Document:

Form of Nonqualified Stock Option Agreement

 Exhibit 10.2 
 Notice of Stock Option Grant 
 SENSUS METERING SYSTEMS 
 2007 STOCK OPTION PLAN 
 NOTICE OF STOCK OPTION
GRANT 
 FOR OFFICERS, EMPLOYEES AND EMPLOYEE DIRECTORS—NQSO 
 You (the “Participant”) have been granted the following option (“Option”) to purchase Class B Common Shares of Sensus
Metering Systems (Bermuda 1) Ltd. (the “Company”), par value US$0.01 per share (the “Shares”), pursuant to the Sensus Metering Systems 2007 Stock Option Plan (the “Plan”): 
  

					
	Name of Participant:	  	[                            ]
		
	Total Number of Shares Subject to Option:	  	[                            ]
		
	Type of Option:	  	Nonqualified Stock Option (“NQSO”)
		
	Option Exercise Price Per Share:	  	[                            ]
		
	Effective Date of Grant (“Grant Date”):	  	[                            ]
		
	Vesting Schedule:	  	Subject to the terms of the Plan and the attached Nonqualified Stock Option Agreement (the “Agreement”), provided your employment with the Company and the Related
Companies has not terminated on or prior to such date(s), the right to exercise this Option shall vest as follows:
			
		  	Date	  	        Percentage of Shares        
			
		  	Second anniversary of Grant Date	  	40%
		  	Third anniversary of Grant Date	  	20%
		  	Fourth anniversary of Grant Date	  	20%
		  	Fifth anniversary of Grant Date	  	20%
		
	Expiration:	  	[                            ]

			
		  	This Option may expire earlier upon termination of employment with the Company and the Related Companies as provided in the Plan or the
Agreement.

 Capitalized terms that are not defined herein shall have the meanings ascribed to them in the
Plan. 
 By your signature and the signature of the Company’s representative below, you and the Company agree that this option is
granted under and governed by the terms and conditions of the Plan and the Nonqualified Stock Option Agreement, both of which are attached to and made a part of this document. 
 [Signature page follows] 
  

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	 PARTICIPANT:
	 		  	 SENSUS METERING SYSTEMS (BERMUDA 1) LTD. 

				
	  	 		  	 By:
	  	  
					
	 Date:
	 	  	 		  	 Title:
	  	  
					
	 Address:
	 	  	 		  	 Date:
	  	  
		 	  	 		  		  	
		 	  	 		  		  	

  

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 SENSUS METERING SYSTEMS (BERMUDA 1) LTD. 
 NONQUALIFIED STOCK OPTION AGREEMENT 
 FOR OFFICERS, EMPLOYEES AND EMPLOYEE
DIRECTORS 
 1. Grant of Option 
 (a) On the terms and conditions set forth in the Notice of Stock Option Grant (the “Grant Notice”) attached hereto and this Nonqualified Stock Option Agreement (the “Agreement”), the
Company grants to the Participant on the Grant Date specified in the Grant Notice the option (the “Option”) to purchase at the Option Exercise Price specified in the Grant Notice the number of Shares set forth in the Grant Notice.
The Option Exercise Price is agreed to be at least 100% of the Fair Market Value per Share on the Grant Date (or 110% of Fair Market Value per Share if the Participant is a 5% Owner). 
 (b) The Option is granted pursuant to the Plan, a copy of which the Participant acknowledges having received. All terms, provisions and conditions
applicable to the Option set forth in the Plan and not set forth herein are hereby incorporated by reference herein. To the extent any provision hereof is inconsistent with a provision of the Plan, the provisions of the Plan will govern. All
capitalized terms that are used in this Agreement and not otherwise defined in Section 9 hereof or elsewhere herein shall have the meanings ascribed to them in the Plan. 
 2. Limitations on Transfer of Options; Management Shareholders Agreement 
 (a) The Option shall be subject to the limitations on transfer set forth in Section 5.7 of the Plan. 
 (b) The issuance of any Shares pursuant to any exercise of the Option provided for hereby is conditioned upon the Participant’s execution and
delivery of the Management Shareholders Agreement, and no such issuance shall be made prior to such execution and delivery. All Shares issued pursuant to any exercise of the Option shall be subject to the limitations on transfer and other
restrictions set forth in the Management Shareholders Agreement. 
 3. Right to Exercise; Procedure for Exercise 
 (a) The Option may be exercised, in whole or in part, prior to expiration to the extent it is vested. The Grant Notice contains the Option vesting
schedule (the “Vesting Schedule”). In accordance with the Grant Notice, in the event of the termination of the Participant’s employment with the Company and the Related Companies, the Option shall not vest with respect to any
further Shares beyond those with respect to which it has vested as of the effective date of such termination of employment. 
 (b)
Notwithstanding Section 3(a), the Option will become fully vested upon the consummation of a sale of all of the shares or all or substantially all of the assets of the Company, whether by sale, merger, amalgamation, combination,
consolidation or similar business transaction. 
  

 (c) The exercise procedures set forth in Section 5.6 of the Plan shall govern the exercise of the
Option. 
 4. Term and Expiration 
 (a) Basic Term. Subject to earlier termination pursuant to the terms hereof, the Option shall expire on the expiration date set forth in the Grant Notice, which date is 10 years after the Effective Date of
Grant (5 years after the Effective Date of Grant if the Participant is a 5% Owner). 
 (b) Expiration Following Termination for Cause,
Material Breach or Unsatisfactory Performance or Voluntary Termination Before the Second Anniversary of this Agreement. If Participant’s employment with the Company and the Related Companies is terminated (x) at any time by the Company
or a Related Company for Cause, Material Breach or Unsatisfactory Performance or (y) by Participant pursuant to a Voluntary Termination prior to the second anniversary of this Agreement, the Option shall terminate and cease to be exercisable,
whether or not vested, upon the effective date of such termination. 
 (c) Expiration Following Termination for Other Than Cause, Material
Breach or Unsatisfactory Performance; Voluntary Termination After the Second Anniversary of this Agreement]; or Termination Following Material Reduction. If Participant’s employment with the Company and the Related Companies is terminated
(x) at any time by the Company or a Related Company for no reason or any reason other than Cause, Material Breach or Unsatisfactory Performance or (y) by Participant pursuant to a Voluntary Termination after the second anniversary of this
Agreement, or following a Material Reduction, the Option shall, subject to the vesting requirements and provisions set forth in Section 3, remain exercisable for a period of six months following the effective date of such termination,
after which time the Option shall terminate and cease to be exercisable, whether or not vested. 
 (d) Exercise Following Death of
Participant. If the Participant dies after termination of his or her employment with the Company and the Related Companies, but before the expiration of the Option, all or part of the Option may be exercised (prior to expiration) by the personal
representative of the Participant or by any person who has acquired this Option directly from the Participant by will, bequest or inheritance, but only to the extent that the Option was vested and exercisable upon termination of the
Participant’s employment. 
 (e) Termination of Unvested Option. In the event that the Option is not exercisable in respect of
any Shares prior to the effective date of termination of a Participant’s employment with the Company or a Related Company, the Option shall thereupon expire and be terminated. 
 5. Company’s Right to Repurchase Shares. Anything to the contrary herein notwithstanding, in the event that the (x) Committee determines
that the Participant has engaged in conduct in violation of this Agreement, or (y) Participant’s employment with the Company and the Related Companies has been terminated, all or any portion of any Shares issued to the Participant upon
exercise of the Option shall be subject to repurchase as described in this Section 5. The purchase price for any Shares to be purchased pursuant to this Section 5 is 

  

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payable, at the option of the Company, in cash, Three Year Junior Notes or a combination thereof. 
 (a) Call of Shares Upon Termination for Cause, Material Breach or Unsatisfactory Performance or Voluntary Termination Prior to the Third Anniversary
of this Agreement. If Participant’s employment with the Company and the Related Companies is terminated (x) at any time by the Company or a Related Company for Cause, Material Breach or Unsatisfactory Performance or (y) by
Participant pursuant to a Voluntary Termination prior to the third anniversary of this Agreement, subject to applicable law including the Companies Act of 1981 of Bermuda, the Company may repurchase all or any portion of any Shares issued to the
Participant upon exercise of the Option at a price per share equal to the lower of the Exercise Price per Share paid by the Participant or the then current Fair Market Value of the Shares. 
 (b) Call of Shares Upon Termination for Other Than Cause, Material Breach or Unsatisfactory Performance; Voluntary Termination after the Third
Anniversary of this Agreement; or Termination Following Material Reduction. If Participant’s employment with the Company and the Related Companies is terminated (x) at any time by the Company and the Related Companies for no reason or
any reason other than Cause, Material Breach or Unsatisfactory Performance or (y) by Participant pursuant to a Voluntary Termination after the third anniversary of this Agreement, or following a Material Reduction, subject to applicable law,
including the Companies Act of 1981 of Bermuda, the Company may repurchase all or any portion of any Shares issued to the Participant upon exercise of the Option at a purchase price per share equal to the Repurchase Price per Share. 
 (c) Expiration of Repurchase Option. If the Company does not deliver to the Participant a written notice (a “Call Notice”) of its
intention to exercise the call rights set forth in this Section 5 within six months of the later of termination of employment of a Participant or violation of this Agreement by the Participant, as applicable, or the date of issuance of
the Shares with respect to which any such call right is exercised, such call rights will expire. This Section 5 shall terminate upon the consummation of a sale of all of the capital stock or all or substantially all of the assets of the
Company, whether by sale, merger, amalgamation, combination, consolidation or similar business transaction. 
 (d) Restrictions on
Payments by the Company. Notwithstanding anything to the contrary contained in this Agreement, all repurchases pursuant to this Section 5, including issuances of and payments by the Company on the Three Year Junior Notes, shall be
subject to (i) applicable restrictions contained in any applicable law, (ii) restrictions contained in the Company’s and its subsidiaries’ debt and equity financing agreements, including the Credit Agreement and the Indenture,
each as amended and in effect from time to time, and any Senior Indebtedness (as defined in the Three Year Junior Notes) and (iii) the availability of cash to make any lump sum cash payments. If any such restrictions or unavailability prohibit
the repurchase of Shares hereunder which the Company is otherwise entitled or required to make, the Company may make such repurchases as soon as it is permitted to do so under such restrictions. 
 (e) Timing Considerations. In the event the Company makes payments in cash pursuant to the provisions of this Section 5, such payments
will be made within 90 days of the 

