Document:

Second Amendment to Credit Agreement

  
 Exhibit 4.3

 Execution Version 
  

 
  
  

 
 SECOND
AMENDMENT 
 TO 
 CREDIT AGREEMENT 
 DATED
AS OF NOVEMBER 5, 2010 
 AMONG 

WESTWAY GROUP, INC., 
 AS BORROWER, 

JPMORGAN CHASE BANK, N.A., 

AS ADMINISTRATIVE AGENT, 

AND 
 THE LENDERS PARTY HERETO 
  

 
  

  

SECOND AMENDMENT TO CREDIT AGREEMENT

 THIS SECOND AMENDMENT TO CREDIT
AGREEMENT (this “Second Amendment”) dated as of November 5, 2010, is among Westway Group, Inc., a Delaware corporation (the “Borrower”); each Guarantor (together with the
Borrower, each an “Obligor”); each of the Lenders from time to time party hereto; and JPMorgan Chase Bank, N.A. (in its individual capacity, “JPMorgan”), as administrative agent for the Lenders (in such capacity,
together with its successors in such capacity, the “Administrative Agent”). 
 R E C I T A L S

 A. The Borrower, the Agents and the Lenders are parties to that certain Credit Agreement dated as of
November 12, 2009 (as amended by that certain First Amendment to Credit Agreement dated as of June 22, 2010, and as further amended from time to time, the “Credit Agreement”), pursuant to which the Lenders have made
certain credit available to and on behalf of the Borrower. 
 B. The Borrower has requested and the
Administrative Agent and the Majority Lenders have agreed to amend certain provisions of the Credit Agreement. 

C. NOW, THEREFORE, to induce the Administrative Agent and the Majority Lenders to enter into this Second Amendment and 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 used herein but not otherwise defined herein has the meaning given
such term in the Credit Agreement, as amended by this Second Amendment. Unless otherwise indicated, all section references in this Second Amendment refer to sections of the Credit Agreement. 

Section 2. Amendments to Credit Agreement. 

2.1 Amendments to Section 1.01. 

(a) The following definition is hereby amended to read as follows: 

“Agreement” means this Credit Agreement, as amended by the First Amendment, the Second
Amendment, and as the same may from time to time be amended, modified, supplemented or restated. 

(b) The following definitions are hereby added where alphabetically appropriate to read as follows:

 “First Amendment” means that certain First Amendment to Credit Agreement,
dated as of June 22, 2010, among the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto. 

  

PAGE 1 

  
 “Second Amendment” means that certain Second Amendment to Credit Agreement, dated as of November 5, 2010, among the Borrower, the Guarantors, the Administrative Agent and the Lenders
party thereto. 
 “Second Amendment Effective Date” means November 5, 2010.

 2.2 Amendment to Section 9.01(a). Section 9.01(a) is hereby amended to read: 

(a) Consolidated Total Leverage Ratio. The Borrower will not, as of the last day of any fiscal
quarter, permit its Consolidated Total Leverage Ratio to exceed the ratio specified for such period: 
  

			
	 Period
	  	Ratio
		
	 December 31, 2010 to December 31, 2011
	  	3.75 to 1.0
		
	 Each fiscal quarter thereafter
	  	3.25 to 1.0

 2.3
Amendment to Section 9.05(g). Section 9.05(g) is hereby amended to read: 
 (g)
Investments (i) made by the Borrower in or to the Guarantors, (ii) made by any Subsidiary in or to the Borrower or any Guarantor, (iii) made by the Borrower or any Domestic Subsidiary in or to any non-Wholly-Owned Domestic Subsidiary
or Foreign Subsidiary outstanding on the Effective Date plus additional Investments thereafter in an aggregate amount at any one time outstanding not to exceed $30,000,000, (iv) disclosed in writing to the Administrative Agent and the Majority
Lenders prior to the Second Amendment Effective Date in an amount not to exceed $60,000,000, which Investments are consummated prior to March 31, 2011, and (v) made by any Foreign Subsidiary in another Foreign Subsidiary; 

