Document:

2010 Long Term Incentive Plan of Atlas Pipeline Partners, L.P.

 Exhibit 10.1 

ATLAS PIPELINE PARTNERS, L.P. 

2010 LONG-TERM INCENTIVE PLAN 

1. Purpose 
 The
purpose of the Atlas Pipeline Partners, L.P. 2010 Long-Term Incentive Plan (the “Plan”) is to assist Atlas Pipeline Partners GP, LLC, a Delaware limited liability company (defined below as the Company) in its capacity as general partner of
Atlas Pipeline Partners, L.P., a Delaware limited partnership (defined below as APL) in securing and retaining employees of outstanding ability who are in a position to participate significantly in the development and implementation of the strategic
plans of APL and thereby to contribute materially to the long-term growth, development, and profitability of APL by affording them an opportunity to acquire Units (as defined below). The Plan is designed to align directly long-term executive
compensation with tangible, direct and identifiable benefits realized by APL Unit holders. 
 2. Definitions 

Whenever used in this Plan, the following terms will have the respective meanings set forth below: 

(a) “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management
and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

(b) “APL” means Atlas Pipeline Partners, L.P., a Delaware limited partnership. 

(c) “APL Partnership Agreement” means the Second Amended and Restated Agreement of Limited Partnership of Atlas
Pipeline Partners, L.P., dated as of March 9, 2004, as amended from time to time. 
 (d) “Board”
means the Managing Board of the Company. 
 (e) “Change of Control” means the occurrence of any of the
following: 
 (i) the Company or an Affiliate ceases to be the general partner of APL; 

(ii) consummation of a merger, consolidation, share exchange, division or other reorganization or transaction of APL, the Company or
any Affiliate that is a direct or indirect parent of the Company with any entity, other than a transaction which would result in the voting securities of APL or the Company, as appropriate, outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 60% of the combined voting power immediately after such transaction of the surviving entity’s outstanding securities or,
in the case of a division, the outstanding securities of each entity resulting from the division; 
 (iii) the equity
holders of APL, the Company or any Affiliate that is a direct or indirect parent of the Company approve a plan of complete liquidation or winding-up of APL; 

(iv) consummation of a sale or disposition (in one transaction or a series of transactions) of all or substantially all of the
assets of APL or any Affiliate that is a direct or indirect parent of the Company to an entity that is not an Affiliate of the Company or APL; or 

(v) during any period of 24 consecutive months, individuals who at the beginning of such period constituted the Board or the board
of directors of an Affiliate that is a direct or indirect parent of the Company (including for this purpose any new director whose election or nomination for election or appointment was approved by a vote of at least 2/3 of the directors then still
in office who were directors at the beginning of such period) cease for any reason to constitute at least a majority of the Board or other board of directors, as applicable. 

 Notwithstanding the foregoing, the Committee may specify a more limited definition of Change
in Control, or a definition conforming to requirements of section 409A of the Code, for a particular Grant, as the Committee deems appropriate. 

(f) “Code” means the Internal Revenue Code of 1986, as amended. 

(g) “Committee” means (i) with respect to Grants to Employees or Consultants, the Board or such committee of
the Board, or the board of an Affiliate of APL, that is appointed by the Board to administer the Plan, and (ii) with respect to Managers, the Board, or the board of an Affiliate of APL, that is appointed by the Board to administer the Plan.

 (h) “Company” means Atlas Pipeline Partners GP, LLC, a Delaware limited liability company. 

(i) “Consultant” means a consultant or advisor who performs services for APL or in furtherance of APL’s
business. 
 (j) “Disability” or “Disabled” means a long-term disability as determined
under the long-term disability plan of the Company, APL or one of their Affiliates, which is applicable to the Participant. 

(k) “Distribution Equivalent” means an amount calculated with respect to a Phantom Unit, which is determined by
multiplying the number of Units subject to the Phantom Unit by the per-Unit cash distribution, or the per-Unit fair market value (as determined by the Committee) of any distribution in consideration other than cash, paid by APL on its Units. If
interest is credited on accumulated distribution equivalents, the term “Distribution Equivalent” shall include the accrued interest. 

(l) “Effective Date” of the Plan means June 1, 2010, subject to approval of the Plan by the Unit holders of
APL. 
 (m) “Employee” means an employee of the Employer (including an officer or director who is also an
employee) who performs services for APL or in furtherance of APL’s business, but excluding any person who is classified by the Company as a “contractor” or “consultant,” no matter how characterized by the Internal Revenue
Service, other governmental agency or a court. Any change of characterization of an individual by the Internal Revenue Service or any court or government agency shall have no effect upon the classification of an individual as an Employee for
purposes of this Plan, unless the Committee determines otherwise. 
 (n) “Employer” means the Company, APL
or their Affiliates. 
 (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 (p) “Exercise Price” means the per Unit price at which Units may be purchased under an Option, as
designated by the Committee. 
 (q) “Fair Market Value” means the closing sales price of a Unit on the
applicable date on the public market on which Units are traded (or if there is no trading in the Units on such date, the closing sales price on the last date Units were traded). In the event Units are not publicly traded at the time a determination
of Fair Market Value is required to be made hereunder, the determination of Fair Market Value shall be made in good faith by the Committee. 

(r) “Grant” means an Option, Phantom Unit, Unit Award, UAR or Other Unit-Based Award granted under the Plan.

 (s) “Grant Letter” means the written instrument that sets forth the terms and conditions of a Grant,
including all amendments thereto. 
 (t) “Manager” means a member of the Board who is not an employee of
the Employer. 
 (u) “Option” means an option to purchase Units, as described in Section 7.

