Document:

Exhibit 10.4

HECTOR COMMUNICATIONS CORPORATION

CHANGE OF CONTROL AGREEMENT

This Agreement is
made as of the         day of                  ,
2006 between Hector Communications Corporation, a Minnesota corporation (the “Company”)
and                                                
(“Employee”).

WHEREAS, from time to
time the Company is faced with the possibility of a Change of Control (as
defined herein), and the Board of Directors of the Company (the “Board”)
recognizes that both the possibility and the occurrence of a Change in Control
can distract the Employee from performing his or her duties and can cause the
Employee to consider alternative employment opportunities.

WHEREAS, the Board
believes it is in the best interests of the Company to provide the Employee
with incentives to continue his or her employment and to further motivate the
Employee to faithfully perform his or her duties on behalf of the Company
notwithstanding the possibility, threat or occurrence of a Change of Control.

NOW THEREFORE, in consideration
of the foregoing and the provisions of this Agreement, the parties hereto agree
as follows:

1.                                       Definitions.
For purposes of this Agreement, in addition to other capitalized terms defined
in Schedule A, the following capitalized terms have the following meanings:

“Change of Control” shall
mean (i) the closing of the sale of all or substantially all of the assets
of the Company; (ii) the closing of a merger, reorganization or other
corporate transaction that results in the stockholders of the Company
immediately prior to such transaction owning less than 50% of the combined
voting power of the Company’s capital stock immediately following such
transaction; and (iii) other events described to in the definition of
Change of Control in Schedule A hereto.

“Change of Control
Date” shall mean the date on which a Change of Control occurs.

“Retention Amount”
shall mean $                    .

“Severance Amount”
shall mean $                    .

“COBRA Cost
Supplement Payment” shall mean $                    .

2.                                       Payment
of Retention Amount.

(a)                                  Subject
to the provisions of Section 4 below, Employee will be paid one-third of
the Retention Amount on the Change of Control Date.

(b)                                 Subject
to the provisions of Section 4 below, Employee will be paid one-third of
the Retention Amount on the day that is 90 calendar days immediately following
the Change of Control Date.

(c)                                  Subject
to the provisions of Section 4 below, Employee will be paid one-third of
the Retention Amount on the day that is 180 calendar days immediately following
the Change of Control Date.

 

 

3.                                       Payment
of the Severance Amount; Other Severance Benefits.

(a)                                  If
within two years following the Change in Control Date, Employee’s employment is
terminated by the Company for any reason other than for Cause or is terminated
by the Employee for Good Reason, the Company shall pay Employee the Severance
Amount and any unpaid portion of the Retention Amount in cash within five (5) business
days following the date of such termination.

(b)                                 If
Employee is paid the Severance Amount and is eligible for and elects COBRA or
state continuation of the Company’s health, dental and group life insurance
benefits, the Company shall pay the COBRA Cost Supplement Payment
simultaneously with its payment of the Severance Amount.

4.                                       Effect
of Termination of Employment on Rights and Obligations under this Agreement.

(a)                                  If,
prior to the Change of Control Date, the Company terminates Employee’s
employment with the Company, with or without Cause, or Employee voluntarily
terminates his or her employment, Employee shall have no rights and the Company
shall have not obligations under this Agreement.

(b)                                 If
Employee voluntarily terminates his or her employment during the first two
years following the Change of Control Date other than for Good Reason, Employee
will forfeit his or her right to receive (i) any portion of the Retention
Amount not already paid, (ii) any Severance Amount and (iii) the
COBRA Cost Supplement Payment.

5.                                       Amendment
or Termination.

The Company reserves the
authority, without Employees consent, to terminate or amend this Letter
Agreement at any time after June 30, 2006 upon at least six months’
written notice specifying the date of termination or amendment; provided,
however, that if a Change in Control occurs during the term of this Letter
Agreement, no termination or amendment shall be effective earlier than the
second anniversary of that Change in Control.

6.                                       Additional
Terms and Conditions

This Agreement includes
the additional terms and conditions on Schedule B hereto which are incorporated
herein by reference.

