office, the resulting vacancy shall only be filled by Rice
Energy. Managers need not be Members or residents of the State of Delaware. A Manager must be a natural person. 
 (c) Except as otherwise
expressly provided in this Agreement, all management powers over the business and affairs of the Company shall be exclusively vested in the Board, and the Members shall have no right of control over the business and affairs of the Company. In
addition to the powers now or hereafter granted to managers under the Act or which are granted to the Board under any other provision of this Agreement, the Board shall have full power and authority to do all things deemed necessary or desirable by
it to conduct the business of the Company in the name of the Company. 
 (d) Notwithstanding the foregoing, the Company (and the officers,
authorized persons, employees, and agents acting on behalf of the Company) shall not, either acting on its own behalf or when acting as controlling equity-holder of any of its subsidiaries (and the officers, authorized persons, employees, and agents
acting on the Company’s behalf in such capacity) permit such subsidiaries to, do any of the things described in this Section 5.1(d) without the consent of the Board (it being agreed that the below items are not intended to be an
exclusive statement of all of the actions of the Board that require prior approval of the members of the Board, and such provisions are in addition to any and all other requirements imposed by other provisions of this Agreement or applicable law):

 (i) approve, agree or consent to or make or enter into any agreement, transaction or take any other action the effect of
which is to cause, any fundamental change in the Company or any of its subsidiaries, or their respective businesses, including the following: (A) any material change in the Company’s or any of its subsidiaries’ operating strategies;
(B) any merger or consolidation or amalgamation, or liquidation, winding-up or dissolution, or Transfer of, in one transaction or a series of transactions, all or any material part of their respective businesses or Properties, whether now owned
or hereafter acquired; or (C) the institution of proceedings to be adjudicated a bankrupt or insolvent, or the consent to the institution of bankruptcy or insolvency proceedings or the filing of a petition or consent to a petition seeking
reorganization or relief under any applicable federal or state law relating to bankruptcy, or the consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official, or an assignment for the benefit of
creditors, or, except as may be required by any fiduciary obligation of the Board or as may be required by applicable law, the admission in writing of inability to pay debts generally as they become due, or any corporate action in furtherance of any
such action; 
 (ii) issue any Company Interest or any equity interest in any of its subsidiaries or repurchase any Company
Interest or any equity interest in any of its subsidiaries or otherwise call for payment upon any outstanding subscription or other funding by the Members; 

(iii) incur, create, authorize, issue, assume or suffer to exist any debt or any liens related thereto; 

  
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 (iv) create subsidiaries or make additional contributions or investments in any
subsidiaries; 
 (v) sell, lease or Transfer, directly or indirectly (including by way of any farm-out), any assets; 

(vi) enter into or modify in any material respect any (A) contract to sell or market hydrocarbons, or (B) hedge,
swap, futures, option, or other derivative transactions or contracts; 
 (vii) designate (or otherwise form, empower or
delegate any responsibility to) any committee of the Board; 
 (viii) make any determination of Distributable Funds or
otherwise make, except as required by Section 4.3, distributions to the Members; or 
 (ix) take any other action
required or permitted hereunder to be taken by the Board. 
 (e) The Board may hold such meetings at such place and at such time as it may
determine. Notice of a meeting shall be served not less than 24 hours before the date and time fixed for such meeting by confirmed facsimile or other written communication or not less than three days prior to such meeting if notice is provided by
overnight delivery service. Notice of a meeting need not be given to any Manager who signs a waiver of notice or provides a waiver by electronic transmission or a consent to holding the meeting or an approval of the minutes thereof, whether before
or after the meeting, or who attends the meeting without protesting, either prior thereto or at its commencement, the lack of notice to such Manager. A special meeting of the Board may be called by any member of the Board. Any member of the Board
may participate in a meeting by conference telephone or similar communications equipment. Any action required or permitted to be taken by the Board may be taken without a meeting if such action is evidenced in writing and signed by Managers
representing a majority of the entire Board. At any meeting of the Board, the presence in person or by telephone or similar electronic communication of Managers representing at least a majority of the Board shall constitute a quorum. 

(f) Each Manager serving on the Board shall have one vote on any Company matter. Except as otherwise provided in this Agreement, the business
of the Company presented at any meeting of the Board shall be decided by a vote of Managers representing a majority of the entire Board. 

(g) In accomplishing all of the foregoing and in fulfilling its obligations pursuant to this Agreement, the Board may, in its sole discretion,
retain or use any Company Affiliates’ personnel, properties and equipment or the Board may hire or rent those of third parties and may employ on a temporary or continuing basis outside accountants, attorneys, consultants and others on such
terms as the Board deems advisable. No Person, firm or corporation dealing with the Company shall be required to inquire into the authority of the Board to take any action or make any decision. 

  
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 Section 5.2 Officers. 

(a) Designation. The Board may, from time to time, designate individuals (who need not be a Manager) to serve as officers or authorized
persons of the Company. The officers may, but need not, include a president and chief executive officer, a chief financial officer, a treasurer, one or more vice presidents and a secretary. Any two or more offices may be held by the same Person.

 (b) Term of Office; Removal; Filling of Vacancies. 

(i) Each officer or authorized person of the Company shall hold office until his successor is chosen and qualified in his stead
or until his earlier death, resignation, retirement, disqualification or removal from office. 
 (ii) Any officer or
authorized person may be removed at any time by the Board for any or no reason. Designation of an officer or authorized person shall not of itself create any contract rights in favor of such officer or authorized person. 

(iii) If the office of any officer becomes vacant for any reason, the vacancy may be filled by the Board. 

Section 5.3 Acknowledged and Permitted Activities. The Company and the Members acknowledge and agree that (i) none of the Managers
or Rice Energy: (A) shall be prohibited or otherwise restricted by his or its relationship with the Company and its subsidiaries from engaging in the business of investing any other Person, entering into agreements to provide advisory services
to any Person or acting as a director or advisor to, or other principal of, any Person, regardless of whether such activities are in direct or indirect competition with the business or activities of any of the Company or its subsidiaries and
(B) shall have any obligation to offer the Company or its subsidiaries any business opportunity and (ii) the Company and the Members hereby renounce any interest or expectancy in any business opportunity pursued by any Person described in
Clause (A) and waive any claim that any such business opportunity constitutes a corporate, partnership or other business opportunity of any of the Company or its subsidiaries. Nothing in this Section 5.3 shall relieve any Person of
his confidentiality obligation with respect to Confidential Information as provided in Section 7.5. 
 Section 5.4 Duties and
Services of the Board. The Board shall comply in all respects with the terms of this Agreement. The Board shall be obligated to perform the duties, responsibilities and obligations of the Board hereunder only to the extent that funds of the
Company are available therefor. During the existence of the Company, each Manager serving on the Board shall devote such time and effort to the Company’s business as he deems necessary to manage and supervise Company business and affairs in an
efficient manner. 
 Section 5.5 Liability and Indemnification. 