 (v) “Other Unit-Based Award” means any Grant based on, measured by or payable in Units (other than an
Option, Phantom Unit, Unit Award or UAR), as described in Section 10. 
  

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 (w) “Participant” means an Employee or Manager designated by the
Committee to participate in the Plan. 
 (x) “Person” means an individual or a corporation, limited
liability company, partnership, joint venture, trust, unincorporated organization, association, government agency or political subdivision thereof or other entity. 

(y) “Plan” means this Atlas Pipeline Partners, L.P. 2010 Long-Term Incentive Plan, as in effect from time to time.

 (z) “Phantom Unit” means an award of a phantom unit representing a Unit, as described in
Section 8. 
 (aa) “UAR” means a Unit appreciation right as described in Section 10. 

(bb) “Unit” means a common unit of APL as described in the APL Partnership Agreement. 

(cc) “Unit Award” means an award of Units as described in Section 9. 

3. Administration 

(a) Committee. The Plan shall be administered and interpreted by the Committee. Ministerial functions may be
performed by an administrative committee comprised of Company employees appointed by the Committee. 
 (b) Committee
Authority. The Committee shall have the full power and authority to (i) determine the Participants to whom Grants shall be made under the Plan, (ii) determine the type, size and terms and conditions of the Grants to be made to
each such Participant, (iii) determine the time when the Grants will be made and the duration of any applicable exercise or restriction period, including the criteria for exercisability and the acceleration of exercisability, (iv) amend
the terms and conditions of any previously issued Grant, subject to the provisions of Section 17(b) below, and (v) deal with any other matters arising under the Plan. Subject to the following and any applicable law, the Committee, in its
sole discretion, may delegate any or all of its powers and duties under the Plan, including the power to award Grants under the Plan, to the Chief Executive Officer of the Company, subject to such limitations on such delegated powers and duties as
the Committee may impose, if any; provided, however, that such delegation shall not limit the Chief Executive Officer’s right to receive Grants under the Plan. Notwithstanding the foregoing, the Chief Executive Officer may not award Grants to,
or take any action with respect to any Grant previously awarded to, himself or a person who is an Employee or Manager subject to Rule 16b-3 under the Exchange Act. 

(c) Committee Determinations. The Committee shall have full power and express discretionary authority to
administer and interpret the Plan, to make factual determinations and to adopt or amend such rules, regulations, agreements and instruments for implementing the Plan and for the conduct of its business as it deems necessary or advisable, in its sole
discretion. The Committee’s interpretations of the Plan and all determinations made by the Committee pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons having any interest in the Plan or in any awards
granted hereunder. All powers of the Committee shall be executed in its sole discretion, in the best interest of the Company, not as a fiduciary, and in keeping with the objectives of the Plan and need not be uniform as to similarly situated
Participants. 
 4. Grants 

(a) Grants under the Plan may consist of Options as described in Section 7, Phantom Units as described in Section 8, Unit
Awards as described in Section 9, and UARs or Other Unit-Based Awards as described in Section 10. All Grants shall be subject to such terms and conditions as the Committee deems appropriate and as are specified in writing by the Committee
to the Participant in the Grant Letter. 
 (b) All Grants shall be made conditional upon the Participant’s
acknowledgement, in writing or by acceptance of the Grant, that all decisions and determinations of the Committee shall be final and binding on the Participant, his or her beneficiaries and any other person having or claiming an interest under such
Grant. Grants under a particular Section of the Plan need not be uniform as among the Participants. 
  

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 5. Units Subject to the Plan 

(a) Units Authorized. The total aggregate number of Units that may be issued under the Plan is 3,000,000 Units,
subject to adjustment as described in subsection (d) below. 
 (b) Limit on Unit Awards, Phantom Units and Other
Unit-Based Awards. Within the aggregate limit described in subsection (a), the maximum number of Units that may be issued under the Plan pursuant to Unit Awards, Phantom Units and Other Unit-Based Awards during the term of the Plan is
3,000,000 Units, subject to adjustment as described in subsection (d) below. 
 (c) Source of Units; Unit
Counting. Units issued under the Plan may be authorized but unissued Units or reacquired Units, including Units purchased by the Company on the open market for purposes of the Plan. If and to the extent Options or UARs granted under the
Plan terminate, expire, or are canceled, forfeited, exchanged or surrendered without having been exercised, and if and to the extent that any Unit Awards, Phantom Units, or Other Unit-Based Awards are forfeited or terminated, or otherwise are not
paid in full, the Units reserved for such Grants shall again be available for purposes of the Plan. Units surrendered in payment of the Exercise Price of an Option, and Units withheld or surrendered for payment of taxes, shall not be available for
re-issuance under the Plan. If UARs are granted, the full number of Units subject to the UARs shall be considered issued under the Plan, without regard to the number of Units issued upon exercise of the UARs and without regard to any cash settlement
of the UARs. To the extent that a Grant of Phantom Units is designated in the Grant Letter to be paid in cash, and not in Units, such Grants shall not count against the Unit limits in subsection (a). 