  

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date of the call. In the event that the Company makes payments in Three Year Junior Notes, such notes will be executed and delivered within 90 days of the
date of the call. 
 6. Non-Competition/Non-Disclosure Provisions. 
 (a) Non-Competition. In consideration of this Agreement, the Participant covenants and agrees that during the period the Participant is an
officer, director or employee of the Company or its Related Companies and the Restricted Period, the Participant shall not, subject to this Section 6, without the express written approval of the Board of Directors of the Company,
directly or indirectly, in one or a series of transactions, own, manage, operate, control, invest or acquire an interest in, whether as a proprietor, partner, shareholder, member, lender, director, officer, employee, joint venturer, investor,
lessor, supplier, customer, agent, representative or other participant, or otherwise engage or participate in, whether as a proprietor, partner, shareholder, member, lender, director, officer, employee, joint venturer, investor, lessor, supplier,
customer, agent, representative or other participant, any business which competes, directly or indirectly, with the Business in the Market (a “Competitive Business”) without regard to (i) whether the Competitive Business has
its office, manufacturing or other business facilities within or without the Market, (ii) whether any of the activities of the Participant referred to above occur or are performed within or without the Market or (iii) whether the
Participant resides, or reports to an office, within or without the Market; provided, however, that (x) the Participant may, anywhere in the Market, directly or indirectly, in one or a series of transactions, own, invest or
acquire an interest in up to two percent (2%) of the capital stock of a corporation whose capital stock is traded publicly, and that (y) the Participant may accept employment with a successor company to the Company. 
 (b) Non-Solicitation. If a Participant’s employment is terminated, then, subject to this Section 6, the Participant shall not
during the Restricted Period and thereafter (i) directly or indirectly, in one or a series of transactions, recruit, solicit or otherwise induce or influence any proprietor, partner, shareholder, member, lender, director, officer, employee,
sales agent, joint venturer, investor, lessor, customer, supplier, agent, representative or any other person which has a business relationship with the Company or its Related Companies or had a business relationship with the Company or its Related
Companies within the twenty-four (24) month period preceding the date of the incident in question, to discontinue, reduce or modify such employment, agency or business relationship with the Company or its Related Companies, or (ii) employ
or seek to employ or cause any Competitive Business to employ or seek to employ any person or agent who is then (or was at any time within twelve (12) months prior to the date the Participant or the Competitive Business employs or seeks to
employ such person) employed or retained by the Company or its Related Companies. Notwithstanding the foregoing, nothing herein shall prevent the Participant from providing a letter of recommendation to an employee with respect to a future
employment opportunity. 
 (c) Non-Disclosure. The Participant further agrees, during and after his employment with the Company and
its Related Companies, the Restricted Period and thereafter, that the Participant will not, directly or indirectly in one or a series of transactions disclose to any person or use or otherwise exploit for the Participant’s own benefit or for
the benefit of anyone other than the Company or its subsidiaries any Confidential Information (as defined below) whether prepared by the Participant or not provided, however, that any Confidential Information may be 

  

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disclosed to officers, representatives, employees and agents of the Company or its Related Companies who need to know such Confidential Information in order
to perform the services or conduct the operations required or expected of them in the Business. The Participant shall use his best efforts to prevent the removal of any Confidential Information from the premises of the Company or its Related
Companies, except as required in his normal course of employment by the Company or its Related Companies. The Participant shall use his commercially reasonable efforts to cause all persons or entities to whom Confidential Information shall be
disclosed by the Participant hereunder to observe the terms and conditions set forth herein as though each such person or entity was bound hereby. The Participant shall have no obligation hereunder to keep confidential any Confidential Information
if and to the extent disclosure of any thereof is specifically required by law; provided, however, that in the event disclosure is required by applicable law, the Participant shall provide the Company with prompt notice of such
requirement, prior to making any disclosure, so that the Company may seek an appropriate protective order. At the request of the Company, the Participant agrees to deliver to the Company all Confidential Information which the Participant may possess
or control. The Participant agrees that all Confidential Information of the Company and its Related Companies (whether now or hereafter existing) conceived, discovered or made by him during his employment with the Company or its Related Companies
exclusively belongs to the Company and its Related Companies (and not to the Participant). The Participant will promptly disclose such Confidential Information to the Company and its Related Companies and perform all actions reasonably requested by
the Company and its direct and indirect subsidiaries to establish and confirm such exclusive ownership. As used herein, the term “Confidential Information” means any confidential information including, without limitation, any study,
data, calculations, software storage media or other compilation of information, patent, patent application, copyright, trademark, trade name, service mark, service name, “know-how”, trade secrets, customer lists, details of client or
consultant contracts, pricing policies, operational methods, marketing plans or strategies, product development techniques or plans, business acquisition plans or any portion or phase of any scientific or technical information, ideas, discoveries,
designs, computer programs (including source of object codes), processes, procedures, formulas, improvements or other proprietary or intellectual property of the Company or its Related Companies, whether or not in written or tangible form, and
whether or not registered, and including all files, records, manuals, books, catalogues, memoranda, notes, summaries, plans, reports, records, documents and other evidence thereof. The term “Confidential Information” does not
include, and there shall be no obligation hereunder with respect to, information that becomes generally available to the public other than as a result of a disclosure by the Participant not permissible hereunder. 
 (d) Non-Disparagement. The Participant agrees, during and after his employment with the Company and its Related Companies, during the Restricted
Period and thereafter, that he shall not make any false, defamatory or disparaging statements about the Company or its Related Companies or the officers or directors of the Company or its Related Companies. During and after the Participant’s
employment with the Company or its Related Companies, the Company agrees on behalf of itself and its Related Companies that neither the officers nor the directors of the Company or its Related Companies shall make any false, defamatory or
disparaging statements about the Participant. 
 (e) Specific Performance. All the parties hereto agree that their rights under this
Section 6 are special and unique and that violation thereof would not be adequately compensated 

  

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by money damages and each grants the others the right to specifically enforce (including injunctive relief where appropriate) the terms of this Agreement.

 7. Definitions. Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is
similarly used in this Agreement. For purposes of this Agreement the following terms shall have the meaning as set forth below: 
 (a)
“Business” means the business of providing the following products and services for metering or equipment monitoring and communication by or for utilities or residential/commercial submetering entities of water, gas, electricity and
heat consumption by their customers: 
  

	 	(A)	Residential Water Meters (Velocity, Positive Displacement, Piston, Ultrasonic, Magnetic or otherwise); 

  

	 	(B)	Commercial / Industrial Water Meters (Turbine, Combination, Propeller, Irrigation, Fire Hydrant, Fire Service, or otherwise); 

  

	 	(C)	Sub Meters—Water, Gas, Electric and Heat; 

  

	 	(D)	Residential Gas Meters (Diaphragm and Ultrasonic); 

  

	 	(E)	Intermediate and Large Capacity Gas Meters (Diaphragm and Ultrasonic); 

  

	 	(F)	Turbine Gas Meters; 

  

	 	(G)	Pressure Regulation Products; 

  

	 	(H)	Correlative Natural Gas, Energy and Density Measurement Products; 

  

	 	(I)	Single phase and Polyphase Solid-State Electricity Meters; 

  

	 	(J)	Heat Meters (Velocity and Ultrasonic); 

  

	 	(K)	Heat Integrators; 

  

	 	(L)	Bulk Hot Water Meters; 

  

	 	(M)	Automatic Meter Reading Devices or Systems for any of the foregoing; 

  

	 	(N)	Meter Test Equipment for any of the foregoing; 

  

	 	(O)	Instrumentation for any of the foregoing; 

  

	 	(P)	Any aspect of the business acquired by the Company’s subsidiary, Sensus Metering Systems, Inc., from Automatic Meter Reading Data Systems, L.L.C., including the provision of
technology, equipment, applications, software of monitoring services in respect of (i) automatic meter reading, (ii) radio frequency based control, (iii) tower telemetry, (iv) sub-metering, (v) equipment monitoring;

  

	 	(Q)	Meter accuracy testing and recalibration services; 

  

	 	(R)	Project management services related to Metering and AMR activities; 

  

	 	(S)	Pipe Repair, Pipe Tapping and Pipe Joining Products; 

  

	 	(T)	High Pressure, Low Porosity Aluminum Die Castings; 

  

	 	(U)	Services to utilities related to the procurement, testing, repair and management of meter populations; and 

  

	 	(V)	Software applications sold, licensed or offered as a service to utilities and used to (i) manage billing, meter data, and equipment status or (ii) control distribution or
measurement equipment for utilities and submetering entities. 