(a) To the fullest extent permitted by law and notwithstanding any provision of this Agreement, no Member in its capacity as a Member, Manager
in his capacity as a Manager, officer in his or her capacity as an officer, or authorized person in his or her capacity as an authorized person shall have any duty, fiduciary or otherwise, to the Company or any Member in

  
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connection with the business and affairs of the Company or any consent or approval given or withheld pursuant to this Agreement, other than the implied contractual covenant of good faith and fair
dealing. The foregoing sentence will not be deemed to alter the contractual obligations of a Member to another Member or the Company pursuant to the Transaction Documents. To the maximum extent permitted by applicable law, each Member acknowledges
and agrees that any Manager, officer or authorized person shall serve in such capacity to represent the interests of Rice Energy and shall be entitled to consider only such interests (including the interests of Rice Energy) and factors specified by
Rice Energy, and shall not owe duties, fiduciary or otherwise (including any duty of disclosure), at law, in equity or under the Transaction Documents, to the Company, any other Member or to any creditor of the Company (even if the Company is
insolvent or near insolvency), other than the implied contractual covenant of good faith and fair dealing. To the maximum extent permitted by applicable law, each Member acknowledges and agrees that any Member may act hereunder to represent its own
interests and shall be entitled to consider only such interests (including its own interests), and shall not owe duties, fiduciary or otherwise (including any duty of disclosure), at law, in equity or under the Transaction Documents, to the Company,
any other Member or to any creditor of the Company (even if the Company is insolvent or near insolvency), other than the implied contractual covenants of good faith and fair dealing. The Company’s officers, authorized persons, the Board, the
Members and their Affiliates, and their respective managers, members, partners, officers, authorized persons, directors, employees, authorized persons and agents, shall not be liable, responsible or accountable in damages or otherwise to the Company
or the other Members for any acts or omissions that do not constitute a violation of the implied contractual covenant of good faith and fair dealing, and the Company shall indemnify to the maximum extent permitted under the Act and save harmless the
Company’s officers, authorized persons, the Board and the Members and their Affiliates, and their respective managers, members, partners, officers, authorized persons, directors, employees and agents (individually, an
“Indemnitee”) from all liabilities reasonably incurred or suffered by any such Indemnitee in connection with the activities of the Company or its subsidiaries. Any act or omission performed or omitted by an Indemnitee on advice of
legal counsel or an independent consultant who has been employed or retained by the Company shall be presumed to have been performed or omitted in good faith without gross negligence or willful misconduct. THE PARTIES RECOGNIZE THAT THIS
PROVISION SHALL RELIEVE ANY SUCH INDEMNITEE FROM ANY AND ALL LIABILITIES, OBLIGATIONS, DUTIES, CLAIMS, ACCOUNTS AND CAUSES OF ACTION WHATSOEVER ARISING OR TO ARISE OUT OF ANY NEGLIGENCE BY ANY SUCH INDEMNITEE, AND SUCH INDEMNITEE SHALL BE ENTITLED
TO INDEMNIFICATION FROM ACTS OR OMISSIONS THAT MAY CONSTITUTE NEGLIGENCE. 
 (b) The Company shall, to the maximum extent permitted under
the Act, pay or reimburse expenses incurred by an Indemnitee in connection with the Indemnitee’s appearance as a witness or other participation in a proceeding involving or affecting the Company at a time when the Indemnitee is not a named
defendant or respondent in the proceeding. 
 (c) The Board shall have the right to require that any contract entered into by the Company
provide that the Board shall have no personal liability for the obligations of the Company thereunder. 

  
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 (d) The indemnification provided by this Section 5.5 shall be in addition to any
other rights to which each Indemnitee may be entitled under any agreement or vote of the Members, as a matter of law or otherwise, both as to action in the Indemnitee’s capacity as a Member or an officer, authorized person, director, manager,
employee or agent of a Member or as a Person serving at the request of the Company as set forth above and to action in another capacity, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit
of the heirs, successors, assigns, administrators and personal representatives of the Indemnitees. 
 (e) In no event may an Indemnitee
subject the Members to personal liability by reason of this indemnification provision. 
 (f) An Indemnitee shall not be denied
indemnification in whole or in part under this Section 5.5 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this
Agreement. 
 (g) The Company hereby agrees, and the Members hereby acknowledge, that: (i) to the extent legally permitted and as
required by the terms of this Agreement and the Certificate (or by the terms of any other agreement between the Company and a Sponsor Indemnitee), (A) the Company is the indemnitor of first resort (i.e., its obligations to each Sponsor
Indemnitee are primary and any obligation of the Sponsor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by any Sponsor Indemnitee are secondary) and (B) the Company shall be required
to advance the full amount of expenses incurred by a Sponsor Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement, without regard to any rights that a Sponsor Indemnitee may
have against the Sponsor Indemnitors and (ii) the Company irrevocably waives, relinquishes and releases the Sponsor Indemnitors from any and all claims for contribution, subrogation or any other recovery of any kind in respect of any of the
matters described in clause (i) of this sentence for which any Sponsor Indemnitee has received indemnification or advancement from the Company. No advancement or payment by the Sponsor Indemnitors on behalf of any Sponsor Indemnitee with
respect to any claim for which a Sponsor Indemnitee has sought indemnification from the Company shall affect the foregoing and that the Sponsor Indemnitors shall have a right of contribution or be subrogated to the extent of such advancement or
payment to all of the rights of recovery of such Sponsor Indemnitee against the Company. 
 Section 5.6 Contracts with Affiliates.
The Company may enter into contracts and agreements with any Member and/or any of its Affiliates for the rendering of services and the sale and lease of supplies and equipment on such arm’s-length terms that are no less favorable to the Company
than those available from unrelated third parties as determined by the Board. 
 Section 5.7 Reimbursement of Members. The Company or
its subsidiaries shall pay or reimburse to Rice Energy all reasonable direct and indirect costs and expenses incurred by Rice Energy to the extent solely related to the Company, including legal fees and accounting fees. 