(d) Adjustments. If there is any change in the number or kind of Units outstanding (i) by reason of a
distribution in Units, spinoff, recapitalization, Unit split, or combination or exchange of Units, (ii) by reason of a merger, reorganization or consolidation, (iii) by reason of a reclassification, or (iv) by reason of any other
extraordinary or unusual event affecting the outstanding Units as a class without the Company’s receipt of consideration, or if the value of outstanding Units is substantially reduced as a result of a spinoff or the Company’s payment of an
extraordinary dividend or distribution, the maximum number of Units available for issuance under the Plan, the kind and number of Units covered by outstanding Grants, the kind and number of Units issued and to be issued under the Plan, and the price
per Unit or the applicable market value of such Grants shall be equitably adjusted by the Committee to reflect any increase or decrease in the number of, or change in the kind or value of, the issued Units to preclude, to the extent practicable, the
enlargement or dilution of rights and benefits under the Plan and such outstanding Grants; provided, however, that any fractional Units resulting from such adjustment shall be eliminated. In addition, in the event of a Change of Control of the
Company, the provisions of Section 15 of the Plan shall apply. Any adjustments to outstanding Grants shall be consistent with section 409A of the Code, to the extent applicable. Any adjustments determined by the Committee shall be final,
binding and conclusive. 
 6. Eligibility for Participation 

(a) Eligible Persons. All Employees, including Employees who are officers or members of the Board, Consultants,
and all Managers shall be eligible to participate in the Plan. 
 (b) Selection of Participants. The
Committee shall select the Employees, Consultants and Managers to receive Grants and shall determine the number of Units subject to each Grant. 

7. Options 

(a) General Requirements. The Committee may grant Options to an Employee, Consultant or Manager upon such terms
and conditions as the Committee deems appropriate under this Section 7, if and to the extent permitted by section 409A of the Code. The Committee shall determine the number of Units that will be subject to each Grant of Options to
Employees, Consultants and Managers. 
  

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 (b) Option Price and Term. 

(i) The Exercise Price of a Unit subject to an Option shall be determined by the Committee and may be equal to or greater than the
Fair Market Value of a Unit on the date the Option is granted. 
 (ii) The Committee shall determine the term of each
Option, which shall not exceed ten years from the date of grant. 
 (c) Exercisability of
Options. Options shall become exercisable in accordance with such terms and conditions as may be determined by the Committee and specified in the Grant Letter. The Committee may grant Options that are subject to achievement of
performance goals or other conditions. The Committee may accelerate the exercisability of any or all outstanding Options at any time for any reason. 

(d) Termination of Employment or Service. Except as provided in the Grant Letter, an Option may only be exercised
while the Participant is employed by the Employer, or providing service as a Consultant or Manager. The Committee shall determine in the Grant Letter under what circumstances and during what time periods a Participant may exercise an Option after
termination of employment or service. 
 (e) Exercise of Options. A Participant may exercise an Option
that has become exercisable, in whole or in part, by delivering a notice of exercise to the Company. The Participant shall pay the Exercise Price for the Option (i) in cash, (ii) if permitted by the Committee, by delivering Units owned by
the Participant and having a Fair Market Value on the date of exercise equal to the Exercise Price or by attestation to ownership of Units having an aggregate Fair Market Value on the date of exercise equal to the Exercise Price, (iii) by
payment through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board, (iv) if permitted by the Committee, by surrender of Units subject to the Option, or (v) by such other method as the
Committee may approve. Payment for the Units pursuant to the Option, and any required withholding taxes, must be received by the time specified by the Committee depending on the type of payment being made, but in all cases prior to the issuance of
the Unit. 
 8. Phantom Units 

(a) General Requirements. The Committee may grant Phantom Units to an Employee, Consultant or Manager, upon such
terms and conditions as the Committee deems appropriate under this Section 8. Each Phantom Unit shall represent the right of the Participant to receive a Unit or an amount based on the value of a Unit. All Phantom Units shall be credited to
bookkeeping accounts on the Company’s records for purposes of the Plan. 
 (b) Terms of Phantom
Units. The Committee may grant Phantom Units that are payable on terms and conditions determined by the Committee, which may include payment based on achievement of performance goals. Phantom Units may be paid at the end of a specified
vesting or performance period, or payment may be deferred to a date authorized by the Committee. The Committee shall determine the number of Phantom Units to be granted and the requirements applicable to such Phantom Units. 

(c) Payment With Respect to Phantom Units. Payment with respect to Phantom Units shall be made in cash, in Units,
or in a combination of the two, as determined by the Committee. The Grant Letter shall specify the maximum number of Units that can be issued under the Phantom Units. 

(d) Requirement of Employment or Service. The Committee shall determine in the Grant Letter under what
circumstances a Participant may retain Phantom Units after termination of the Participant’s employment or service, and the circumstances under which Phantom Units may be forfeited. 

(e) Distribution Equivalents. The Committee may grant Distribution Equivalents in connection with Phantom Units,
under such terms and conditions as the Committee deems appropriate. Distribution Equivalents may be paid to Participants currently or may be deferred. All Distribution Equivalents that are not paid currently shall be credited to bookkeeping accounts
on the Company’s records for purposes of the Plan. Distribution Equivalents may be accrued as a cash obligation, or may converted to additional Phantom Units for the Participant, and deferred Distribution Equivalents may accrue interest, all as
determined by the Committee. The Committee may provide that Distribution Equivalents shall be payable based on the achievement of specific performance goals. Distribution Equivalents may be payable in cash or Units or in a combination of the two, as
determined by the Committee. 
  

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 9. Unit Awards 

(a) General Requirements. The Committee may issue Units to an Employee, Consultant or Manager under a Unit Award,
upon such terms and conditions as the Committee deems appropriate under this Section 9. Units issued pursuant to Unit Awards may be issued for cash consideration or for no cash consideration, and subject to restrictions or no restrictions, as
determined by the Committee. The Committee may establish conditions under which restrictions on Unit Awards shall lapse over a period of time or according to such other criteria as the Committee deems appropriate, including restrictions based upon
the achievement of specific performance goals. The Committee shall determine the number of Units to be issued pursuant to a Unit Award. 