2.4 Amendment to Section 9.20. Section 9.20 is hereby amended to read: 

Section 9.20 Limitation on Capital Expenditures. The Borrower shall not, and the Borrower
shall not permit its Subsidiaries to, make Capital Expenditures, in the aggregate, in excess of (a) $7,500,000 from the Effective Date through the end of the calendar year ended December 31, 2009; (b) $55,000,000 for the calendar year
ended December 31, 2010; (c) $75,000,000 for the calendar year ended December 31, 2011; and (d) $40,000,000 for each calendar year thereafter; provided that any amount referred to above, if not so expended in the fiscal
year for which it is permitted, may be carried over for expenditure in the next succeeding fiscal year, with Capital Expenditures made during any fiscal year deemed first made in respect of amount permitted for such fiscal year and second made in
respect of amounts carried over from the prior fiscal year. 

  

PAGE 2 

  
 Section
3. Conditions Precedent. This Second Amendment shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement): 

3.1 The Administrative Agent shall have received from the Majority Lenders, the Borrower and the Guarantors, counterparts
(in such number as may be requested by the Administrative Agent) of this Second Amendment signed on behalf of such Person. 
 3.2 No Default shall have occurred and be continuing as of the date hereof, after giving effect to the terms of this Second Amendment. 

3.3 Payment by the Borrower of an amendment fee to the Administrative Agent for the account of each Lender returning its
executed signature page to the Second Amendment prior to 3:00 p.m. (Houston time) November 3, 2010, in an amount equal to 0.05% of each such consenting Lender’s existing Commitments. 

The Administrative Agent is hereby authorized and directed to declare this Second Amendment to be effective when it has
received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions as permitted hereby. Such declaration shall be final,
conclusive and binding upon all parties to the Credit Agreement for all purposes. 
 Section 4.
Miscellaneous. 
 4.1 Confirmation. The provisions of the Credit Agreement, as amended by this
Second Amendment, shall remain in full force and effect following the effectiveness of this Second Amendment. The parties agree that this Second Amendment is a Loan Document. 

4.2 Ratification and Affirmation; Representations and Warranties. Each Obligor hereby (a) acknowledges the
terms of this Second Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a
party remains in full force and effect, except as expressly amended hereby, notwithstanding the amendments contained herein and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this
Second Amendment: (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct, except to the extent any such representations and warranties are expressly limited to an earlier date,
in which case, such representations and warranties shall continue to be true and correct as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing and (iii) no event or events have occurred which
individually or in the aggregate could reasonably be expected to have a Material Adverse Effect. 
 4.3
Counterparts. This Second 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 Second Amendment by email or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. 
 4.4 No Oral Agreement. This Second 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. 

  

PAGE 3 

  
 4.5
GOVERNING LAW. THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 4.6 Payment of Expenses. In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket
costs and reasonable expenses incurred in connection with this Second 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. 
 4.7 Severability. Any provision of this Second 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. 
 4.8
Successors and Assigns. This Second Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

  

PAGE 4 

  
 IN
WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed as of the date first written above. 
  

							
	BORROWER:	 		 	WESTWAY GROUP, INC.
				
		 		 	By:	 	/s/ Thomas A. Masilla, Jr.
		 		 	Name: Thomas A. Masilla, Jr.
		 		 	Title: Chief Financial Officer

  

  

SIGNATURE PAGE 1 
 Second Amendment 

  

							
	GUARANTORS:	 		 	WESTWAY TERMINAL COMPANY LLC
				
		 		 	By:	 	/s/ Thomas A. Masilla, Jr.
		 		 	Name: Thomas A. Masilla, Jr.
		 		 	Title: Chief Financial Officer

  

							
		 		 	WESTWAY TERMINAL CINCINNATI LLC
				
		 		 	By:	 	/s/ Thomas A. Masilla, Jr.
		 		 	Name: Thomas A. Masilla, Jr.
		 		 	Title: Chief Financial Officer

  

							
		 		 	WESTWAY FEED PRODUCTS, LLC
				
		 		 	By:	 	/s/ Thomas A. Masilla, Jr.
		 		 	Name: Thomas A. Masilla, Jr.
		 		 	Title: Chief Financial Officer

  

							
		 		 	WESTWAY HOLDINGS INTERNATIONAL, LLC
				
		 		 	By:	 	/s/ Thomas A. Masilla, Jr.
		 		 	Name: Thomas A. Masilla, Jr.
		 		 	Title: Chief Financial Officer

  

							
		 		 	WESTWAY INTERNATIONAL HOLDINGS, INC.
				