  

	 	(b)	“Cause” means any of the following: 

  

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 (i) Participant’s conviction of, or plea of guilty or nolo contendere to, a
felony or a crime involving embezzlement, conversion of property or moral turpitude; 
 (ii) Participant’s fraud,
embezzlement or conversion of property; 
 (iii) Participant’s conviction of, or plea of guilty or nolo contendere
to, a crime involving the acquisition, use or expenditure of federal, state or local government funds; 
 (iv) an
administrative or judicial determination that Participant committed fraud or any other violation of law involving federal, state or local government funds; 
 (v) Participant’s material violation, with the actual knowledge of Participant, of any obligations imposed upon Participant, personally, as opposed to upon the Company, whether as a shareholder or otherwise,
under any material agreement or instrument relating to the Company or any Related Company, this Agreement, the Bye-Laws of the Company; the Management Shareholders Agreement, or the Plan and related agreements, if applicable; or 
 (vi) Participant’s material and knowing failure to observe or comply with Regulations whether as an officer, shareholder or
otherwise, in any material respect or in any manner which would reasonably be expected to have a material adverse effect in respect of the Company and its Related Companies’ ongoing business, assets, properties, operations, condition (financial
and other), prospects and other business relationships. 
 (c) “Credit Agreement” shall mean the Credit Agreement, dated as
of December 17, 2003, among Sensus Metering Systems Inc., a Delaware corporation, Sensus Metering Systems (LuxCo 2) S.AR.L, Sensus Metering Systems (Bermuda 2) Ltd., a company organized under the laws of Bermuda, the Lenders (as defined
therein), Credit Suisse First Boston, as administrative and collateral agent for the lenders as such agreement may be amended, waived or otherwise modified from time to time. 
 (d) “Determination Period” shall mean last four consecutive completed fiscal quarters as set forth on the audited financial statements
of the Company immediately preceding the “call” exercised pursuant to Section 2 for which Repurchase Price shall be used to determine the repurchase price. 
 (e) “Disability” means due to physical or mental disability the Participant is unable to perform, and does not perform, as certified by
a mutually agreeable competent medical physician, his material duties owed to the Company or its subsidiaries hereunder for 180 days in any continuous 210 day period. The final determination of Disability shall be made in the reasonable judgment of
the Board of Directors of the Company. In the event of any inconsistency between the definition of disability herein and the definition of such term in any employment agreement between the Participant and the Company then in effect, the definition
of such term in such employment agreement shall control for purposes of the Plan. 
 (f) “EBITDA” shall have the meaning set
forth in the Indenture. 
  

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 (g) “Indenture” shall mean the Indenture, dated as of December 17, 2003, relating
to the Senior Subordinated Notes of Sensus Metering Systems Inc., as such indenture may be amended, waived or otherwise modified from time to time. 
 (h) “Management Shareholders Agreement” means the Management Subscription and Shareholders Agreement, dated March 5, 2004, among the Company and the shareholders party thereto, as amended from time to time in
accordance with its terms. 
 (i) “Material Breach” means: 
 (i) Participant’s breach of any of Participant’s fiduciary duties to the Company, its Related Companies or its shareholders or
making of a willful misrepresentation or omission which breach, misrepresentation or omission would reasonably be expected to materially adversely affect the business, properties, assets, condition (financial or other) or prospects of the Company or
its subsidiaries; 
 (ii) Participant’s willful, continual and material neglect or failure to discharge
Participant’s duties, responsibilities or obligations prescribed by this Agreement or of any other agreement between the Company or its Related Companies or by the Company (other than arising solely due to physical or mental disability);

 (iii) Participant’s habitual drunkenness or substance abuse which materially interferes with Participant’s
ability to discharge Participant’s duties, responsibilities or obligations prescribed by the Company or its Related Companies; 
 (iv) Participant’s violation of any non-competition, non-disparagement or confidentiality agreement with the Company or its direct or indirect subsidiaries, including without limitation, those set forth in Section 6 of this
Agreement, or any other agreements with the Company or its direct or indirect subsidiaries; and 
 (v) Participant’s
gross neglect of such Participant’s duties and responsibilities, as determined by the Company’s Board of Directors; 
 provided; for
purposes of clauses (i)-(iv) above, to the extent such conduct is able to be remedied or cured by the Participant, and such conduct is not cured or remedied after the Company or its Board of Directors has provided such Participant with
30 days’ written notice of such circumstances and the possibility of a Material Breach in reasonable detail, and such Participant fails to cure such circumstances and Material Breach within those 30 days. No act or omission shall be deemed
gross neglect if done, or omitted to be done, in good faith by such Participant based upon a resolution duly adopted by the Company’s Board of Directors. Whether a breach can be cured or remedied shall be determined by the Board of Directors in
its sole discretion. 
 (j) “Material Reduction” means circumstances involving a material reduction in Participant’s
position, authority, base compensation or benefits or a hostile or adverse work environment with respect to Participant’s employment by the Company or a Related Company, taken as a whole. 
 (k) “Related Company” means all direct and indirect subsidiaries of the Company. 
  

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 (l) “Regulations” means any laws, ordinances, regulations or rules of any governmental,
regulatory or administrative body, agent or authority, any court or judicial authority, or any public, private or industry regulatory authority. 
 (m) “Repurchase Price” shall mean the quotient obtained by dividing (a) an amount equal to (A) the product of 5.0 multiplied by EBITDA for the Determination Period less (B) the aggregate amount of
Indebtedness, as defined in the Credit Agreement, including, but not limited to, indebtedness for borrowed money and capitalized leases of the Company as of the end of the Determination Period (including, without limitation, interest accrued but
unpaid or paid-in-kind as of the end of the Determination Period) less (C) the aggregate liquidation value of the Series A Preference Shares, Series B Preference Shares and the Series C Preference Shares of the Company outstanding at the
end of the Determination Period (including, without limitation, dividends accrued but unpaid or paid-in-kind in respect of such preference share as of the end of the Determination Period) less (D) the aggregate liquidation value of the
Class A Common Shares of the Company outstanding at the end of the Determination Period less (E) the aggregate liquidation value of any class or series of equity securities of the Company ranking senior in right of payment upon a
liquidation of the Company to the Class B Common Shares outstanding at the end of the Determination Period less (F) the aggregate amount that would have been payable by the Company in respect of any equity appreciation or similar rights
outstanding as of the end of the Determination Period assuming the exercise in full of any and all such rights (whether vested or not) as of such date, by (b) the aggregate number of Class A Common Shares and Class B Common Shares issued
and outstanding on a fully diluted basis as of the last day of the Determination Period. For this purpose, “fully diluted basis” shall assume the full exercise of all outstanding options, warrants, stock appreciation and other
rights in relation to Common Shares and the full conversion (if dilutive) of all convertible securities, and other obligations, irrespective of whether then exercisable or convertible, and further irrespective of any vesting, repurchase, call or
other restrictions or limitations. Notwithstanding the foregoing, the Committee may, in its sole discretion, reduce either the amount contemplated by clause (a), above, or the number of shares contemplated by clause (b) above, to the extent
necessary to avoid the inappropriate inclusion of both the liquidation preference of a particular security and the shares into which such security is convertible in such respective calculations. 
 (n) “Restricted Period” shall mean the period during which the Participant is employed by the Company or any of the Related Companies
and the period of 24 months from and after the date of termination of employment with the Company and the Related Companies. 
 (o)
“Unsatisfactory Performance” means a Participant’s failure to perform his or her duties to the standards set by the Board of Directors (such determination to be made in the good faith by the Company’s Board of Directors);
provided, that such Participant has been given notice and 30 days from such notice fails to cure such unsatisfactory performance. Whether such unsatisfactory performance can be cured shall be determined by the Company’s Board of
Directors in its sole discretion. 
 (p) “Voluntary Termination” means a voluntary termination of employment with the
Company and the Related Companies by Participant for any reason or no reason other than a Material Reduction, death or Disability. 
  

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 8. Heirs and Successors. This Agreement shall be binding upon, and inure to the benefit of, the
Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business. If any rights of the Participant or
benefits distributable to the Participant under this Agreement have not been exercised or distributed, respectively, at the time of the Participant’s death, such rights shall be exercisable by the Designated Beneficiary, and such benefits shall
be distributed to the Designated Beneficiary, in accordance with the provisions of this Agreement, the Plan and the Company’s Bye-Laws. The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the
Participant in a writing filed with the Executive Team in such form and at such time as the Executive Team shall require. If a deceased Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant,
any rights that would have been exercisable by the Participant and any benefits distributable to the Participant shall be exercised by or distributed to the legal representative of the estate of the Participant. If a deceased Participant designates
a beneficiary and the Designated Beneficiary survives the Participant but dies before the Designated Beneficiary’s exercise of all rights under this Agreement or before the complete distribution of benefits to the Designated Beneficiary under
this Agreement, then any rights that would have been exercisable by the Designated Beneficiary shall be exercised by the legal representative of the estate of the Designated Beneficiary, and any benefits distributable to the Designated Beneficiary
shall be distributed to the legal representative of the estate of the Designated Beneficiary. Any rights of a beneficiary and benefits distributable to a beneficiary under this Agreement shall be subject to the terms and restrictions of the
Company’s Bye-Laws. 
 9. Tax Withholding. The Company may make such provisions as are necessary for the withholding of all
applicable taxes on the Option, in accordance with Article 8 of the Plan. 
 10. Rights as a Shareholder. Neither the Participant nor
the Participant’s representative shall have any rights as a shareholder with respect to any Shares subject to this Option until the Option has been exercised and Share certificates have been issued to the Participant or representative, as the
case may be. 
 11. Ratification of Actions. By accepting the Option, the Participant and each person claiming under or through the
Participant shall be conclusively deemed to have indicated the Participant’s acceptance and ratification of, and consent to, any action taken under the Plan or this Agreement and Grant Notice by the Company, the Board, or the Committee.