(b) Requirement of Employment or Service. The Committee shall determine in the Grant Letter under what
circumstances a Participant may retain Unit Awards after termination of the Participant’s employment or service, and the circumstances under which Unit Awards may be forfeited. 

(c) Restrictions on Transfer. While Unit Awards are subject to restrictions, a Participant may not sell, assign,
transfer, pledge or otherwise dispose of the Units of a Unit Award except upon death as described in Section 14(a). If certificates are issued, each certificate for a Unit Award shall contain a legend giving appropriate notice of the
restrictions in the Grant. The Participant shall be entitled to have the legend removed when all restrictions on such Units have lapsed. The Company may retain possession of any certificates for Unit Awards until all restrictions on such Units have
lapsed. 
 (d) Right to Vote and to Receive Distributions. The Committee shall determine to what extent,
and under what conditions, the Participant shall have the right to vote Units subject to Unit Awards and to receive any distributions paid on such Units during the restriction period. The Committee may determine that distributions on Unit Awards
shall be withheld while the Unit Awards are subject to restrictions and that the distributions shall be payable only upon the lapse of the restrictions on the Unit Awards, or on such other terms as the Committee determines. Distributions that are
not paid currently shall be credited to bookkeeping accounts on the Company’s records for purposes of the Plan. Accumulated distributions may accrue interest, as determined by the Committee, and shall be paid in cash, Units, or in such other
form as distributions are paid on Units, as determined by the Committee. 
 10. Unit Appreciation Rights and Other Unit-Based Awards

 (a) UARs. The Committee may grant UARs to an Employee, Consultant or Manager separately or in
tandem with an Option, if and to the extent permitted by section 409A of the Code. The following provisions are applicable to UARs: 

(i) General Requirements. The Committee shall establish the number of Units, the terms and the base amount of the
UAR at the time the UAR is granted. The base amount of each UAR shall be not less than the Fair Market Value of a Unit as of the date of Grant of the UAR. 

(ii) Tandem UARs. The Committee may grant tandem UARs either at the time the Option is granted or at any time
thereafter while the Option remains outstanding. In the case of tandem UARs, the number of UARs granted to a Participant that shall be exercisable during a specified period shall not exceed the number of Units that the Participant may purchase upon
the exercise of the related Option during such period. Upon the exercise of an Option, the UARs relating to the Unit covered by such Option shall terminate. Upon the exercise of UARs, the related Option shall terminate to the extent of an equal
number of Units. 
 (iii) Exercisability. A UAR shall become exercisable in accordance with such terms
and conditions as may be specified. The Committee may grant UARs that are subject to achievement of performance goals or other conditions. The Committee may accelerate the exercisability of any or all outstanding UARs at any time for any reason. The
Committee shall determine in the Grant Letter under what 
  

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circumstances and during what periods a Participant may exercise an UAR after termination of employment or service. A tandem UAR shall be exercisable only while the Option to which it is related
is exercisable. 
 (iv) Exercise of UARs. When a Participant exercises UARs, the Participant shall
receive in settlement of such UARs an amount equal to the value of the Unit appreciation for the number of UARs exercised. The Unit appreciation for a UAR is the amount by which the Fair Market Value of the underlying Unit on the date of exercise of
the UAR exceeds the base amount of the UAR as specified in the Grant Letter. 
 (v) Form of Payment. The
Committee shall determine whether the Unit appreciation for an UAR shall be paid in the form of Units, cash or a combination of the two. For purposes of calculating the number of Units to be received, Units shall be valued at their Fair Market Value
on the date of exercise of the UAR. If Units are to be received upon exercise of an UAR, cash shall be delivered in lieu of any fractional Unit. 

(b) Other Unit-Based Awards. The Committee may grant other awards not specified in Sections 7, 8 or 9 above
that are based on or measured by Units to Employees, Consultants and Managers, on such terms and conditions as the Committee deems appropriate. Other Unit-Based Awards may be granted subject to achievement of performance goals or other conditions
and may be payable in Units or cash, or in a combination of the two, as determined by the Committee in the Grant Letter. 
 11.
Performance-Based Compensation 
 (a) Performance Goals. When performance-based Grants are
made, the Committee shall establish in writing (i) the performance goals that must be met, (ii) the period during which performance will be measured, (iii) the maximum amounts that may be paid if the performance goals are met, and
(iv) any other conditions that the Committee deems appropriate. 
 (b) Criteria Used for Performance
Goals. The Committee shall use performance goals based on any criteria that the Committee deems appropriate, including the following criteria with respect to APL: Unit price, earnings per Unit, price-earnings multiples, net earnings,
operating earnings, revenue, number of days sales outstanding in accounts receivable, productivity, margin, EBITDA (earnings before interest, taxes, depreciation and amortization), net capital employed, return on assets, Unit holder return, return
on equity, return on capital employed, growth in assets, Unit volume, sales, cash flow, market share, relative performance to a comparison group designated by the Committee, or strategic business criteria consisting of one or more objectives based
on meeting specified revenue goals, market penetration goals, customer growth, geographic business expansion goals, cost targets or goals relating to acquisitions or divestitures. The performance goals may relate to one or more business units or the
performance of APL and its subsidiaries as a whole, or any combination of the foregoing. Performance goals need not be uniform as among Participants. 