		 		 	By:	 	/s/ Thomas A. Masilla, Jr.
		 		 	Name: Thomas A. Masilla, Jr.
		 		 	Title: Chief Financial Officer

  

SIGNATURE PAGE 2 
 Second Amendment 

  

							
	 ADMINISTRATIVE AGENT:
	 		 	 JPMORGAN CHASE BANK, N.A., as Administrative
Agent and Swing Line Lender

				
		 		 	 By:
	 	 /s/ Kathryn G. Broussard

		 		 	 Name: Kathryn G. Broussard

		 		 	Title: Senior Vice-President

  

SIGNATURE PAGE 3 
 Second Amendment 

  

							
	 LENDERS:
	 		 	 JPMORGAN CHASE BANK, N.A.

				
		 		 	 By:
	 	 /s/ Kathryn G. Broussard

		 		 	Name: Kathryn G. Broussard
		 		 	Title: Senior Vice-President
		 		 	
		 		 	REGIONS BANK
				
		 		 	 By:
	 	 /s/ Bill Hinrichs

		 		 	Name: Bill Hinrichs
		 		 	Title: Sr. Vice President
			
		 		 	CAPITAL ONE, N.A.
				
		 		 	 By:
	 	 /s/ Katharine Kay

		 		 	Name: Katharine Kay
		 		 	Title: SVP
			
		 		 	 COÖPERATIEVE CENTRALE
 RAIFFEISEN-BOERENLEENBANK
 B.A., “RABOBANK NEDERLAND”,

NEW YORK BRANCH

				
		 		 	 By:
	 	 /s/ Robert M. Mandula

		 		 	Name: Robert M. Mandula
		 		 	Title: Managing Director
		 		 		 	
		 		 	By:	 	 /s/ Izumi Fukushima

		 		 	Name: Izumi Fukushima
		 		 	Title: Executive Director

  

SIGNATURE PAGE 4 
 Second Amendment 

  

							
		 		 	SUNTRUST BANK
				
		 		 	 By:
	 	 /s/ Carmen Malizia

		 		 	Name: Carmen Malizia
		 		 	Title: Vice President
		 		 		 	
		 		 	COMPASS BANK
				
		 		 	 By:
	 	 /s/ Frank Carvelli

		 		 	Name: Frank Carvelli
		 		 	Title: Vice President
			
		 		 	WHITNEY NATIONAL BANK
				
		 		 	 By:
	 	 /s/ Eric B. Goebel

		 		 	Name: Eric B. Goebel
		 		 	Title: Vice President
			
		 		 	COBANK ACB
				
		 		 	 By:
	 	 /s/ Milt Whipple

		 		 	Name: Milt Whipple
		 		 	Title: Vice President Agr. Business Banking Group
		 		 		 	
		 		 	SOCIETE GENERALE
				
		 		 	 By:
	 	 /s/ Sebastien Ribatto

		 		 	Name: Sebastien Ribatto
		 		 	Title: Managing Director

  

SIGNATURE PAGE 5 
 Second AmendmentLetter Agreement

  
 Exhibit 10.18

 ATLAS PIPELINE HOLDINGS 
 LONG-TERM INCENTIVE PLAN PHANTOM UNIT GRANT AGREEMENT 
 NON-EMPLOYEE
MANAGER 
 THIS PHANTOM UNIT GRANT AGREEMENT (“Agreement”), dated as of ______________________,
(“Date of Grant”), is delivered by Atlas Pipeline Holdings, L.P., a Delaware limited partnership (the “Partnership”), to _____________________ (the “Participant”). 

RECITALS 

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

B. The Committee has decided to make a Phantom Unit grant, with DERs, subject to the terms and conditions set forth in this Agreement and
the Plan, as an inducement for the Participant to promote the best interests of the Partnership and its equity holders. The Participant may receive a copy of the Plan by contacting Gerald R. Shrader at 918-574-3851 or jshrader@aplmc.com.