 12. Notice. Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon
personal delivery or upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid. Notice shall be addressed to the Company at its principal executive office and to the Participant at the address
that he or she most recently provided in writing to the Company. 
 13. Defense of Claims. Each Participant agrees that, for the
period beginning on the date hereof, and continuing for a reasonable period after termination of employment with the Company or its Related Companies, Participant will cooperate with the Company in defense of any claims that may be made against the
Company and its Related Companies and affiliates, and will cooperate with the Company in the prosecution of any claims that may be made by 

  

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Company and its Related Companies and affiliates, to the extent that such claims may relate to services performed by the Participant for the Company and its
Related Companies and affiliates. Each Participant agrees to promptly inform the Company if he becomes aware of any lawsuits involving such claims that may be filed against the Company and its Related Companies and affiliates. The Company agrees to
reimburse Participant for all of Participant’s reasonable out-of-pocket expenses associated with such cooperation, including travel expenses. For periods during and following Participant’s employment with the Company, the Company agrees to
provide reasonable compensation to Participant for such cooperation in addition to reimbursement of expenses and his reasonable attorneys’ fees, if any. 
 14. Severability. In case any one or more of the provisions or parts of a provision contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement or any other jurisdiction, but this Agreement shall be reformed and construed in any such jurisdiction as if
such invalid or illegal or unenforceable provision or part of a provision had never been contained herein and such provision or part shall be reformed so that it would be valid, legal and enforceable to the maximum extent permitted in such
jurisdiction. 
 15. Amendment. This Agreement may be amended in accordance with the provisions of the Plan, and may otherwise be
amended by written agreement of the Participant and the Company without the consent of any other person. 
 16. APPLICABLE LAW; FORUM;
WAIVER OF JURY TRIAL. THE PROVISIONS OF THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF ANY JURISDICTION. IN THE EVENT ANY PARTY TO THIS AGREEMENT
COMMENCES ANY LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN CONNECTION WITH OR RELATING TO THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY MATTERS DESCRIBED OR CONTEMPLATED HEREIN OR THEREIN, THE PARTIES TO THIS AGREEMENT HEREBY (1) AGREE UNDER
ALL CIRCUMSTANCES ABSOLUTELY AND IRREVOCABLY TO INSTITUTE ANY LITIGATION, PROCEEDING OR OTHER LEGAL ACTION IN A COURT OF COMPETENT JURISDICTION LOCATED WITHIN THE SOUTHERN DISTRICT OF NEW YORK, WHETHER A STATE OR FEDERAL COURT; (2) AGREE THAT
IN THE EVENT OF ANY SUCH LITIGATION, PROCEEDING OR ACTION, SUCH PARTIES WILL CONSENT AND SUBMIT TO THE PERSONAL JURISDICTION OF ANY SUCH COURT DESCRIBED IN CLAUSE (1) OF THIS SECTION AND TO SERVICE OF PROCESS UPON THEM IN ACCORDANCE WITH THE
RULES AND STATUTES GOVERNING SERVICE OF PROCESS (IT BEING UNDERSTOOD THAT NOTHING IN THIS SECTION SHALL BE DEEMED TO PREVENT ANY PARTY FROM SEEKING TO REMOVE ANY ACTION TO A FEDERAL COURT IN THE SOUTHERN DISTRICT OF NEW YORK); (3) AGREE TO
WAIVE TO THE FULL EXTENT PERMITTED BY LAW ANY OBJECTION THAT THEY MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH LITIGATION, PROCEEDING OR ACTION IN ANY SUCH COURT OR THAT ANY SUCH LITIGATION, PROCEEDING OR ACTION WAS BROUGHT IN ANY INCONVENIENT
FORUM; (4) AGREE, AFTER CONSULTATION WITH COUNSEL, TO WAIVE ANY RIGHTS TO A 

  

 14 

 
JURY TRIAL TO RESOLVE ANY DISPUTES OR CLAIMS RELATING TO THIS AGREEMENT; (5) AGREE TO DESIGNATE, APPOINT AND DIRECT AN AUTHORIZED AGENT TO RECEIVE ON
ITS BEHALF SERVICE OF ANY AND ALL PROCESS AND DOCUMENTS IN ANY LEGAL PROCEEDING IN THE SOUTHERN DISTRICT OF NEW YORK; (6) AGREE TO PROVIDE THE OTHER PARTIES TO THIS AGREEMENT WITH THE NAME, ADDRESS AND FACSIMILE NUMBER OF SUCH AGENT;
(7) AGREE AS AN ALTERNATIVE METHOD OF SERVICE TO SERVICE OF PROCESS IN ANY LEGAL PROCEEDING BY MAILING OF COPIES THEREOF TO SUCH PARTY AT ITS ADDRESS SET FORTH HEREIN FOR COMMUNICATIONS TO SUCH PARTY; (8) AGREE THAT ANY SERVICE MADE AS
PROVIDED HEREIN SHALL BE EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (9) AGREE THAT NOTHING HEREIN SHALL AFFECT THE RIGHTS OF ANY PARTY TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. EACH OF THE PARTIES HERETO
ACKNOWLEDGES AND AGREES THAT IN THE EVENT OF ANY BREACH OF THIS AGREEMENT, THE NON-BREACHING PARTY WOULD BE IRREPARABLY HARMED AND COULD NOT BE MADE WHOLE BY MONETARY DAMAGES, AND THAT, IN ADDITION TO ANY OTHER REMEDY TO WHICH THEY MAY BE ENTITLED
AT LAW OR IN EQUITY, THE PARTIES SHALL BE ENTITLED TO SUCH EQUITABLE OR INJUNCTIVE RELIEF AS MAY BE APPROPRIATE. THE CHOICE OF FORUM SET FORTH IN THIS SECTION 16 SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT OF ANY JUDGMENT OF A NEW
YORK FEDERAL OR STATE COURT, OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SUCH A JUDGMENT, IN ANY OTHER APPROPRIATE JURISDICTION. 
 17. Administration. The authority to administer and interpret this Agreement shall be vested in the Committee, and the Committee shall have all the powers with respect to this Agreement as it has with respect to the Plan. Any
interpretation of the Agreement by the Committee and any decision made by it with respect to the Agreement is final and binding on all persons. 
 18. Plan Governs. The terms of this Agreement shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Company. The Plan is hereby incorporated herein by
reference into and forms a part of this Agreement. 
  

 15Purchase Agreement

 Exhibit 10.1 
 Execution Copy 
 CLASS F UNIT AND COMMON UNIT PURCHASE AGREEMENT 

 BY AND AMONG 
 CONSTELLATION ENERGY PARTNERS LLC 
 AND 
 THE PURCHASERS NAMED HEREIN 

 CLASS F UNIT AND COMMON UNIT PURCHASE AGREEMENT 
 CLASS F UNIT AND COMMON UNIT PURCHASE AGREEMENT, dated as of July 12, 2007 (this “Agreement”), by and among Constellation
Energy Partners LLC, a Delaware limited liability company (“Constellation Energy”), and each of the purchasers set forth in Schedule 2.01 to this Agreement (each a “Purchaser” and, collectively, the
“Purchasers”). 
 WHEREAS, simultaneously with the execution of this Agreement, Constellation Energy and one of its
wholly-owned subsidiaries are entering into a definitive purchase agreement to acquire through a merger transaction of all of the outstanding shares of AMVEST Osage, Inc., as more fully described in the Amvest Acquisition Agreement, upon the terms
and conditions and for the consideration set forth in the Amvest Acquisition Agreement (the “Amvest Acquisition”); 
 WHEREAS, Constellation Energy desires to finance a portion of the Amvest Acquisition through the sale of an aggregate of $210,012,249.67 of Class F Units and Common Units and the Purchasers desire to purchase an aggregate of
$210,012,249.67 of Common Units and Class F Units from Constellation Energy, each in accordance with the provisions of this Agreement; 
 WHEREAS, it is a condition to the obligations of the Purchasers and Constellation Energy under this Agreement that the Amvest Acquisition be consummated; 
 WHEREAS, Constellation Energy has agreed to provide the Purchasers with certain registration rights with respect to the Purchased Common Units and the Common Units underlying the Class F Units acquired pursuant
to this Agreement; and 
 WHEREAS, the Voting Agreement in the form attached as Exhibit D (the “Unitholder Voting
Agreement”) shall be executed by Constellation Energy Partners Holdings, LLC (“CEPH”) pursuant to which CEPH shall unconditionally and irrevocably agree to vote all of the Common Units owned by such unitholder in favor of
the conversion of Class F Units into Common Units as contemplated by Section 5.01 of this Agreement; 
 NOW THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Constellation Energy and each of the Purchasers, severally and not jointly,
hereby agree as follows: 
 ARTICLE I  
 DEFINITIONS 
 Section 1.01 Definitions. As used in this Agreement, and unless the
context requires a different meaning, the following terms have the meanings indicated: 
 “8-K Filing” shall have the
meaning specified in Section 5.06. 
 “Action” against a Person means any lawsuit, action, proceeding, investigation or
complaint before any Governmental Authority, mediator or arbitrator. 
 “Additional Units” shall have the meaning specified
in Section 5.02. 