(c) Certification of Results. The Committee shall certify the performance results for the performance period
specified in the Grant Letter after the performance period ends. The Committee shall determine the amount, if any, to be paid pursuant to each Grant based on the achievement of the performance goals and the satisfaction of all other terms of the
Grant Letter. 
 (d) Death, Disability or Other Circumstances. The Committee may provide in the Grant
Letter that performance-based Grants shall be payable, in whole or in part, in the event of the Participant’s death or disability, a Change of Control or under other circumstances determined by the Committee. 

12. Deferrals 

The Committee may permit or require a Participant to defer receipt of the payment of cash or the delivery of Units that would otherwise be
due to the Participant in connection with any Grant. The Committee shall establish rules and procedures for any such deferrals, consistent with applicable requirements of section 409A of the Code. 

 

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 13. Withholding of Taxes 

(a) Required Withholding. All Grants under the Plan shall be subject to applicable federal (including FICA), state
and local tax withholding requirements. The Company may require that the Participant or other person receiving or exercising Grants pay to the Company the amount of any federal, state or local taxes that the Company is required to withhold with
respect to such Grants, or the Company may deduct from other wages paid by the Company the amount of any withholding taxes due with respect to such Grants. The Company may require forfeiture of any Grant for which the Grantee does not timely pay the
applicable withholding taxes. 
 (b) Election to Withhold Units. If the Committee so permits, Units may
be withheld to satisfy the Company’s tax withholding obligation with respect to Grants paid in Units, at the time such Grants become taxable, up to an amount that does not exceed the minimum applicable withholding tax rate for federal
(including FICA), state and local tax liabilities. 
 14. Transferability of Grants 

(a) Restrictions on Transfer. Except as described in subsection (b) below, only the Participant may exercise
rights under a Grant during the Participant’s lifetime, and a Participant may not transfer those rights except by will or by the laws of descent and distribution. When a Participant dies, the personal representative or other person entitled to
succeed to the rights of the Participant may exercise such rights. Any such successor must furnish proof satisfactory to the Company of his or her right to receive the Grant under the Participant’s will or under the applicable laws of descent
and distribution. 
 (b) Transfer of Options to or for Family Members. Notwithstanding the foregoing,
the Committee may provide, in a Grant Letter, that a Participant may transfer Options to family members, or one or more trusts or other entities for the benefit of or owned by family members, consistent with the applicable securities laws, according
to such terms as the Committee may determine; provided that the Participant receives no consideration for the transfer of an Option and the transferred Option shall continue to be subject to the same terms and conditions as were applicable to the
Option immediately before the transfer. 
 15. Consequences of a Change of Control 

(a) Upon a Change of Control, unless the Committee determines otherwise in the Grant Letter, all Grants shall automatically vest and
become payable or exercisable, as the case may be, in full. Notwithstanding the foregoing, in the event of a Change of Control, the Committee may take any one or more of the following actions with respect to any or all outstanding Grants, without
the consent of any Participant: (i) the Committee may require that Participants surrender their outstanding Options and UARs for cancellation in exchange for one or more payments by the Company, in cash or Units as determined by the Committee,
in an amount equal to the amount, if any, by which the then Fair Market Value of the Units subject to the Participant’s unexercised Options and UARs exceeds the Exercise Price or base amount, as applicable, and on such terms as the Committee
determines, (ii) after giving Participants an opportunity to exercise their outstanding Options and UARs, the Committee may terminate any or all unexercised Options and UARs at such time as the Committee deems appropriate, (iii) with
respect to Participants holding Phantom Units, Other Unit-Based Awards or Distribution Equivalents, the Committee may determine that such Participants shall receive one or more payments in settlement of such Phantom Units, Other Unit-Based Awards or
Distribution Equivalents, in such amount and form and on such terms as may be determined by the Committee, or (iv) the Committee may determine that Grants that remain outstanding after the Change of Control shall be converted to similar grants
of the surviving entity (or a parent or subsidiary of the surviving entity). Without limiting the foregoing, if the per Unit Fair Market Value of the Units does not exceed the per Unit Exercise Price or base price of an Option or UAR, the Company
shall not be required to make any payment to the Grantee upon surrender of the Option or UAR. Any acceleration, surrender, termination, settlement or conversion shall take place as of the date of the Change of Control or such other date as the
Committee may specify. 
 (b) Other Transactions. The Committee may provide in a Grant Letter that a
sale or other transaction involving a subsidiary or other business unit shall be considered a Change of Control for purposes of a Grant, or the Committee may establish other provisions that shall be applicable in the event of a specified
transaction, including provisions to comply with section 409A of the Code, if applicable. 
  

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 16. Requirements for Issuance of Units 

No Units shall be issued in connection with any Grant hereunder unless and until all legal requirements applicable to the issuance of such
Units have been complied with to the satisfaction of the Committee. The Committee shall have the right to condition any Grant made to any Participant hereunder on such Participant’s undertaking in writing to comply with such restrictions on his
or her subsequent disposition of such Units as the Committee shall deem necessary or advisable, and certificates representing such Units may be legended to reflect any such restrictions. Certificates representing Units issued under the Plan will be
subject to such stop-transfer orders and other restrictions as may be required by applicable laws, regulations and interpretations, including any requirement that a legend be placed thereon. No Participant shall have any right as a Unit holder with
respect to Units covered by a Grant until Units have been issued to the Participant. 
 17. Amendment and Termination of the Plan 

 (a) Amendment. The Board may amend or terminate the Plan at any time; provided, however, that the
Board shall not amend the Plan without approval of the Unit holders if such approval is required in order to comply with applicable stock exchange requirements. No amendment or termination of this Plan shall, without the consent of the Participant,
materially impair any rights or obligations under any Grant previously made to the Participant under the Plan, unless such right has been reserved in the Plan or the Grant Letter, or except as provided in Section 18(b) below. Notwithstanding
anything in the Plan to the contrary, the Board may amend the Plan in such manner as it deems appropriate in the event of a change in applicable law or regulations. 