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

	
   

  	
  HECTOR COMMUNICATIONS CORPORATION

  
	
   

  	
   

  
	
   

  	
  By 

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Employee

  

 

 2

 

 

SCHEDULE A

Definitions
Applicable To The Change of Control Agreement

A.1                             Definition
of “Cause”:

1.                                       The
failure by Employee to use his or her best efforts to perform the material
duties and responsibilities as an employee of the Company position or to comply
with any material policy or directive the Company has in effect from time to
time.

2.                                       Any
act of the Employee which is harmful to the reputation, financial condition,
business or business relationships of the Company, including, but not limited
to, conduct which is inconsistent with federal or state law respecting
harassment of, or discrimination against, any other Company employee.

3.                                       A
material breach of Employee’s fiduciary responsibilities to the Company, such
as embezzlement or misappropriation of the Company funds, business
opportunities or properties, or to any customer, vendor, agent or employee of
the Company.

4.                                       The
Employee’s conviction of, or guilty plea or nolo
contendere plea to a felony or any crime involving moral turpitude,
fraud or misrepresentation.

5.                                       A
material breach by the Employee of any material written agreement between the
Employee and the Company.

A.2                             Definition
of “Change in Control”:

Change in Control of the Company shall mean a change
in control which would be required to be reported in response to Item 5.01 of Form 8-K
promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), whether or not the Company is then subject to such reporting
requirement, including without limitation, if:

(i)                                     any
“person” (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly of securities of the Company
representing 35% or more of the combined voting power of the Company’s then
outstanding securities (other than an entity owned 50% or greater by the
Company or an employee pension plan for the benefit of the employees of the
Company);

(ii)                                  there
ceases to be a majority of the Board of Directors comprised of (A) individuals
who, on the date of this Letter Agreement, constituted the Board of Directors
of the Company; and (B) any new director who subsequently was elected or
nominated for election by a majority of the directors who held such office
prior to a Change in Control; or

(iii)                               the
Company disposes of at least 75% of its assets, other than (X) to an
entity owned 50% or greater by the Company or any of its subsidiaries, or to an
entity in which at least 50% of the voting equity securities are owned by the
shareholders

 A-1
 

 

 

of the Company
immediately prior to the disposition in substantially the same percentage or (Y) as
a result of a bankruptcy proceeding, dissolution or liquidation of the Company.

A.3                             Definition
of the “Company:

The “Company” means, collectively, Hector Communications Corporation
and any subsidiary or affiliate of the Company for which the Employee provides
services or from which Employee receives compensation.

A.4                             Definition
of “Good Reason”:

“Good Reason”
shall mean, without Employee’s express written consent, any of the following:

(i)                                     the
assignment to Employee of any duties inconsistent with his or her status or
position with the Company after the Change in Control Date or a substantial
reduction after the Change in Control Date in the nature or status of Employee’s
position or responsibilities from those in effect immediately prior to the
Change in Control;

(ii)                                  a
reduction by the Company of Employee’s base compensation in effect immediately
prior to the Change in Control;

(iii)                               requiring
Employee to be based anywhere outside of a [25] mile radius from the Employee’s
principal place of employment on the Change of Control Date, except for
required travel for Company business to any extent substantially consistent
with the level of travel prior to the Change in Control;

(iv)                              the
failure by the Company to continue to provide Employee with employee retirement
and welfare benefits and fringe benefits, other than under any equity plan, at
least as favorable to those in which Employee participated immediately prior to
the Change in Control, the taking of any action which would, directly or
indirectly, materially reduce any of such benefits or deprive Employee of any
benefit enjoyed immediately prior to Change in Control, or the failure to provide
Employee with the number of annual paid vacation days to which Employee was
entitled immediately prior to the Change in Control; provided, however, the
Company may amend any such program so long as such amendments do not taken as a
whole materially reduce any such benefits or deprive Employee of any such
benefit enjoyed immediately prior to Change in Control.

(v)                                 the
failure of the Company to obtain a satisfactory agreement from any successor to
assume and agree to perform this Agreement.