 “Affiliate” means, with respect to a specified Person, any other Person, whether now in
existence or hereafter created, directly or indirectly controlling, controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings,
“controlling”, “controlled by” and “under common control with”) means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise. 
 “Agreement” shall have the meaning specified in the introductory paragraph.

 “Amvest” means AMVEST Osage, Inc., a Virginia corporation. 
 “Amvest Acquisition” shall have the meaning specified in the recitals. 
 “Amvest Acquisition Agreement” means that certain Agreement of Merger by and among CEP Cherokee Basin, Amvest and AMVEST Oil &
Gas, Inc. 
 “Amvest Closing Date” means the date on which the Amvest Acquisition is consummated. 
 “Amvest Material Adverse Effect” shall mean any event, change, fact, circumstance or condition that has a material adverse effect on the
properties, business, results of operations or condition (financial or otherwise) of the Transferred Companies taken as a whole other than any event, change, fact, circumstance or condition arising out of or resulting from (i) any adverse
change to the United States economy in general or the economy of any foreign country in general in which any customer of the Transferred Companies is located (provided that such change does not affect the business, results of operations or financial
condition of the Transferred Companies in a materially disproportionate manner), (ii) any adverse change in the coal, oil or gas industries generally, such as fluctuations in the price of oil or gas (provided that such change does not affect
the operations or financial condition of the Transferred Companies in a materially disproportionate manner), (iii) any adverse change to financial, banking or securities markets (including any disruption thereof and any decline in the price of
any security or any market index), (iv) the announcement of the Agreement and/or the announcement of any of the transactions contemplated hereunder, the fulfillment of the parties’ obligations hereunder or the consummation of the
transactions contemplated by this Agreement, or (E) any foreign or domestic outbreak or escalation of hostilities or act of terrorism involving the United States or any declaration of war by the United States. 
 “Basic Documents” means, collectively, this Agreement, the Registration Rights Agreement, the Unitholder Voting Agreement, the
Class F Amendment, the Amvest Acquisition Agreement and any and all other agreements or instruments executed and delivered by the Parties to evidence the execution, delivery and performance of this Agreement, and any amendments, supplements,
continuations or modifications thereto. 
 “Board of Managers” means the board of managers of Constellation Energy.

 “Business Day” means any day other than a Saturday, a Sunday, or a legal holiday for commercial banks in Houston, Texas
or New York, New York. 
  

 2 

 “Buy-In” shall have the meaning specified in Section 8.08. 
 “Buy-In Price” shall have the meaning specified in Section 8.08. 
 “CEP Cherokee Basin” means CEP Cherokee Basin LLC, a Delaware limited liability company. 
 “CEPH” shall have the meaning specified in the recitals. 
 “Class E Purchase Agreement” means the Class E and Common Unit Purchase Agreement, dated as of March 8, 2007, by and among Constellation Energy and the purchasers named therein. 
 “Class E Registration Rights Agreement” means the registration rights agreement, dated as of April 23, 2007 by and among
Constellation Energy and the purchasers named therein. 
 “Class E Registration Statement” means the registration statement
filed with the Commission on July 6, 2007 registering the resale of Common Units sold by Constellation Energy to the purchasers named in the Class E Purchase Agreement. 
 “Class F Amendment” shall have the meaning specified in Section 2.01(a). 
 “Class F Unit Price” shall have the meaning specified in Section 2.01(c). 
 “Class F Units” means the Class F Units of Constellation Energy, as established by the Class F Amendment. 
 “Class G Units” shall have the meaning specified in Section 5.02. 
 “Closing” shall have the meaning specified in Section 2.02. 
 “Closing Date” shall have the meaning specified in Section 2.02. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Commission” means the United States Securities and Exchange Commission. 
 “Commitment Amount” means the dollar amount set forth opposite each Purchaser’s name on Schedule 2.01 to this Agreement
under the heading “Gross Proceeds to Issuer”. 
 “Common Units” means the Common Units of Constellation Energy
representing class B limited liability company interests. 
 “Common Unit Price” shall have the meaning specified in
Section 2.01(c). 
 “Constellation Energy” shall have the meaning specified in the introductory paragraph. 

“Constellation Energy Financial Statements” shall have the meaning specified in Section 3.03. 
  

 3 

 “Constellation Energy Material Adverse Effect” means any material and adverse effect on
(i) the assets, liabilities, financial condition, business, operations, prospects or affairs of Constellation Energy and its Subsidiaries, taken as a whole, measured against those assets, liabilities, financial condition, business, operations,
prospects or affairs reflected in the Constellation Energy SEC Documents, (ii) the ability of Constellation Energy and its Subsidiaries, taken as a whole, to carry out their business as of the date of this Agreement or to meet their obligations
under the Basic Documents on a timely basis or (iii) the ability of Constellation Energy to consummate the transactions under any Basic Document. 
 “Constellation Energy Related Parties” shall have the meaning specified in Section 7.02. 
 “Constellation Energy SEC Documents” shall have the meaning specified in Section 3.03. 
 “Delaware
LLC Act” shall have the meaning specified in Section 3.02(a). 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder. 
 “GAAP”
means generally accepted accounting principles in the United States of America in effect from time to time. 
 “Governmental
Authority” shall include the country, state, county, city and political subdivisions in which any Person or such Person’s Property is located or that exercises valid jurisdiction over any such Person or such Person’s Property, and
any court, agency, department, commission, board, bureau or instrumentality of any of them and any monetary authorities that exercise valid jurisdiction over any such Person or such Person’s Property. Unless otherwise specified, all references
to Governmental Authority herein shall mean a Governmental Authority having jurisdiction over, where applicable, Constellation Energy, its Subsidiaries or any of their Property or any of the Purchasers. 
 “Indemnified Party” shall have the meaning specified in Section 7.03. 
 “Indemnifying Party” shall have the meaning specified in Section 7.03. 
 “Law” means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law, rule or
regulation. 
 “Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the
owner of the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including the lien or security interest arising from a mortgage, encumbrance, pledge,
security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes. 
 “Limited
Liability Company Agreement” shall have the meaning specified in Section 2.01(a). 
  

 4 

 “Lock-Up Date” means 90 days after the date that the Class E Registration Statement is
declared effective by the Commission. 
 “Party” or “Parties” means Constellation Energy and the
Purchasers, individually or collectively, as the case may be. 
 “Permitted Amount” shall have the meaning specified in
Section 2.01(a). 
 “Person” means any individual, corporation, company, voluntary association, partnership, joint
venture, trust, limited liability company, unincorporated organization or government or any agency, instrumentality or political subdivision thereof, or any other form of entity. 
 “Placement Agent” means Citigroup Global Markets, Inc. 
 “Placement Agent Fees” means the fees that Constellation Energy is obligated to pay to the Placement Agent upon the closing of the transactions contemplated by this Agreement. 
 “Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 

“Purchase Price” means the aggregate of each Purchaser’s Commitment Amount set forth opposite the Purchaser’s name on
Schedule 2.01 to this Agreement under the heading “Gross Proceeds to Issuer”. 
 “Purchased Class F
Units” means the Class F Units to be issued and sold to the Purchasers pursuant to this Agreement. 
 “Purchased Common
Units” means the Common Units to be issued and sold to the Purchasers pursuant to this Agreement. 
 “Purchaser”
shall have the meaning specified in the introductory paragraph. 
 “Purchaser Material Adverse Effect” means any material
and adverse effect on (i) the ability of a Purchaser to meet its obligations under the Basic Documents on a timely basis or (ii) the ability of a Purchaser to consummate the transactions under any Basic Document. 
 “Purchaser Related Parties” shall have the meaning specified in Section 7.01. 
 “Purchasers” shall have the meaning specified in the introductory paragraph. 
 “Registration Rights Agreement” means the Registration Rights Agreement, substantially in the form attached to this Agreement as
Exhibit C, to be entered into at the Closing, among Constellation Energy and the Purchasers. 
 “Representatives” of any Person means the officers, managers, directors, employees, Affiliates, control persons, counsel, investment bankers, agents and other representatives of such Person. 
  

 5 

 “Securities Act” means the Securities Act of 1933, as amended from time to time, and the
rules and regulations of the Commission promulgated thereunder. 
 “Short Sales” means, without limitation, all “short
sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and forward sale contracts, options, puts, calls, short sales, “put equivalent positions” (as defined in Rule
16a-1(h) under the Exchange Act) and similar arrangements, and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. 
 “Subsidiary” means, as to any Person, any corporation or other entity of which a majority of the outstanding equity interest having by the terms thereof ordinary voting power to elect a majority of
the board of directors of such corporation or other entity (irrespective of whether or not at the time any equity interest of any other class or classes of such corporation or other entity shall have or might have voting power by reason of the
happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more of its Subsidiaries. 
 “Terminating Breach” shall have the meaning specified in Section 8.12(a)(ii). 
 “Transferred
Companies” shall mean Amvest and its Subsidiaries, collectively, all of whom are set forth on Schedule 4.1 to the Amvest Acquisition Agreement, and “Transferred Company” shall mean any of them individually. 
 “Unallocated Units” shall have the meaning specified in Section 5.02. 
 “Unitholder Voting Agreement” shall have the meaning specified in the recitals. 
 “Unitholders” means the Unitholders of Constellation Energy (within the meaning of the Limited Liability Company Agreement). 