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

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

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

  
 3.
Vesting. 
 (a) Except as otherwise provided in subparagraphs (b) and (c) below, the Participant
will become vested in the Phantom Restricted Units awarded pursuant to this Agreement and credited to the Participant’s Phantom Restricted Unit Account according to the following vesting schedule, provided the Participant does not cease to be a
non-employee member of the Managing Board of Atlas Pipeline Holdings GP, LLC (the “Company”) prior to the applicable vesting date (the “Vesting Date”): 

 

			
	 Date
	  	Percentage of Phantom Restricted Units
	 First anniversary of Date of
Grant
	  	25%
	 Second anniversary of Date of
Grant
	  	25%
	 Third anniversary of Date of
Grant
	  	25%
	 Fourth
anniversary of Date of Grant
	  	25%

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

(b) If the Participant terminates as a non-employee member of the Managing Board of the Company (the “Board”) prior to
the Vesting Date for any portion of the Phantom Restricted Units, the Phantom Restricted Units credited to the Participant’s Phantom Restricted Unit Account that have not vested as of such Vesting Date shall terminate and the corresponding
Units shall be forfeited as of the termination date; provided, however, that if the Participant terminates as a non-employee member of the Board on account of death or Disability (as defined in the Plan), all of the Participant’s unvested
Phantom Restricted Units shall become vested as of the date of the Participant’s termination as a non-employee member of the Board on account of death or Disability. 
 (c) If a Change in Control (as defined in Paragraph 6 below) occurs while the Participant is a non-employee member of the Board, but prior to the Vesting Date for any portion of the Phantom Restricted
Units, the portion of the Phantom Restricted Units credited to the Participant’s Phantom Restricted Unit Account that have not vested prior to the consummation of the Change in Control shall become vested as of the date of the Change in
Control. 

 4. Distribution. On _________________ of each calendar year, or the
next business day after _________________, if ________________ is not a business day, (the “Distribution Date”) all of the Phantom Restricted Units credited to the Participant’s Phantom Restricted Unit Account that vested
during such calendar year pursuant to Paragraph 3 above shall become converted to, at the Participant’s election prior to the applicable Distribution Date, units to be issued under the Plan or the cash equivalent value based on the Fair Market
Value of such vested Phantom Restricted Units on the Distribution Date. The Units or cash, as applicable, shall be distributed to the Participant within ten (10) business days after the Distribution Date. Notwithstanding the immediately
preceding sentence, if a Change in Control occurs, all of the Phantom Restricted Units credited to the Participant’s Phantom Restricted Unit Account that have not previously been distributed or forfeited shall be converted and distributed to
the Participant as described in the immediately preceding sentence on the date of the Change in Control. 
 5.
DERs. From the Date of Grant through the date the Phantom Restricted Units are converted and distributed pursuant to Paragraph 4 or earlier forfeited, if any cash distributions are made by the Partnership with respect to its Units, a
DER will be paid to the Participant equal to the value of the cash payment that would have been paid if such Phantom Restricted Units credited to the Participant’s Phantom Restricted Unit Account at the time of the declaration of the cash
payment had been Units. The DERs will be paid to the Participant within ten (10) business days after the cash payments are paid to the holders of Units. 
 6. Change in Control. For purposes of this Agreement, the term Change in Control shall have the meaning set forth in the Plan. 