(b) No Repricing. Except in connection with a transaction involving APL (including without limitation, any
distribution of Units, Unit split, APL’s payment of an extraordinary distribution, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of Units), the terms of outstanding Grants may not be
amended to reduce the Exercise Price or base amount, as applicable, of outstanding Options or UARs or cancel outstanding Options or UARs in exchange for cash, other Grants or Options or UARs with an Exercise Price or base amount that is less than
the Exercise Price or base amount of the original Options or UARs without Unit holder approval. 
 (c) Termination of
Plan. The Plan shall terminate on the day immediately preceding the tenth anniversary of its Effective Date, unless the Plan is terminated earlier by the Board or is extended by the Board with the approval of the Unit holders. The
termination of the Plan shall not impair the power and authority of the Committee with respect to an outstanding Grant. 
 18.
Miscellaneous 
 (a) Grants in Connection with Corporate Transactions and Otherwise. Nothing
contained in this Plan shall be construed to (i) limit the right of the Committee to make Grants under this Plan in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business or assets of any
corporation, firm or association, including Grants to employees thereof who become Employees, or for other proper corporate purposes, or (ii) limit the right of the Company to grant options or make other Unit-based awards outside of this Plan.
Without limiting the foregoing, the Committee may make a Grant to an employee of another corporation who becomes an Employee by reason of a corporate merger, consolidation, acquisition of stock or property, reorganization or liquidation involving
APL in substitution for a grant made by such corporation. The terms and conditions of the Grants may vary from the terms and conditions required by the Plan and from those of the substituted grants, as determined by the Committee. 

(b) Compliance with Law. The Plan, the exercise of Options and the obligations of the Company to issue or
transfer Units under Grants shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required. With respect to persons subject to section 16 of the Exchange Act, it is the intent of the Company
that the Plan and all transactions under the Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act. It is the intent of the 

 

 9 

 
Company, to the extent applicable, that Grants comply with the requirements of section 409A of the Code or an exception from such requirements. To the extent that any legal requirement of
section 16 of the Exchange Act or section 409A of the Code as set forth in the Plan ceases to be required under section 16 of the Exchange Act or section 409A of the Code, that Plan provision shall cease to apply. The Committee
may revoke any Grant if it is contrary to law or modify a Grant to bring it into compliance with any valid and mandatory government regulation. The Committee may, in its sole discretion, agree to limit its authority under this Section. 

(c) Section 409A. The Plan and Grants under the Plan are intended to comply with section 409A of the
Code and its corresponding regulations, or an exemption, and payments may only be made upon an event and in a manner permitted by section 409A, to the extent applicable. Notwithstanding anything in a Grant Letter to the contrary, if required by
section 409A, if a Participant is considered a “specified employee” for purposes of section 409A and if payment of any amounts under the Grant Letter is required to be delayed for a period of six months after separation from
service pursuant to section 409A, payment of such amounts shall be delayed as required by section 409A, and the accumulated amounts shall be paid in a lump sum payment within ten days after the end of the six-month period (or within
60 days after the death of the Participant, if the Participant dies during the postponement period). Under a Grant that is subject to 409A, all payments to be made upon a termination of employment may only be made upon a “separation from
service” under section 409A and, unless the Grant Letter provides otherwise, the right to a series of installment payments shall be treated as a right to a series of separate payments. In no event may a Participant, directly or indirectly,
designate the calendar year of a payment other than in accordance with section 409A. 

(d) Enforceability. The Plan shall be binding upon and enforceable against the Company and its successors and
assigns. 
 (e) Funding of the Plan; Limitation on Rights. This Plan shall be unfunded. The Company
shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any Grants under this Plan. Nothing contained in the Plan and no action taken pursuant hereto shall create or be
construed to create a fiduciary relationship between the Company and any Participant or any other person. No Participant or any other person shall under any circumstances acquire any property interest in any specific assets of the Company. To the
extent that any person acquires a right to receive payment from the Company hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company. 

(f) Rights of Participants. Nothing in this Plan shall entitle any Employee, Manager or other person to any claim
or right to receive a Grant under this Plan. Neither this Plan nor any action taken hereunder shall be construed as giving any individual any rights to be retained by or in the employment or service of the Employer. 

(g) No Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Grant. The
Committee shall determine whether cash, other awards or other property shall be issued or paid in lieu of such fractional Units or whether such fractional Units or any rights thereto shall be forfeited or otherwise eliminated. 

(h) Employees Subject to Taxation Outside the United States. With respect to Participants who are subject to
taxation in countries other than the United States, the Committee may make Grants on such terms and conditions as the Committee deems appropriate to comply with the laws of the applicable countries, and the Committee may create such procedures,
addenda and subplans and make such modifications as may be necessary or advisable to comply with such laws. 

(i) Governing Law. The validity, construction, interpretation and effect of the Plan and Grant Letters issued
under the Plan shall be governed and construed by and determined in accordance with the laws of the State of Delaware, without giving effect to the conflict of laws provisions thereof. 

 

 10Form of Grant of Phantom Units in Exchange for Bonus Units

 Exhibit 10.2 

ATLAS PIPELINE PARTNERS, L.P. 