Section 1.02 Accounting Procedures and Interpretation. Unless otherwise specified in this Agreement, all accounting terms used herein
shall be interpreted, all determinations with respect to accounting matters under this Agreement shall be made, and all financial statements and certificates and reports as to financial matters required to be furnished to the Purchasers under this
Agreement shall be prepared, in accordance with GAAP applied on a consistent basis during the periods involved (except, in the case of unaudited statements, as permitted by Form 10-Q promulgated by the Commission) and in compliance as to form in all
material respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto. 
 ARTICLE II  
 SALE AND PURCHASE 
 Section 2.01 Sale and Purchase. Contemporaneously with the consummation of the Amvest Acquisition and subject to the terms and conditions of
this Agreement, at the Closing, Constellation Energy hereby agrees to issue and sell to each Purchaser, and each Purchaser hereby agrees, severally and not jointly, to purchase from Constellation Energy, the number of Purchased Common Units and the
Purchased Class F Units, respectively, set forth opposite its name on Schedule 2.01 hereto. Each Purchaser agrees to pay Constellation Energy the Common 

  

 6 

 
Unit Price for each Purchased Common Unit and the Class F Unit Price for each Purchased Class F Unit, in each case as set forth in
Section 2.01(c). The respective obligations of each Purchaser under this Agreement are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of
any other Purchaser under this Agreement. The failure or waiver of performance under this Agreement by any Purchaser, or on its behalf, does not excuse performance by any other Purchaser. Nothing contained herein or in any other Basic Document, and
no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in
concert or as a group with respect to such obligations or the transactions contemplated by any Basic Document. Except as otherwise provided in this Agreement or the other Basic Documents, each Purchaser shall be entitled to independently protect and
enforce its rights, including the rights arising out of this Agreement or out of the other Basic Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. 
 (a) Common Units. The number of Purchased Common Units to be issued and sold to each Purchaser shall be equal to the quotient determined by
dividing (i) the amount for such Purchaser under the column entitled “Common Units” on Schedule 2.01 by (ii) the Common Unit Price (as defined in Section 2.01(c) below), which quotient shall be rounded, if
necessary, down to the nearest whole number; provided, however, that each Purchaser (i) acknowledges that in no event shall Constellation Energy issue to the Purchasers an aggregate number of Common Units in excess of 19.9% of
Constellation Energy’s outstanding Common Units immediately prior to such issuance (the “Permitted Amount”) and (ii) agrees to decrease the aggregate number of Common Units and increase the aggregate number of Class F
Units to the extent required to cause the number of Common Units issued to be less than the Permitted Amount. The Purchased Common Units shall have those rights, preferences, privileges and restrictions governing the Common Units as set forth in the
Second Amended and Restated Operating Agreement of Constellation Energy, dated as of November 20, 2006, as amended by Amendment No. 1 to the Limited Liability Company Agreement dated April 23, 2007 (the “Limited Liability
Company Agreement”), as amended by an amendment to the Limited Liability Company Agreement, in all material respects in the form of Exhibit A to this Agreement, which Constellation Energy will cause to be adopted immediately
prior to the issuance and sale of Class F Units contemplated by this Agreement (the “Class F Amendment”). References herein to the Limited Liability Company Agreement shall include or exclude the Class F Amendment as
the context requires. 
 (b) Class F Units. The number of Purchased Class F Units to be issued and sold to each Purchaser
shall be equal to the quotient determined by dividing (i) the amount for such Purchaser under the column entitled “Class F Units” on Schedule 2.01 (including any increase in such number of Class F Units as a result of
the proviso contained in Section 2.01(a)) by (ii) the Class F Unit Price (as defined in Section 2.01(c) below), which quotient shall be rounded, if necessary, down to the nearest whole number. The Purchased Class F
Units shall have those rights, preferences, privileges and restrictions governing the Class F Units, which shall be reflected in the Limited Liability Company Agreement, as amended by the Class F Amendment. 
  

 7 

 (c) Consideration. The amount per Common Unit each Purchaser will pay to Constellation Energy to
purchase the Purchased Common Units (the “Common Unit Price”) shall be $35.25. The amount per Class F Unit each Purchaser will pay to Constellation Energy to purchase the Purchased Class F Units (the “Class F
Unit Price”) shall be $34.43. 
 Section 2.02 Closing. The execution and delivery of the Basic Documents (other than
this Agreement and the Amvest Acquisition Agreement), the delivery of certificates representing the Purchased Class F Units and the Purchased Common Units, the payment by each Purchaser of its respective Commitment Amount and execution and
delivery of all other instruments, agreements and other documents required by this Agreement (the “Closing”) shall take place on a date (the “Closing Date”) concurrent with the Amvest Closing Date, but on or prior
to August 15, 2007, provided that Constellation Energy shall have given each Purchaser three (3) Business Days (or such shorter period as shall be agreeable to each of the Parties) prior notice of such designated Closing Date, at the
offices of Andrews Kurth LLP, 600 Travis, Suite 4200, Houston, Texas 77002. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF CONSTELLATION ENERGY 
 Constellation Energy represents and warrants to the Purchasers, on and as of the date of this Agreement and on and as of the Closing Date, as follows: 
 Section 3.01 Corporate Existence. Constellation Energy: (i) is a limited liability company duly organized, validly existing and in good
standing under the Laws of the State of Delaware; (ii) has all requisite limited liability company power, and has all material governmental licenses, authorizations, consents and approvals, necessary to own its Properties and carry on its
business as its business is now being conducted as described in the Constellation Energy SEC Documents, except where the failure to obtain such licenses, authorizations, consents and approvals would not reasonably be expected to have a Constellation
Energy Material Adverse Effect; and (iii) is qualified to do business in all jurisdictions in which the nature of the business conducted by it makes such qualifications necessary, except where failure so to qualify would not reasonably be
expected to have a Constellation Energy Material Adverse Effect. 
 Section 3.02 Capitalization and Valid Issuance of Purchased
Class F Units and Purchased Common Units. 
 (a) As of the date of this Agreement, and prior to the issuance and sale of the
Purchased Class F Units and the Purchased Common Units, the issued and outstanding membership interests of Constellation Energy consist of 13,391,954 Common Units, 273,305 Class A Units, Management Incentive Interests and Class D
Interests (each as defined in the Limited Liability Company Agreement). All of the outstanding Common Units, Class A Units, the Management Incentive Interests and Class D Interests have been duly authorized and validly issued in accordance
with applicable Law and the Limited Liability Company Agreement and are fully paid (to the extent required by applicable Law and under the Limited Liability Company Agreement) and non-assessable (except as such non-assessability may be affected by
Sections 18-607 and 18-804 of the Delaware Limited Liability Company Act (the “Delaware LLC Act”). 
  

 8 

 (b) Other than Constellation Energy’s existing Long-Term Incentive Plan, Constellation Energy has no
equity compensation plans that contemplate the issuance of Common Units or any other class of equity (or securities convertible into or exchangeable for Common Units or any other class of equity). Constellation Energy has no outstanding indebtedness
having the right to vote (or convertible into or exchangeable for securities having the right to vote) on any matters on which the Unitholders may vote. Except as set forth in the first sentence of this Section 3.02(b), as contemplated by this
Agreement or as are contained in the Limited Liability Company Agreement, there are no outstanding or authorized (i) options, warrants, preemptive rights, subscriptions, calls or other rights, convertible securities, agreements, claims or
commitments of any character obligating Constellation Energy or any of its Subsidiaries to issue, transfer or sell any limited liability company interests or other equity interests in Constellation Energy or any of its Subsidiaries or securities
convertible into or exchangeable for such limited liability company interests or other equity interests, (ii) obligations of Constellation Energy or any of its Subsidiaries to repurchase, redeem or otherwise acquire any limited liability
company interests or other equity interests in Constellation Energy or any of its Subsidiaries or any such securities or agreements listed in clause (i) of this sentence or (iii) voting trusts or similar agreements to which Constellation
Energy or any of its Subsidiaries is a party with respect to the voting of the equity interests of Constellation Energy or any of its Subsidiaries. 
 (c)(i) All of the issued and outstanding equity interests of each of Constellation Energy’s Subsidiaries are owned, directly or indirectly, by Constellation Energy free and clear of any Liens (except for such restrictions as may
exist under applicable Law and except for such Liens as may be imposed under Constellation Energy’s or Constellation Energy’s Subsidiaries’ credit facilities filed as exhibits to the Constellation Energy SEC Documents), and all such
ownership interests have been duly authorized and validly issued and are fully paid (to the extent required by applicable Law and the organizational documents of Constellation Energy’s Subsidiaries, as applicable) and non-assessable (except as
non-assessability may be affected by Sections 18-607 and 18-804 of the Delaware LLC Act or the organizational documents of Constellation Energy’s Subsidiaries, as applicable) and free of preemptive rights, with no personal liability attaching
to the ownership thereof, and (ii) except as disclosed in the Constellation Energy SEC Documents, neither Constellation Energy nor any of its Subsidiaries owns any shares of capital stock or other securities of, or interest in, any other
Person, or is obligated to make any capital contribution to or other investment in any other Person. 
 (d) The offer and sale of the
Purchased Class F Units and the Purchased Common Units and the membership interests represented thereby will be duly authorized by Constellation Energy pursuant to the Limited Liability Company Agreement prior to the Closing and, when issued
and delivered to the Purchasers against payment therefor in accordance with the terms of this Agreement, will be validly issued, fully paid (to the extent required by applicable Law and the Limited Liability Company Agreement) and non-assessable
(except as such non-assessability may be affected by Sections 18-607 and 18-804 of the Delaware LLC Act) and will be free of any and all Liens and restrictions on transfer, other than restrictions on transfer under the Limited Liability Company
Agreement, the Registration Rights Agreement and applicable state and federal securities Laws and other than such Liens as are created by the Purchasers. 
  