  
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 Section 5.8 Insurance. The Company shall acquire and maintain insurance covering such
risks and in such amounts as the officers or authorized persons of the Company shall, from time to time, determine to be necessary or appropriate. 

Section 5.9 Tax Elections and Status. 

(a) The Board shall make such tax elections on behalf of the Company as it shall deem appropriate in its sole discretion. 

(b) The Members agree to classify the Company as a partnership for income tax purposes. Therefore, any provision hereof to the contrary
notwithstanding, solely for income tax purposes, each of the Members hereby recognizes that the Company, so long as it has at least two Members, shall be subject to all provisions of subchapter K of Chapter 1 of Subtitle A of the Internal Revenue
Code and, to the extent permitted by law, any comparable state or local income tax provisions. Neither the Company, any Member nor any Manager shall make an election for the Company to be excluded from the application of the provisions of subchapter
K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state law or to be classified as other than a partnership pursuant to Treasury Regulation Section 301.7701-3. 

Section 5.10 Tax Returns. The Company shall deliver necessary tax information to each Member after the end of each fiscal year of the
Company. Not less than 60 days prior to the date (as extended) on which the Company intends to file its federal income tax return or any state income tax return but in any event no earlier than March 1 of each year, the return proposed by the
Board to be filed by the Company shall be furnished to the Members (other than Members holding Incentive Units) for review; provided, however, that an IRS Form K-1 or a good faith estimate of the amounts to be included on such IRS Form
K-1 for each Member shall be sent to each Member on or before March 1 of each year. In addition, not more than 10 days after the date on which the Company files its federal income tax return or any state income tax return, a copy of the return
so filed shall be furnished to the Members. 
 Section 5.11 Tax Matters Member. Rice Energy shall be designated the tax matters
member under Section 6231 of the Internal Revenue Code (in such capacity, the “Tax Matters Member”). The Tax Matters Member is authorized to take such actions and to execute and file all statements and forms on behalf of the
Company which may be permitted or required by the applicable provisions of the Internal Revenue Code or Treasury Regulations issued thereunder. The Tax Matters Member shall have full and exclusive power and authority on behalf of the Company to
represent the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Company funds for professional
services and costs associated therewith. The Tax Matters Member shall keep the Members informed as to the status of any audit of the Company’s tax affairs, and shall take such action as may be necessary to cause any Member so requesting to
become a “notice partner” within the meaning of Section 6223 of the Internal Revenue Code. 
 Section 5.12 Outside Manager
Expenses. Each member of the Board shall be entitled to be reimbursed by the Company for all reasonable out-of-pocket expenses incurred by such Person in connection with the services rendered on behalf of, or for the benefit of, the Company.

  
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 ARTICLE VI 

RIGHTS OF MEMBERS 

Section 6.1 Rights of Members. Each of the Members shall have the right to: (a) have the Company books and records (including
those required under the Act) kept at the principal United States office of the Company and at all reasonable times to inspect and copy any of them at the sole expense of such Member for any reasonably requested purpose; (b) have dissolution
and winding up of the Company by decree of court as provided for in the Act and (c) exercise all rights of a Member under the Act (except to the extent otherwise specifically provided herein). Notwithstanding the foregoing, the Members shall
not have the right to receive data pertaining to the properties of the Company if the Company is subject to a valid agreement prohibiting the distribution of such data or if the Board shall otherwise determine that such data is Confidential
Information. 
 Section 6.2 Limitations on Members. No Member (in his or its capacity as a Member) shall: (a) be permitted to
take part in the business or control of the business or affairs of the Company; (b) have any voice in the management or operation of any Company property or (c) have the authority or power to act as agent for, or on behalf of, the Company
or any other Member, to do any act which would be binding on the Company or any other Member, or to incur any expenditures on behalf of or with respect to the Company. No Member (in his or its capacity as a Member) shall hold out or represent to any
third party that the Members have any such power or right or that the Members are anything other than “members” of the Company. The foregoing provision shall not be applicable to a Member acting in his or its capacity as a member of the
Board or an officer, authorized person or employee of the Company. 
 Section 6.3 Liability of Members. Except as otherwise provided
under the Act, the debts, liabilities, contracts and other obligations of the Company (whether arising in contract, tort or otherwise) shall be solely the debts, liabilities, contracts and other obligations of the Company, and no Member in its
capacity as such shall be liable personally for any debts, liabilities, contracts or other obligations of: (i) the Company, except to the extent and under the circumstances set forth in any non-waivable provision of the Act or in any separate
written instrument signed by the applicable Member or (ii) any other Member. No Member shall have any responsibility to restore any negative balance in its Capital Account or to contribute to or in respect of the liabilities or obligations of
the Company or to return distributions made by the Company, except as expressly provided in this Agreement or required by any non-waivable provision of the Act. The agreement set forth in the immediately preceding sentence shall be deemed to be a
compromise with the consent of all of the Members for purposes of Section 18-502(b) of the Act. However, if any court of competent jurisdiction orders, holds or determines that, notwithstanding the provisions of this Agreement, any Member is
obligated to restore any such negative balance, make any such contribution or make any such return, such obligation shall be the obligation of such Member and not of any other Person. 

Section 6.4 Withdrawal and Return of Capital Contributions. No Member shall be entitled to (a) withdraw from the Company, except
upon the assignment by such Member of all of its Company Interest in accordance with Article IX or (b) the return of its Capital Contributions, except to the extent, if any, that distributions made pursuant to the express terms of this
Agreement may be considered as such by law or upon dissolution and liquidation of the Company, and then only to the extent expressly provided for in this Agreement and as permitted by law. 

  
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 Section 6.5 Voting Rights. Except as otherwise provided herein, to the extent that the
vote of the Members may be required hereunder, the act of Rice Energy shall be an act of the Members. Notwithstanding anything in this Agreement to the contrary, with respect to any Company Interests held by any Member who is an Employee, such
Company Interests shall be non-voting if and when such Person’s status as an Employee is terminated for any reason or without reason, including by termination, resignation, death or disability and the Incentive Units will be non-voting. 

ARTICLE VII 
 BOOKS,
REPORTS, MEETINGS AND CONFIDENTIALITY 
 Section 7.1 Capital Accounts, Books and Records. 