2010 LONG-TERM INCENTIVE PLAN 

PHANTOM UNIT GRANT AGREEMENT 

THIS PHANTOM UNIT GRANT (this “Grant”) is made as of
            , 2010 (the “Date of Grant”) by and between Atlas Pipeline Partners L.P. (“APL”) and
                     (the “Participant”). 

WHEREAS, the Participant has elected to surrender
                     bonus units (“Bonus Units”) granted under the
                                         
                in exchange for Phantom Units under the Atlas Pipeline Partners, L.P., 2010 Long-Term Incentive Plan (the “Plan”); 

WHEREAS, the Phantom Units under this Grant have been granted to the Participant in exchange for the surrendered Bonus Units, and the
surrendered Bonus Units have been cancelled; and 
 WHEREAS, all defined terms not defined in this Grant shall have the meanings
given to such terms in the Plan. 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as
follows: 
 1. Award of Phantom Units; Cancellation of Bonus Units. 

(a) The Participant is hereby awarded
                     (            ) Phantom Units (“Phantom
Units”) pursuant to the Plan. Each Phantom Unit represents the right of the Participant to receive a common unit of Atlas Pipeline Partners, L.P. (a “Unit”), subject to the vesting and other terms of this Grant. 

(b) The Participant hereby confirms and agrees that the Participant’s Bonus Units are cancelled, and no payments
shall be made under the Bonus Units. 
 2. Vesting. 

(a) Subject to such further limitations as are provided herein, the Phantom Units shall vest and become payable on the
following dates, in cumulative fashion: 
  

				
	 Date
	  	Number or % of
Phantom 
Units That Vest	 
	             , 2010
	  	33	% 
	             , 2011
	  	33	% 
	             , 2012
	  	34	% 

 (b) From and after the Date of Grant through the date on which the Phantom
Units become fully vested pursuant to subparagraph (a) above, any unvested Phantom Units remain subject to forfeiture in accordance with the terms of Section 4. Such period shall be known herein as the “Restriction
Period.” 
 (c) The Phantom Units otherwise vesting on the dates listed above shall vest instead on the
date of the occurrence of a Change in Control (as defined below) if such date occurs before the otherwise stated vesting date. 

(d) If the Participant’s Employment is terminated by the Company or an Affiliate without Cause, or is terminated
because of the Participant’s death, all of the Participant’s Phantom Units shall automatically vest on the termination date. 

(e) If the foregoing vesting schedule would produce fractional Units, the number of Phantom Units shall be rounded down to
the nearest whole Unit. Any unvested Units shall vest on the final vesting date if the Participant is still employed by the Company or an Affiliate. 

(f) For purposes of this Grant, “Company” shall mean Atlas Pipeline Partners GP, LLC. 

(g) For purposes of this Grant, “Employment” shall mean employment of the Participant as an officer or
employee of the Company or an Affiliate. 
 (h) For purposes of this Grant, “Affiliate” shall
mean (i) any entity that, directly or indirectly, controls or is controlled by the Company or Atlas Pipeline Mid-Continent, LLC, (ii) any entity in which the Company or Atlas Pipeline Mid-Continent, LLC has a significant equity interest,
in either case as determined by the Committee, and (iii) to the extent not included in clause (i) or (ii) above, Atlas Pipeline Mid-Continent, LLC, Atlas America Mid-Continent, Inc. and APL. 

(i) For purposes of this Grant, “Cause” shall mean, as determined by the Committee in its sole
discretion, that the Participant has (i) committed an act of malfeasance or wrongdoing affecting the Company or any Affiliate, (ii) breached any covenant not to compete or employment contract with the Company or an Affiliate or
(iii) otherwise engaged in conduct that would warrant the Participant’s discharge from employment or service with the Company or an Affiliate because of the Participant’s negative effect on the Company or an Affiliate. 

(j) For purposes of this Grant, “Change in Control” shall mean a change in the ownership of the Atlas
Pipeline Mid-Continent, LLC or APL, or a change in the ownership of a substantial portion of the assets of either company. No event shall be a Change in Control event unless it is a “change in control event” as defined in
Section 1.409A-3(i)(5) of the Treasury regulations under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). A change in ownership shall occur only if ownership interests in either company are
acquired by any one person or more than one person acting as a group and, after the acquisition, the acquiring person or persons own more than 50% of the total value or total voting power of such ownership interests. A change in the ownership of a
substantial portion of the assets of either company 
  

 2 

 
shall occur only if one person or more than one person acting as a group acquire, during the 12-month period ending on the date of the last such acquisition, assets that have a total gross fair
market value equal to more than 50% of the total gross fair market value of all the assets of such company. 
 3. Payment
of Phantom Units 
 (a) Within thirty (30) days after the applicable vesting date, APL shall
distribute to the Participant Units equal to the number of Phantom Units vesting on the vesting date. Such payment shall constitute taxable compensation to the Participant. 

(b) Notwithstanding the above general rule with regard to payment, if the Participant’s Employment is terminated as a
result of the Participant’s death, vesting shall occur immediately, but payment shall be made in accordance with the vesting schedule in Section 2 as if the Participant were still employed on the dates listed in that schedule. In the event
of a subsequent Change in Control, however, any remaining payments shall be made within thirty (30) days of the Change in Control. 

(c) Notwithstanding the above general rule with regard to payment, the Committee may delay any payment to the extent that
the payment cannot be deducted for tax purposes under the pay cap rules of Section 162(m) of the Code, if and to the extent permitted by Section 409A of the Code. Any payment so delayed shall be made as soon as reasonably practicable
following the first date on which the Committee anticipates or reasonably should anticipate that, if the payment were made on such date, the Company’s deduction with respect to such payment would no longer be restricted due to the application
of the pay cap rules of Section 162(m). No such delay shall be allowed if the delay would cause the payment to be subject to additional taxes or penalties pursuant to Section 409A of the Code. 