 9 

 (e) The Common Units issuable upon conversion of the Class F Units, and the membership interests
represented thereby, upon issuance in accordance with the terms of the Class F Units as reflected in the Class F Amendment, and upon receipt of the required Unitholder approval, will be duly authorized by Constellation Energy pursuant to
the Limited Liability Company Agreement, and will be validly issued, fully paid (to the extent required by applicable Law and the Limited Liability Company Agreement) and non-assessable (except as such non-assessability may be affected by Sections
18-607 and 18-804 of the Delaware LLC Act) and will be free of any and all Liens and restrictions on transfer, other than restrictions on transfer under the Limited Liability Company Agreement and under applicable state and federal securities Laws
and other than such Liens as are created by the Purchasers. 
 (f) The Purchased Common Units and the Purchased Class F Units will be
issued in compliance with all applicable rules of NYSE Arca. Prior to the Closing Date, the Purchased Common Units and the Common Units underlying the Purchased Class F Units will have been approved for quotation on NYSE Arca subject to
official notice of issuance. Constellation Energy’s currently outstanding Common Units are listed on NYSE Arca and Constellation Energy has not received any notice of delisting. 
 (g) The Purchased Common Units and the Purchased Class F Units shall have those rights, preferences, privileges and restrictions governing the
Common Units as set forth in the Limited Liability Company Agreement, as amended by the Class F Amendment. A true and correct copy of the Limited Liability Company Agreement, as amended through the date hereof (but excluding the Class F
Amendment), has been filed by Constellation Energy with the Commission on November 28, 2006 as Exhibit 3.1 to Constellation Energy’s Current Report on Form 8-K and on April 24, 2007 as Exhibit 3.1 on to Constellation
Energy’s Current Report on Form 8-K. The Purchased Class F Units shall have those rights, preferences, privileges and restrictions governing the Class F Units, which shall be reflected in the Limited Liability Company Agreement, as
amended by the Class F Amendment. 
 Section 3.03 Constellation Energy SEC Documents. Constellation Energy has timely filed
with the Commission all forms, registration statements, reports, schedules and statements required to be filed by it under the Exchange Act or the Securities Act (all such documents filed on or prior to the date of this Agreement, collectively, the
“Constellation Energy SEC Documents”). The Constellation Energy SEC Documents, including any audited or unaudited financial statements and any notes thereto or schedules included therein (the “Constellation Energy Financial
Statements”), at the time filed (in the case of registration statements, solely on the dates of effectiveness) (except to the extent corrected by a subsequently filed Constellation Energy SEC Document filed prior to the date of this
Agreement) (i) did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading, (ii) complied in all material respects with the applicable requirements of the Exchange Act and the Securities Act, as the case may be, and (iii) complied as to form in all material respects with applicable accounting
requirements and with the published rules and regulations of the Commission with respect thereto. The Constellation Energy Financial Statements were prepared in accordance with GAAP applied on a consistent basis during the periods involved (except
as may be indicated in the notes thereto or, in the case of unaudited statements, as permitted by Form 10-Q of the Commission) and fairly present 

  

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(subject in the case of unaudited statements to normal, recurring and year-end audit adjustments) in all material respects the consolidated financial
position and status of the business of Constellation Energy as of the dates thereof and the consolidated results of its operations and cash flows for the periods then ended. PricewaterhouseCoopers LLP is an independent registered public accounting
firm with respect to Constellation Energy and has not resigned or been dismissed as independent registered public accountants of Constellation Energy as a result of or in connection with any disagreement with Constellation Energy on any matter of
accounting principles or practices, financial statement disclosure or auditing scope or procedures. 
 Section 3.04 No Material
Adverse Change. Except as set forth in or contemplated by the Constellation Energy SEC Documents, and except for the proposed Amvest Acquisition, which has been disclosed to, and discussed with, each of the Purchasers, since December 31,
2006, Constellation Energy and its Subsidiaries have conducted their business in the ordinary course, consistent with past practice, and there has been no (i) change that has had or would reasonably be expected to have a Constellation Energy
Material Adverse Effect, (ii) acquisition or disposition of any material asset by Constellation Energy or any of its Subsidiaries or any contract or arrangement therefor, otherwise than for fair value in the ordinary course of business,
(iii) material change in Constellation Energy’s accounting principles, practices or methods or (iv) incurrence of material indebtedness (other than the incurrence of such indebtedness as is contemplated in connection with the Amvest
Acquisition). 
 Section 3.05 Litigation. Except as set forth in the Constellation Energy SEC Documents, there is no Action
pending or, to the knowledge of Constellation Energy, contemplated or threatened against Constellation Energy or any of its Subsidiaries or any of their respective officers, directors or Properties, which (individually or in the aggregate)
reasonably would be expected to have a Constellation Energy Material Adverse Effect or which challenges the validity of this Agreement. 
 Section 3.06 No Breach. The execution, delivery and performance by Constellation Energy of the Basic Documents to which it is a party and all other agreements and instruments in connection with the transactions contemplated by
the Basic Documents, and compliance by Constellation Energy with the terms and provisions hereof and thereof, do not and will not (a) violate any provision of any Law, governmental permit, determination or award having applicability to
Constellation Energy or any of its Subsidiaries or any of their respective Properties, (b) conflict with or result in a violation of any provision of the Certificate of Formation of Constellation Energy or the Limited Liability Company
Agreement or any organizational documents of any of Constellation Energy’s Subsidiaries, (c) require any consent, approval or notice under or result in a violation or breach of or constitute (with or without due notice or lapse of time or
both) a default (or give rise to any right of termination, cancellation or acceleration) under (i) any note, bond, mortgage, license, or loan or credit agreement to which Constellation Energy or any of its Subsidiaries is a party or by which
Constellation Energy or any of its Subsidiaries or any of their respective Properties may be bound or (ii) any other agreement, instrument or obligation, or (d) result in or require the creation or imposition of any Lien upon or with
respect to any of the Properties now owned or hereafter acquired by Constellation Energy or any of its Subsidiaries, except in the cases of clauses (a), (c) and (d) where such violation, default, breach, termination, cancellation, failure
to receive consent or approval, or acceleration with respect to the foregoing provisions of this Section 3.06 would not, individually or in the aggregate, reasonably be expected to have a Constellation Energy Material Adverse Effect.

  

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 Section 3.07 Authority. Constellation Energy has all necessary limited liability company
power and authority to execute, deliver and perform its obligations under the Basic Documents to which it is a party and to consummate the transactions contemplated thereby; the execution, delivery and performance by Constellation Energy of each of
the Basic Documents to which it is a party, and the consummation of the transactions contemplated thereby, have been duly authorized by all necessary action on its part; and the Basic Documents constitute the legal, valid and binding obligations of
Constellation Energy, enforceable in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer and similar Laws affecting creditors’ rights generally or by general principles of
equity. Except as contemplated by this Agreement, no approval by the Unitholders is required as a result of Constellation Energy’s issuance and sale of the Purchased Class F Units or the Purchased Common Units. 
 Section 3.08 Approvals. Except as contemplated by this Agreement or as required by the Commission in connection with Constellation
Energy’s obligations under the Registration Rights Agreement, no authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing, declaration, qualification or registration with, any Governmental
Authority or any other Person is required in connection with the execution, delivery or performance by Constellation Energy of any of the Basic Documents to which it is a party, except where the failure to receive such authorization, consent,
approval, waiver, license, qualification or written exemption or to make such filing, declaration, qualification or registration would not, individually or in the aggregate, reasonably be expected to have a Constellation Energy Material Adverse
Effect. 
 Section 3.09 MLP Status. Constellation Energy met for the taxable year ended December 31, 2006 the gross income
requirements of Section 7704(c)(2) of the Code, and accordingly Constellation Energy is not, and does not reasonably expect to be, taxed as a corporation for U.S. federal income tax purposes or for applicable tax purposes. Constellation Energy
indicated in the Form K-1 for the year ended December 31, 2006, that its Unitholders may be subject to state income taxes in Alabama. Constellation Energy expects that its Unitholders may be subject to state income taxes in additional
jurisdictions (including Alabama) during 2007. 
 Section 3.10 Investment Company Status. Constellation Energy is not an
“investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 Section 3.11 Offering.
Assuming the accuracy of the representations and warranties of the Purchasers contained in this Agreement, the sale and issuance of the Purchased Class F Units and the Purchased Common Units pursuant to this Agreement are exempt from the
registration requirements of the Securities Act, and neither Constellation Energy nor any authorized Representative acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption. 
  

 12 

 Section 3.12 Certain Fees. Except for the Placement Agent Fees and up to $25,000 in legal
fees to the Placement Agent’s outside counsel, no fees or commissions will be payable by Constellation Energy to brokers, finders or investment bankers with respect to the sale of any of the Purchased Class F Units or the Purchased Common
Units or the consummation of the transactions contemplated by this Agreement. The Purchasers shall not be liable for any such fees or commissions. Constellation Energy agrees that it will indemnify and hold harmless each of the Purchasers from and
against any and all claims, demands or liabilities for broker’s, finder’s, placement or other similar fees or commissions incurred by Constellation Energy or alleged to have been incurred by Constellation Energy in connection with the sale
of Purchased Class F Units or Purchased Common Units or the consummation of the transactions contemplated by this Agreement. 
 Section 3.13 No Side Agreements. Except for: (i) the confidentiality agreements entered into by and between each of the Purchasers and Constellation Energy, (ii) the placement agent engagement letter between
Constellation Energy and the Placement Agent and (iii) the Waiver entered into by and among the purchasers of Common Units pursuant to the Class E Purchase Agreement, there are no other agreements by, among or between Constellation Energy or
its Affiliates, on the one hand, and any of the Purchasers or their Affiliates, on the other hand, with respect to the transactions contemplated hereby nor promises or inducements for future transactions between or among any of such parties.