(a) The Company shall keep books of account for the Company in accordance with the terms of this Agreement. Such books shall be maintained at
the principal office of the Company. 
 (b) An individual capital account (the “Capital Account”) shall be
maintained by the Company for each Member as provided below: 
 (i) The Capital Account of each Member shall, except as
otherwise provided herein, be increased by the amount of cash and the fair market value of any property contributed to the Company by such Member (net of liabilities secured by such contributed property that the Company is considered to assume or
take subject to under Section 752 of the Internal Revenue Code) and by such Member’s share of the Net Profits of the Company and special allocations under Section 4.2, and shall be decreased by such Member’s share of the
Net Losses of the Company and special allocations under Section 4.2 and by the amount of cash or the fair market value of any property distributed to such Member (net of liabilities secured by such distributed property that such Member
is considered to assume or take subject to under Section 752 of the Internal Revenue Code). 
 (ii) Any adjustments of
basis of Company property provided for under Sections 734 and 743 of the Internal Revenue Code and comparable provisions of state law (resulting from an election under Section 754 of the Internal Revenue Code or comparable provisions of state
law) shall not affect the Capital Accounts of the Members (unless otherwise required by applicable Treasury Regulations), and the Members’ Capital Accounts shall be debited or credited pursuant to the terms of this Section 7.1 as if
no such election had been made. 
 (iii) Capital Accounts shall be adjusted, in a manner consistent with this
Section 7.1, to reflect any adjustments in items of Company income, gain, loss or deduction that result from amended returns filed by the Company or pursuant to an agreement by the Company with the Internal Revenue Service or a final
court decision. 

  
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 (iv) It is the intention of the Members that the Capital Accounts of each Member
be kept in the manner required under Treasury Regulation Section 1.704-1(b)(2)(iv). To the extent any additional adjustment to the Capital Accounts is required by such regulation, the Board is hereby authorized to make such adjustment after
notice to the Members. 
 (v) In accordance with the provisions of Treasury Regulation
Section 1.704-1(b)(2)(iv)(f), upon a Member’s contribution to the Company of cash or properties in exchange for a Company Interest, the Capital Accounts of all Members and the Carrying Values of all Company properties shall,
immediately prior to such issuance, be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to the Company properties, as if such Unrealized Gain or Unrealized Loss had been recognized on an actual Transfer of
each such property immediately prior to such contribution for an amount equal to its fair market value and had been allocated to the Members at such time pursuant to Sections 4.1 and 4.2. 

(vi) Any Person who acquires a Company Interest directly from a Member, or whose Company Interest shall be increased by means
of a Transfer to it of all or part of the Company Interest of another Member, shall have a Capital Account (including a credit for all Capital Contributions made by such Member Transferring such Company Interest) which includes the Capital Account
balance of the Company Interest or portion thereof so acquired or Transferred. 
 Section 7.2 Bank Accounts. The Board shall cause
one or more Company accounts to be maintained in a bank (or banks) that is a member of the Federal Deposit Insurance Corporation or some other financial institution, which accounts shall be used for the payment of the expenditures incurred by the
Company in connection with the business of the Company, and in which shall be deposited any and all receipts of the Company. The Board shall determine the number of and the Persons who will be authorized as signatories on each such bank account. The
Company may invest the Company funds in such money market accounts or other investments as the Board shall determine to be of high quality. 

Section 7.3 Reports. The Company shall provide Rice Energy with copies of such financial reports as shall be reasonably requested from
time to time and such other information reasonably requested by Rice Energy and any such other reports and financial information as the Board shall determine from time to time. 

Section 7.4 Meetings of Members. The Board may hold meetings of the Members from time to time to inform and consult with the Members
concerning the Company’s assets and such other matters as the Board deems appropriate, provided that nothing in this Section 7.4 shall require the Board to hold any such meetings. Such meetings shall be held at such times and
places, as often and in such manner, as shall be determined by the Board. The Board at its election may separately inform and consult with the Members for the above purposes without the necessity of calling and/or holding a meeting of the Members.
Notwithstanding the foregoing 

  
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provisions of this Section 7.4, the Members shall not be permitted to take part in the business or control of the business of the Company; it being the intention of the parties that
the involvement of the Members as contemplated in this Section 7.4 is for the purpose of informing the Members with respect to various Company matters, explaining any information furnished to the Members in connection therewith,
answering any questions the Members may have with respect thereto and receiving any ideas or suggestions the Members may have with respect thereto; it being the further intention of the parties that the Board shall have full and exclusive power and
authority on behalf of the Company to acquire, manage, control and administer the assets, business and affairs of the Company in accordance with Section 5.1 and the other applicable provisions of this Agreement. 

Section 7.5 Confidentiality. No Member shall use, publish, disseminate or otherwise disclose, directly or indirectly, any Confidential
Information that should come into the possession of such Member for other than a proper Company purpose. No Member shall disclose any such Confidential Information, except as expressly authorized by this Agreement or by the Board, or as required by
law or governmental or regulatory authority. Each Member shall instruct all Affiliates (including their representatives, agents and counsel) to comply with this Section 7.5; provided, however, Rice Energy shall only be
required to instruct its controlling Affiliates to comply with this Section 7.5. If a Member is required by law or court order to disclose information that would otherwise be Confidential Information under this Agreement, such Member
shall immediately notify the Company of such notice and provide the Company the opportunity to resist such disclosure by appropriate proceedings. The terms of this Section 7.5 shall survive with respect to each Member until the earlier
to occur of (a) the date following one year from the date of the liquidation of the Company and (b) the date following two years from the date such Member ceases to be a Member. 

ARTICLE VIII 

DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 8.1 Dissolution. The Company shall be dissolved only upon the occurrence of any of the following: 

(a) after the third anniversary of the First Distribution Date, the consent in writing of Rice Energy; 

(b) at any time when there are no Members; and 

(c) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act; 

provided, however, if the event described in Section 8.1(b) shall occur, the Company shall not be dissolved, and the business of the
Company shall be continued, if the requirements of Section 18-801 of the Act for the avoidance of dissolution are satisfied. 
 Section
8.2 Liquidation and Termination. Upon dissolution of the Company, the Board or, if the Board so desires, a Person selected by the Board, shall act as liquidator or shall appoint one or more liquidators who shall have full authority to wind up
the affairs of the Company and make final distribution as provided herein. The liquidator shall continue to operate the Company properties with all of the power and authority of the Board. The steps to be accomplished by the liquidator are as
follows: 