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

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

  
 9. Grant
Subject to Plan Provisions. This grant is made pursuant to the Plan, the terms of which are incorporated herein by reference, and in all respects shall be interpreted in accordance with the Plan. In the event of any contradiction,
distinction or difference between this Agreement and the terms of the Plan, the terms of the Plan will control. This grant is subject to the interpretations, regulations and determinations concerning the Plan established from time to time by the
Committee in accordance with the provisions of the Plan, including, but not limited to, provisions pertaining to (i) rights and obligations with respect to withholding taxes, (ii) the registration, qualification or listing of Units,
(iii) changes in capitalization of the Partnership, and (iv) other requirements of applicable law. The Committee shall have the authority to interpret and construe this Agreement pursuant to the terms of the Plan, and its decisions shall
be conclusive as to any questions arising hereunder. By receiving this grant, the Participant hereby agrees to be bound by the terms and conditions of the Plan and this Agreement. The Participant further agrees to be bound by the determinations and
decisions of the Committee with respect to this Agreement and the Plan and the Participant’s rights to benefits under this Agreement and the Plan and agrees that all such determinations and decisions of the Committee shall be binding on the
Participant, his or her beneficiaries and any other person having or claiming an interest under this Agreement and the Plan on behalf of the Participant. 
 10. Assignment and Transfers. No Phantom Restricted Units or DERs awarded to the Participant under this Agreement may be transferred, assigned, pledged or encumbered by the
Participant, and Phantom Restricted Units and DERs shall be distributed during the lifetime of the Participant only for the benefit of the Participant; provided, however, that in the event of the Participant’s death, the Units subject to the
Phantom Restricted Units or the cash equivalent value of the Units, as applicable, shall be issued (subject to the limitations specified in the Plan and this Agreement) solely to the legal representatives of the Participant, or by the person who
acquires the right to receive the Units subject to the Phantom Restricted Units or the cash equivalent value of the Units, as applicable, by will or by the laws of descent and distribution, to the extent that the Phantom Restricted Units subject to
this grant are otherwise vested pursuant to this Agreement. Any attempt to transfer, assign, pledge or encumber the Phantom Restricted Units or DERs by the Participant shall be null, void and without effect. The rights and protections of the
Partnership hereunder shall extend to any successors or assigns of Partnership. 

  
 11.
Taxes/Withholding. The vesting of Restricted Phantom Units, as well as any amounts received upon distribution of Restricted Phantom Units pursuant to Paragraph 4 above, and the payment of cash for any DERs, is treated as taxable income
to the Participant, and the Participant (or the Participant’s legal representative in the event of the death of the Participant) shall be solely responsible for all tax consequences that result from the vesting and distribution of the
Restricted Phantom Units, as well as any subsequent sale of Units, and the payment of cash with respect to DERs. The Partnership or the Company, as applicable, is authorized, if required by applicable law, to withhold from any payment due or
transfer made under this grant or from any compensation or other amount owing to the Participant, the amount (in cash, Units, other securities, Units that would otherwise be issued pursuant to this grant or other property as determined by the
Committee) of any applicable withholding taxes that are due in respect of this grant, the lapse of restrictions thereon, or any payment or transfer under this grant and to take such other action as may be necessary in the opinion of the Partnership
or the Company to satisfy its withholding obligations for the payment of such taxes. If Units are withheld, the Units withheld may not exceed the minimum applicable tax withholding amount. 

12. No Rights as Unitholder. The Participant shall not have any rights as a Unitholder of the Partnership, including
the right to any cash distributions (except as provided in Paragraph 5), or the right to vote, with respect to any Phantom Restricted Units. 
 13. Membership on the Managing Board of the Company Not Affected. This grant of Phantom Restricted Units and DERs shall not confer upon the Participant any right to be retained as a
non-employee member of the Board. 
 14. Amendments. The Partnership may waive any conditions or rights
under and amend any terms of this Agreement, provided that no change shall materially reduce the benefit to the Participant without the consent of the Participant, except as necessary to comply with the requirements of Paragraph 17 below.

 15. Governing Law. The validity, construction, interpretation and effect of this Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the conflict of laws provisions thereof, and applicable federal law. 
 16. Notice. Any notice to the Partnership provided for in this Agreement shall be addressed to the Partnership in care of the Chief Legal Officer at the principal office of the
Partnership, and any notice to the Participant shall be addressed to such Participant at the current address shown in the records of the Company, or to such other address as the Participant may designate to the Company in writing. Any notice shall
be delivered by hand, sent by telecopy or enclosed in a properly sealed envelope addressed as stated above, registered and deposited, postage prepaid, in a post office regularly maintained by the United States Postal Service. 

  
 17.
Section 409A of the Internal Revenue Code. This Agreement is intended to comply with an exemption to section 409A of the Internal Revenue Code. 
  

[SIGNATURES APPEAR ON FOLLOWING PAGE] 

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

											
	  
  
 Witness:
	 		 	 ATLAS PIPELINE HOLDINGS, L.P.
  

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

					
	  
	 		 		 	By:	 	 
		 		 		 		 		 	 Gerald R. Shrader
 Chief
Legal Officer and Secretary

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

													
		 		 		 	Participant

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