(d) Notwithstanding the above general rules with regard to payment, all payments shall be subject to compliance with the
requirements of Section 409A of the Code as described below. 
 4. Forfeiture. 

(a) If the Participant’s Employment is terminated during the Restriction Period, other than for those reasons listed
in Section 2 above, the Phantom Units, to the extent not previously vested, shall immediately terminate and become null and void. 

(b) Notwithstanding any other provisions set forth herein or in the Plan, if the Participant shall (i) commit any act
of malfeasance or wrongdoing affecting the Company or any Affiliate, (ii) breach any covenant not to compete, or employment contract, with the Company or an Affiliate or (iii) engage in conduct that would warrant the Participant’s
discharge from Employment for cause, any unvested Phantom Units shall immediately terminate and become null and void. 
 5.
Distribution Equivalents with respect to Phantom Units. Until such time as the Phantom Units are paid or forfeited, if a distribution is paid by APL on its Units, APL shall pay to the Participant, in cash, the amount of the corresponding
Distribution Equivalent attributable to the Participant’s then outstanding Phantom Units. The Distribution Equivalent shall be paid to the Participant on the date on which the distribution is paid on Units. 

 

 3 

 6. Transferability. 

(a) Except as provided in (b) below, no Phantom Units and no rights under any such Phantom Units may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any
Affiliate. 
 (b) A Participant may, in the manner established by the Committee, designate a beneficiary or
beneficiaries to receive any cash distributable with respect to Phantom Units upon the death of the Participant. 
 7.
Acknowledgment by the Participant. By executing this Grant, the Participant hereby acknowledges that, with respect to any right to payment from the Plan, the Participant is and shall be an unsecured general creditor of APL without any
preference as against other unsecured general creditors of APL, and the Participant hereby covenants for himself, and anyone at any time claiming through or under the Participant, not to claim any such preference, and hereby disclaims and waives any
such preference which may at any time be at issue, to the fullest extent permitted by applicable law. 
 8.
Withholding. The Company or an Affiliate employing the Participant is authorized to withhold from any payment (including distribution of Units) due under this Grant or from any compensation or other amount owing to the Participant, the
amount of any applicable taxes payable in respect of this Grant, and to take such other action as may be necessary in the opinion of the Company or the Affiliate to satisfy its withholding obligations for the payment of such taxes. Payments to the
Participant pursuant to this Grant shall be treated as taxable employee compensation from the Company or Affiliate to the Participant. With respect to payments in the form of Units, the Participant may elect to satisfy the applicable tax withholding
obligations with respect to the Phantom Units either (i) by having the Company withhold Units otherwise distributable to the Participant, up to the legally required minimum applicable tax withholding amount, with such Units valued at their Fair
Market Value, or (ii) by delivering to the Company a check in the amount of the required tax withholding. 
 9.
Terms and Conditions. This Grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and this Grant shall in all respects be interpreted and administered in accordance with the Plan. By accepting this
Grant, the Participant hereby agrees to be bound by the interpretations and determinations of the Committee with respect to this Grant and the Plan. 

10. No Rights as Unit Holder. The Participant shall not have the right to vote with respect to any Phantom Units or
otherwise have any rights as a Partnership unit holder with respect thereto. 
  

 4 

 11. Employment Not Affected. This Grant shall not be construed as giving the
Participant the right to continued Employment. Further, the Company or an Affiliate may at any time dismiss the Participant from Employment, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or this
Grant. 
 12. Amendments. The Company may waive any conditions or rights under and amend any terms of this Grant,
provided no change shall materially reduce the benefit to the Participant without the consent of the Participant. 
 13.
Governing Law. The validity, construction, and effect of this Grant shall be determined in accordance with the laws of the State of Delaware and applicable federal law. 

14. Section 409A of the Internal Revenue Code. This Grant is intended to comply with Section 409A of the Code, or
an exemption, and payments may only be made under this Grant upon an event and in a manner permitted by Section 409A of the Code, to the extent applicable. In no event may the Participant, directly or indirectly, designate the calendar year of
a payment. Each payment under this Grant shall be treated as a separate payment for purposes of Section 409A. Payments upon a termination of Employment may only be made upon a “separation from service” as defined under
Section 409A. Notwithstanding anything in this Grant to the contrary, if required by Section 409A, if the Participant is considered a “specified employee” for purposes of Section 409A and if payment of any amounts under this
Grant is required to be delayed for a period of six months after separation from service pursuant to Section 409A, payment of such amounts shall be delayed as required by Section 409A, and the accumulated amounts shall be paid in a lump
sum payment within ten days after the end of the six-month postponement period. If the Participant dies during the six-month postponement period prior to the payment of benefits, the amounts withheld on account of Section 409A shall be paid to
the personal representative of the Participant’s estate within 60 days after the date of the Participant’s death. 

[SIGNATURES APPEAR ON FOLLOWING PAGE] 

 

 5 

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

  

									
	Witness:	 		 	ATLAS PIPELINE PARTNERS, L.P.
				
	 	 		 	 	 	 
		 		 		 	By: Atlas Pipeline Partners GP, LLC, General Partner
		 		 		 	Name:
		 		 		 	Title:	 	

 I hereby accept this Grant, and I agree to be bound by the terms of the Plan and this Grant. I
further agree that all of the decisions and interpretations of the Committee with respect thereto shall be final and binding. 
  

			
		
	Participant:	 	 
		 	

  

 6

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