  
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 (a) As promptly as possible after dissolution and again after final liquidation, the liquidator,
if requested by any Member, shall cause a proper accounting to be made by the Company’s independent accountants of the Company’s assets, liabilities and operations through the last day of the month in which the dissolution occurs or the
final liquidation is completed, as appropriate. 
 (b) The liquidator shall pay all of the debts and liabilities of the Company (including
all expenses incurred in liquidation) or otherwise make adequate provision therefor (including the establishment of a cash escrow fund for contingent liabilities in such amount and for such term as the liquidator may reasonably determine). After
making payment or provision for all debts and liabilities of the Company, the liquidator shall sell all properties and assets of the Company for cash as promptly as is consistent with obtaining the best price therefor; provided,
however, that upon the consent of Rice Energy, the liquidator may distribute such properties in kind. All Net Profit and Net Loss (or other items of income, gain loss or deduction allocable under Section 4.2) realized on such sales
shall be allocated to the Members as provided in this Agreement, and the Capital Accounts of the Members shall be adjusted accordingly. In the event of a distribution of properties in kind, the liquidator shall first adjust the Capital Accounts of
the Members by the amount of any Net Profit and Net Loss (or other items of income, gain loss or deduction allocable under Section 4.2) that would have been recognized by the Members if such properties had been sold at fair market value.
The liquidator shall then distribute the proceeds of such sales or such properties to the Members in the manner provided in Section 4.3(b). If the foregoing distributions to the Members do not equal the Member’s respective positive
Capital Account balances as determined after giving effect to the foregoing adjustments and to all adjustments attributable to allocations of Net Profit and Net Loss realized by the Company during the taxable year in question and all adjustments
attributable to contributions and distributions of money and property effected prior to such distribution, then, the allocations of Net Profit and Net Loss provided for in this Agreement shall be adjusted, to the least extent necessary, to produce a
Capital Account balance for each Member which corresponds to the amount of the distribution to such Member. Each Member shall have the right to designate another Person to receive any property which otherwise would be distributed in kind to that
Member pursuant to this Section 8.2. 
 (c) Except as expressly provided herein, the liquidator shall comply with any applicable
requirements of the Act and all other applicable laws pertaining to the winding up of the affairs of the Company and the final distribution of its assets. 

(d) The distribution of cash and/or property to the Members in accordance with the provisions of this Section 8.2 shall constitute
a complete return to the Members of their Capital Contributions and a complete distribution to the Members of their Company Interest and all Company property. 

  
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 ARTICLE IX 

ASSIGNMENTS OF COMPANY INTERESTS 

Section 9.1 Assignments of Company Interests. 

(a) No Member’s Company Interest or rights therein shall be Transferred, or made subject to an Indirect Transfer, in whole or in part,
without the prior written consent of the Board except as provided in this Section 9.1; provided, however, Rice Energy may Transfer its Company Interests or make any Indirect Transfer subject to compliance with
Section 9.1(c), and, if applicable, Sections 9.1(e)(i) and 9.1(e)(iii). 
 (b) Any Member (including Members
holding Incentive Units) may assign his or its Company Interest without the consent of the Board pursuant to an Excluded Affiliate Transfer. 

(c) In addition to any of the other requirements and prohibitions in this Section 9.1, any permitted Transfer must meet the
availability of an exemption from registration under the Securities Act, and applicable state securities laws in connection with such Transfer and stating the factual and statutory bases relied upon by such counsel, and the Company may require an
opinion of counsel in form and substance reasonably acceptable to the Company and its counsel as to these matters as a condition to the effectiveness of such Transfers. 

(d) Any attempt by a Member to assign its Company Interest in violation of any provision of this Section 9.1 shall be void ab
initio. Unless an assignee of a Company Interest becomes a substituted Member in accordance with the provisions set forth below, such assignee shall not be entitled to any of the rights granted to a Member hereunder, other than the right to
receive allocations of income, gains, losses, deductions, credits and similar items and distributions to which the assignor would otherwise be entitled, to the extent such items are assigned. 

(e) An assignee of a Company Interest shall become a substituted Member entitled to all of the rights of a Member if, and only if, (i) the
assignor gives the assignee such right; (ii) the Board consents in writing to such substitution, the granting or denying of which shall be in the Board’s sole discretion; (iii) the assignee executes and delivers such instruments, in
form and substance satisfactory to the Board, as the Board may deem necessary or desirable to effect such substitution and to confirm the agreement of the assignee to be bound by all of the terms and provisions of this Agreement; and (iv) if
the Board so requires, the assignee reimburses the Company for any costs incurred by the Company in connection with such assignment and substitution. Upon the satisfaction of such requirements, such assignee shall be admitted as of such date as
shall be provided for in any document evidencing such assignment as a substituted Member of the Company. 
 (f) The Company and the Board
shall be entitled to treat the record Member of any Company Interest as the absolute Member thereof in all respects and shall incur no liability for distributions of cash or other property made in good faith to such Member until such time as a
written assignment of such Company Interest that complies with the terms of this Agreement has been received by the Board. 

  
 99 

 ARTICLE X 

REPRESENTATIONS AND WARRANTIES 

Each Member hereby represents and warrants to the Company and all other Members that such Member: 

(a) has sufficient financial resources to continue such Member’s investment in the Company for an indefinite period; 

(b) has adequate means of providing for its current needs and contingencies and can afford a complete loss of its investment in the Company;

 (c) intends to acquire and hold its Company Interest solely for its private investment and for its own account and with no view or
intention to Transfer such Company Interest (or any portion thereof); 
 (d) has no contract, undertaking, agreement or arrangement with any
Person to sell or otherwise Transfer to any Person, or to have any Person sell on behalf of such Member, its Company Interest (or any portion thereof), and such Member is not engaged in, and does not plan to engage within the foreseeable future in,
any discussion with any Person relative to the sale or any Transfer of its Company Interest (or any portion thereof); 
 (e) is not aware of
any occurrence, event or circumstance upon the happening of which such Member intends to attempt to Transfer its Company Interest (or any portion thereof), and such Member does not have any present intention of Transferring its Company Interest (or
any portion thereof) after the lapse of any particular period of time; 
 (f) by making other investments of a similar nature and/or by
reason of his/its business and financial experience or the business and financial experience of those Persons it has retained to advise such Member with respect to its investment in the Company, is a sophisticated investor who has the capacity to
protect its own interest in investments of this nature and is capable of evaluating the merits and risks of this investment; 
 (g) has had
all documents, records, books and due diligence materials pertaining to this investment made available to such Member and such Member’s accountants and advisors; such Member has also had an opportunity to ask questions of and receive answers
from the Company concerning this investment; and such Member has all of the information deemed by such Member to be necessary or appropriate to evaluate the investment and the risks and merits thereof; 