 A-2

 

 

SCHEDULE B

Additional Terms Applicable to the Change of Control
Agreement

B.1                               Employee
at Will. Notwithstanding anything in the Change of Control Agreement (the “Agreement”)
to the contrary, Employee is on the date hereof and from and after the date
hereof shall continue to be an “employee at will”, and the Agreement is not a
guaranty of employment, and the Company, before or after the Change of Control,
may terminate Employee’s employment at any time with or without cause.

B.2                               Withholding.
Amounts payable under the Agreement shall be subject to such deductions,
withholdings and other payments that are required by law.

B.3                               Dispute
Resolution. If any dispute between the parties arises out of the Agreement,
such dispute shall be finally resolved before a court of competent jurisdiction
in the county in which the Employee resides and the parties hereby consent to
the jurisdiction of such court.

B.4                               Release.
The Company may condition payment of the amounts and benefits due to Employee
under Section 3 upon Employee’s execution and delivery to the Company of a
general release (the terms of which shall be commercially reasonable) with
respect to any and all claims against the Company and its officers, directors,
employees, agents and shareholders.

B.5                               Assignment.
The Agreement shall inure to the benefit of and shall be binding upon the
successors and the assigns of the Company. The Agreement is personal to
Employee and may not be assigned to any person.

B.6                               Severability.
If any provision of the Agreement shall be found invalid by any court of
competent jurisdiction, such findings shall not affect the validity of the
other provisions hereof and the invalid provisions shall be deemed to have been
severed here from.

B.7                               Applicable
Law. The Agreement is entered into and executed in the State of Minnesota
and shall be governed by the laws of such State.

B.8                               Counterparts.
The Agreement may be executed simultaneously in any number of counterparts,
each of which shall be deemed an original but all of which together shall constitute
one and the same instrument.

B.9                               Attorneys’
Fees. In the event either party hereto commences legal action to enforce
the Agreement, the prevailing party shall be entitled to its reasonable
attorneys’ fees, costs and expenses incurred in such action.

 B-1Prepared and filed by St Ives Financial

Exhibit 4.1(b)

ATLAS PIPELINE PARTNERS, L.P.

ATLAS PIPELINE FINANCE CORPORATION

and

the Subsidiary Guarantors named herein

_______________________________________

8-1/8% SENIOR NOTES DUE 2015

______________________________________________

________________________

SUPPLEMENTAL INDENTURE

DATED AS OF MAY 12, 2006

__________________________

WACHOVIA BANK, NATIONAL ASSOCIATION,

Trustee

__________________________

          This SUPPLEMENTAL INDENTURE, dated as of May 12, 2006 is among Atlas Pipeline Partners, L.P., a Delaware limited partnership (the “Company”), Atlas Pipeline Finance Corporation, a Delaware corporation (“Finance Co” and, together with the Company, the “Issuers”), each of the parties identified under the caption “Subsidiary Guarantors” on the signature page hereto (the “Subsidiary Guarantors”) and Wachovia Bank, National Association, a national banking association, as Trustee.

RECITALS

          WHEREAS, the Issuers, the initial Subsidiary Guarantors and the Trustee entered into an Indenture, dated as of December 20, 2005 (the “Indenture”), pursuant to which the Issuers have issued $250,000,000 in principal amount of 8-1/8% Senior Notes due 2015 (the “Notes”);

          WHEREAS, Section 9.01(d) of the Indenture provides that the Issuers, the Subsidiary Guarantors and the Trustee may amend or supplement the Indenture in order to add Subsidiary Guarantors pursuant to Section 4.13 thereof, without the consent of the Holders of the Notes; and

          WHEREAS, all acts and things prescribed by the Indenture, by law and by the Certificate of Incorporation and the Bylaws (or comparable constituent documents) of the Issuers, of the Subsidiary Guarantors and of the Trustee necessary to make this Supplemental Indenture a valid instrument legally binding on the Issuers, the Subsidiary Guarantors and the Trustee, in accordance with its terms, have been duly done and performed;

          NOW, THEREFORE, to comply with the provisions of the Indenture and in consideration of the above premises, the Issuers, the Subsidiary Guarantors and the Trustee covenant and agree for the equal and proportionate benefit of the respective Holders of the Notes as follows:

ARTICLE 1

          Section 1.01.  This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes.

          Section 1.02.  This Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Issuers, the Subsidiary Guarantors and the Trustee.

ARTICLE 2

          From this date, in accordance with Section 4.13 and by executing this Supplemental Indenture, the Guarantors whose signatures appear below are subject to the provisions of the Indenture to the extent provided for in Article 10 thereunder.

ARTICLE 3

          Section 3.01.  Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without definition having the same respective meanings ascribed to them as in the Indenture.

          Section 3.02.  Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture.  This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto.

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          Section 3.03.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          Section 3.04.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement.

[NEXT PAGE IS SIGNATURE PAGE]

 

 

 

 

 

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

	 	ATLAS PIPELINE PARTNERS, L.P.
	 	 	 
	 	BY:	ATLAS PIPELINE PARTNERS GP, L.L.C.,

    ITS GENERAL PARTNER
	 	 	 
	 	By:	/s/ Michael Staines                    
	 	 	Name: Michael Staines

    Title: President and Chief Operating Officer    
	 	 	 
	 	ATLAS PIPELINE FINANCE CORPORATION
	 	 	 
	 	By:	/s/ Michael Staines                    

    Name: Michael Staines
	 	 	Title: President and Chief Operating Officer
	 	 	 
	 	SUBSIDIARY GUARANTORS:
	 	NOARK PIPELINE SYSTEM, LIMITED PARTNERSHIP
	 	By:	ATLAS ARKANSAS PIPELINE LLC AND MID- 

      CONTINENT ARKANSAS PIPELINE, LLC, ITS 

    GENERAL PARTNERS
	 	 	 
	 	By:	ATLAS PIPELINE MID-CONTINENT, LLC, THEIR SOLE

    MEMBER
	 	 	 
	 	By:	ATLAS PIPELINE OPERATING PARTNERSHIP, L.P., ITS 

    SOLE MEMBER
	 	 	 
	 	By:	ATLAS PIPELINE PARTNERS GP, LLC, ITS 

    GENERAL PARTNER
	 	 	 
	 	By:	 /s/ Michael Staines
	 	 	Name: Michael Staines

    Title: President and Chief Operating Officer    
	 	 	 
	 	MID-CONTINENT ARKANSAS PIPELINE, LLC
	 	 	 
	 	By:	ATLAS PIPELINE MID-CONTINENT, LLC, ITS SOLE MEMBER
	 	 	 
	 	By:	ATLAS PIPELINE OPERATING PARTNERSHIP, L.P., ITS SOLE MEMBER
	 	 	 

-4-

  

	 	ATLAS PIPELINE PARTNERS GP, LLC, ITS GENERAL

    PARTNER
	 	 	 
	 	By:	/s/ Michael Staines                    
	 	 	Name: Michael Staines

      Title: President and Chief Operating Officer 
	 	 	 
	 	NOARK ENERGY SERVICES, L.L.C.

    OZARK GAS GATHERING, L.L.C.

    OZARK GAS TRANSMISSION, L.L.C.
	 	 	 
	 	By:	NOARK PIPELINE SYSTEM, LIMITED PARTNERSHIP
	 	 	 
	 	By:	ATLAS ARKANSAS PIPELINE LLC AND MID- 

      CONTINENT ARKANSAS PIPELINE, LLC, ITS 

      GENERAL PARTNERS
	 	 	 
	 	By:	ATLAS PIPELINE MID-CONTINENT, LLC, THEIR SOLE

      MEMBER
	 	 	 
	 	By:	ATLAS PIPELINE OPERATING PARTNERSHIP, L.P., 

    ITS SOLE MEMBER
	 	 	 
	 	By:	ATLAS PIPELINE PARTNERS GP, LLC, ITS 

      GENERAL PARTNER
	 	 	 
	 	By:	 /s/ Michael Staines
	 	 	Name: Michael Staines

      Title: President and Chief Operating Officer 
	 	 	 

 

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	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

    as Trustee
	 	 	 
	 	By:	/s/ Steven A. Finklea

    Name: Steven A. Finklea, CCTS

    Title: Vice President

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