(h) has a close business association with the Company or certain of its Affiliates, thereby making the Member a well-informed investor for
purposes of this investment; and 

  
 100 

 (i) is aware of the following: 

(i) the Company is newly organized and has no financial or operating history and, further, the investment in the Company is
speculative and involves a high degree of risk of loss by the Member of its entire investment, with no assurance of any income from such investment; 

(ii) no federal or state agency has made any finding or determination as to the fairness of the investment, or any
recommendation or endorsement, of such investment; 
 (iii) there are substantial restrictions on the Transferability of the
Company Interest of such Member, there will be no public market for the Company Interest and, accordingly, it may not be possible for such Member readily to liquidate its investment in the Company in case of emergency; 

(iv) an exemption from registration under the Securities Act or any applicable state securities laws under the Securities Act
or any applicable state securities laws may not be available if the Company Interest is acquired by such Member with a view to resale or distribution thereof under any conditions or circumstances as would constitute a distribution of such Company
Interest within the meaning and purview of the Securities Act or the applicable state securities laws; and 
 (v) any federal
or state income tax benefits which may be available to such Member may be lost through changes to existing laws and regulations or in the interpretation of existing laws and regulations; and in making this investment such Member is relying, if at
all, solely upon the advice of its own tax advisors with respect to the tax aspects of an investment in the Company. 
 Each Member agrees that (x) its
Company Interest shall not be resold unless the provisions set forth in Article IX are complied with and (y) it has no right to require registration of its Company Interest under the Securities Act or applicable state securities laws,
and, in view of the nature of the Company and its business, such registration is neither contemplated nor likely. 
 Each of the
representations and warranties in this Article X made with respect to Company Interests are hereby also given by each Member with respect to such Member’s interests (whether acquired hereafter or at any other time) in PublicCo. 

ARTICLE XI 

MISCELLANEOUS 
 Section
11.1 Notices. All notices, elections, demands or other communications required or permitted to be made or given pursuant to this Agreement shall be in writing and shall be considered as properly given or made on the date of actual delivery
(so long as delivery is made on a business day) if given by (a) personal delivery; (b) United States mail; (c) expedited overnight delivery service with proof of delivery or (d) via facsimile with confirmation of delivery,
addressed to the respective addressee(s). Any Member may change its address by giving notice in writing to the other Members of its new address. 

  
 101 

 Section 11.2 Amendment. 

(a) In addition to the right of the Board to amend this Agreement as provided below, and except as otherwise provided below, any change,
modification or amendment to this Agreement shall be effective if made by an instrument in writing that has been duly approved by the Board and Rice Energy. 

(b) Notwithstanding Section 11.2(a) with respect to any change, modification or amendment to this Agreement that would
(i) increase the liability or duties of any of the Members; (ii) change the contributions required of any of the Members; (iii) cause the Company to be taxed as a corporation or (iv) otherwise result in any disproportionate and
material adverse tax consequences for any Member, such change, modification or amendment shall not be binding on such Member unless contained in a written instrument duly executed by such Member; provided, however, that this
Section 11.2(b) shall not apply to the Board’s ability to amend this Agreement pursuant to Article III; provided further, that any amendment which is made to facilitate a merger or consolidation of the Company with any
other entity, to convert the Company into another entity, or to cause the Company to participate in an exchange of interests or some type of business combination with any other entity, shall require the approval only of the Board and Rice Energy, if
each of the material terms and provisions of such merger, consolidation, conversion, exchange or combination provides for equal and/or proportionate treatment of each of the Members holding a class or series of Company Interests relative to the
other Members holding the same class or series of Company Interests. 
 (c) Notwithstanding anything herein to the contrary, the Board may
change, modify or amend this Agreement in a written instrument to (i) change the name of the Company; (ii) admit new or substituted Members in accordance with the terms of Article IX; (iii) in a manner that does not adversely
affect the Members in any disproportionate and material respect and (iv) ensure that the Company is not and will not be treated as an association taxable as a corporation for federal income tax purposes or to conform with changes in applicable
tax law (provided, however, such changes do not have a material adverse effect on the Members); provided, however, that the Board notifies the Members of such change, modification or amendment. 

(d) Notwithstanding anything herein to the contrary, prior to the third anniversary of the First Distribution Date, any change, amendment or
modification to Sections 4.3 or 8.1 shall require the prior written consent of NGP. 
 Section 11.3 Partition. Each of
the Members hereby irrevocably waives for the term of the Company any right that such Member may have to maintain any action for partition with respect to the Company property. 

Section 11.4 Entire Agreement. This Agreement and the other documents contemplated hereby constitute the full and complete agreement of
the parties hereto with respect to the subject matter hereof, and supersedes all prior contracts or agreements with respect to the subject matter hereof, whether oral or written, including the Original Agreement. 

  
 102 

 Section 11.5 Severability. Every provision in this Agreement is intended to be severable.
If any term or provision hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the remainder of this Agreement. 

Section 11.6 No Waiver. The failure of any Member to insist upon strict performance of a covenant hereunder or of any obligation
hereunder, irrespective of the length of time for which such failure continues, shall not constitute a waiver of such Member’s right to demand strict compliance in the future. No consent or waiver, express or implied, to or of any breach or
default in the performance of any obligation hereunder shall constitute a consent or waiver to or of any other breach or default in the performance of the same or any other obligation hereunder. 

Section 11.7 Applicable Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and
interpreted, construed and enforced in accordance with the internal laws of the State of Delaware, without regard to rules or principles of conflicts of law requiring the application of the law of another State. 

Section 11.8 Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit of, the Members and their
respective heirs, legal representatives, successors and assigns; provided, however, that no Member may Transfer all or any part of its rights or Company Interest or any interest under this Agreement, except in accordance with
Article IX. Nothing in this Agreement (express or implied) is intended to confer upon any Person other than the Members any rights or remedies of any nature whatsoever under or by reason of this Agreement; provided, however,
that each Indemnitee is hereby granted third-party beneficiary status with respect to Section 5.5 and shall be entitled to enforce such obligations as if such Indemnitee were a party hereto; provided, further, that NGP is
hereby granted third-party beneficiary status with respect to Section 11.2(d) and shall be entitled to enforce such obligations as if NGP were a party hereto. 

Section 11.9 Arbitration. Any dispute arising out of or relating to this Agreement, the Transaction Documents or the Company,
including claims sounding in contract, tort, statutory or otherwise (a “Dispute”), shall be settled exclusively and finally by arbitration in accordance with this Section 11.9. 

(a) Rules and Procedures. Such arbitration shall be administered by JAMS/Endispute, Inc., a Delaware corporation and national dispute
resolution company (“JAMS”), pursuant to (i) the JAMS Streamlined Arbitration Rules and Procedures, if the amount in controversy is $250,000 or less or (ii) the JAMS Comprehensive Arbitration Rules and Procedures, if the
amount in controversy exceeds $250,000 (each, as applicable, the “Rules”). The making, validity, construction and interpretation of this Section 11.9, and all procedural aspects of the arbitration conducted pursuant
hereto, shall be decided by the arbitrator(s). For purposes of this Section 11.9, “amount in controversy” means the stated amount of the claim, not including interest or attorneys’ fees, plus the stated amount of any
counterclaim, not including interest or attorneys’ fees. If the claim or counterclaim seeks a form of relief other than damages, such as injunctive or declaratory relief, it shall be treated as if the amount in controversy exceeds $250,000,
unless all parties to the Dispute otherwise agree. 
 (b) Discovery. Discovery shall be allowed only to the extent permitted by the
Rules. 

  
 103 

 (c) Time and Place. All arbitration proceedings hereunder shall be conducted in Dallas,
Texas or such other location as all parties to the Dispute may agree. Unless good cause is shown or all parties to the Dispute otherwise agree, the hearing on the merits shall be conducted within 180 days of the initiation of the arbitration, if the
arbitration is being conducted under the Streamlined Arbitration Rules, or within 270 days of the initiation of the arbitration, if the arbitration is being conducted under the Comprehensive Arbitration Rules. However, it shall not be a basis to
challenge the outcome or result of the arbitration proceeding that it was not conducted within the specified timeframe, nor shall the failure to conduct the hearing within the specified timeframe in any way waive the right to arbitration as provided
for herein. 
 (d) Arbitrator(s). 

(i) If the amount in controversy is $250,000 or less, the arbitration shall be before a single arbitrator selected by JAMS in
accordance with the Rules. 
 (ii) If the amount in controversy is more than $250,000, the arbitration shall be before a
panel of three arbitrators, selected in accordance with this paragraph. The party initiating the arbitration shall designate, with its initial filing, its choice of arbitrator. Within 30 days of the notice of initiation of the arbitration procedure,
the opposing party to the Dispute shall select one arbitrator. If any party to the Dispute shall fail to select an arbitrator within the required time, JAMS shall appoint an arbitrator for that party. In the event that the Dispute involves three or
more parties, JAMS shall determine the parties’ alignment pursuant to Rule 15 and each “side” shall have the right to appoint one arbitrator as provided above. The two arbitrators so selected shall select a third arbitrator, failing
agreement on which, the third arbitrator shall be selected in accordance with JAMS Rule 15. Notwithstanding that each party may select an arbitrator, all arbitrators (whether selected by the parties, JAMS or otherwise) shall be independent and shall
disclose any relationship that he or she may have with any party to the Dispute at the time of their respective appointment. All arbitrators shall be subject to challenge for cause under JAMS Rule 15. In the event that any party-selected arbitrator
is struck for cause, JAMS shall appoint the replacement arbitrator. 
 (e) Waiver of Certain Damages. Notwithstanding any other
provision in this Agreement to the contrary, the Company and the Members expressly agree that the arbitrators shall have absolutely no authority to award consequential, incidental, special, treble, exemplary or punitive damages of any type under any
circumstances regardless of whether such damages may be available under Delaware law, or any other laws, or under the Federal Arbitration Act or the Rules, unless such damages are a part of a third-party claim for which a Member is entitled to
indemnification hereunder. 
 (f) Limitations on Arbitrators. The arbitrators shall have authority to interpret and apply the terms
and conditions of this Agreement and to order any remedy allowed by this Agreement, including specific performance of the Agreement, but may not change any term or condition of this Agreement, deprive any Member of a remedy expressly provided
hereunder or provide any right or remedy that has been excluded hereunder. 

  
 104 

 (g) Form of Award. The arbitration award shall conform with the Rules, but also contain a
certification by the arbitrators that, except as permitted by Section 11.9(e), the award does not include any consequential, incidental, special, treble, exemplary or punitive damages. 

(h) Fees and Awards. The fees and expenses of the arbitrator(s) shall be borne equally by each side to the Dispute, but the decision of
the arbitrator(s) may include such award of the arbitrators’ expenses and of other costs to the prevailing side as the arbitrators may determine. In addition, the prevailing party shall be entitled to an award of its attorneys’ fees and
interest. 
 (i) Binding Nature. The decision and award shall be binding upon all of the parties to the Dispute and final and
nonappealable to the maximum extent permitted by law, and judgment thereon may be entered in a court of competent jurisdiction and enforced by any party to the Dispute as a final judgment of such court. 

Section 11.10 Spouses. 

(a) As a condition to becoming or remaining a Member, each Member that is an individual and is or becomes married, shall cause his or her
spouse to promptly execute an agreement in the form of Exhibit B. 
 (b) If any Company Interest is required by law to be Transferred
to a spouse of a holder thereof pursuant to an order of a court of competent jurisdiction in a divorce proceeding (notwithstanding the provisions of Section 9.1), then such holder shall nevertheless retain all rights with respect to such
interest and any interest of such spouse shall be subject to such rights of such holder. In addition, if it is determined that the holder will be required to pay any taxes attributable to such interest of the spouse in the Company, then any tax
liability of such holder that is attributable to such spouse’s interest shall be taken into account, and shall reduce such spouse’s interest in the Company; in no event shall the Company be required to provide any financial, valuation or
other information regarding the Company or any of its subsidiaries or Affiliates or any of their respective assets to the spouse or former spouse of such holder. 

(c) Any Company Interests held by an individual who has failed to cause his or her spouse to execute an agreement in the form of Exhibit
B and any Company Interests held by a Person who is an assignee shall be subject to the option of the Company to acquire all of such Person’s Company Interests for the fair market value thereof, determined as of the date the Company elects
to acquire such Company Interests. 
 (d) In the event of a property settlement or separation agreement between a Member that is an
individual and his or her spouse, such Member shall use his or her best efforts to assign to his or her spouse only the right to share in profits and losses, to receive distributions and to receive allocations of income, gain, loss, deduction or
credit or similar item to which the Member was entitled, to the extent assigned. 
 (e) If a spouse or former spouse of a Member that is an
individual acquires a Company Interest without prior approval of the Board, such spouse or former spouse hereby grants, as evidenced by Exhibit B, an irrevocable power of attorney (which shall be coupled with an interest) to the original
Member who held such Company Interest, as the case may be, to vote 

  
 105 

 
or to give or withhold such approval as such original Member shall himself or herself vote or approve with respect to such matter and without the necessity of the taking of any action by any such
spouse or former spouse. Such power of attorney shall not be affected by the subsequent disability or incapacity of the spouse or former spouse granting such power of attorney. Such spouse or former spouse agrees that the Company shall have the
option at any time to purchase all of the Company Interests, if any, acquired by such spouse or former spouse at fair market value. 
 (f)
This Section 11.10 shall apply mutatis mutandis to each Member, transferee or any of their respective Affiliates that is controlled by (or for the benefit of) any current or former Employee, which Employee is married or becomes
married, and such Employee’s spouse. 
 Section 11.11 Counterparts. This Agreement may be executed in one or more counterparts
(including by electronic means), each of which shall be an original and all of which shall constitute but one and the same document. 

Section 11.12 Representation. Each Member hereby acknowledges that the Member has been advised that the Member should seek and has had
the opportunity to seek independent legal counsel to review the Transaction Documents on the Member’s behalf and to obtain the advice of such legal counsel relating to such documentation. 

*     *     *     * 

[Signature Pages Attached] 

  
 106 

 IN WITNESS WHEREOF, the Members have executed this Agreement as of the day and year first above
written. 
  

			
	RICE ENERGY FAMILY HOLDINGS, LP
		
	By:	 	Rice Energy Management LLC, General Partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	  
 GINA BANAI

	
	  
 JENNA
DIFRANCESCO

	
	  
 MATT FAHEY

	
	  
 JIDE
FAMUAGUN

	
	  
 KRIS
HANCOCK

	
	  
 RYAN KANTO

	
	  
 GLENN KING

	
	  
 MICHAEL
LAUDERBAUGH

	
	  
 JOHN
LAVELLE

	
	  
 GRAY
LISENBY

	
	  
 DAVID MILLER

 

  
 LIMITED
LIABILITY COMPANY AGREEMENT 
 SIGNATURE PAGES 

 
			
	VARUN MISHRA
	
	  
 AILEEN
RICE

	
	  
 DANIEL J. RICE
IV

	
	  
 DEREK RICE

	
	  
 TOBY Z.
RICE

	
	  
 ROBERT
RIKEMAN

	
	  
 STEPHEN
RIKEMAN

	
	  
 JAMIE
ROGERS

	
	  
 ZACHARY
WILLENS

	
	  
 ROB WINGO

	
	  
 TONYA
WINKLER

  
 LIMITED
LIABILITY COMPANY AGREEMENT 
 SIGNATURE PAGES 

 EXHIBIT A 
  

													
	 Name
	  	Address	 	Carrying
Value	  	Equity of the Company held as of the Effective Date
	  	 	  	Capital
Interest	  	Tier I
Units	  	Tier II
Units	  	Tier III
Units
	 Rice Energy Family Holdings, LP
	  	[—]	 		  	Capital
Interest	  	0	  	0	  	0
	 John Lavelle
	  	[—]	 	0	  	0	  	4.95	  	5	  	5
	 Varun Mishra
	  	[—]	 	0	  	0	  	9.90	  	10	  	10
	 Robert Rikeman
	  	[—]	 	0	  	0	  	4.95	  	5	  	5
	 David Miller
	  	[—]	 	0	  	0	  	0.99	  	1	  	1
	 Jamie Rogers
	  	[—]	 	0	  	0	  	6.93	  	7	  	7
	 Ryan Kanto
	  	[—]	 	0	  	0	  	4.95	  	5	  	5
	 Zachary Willens
	  	[—]	 	0	  	0	  	9.90	  	10	  	10
	 Gina Banai
	  	[—]	 	0	  	0	  	2.48	  	2.50	  	2.50
	 Stephen Rikeman
	  	[—]	 	0	  	0	  	0.99	  	1	  	1
	 Michael Lauderbaugh
	  	[—]	 	0	  	0	  	0.99	  	1	  	1
	 Glenn King
	  	[—]	 	0	  	0	  	4.95	  	5	  	5
	 Toby Rice
	  	[—]	 	0	  	0	  	3.96	  	4	  	4
	 Daniel J. Rice IV
	  	[—]	 	0	  	0	  	6.93	  	7	  	7
	 Derek Rice
	  	[—]	 	0	  	0	  	6.93	  	7	  	7
	 Aileen Rice
	  	[—]	 	0	  	0	  	4.46	  	4.50	  	4.50
	 Tonya Winkler
	  	[—]	 	0	  	0	  	2.48	  	2.50	  	2.50
	 Gray Lisenby
	  	[—]	 	0	  	0	  	9.90	  	10	  	10
	 Jide Famuagun
	  	[—]	 	0	  	0	  	4.95	  	5	  	5
	 Matt Fahey
	  	[—]	 	0	  	0	  	2.48	  	2.50	  	2.50
	 Jenna Difrancesco
	  	[—]	 	0	  	0	  	2.48	  	2.50	  	2.50
	 Kris Hancock
	  	[—]	 	0	  	0	  	2.48	  	2.50	  	2.50
	 Rob Wingo
	  	[—]	 	0	  	0	  	0	  	0	  	0

 EXHIBIT B 

Consent of Spouse 

I, the undersigned spouse of
                    , one of the Members of Rice Energy Holdings LLC (the “Company”) or a Person who controls a Member of the
Company, hereby acknowledge that I have read the Amended and Restated Limited Liability Company Agreement, dated [                    ], 2014 (the
“Agreement”) and that I understand its contents. I hereby consent to and approve of the provisions of the Agreement, as it may be amended, restated or supplemented from time to time in accordance with its terms, and agree
that the Company Interests (as defined in the Agreement) held by my spouse and my interest in such Company Interests are subject to such provisions. I hereby agree, for the benefit of the Company (which is relying hereupon) that (i) my
spouse’s interest in the Company is subject to the Agreement and the other agreements referred to therein and any interest I may have in the Company or its equity shall be irrevocably bound by the Agreement and the other agreements referred to
therein and any community property interest of mine (if any) shall be similarly bound and (ii) I will take no action at any time to hinder the operations of the Company. 

Dated:                     ,
20     
  

			
	Name:	 	 

 
			
	Address:

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