 Section 3.14 Class F Unit Vote. NYSE Arca has orally advised Constellation Energy that issuance of the Purchased
Class F Units on the terms contemplated herein will not violate its shareholder approval in sub-paragraph (9) of Rule 5.3(b) of its rules for listed companies. The affirmative vote of a majority of the total votes cast by the holders
of Common Units (with the exception of the Purchased Common Units, which are not entitled to vote according to the rules of NYSE Arca) is the only approval required to approve the conversion of Class F Units into Common Units. As of the
date of this Agreement and based on Constellation Energy’s records or third party records, CEPH is the beneficial owner of 5,918,894 Common Units representing approximately 44% of the issued and outstanding Common Units as of July 12,
2007. 
 Section 3.15 Unitholder Voting Agreement. At Closing, CEPH will enter into the Unitholder Voting Agreement in the form
attached hereto as Exhibit D. 
 Section 3.16 Internal Accounting Controls. Except as disclosed in the Constellation
Energy SEC Documents, Constellation Energy and its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or
specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with
management’s general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
 Section 3.17 Preemptive Rights or Registration Rights. Except (i) as set forth in the Limited Liability Company Agreement, (ii) as
set forth in the other organizational documents of Constellation Energy and its Subsidiaries, (iii) as provided in the Basic Documents, (iv) the Class 

  

 13 

 
E Registration Rights Agreement or (v) for existing awards under Constellation Energy’s Long-Term Incentive Plan, there are no preemptive rights or
other rights to subscribe for or to purchase, nor any restriction upon the voting or transfer of, any capital stock or limited liability company or membership or other equity interests of Constellation Energy or any of its Subsidiaries, in each case
pursuant to any other agreement or instrument to which any of such Persons is a party or by which any one of them may be bound. None of the execution of this Agreement, the issuance of the Purchased Class F Units or the Purchased Common Units
as contemplated by this Agreement or the conversion of the Class F Units into Common Units gives rise to any rights for or relating to the registration of any securities of Constellation Energy, other than pursuant to the Registration Rights
Agreement. 
 Section 3.18 Insurance. Constellation Energy and its Subsidiaries are insured against such losses and risks and in
such amounts as Constellation Energy believes in its sole discretion to be prudent for its businesses. Constellation Energy does not have any reason to believe that it or any Subsidiary will not be able to renew its existing insurance coverage as
and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business. 
 Section 3.19 Acknowledgment Regarding Purchase of Purchased Common Units and Purchased Class F Units. Constellation Energy acknowledges and agrees that (i) each of the Purchasers is participating in the transactions
contemplated by this Agreement and the other Basic Documents at Constellation Energy’s request and Constellation Energy has concluded that such participation is in Constellation Energy’s best interest and is consistent with Constellation
Energy’s objectives and (ii) each of the Purchasers is acting solely in the capacity of an arm’s length purchaser. Constellation Energy further acknowledges that no Purchaser is acting or has acted as an advisor, agent or fiduciary of
Constellation Energy (or in any similar capacity) with respect to this Agreement or the other Basic Documents and any advice given by any Purchaser or any of its respective Representatives in connection with this Agreement or the other Basic
Documents is merely incidental to the Purchasers’ purchase of Purchased Common Units and Purchased Class F Units. Constellation Energy further represents to each Purchaser that Constellation Energy’s decision to enter into this
Agreement has been based solely on the independent evaluation of the transactions contemplated hereby by Constellation Energy and its Representatives. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER 
 Each Purchaser, severally and not jointly, represents and warrants to Constellation Energy with respect to itself, on and as of the date of this
Agreement and on and as of the Closing Date, as follows: 
 Section 4.01 Valid Existence. Such Purchaser (i) is duly
organized, validly existing and in good standing under the Laws of its respective jurisdiction of organization and (ii) has all requisite power, and has all material governmental licenses, authorizations, consents and approvals, necessary to
own its Properties and carry on its business as its business is now being conducted, except where the failure to obtain such licenses, authorizations, consents and approvals would not have and would not reasonably be expected to have a Purchaser
Material Adverse Effect. 
  

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 Section 4.02 No Breach. The execution, delivery and performance by such Purchaser of the
Basic Documents to which it is a party and all other agreements and instruments in connection with the transactions contemplated by the Basic Documents to which it is a party, and compliance by such Purchaser with the terms and provisions hereof and
thereof and the purchase of the Purchased Class F Units and the Purchased Common Units by such Purchaser do not and will not (a) violate any provision of any Law, governmental permit, determination or award having applicability to such
Purchaser or any of its Properties, (b) conflict with or result in a violation of any provision of the organizational documents of such Purchaser or (c) require any consent (other than standard internal consents), approval or notice under
or result in a violation or breach of or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under (i) any note, bond, mortgage, license, or loan or
credit agreement to which such Purchaser is a party or by which such Purchaser or any of its Properties may be bound or (ii) any other such agreement, instrument or obligation, except in the case of clauses (a) and (c) where such
violation, default, breach, termination, cancellation, failure to receive consent or approval, or acceleration with respect to the foregoing provisions of this Section 4.02 would not, individually or in the aggregate, reasonably be expected to
have a Purchaser Material Adverse Effect. 
 Section 4.03 Investment. The Purchased Class F Units and the Purchased Common
Units are being acquired for such Purchaser’s own account, or the accounts of clients for whom such Purchaser exercises discretionary investment authority (all of whom such Purchaser represents and warrants are “accredited investors”
within the meaning of Rule 501 of Regulation D promulgated by the Commission pursuant to the Securities Act), not as a nominee or agent, and with no present intention of distributing the Purchased Class F Units or the Purchased Common
Units or any part thereof, and such Purchaser has no present intention of selling or granting any participation in or otherwise distributing the same in any transaction in violation of the securities Laws of the United States of America or any
state, without prejudice, however, to such Purchaser’s right at all times to sell or otherwise dispose of all or any part of the Purchased Class F Units or the Purchased Common Units under a registration statement under the Securities Act
and applicable state securities Laws or under an exemption from such registration available thereunder (including, if available, Rule 144 promulgated thereunder). If such Purchaser should in the future decide to dispose of any of the Purchased
Class F Units or the Purchased Common Units, such Purchaser understands and agrees (a) that it may do so only (i) in compliance with the Securities Act and applicable state securities Law, as then in effect, or pursuant to an
exemption therefrom or (ii) in the manner contemplated by any registration statement pursuant to which such securities are being offered, and (b) that stop-transfer instructions to that effect will be in effect with respect to such
securities. Notwithstanding the foregoing, each Purchaser may at any time enter into one or more total return swaps with respect to such Purchaser’s Purchased Class F Units or Purchased Common Units with a third party, provided that such
transactions are exempt from registration under the Securities Act. 
 Section 4.04 Nature of Purchaser. Such Purchaser
represents and warrants to, and covenants and agrees with, Constellation Energy that (a) it is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated by the Commission pursuant to the Securities

  

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Act and (b) by reason of its business and financial experience it has such knowledge, sophistication and experience in business and financial matters so
as to be capable of evaluating the merits and risks of the prospective investment in the Purchased Class F Units and the Purchased Common Units, is able to bear the economic risk of such investment and, at the present time, would be able to
afford a complete loss of such investment. 
 Section 4.05 Receipt of Information; Authorization. Such Purchaser acknowledges
that it has (a) had access to the Constellation Energy SEC Documents, (b) had access to information regarding the Amvest Acquisition and its potential effect on Constellation Energy’s operations and financial results and (c) been
provided a reasonable opportunity to ask questions of and receive answers from Representatives of Constellation Energy regarding such matters. 
 Section 4.06 Restricted Securities. Such Purchaser understands that the Purchased Class F Units and the Purchased Common Units it is purchasing are characterized as “restricted securities” under the federal
securities Laws inasmuch as they are being acquired from Constellation Energy in a transaction not involving a public offering and that under such Laws and applicable regulations such securities may be resold without registration under the
Securities Act only in certain limited circumstances. In this connection, such Purchaser represents that it is knowledgeable with respect to Rule 144 of the Commission promulgated under the Securities Act. 
 Section 4.07 Certain Fees. No fees or commissions will be payable by such Purchaser to brokers, finders or investment bankers with respect to
the sale of any of the Purchased Class F Units or the Purchased Common Units or the consummation of the transactions contemplated by this Agreement. Constellation Energy will not be liable for any such fees or commissions. Such Purchaser
agrees, severally and not jointly with the other Purchasers, that it will indemnify and hold harmless Constellation Energy from and against any and all claims, demands or liabilities for broker’s, finder’s, placement or other similar fees
or commissions incurred by such Purchaser or alleged to have been incurred by such Purchaser in connection with the purchase of Purchased Class F Units or Purchased Common Units or the consummation of the transactions contemplated by this
Agreement. 
 Section 4.08 Legend. It is understood that the certificates evidencing the Purchased Class F Units and the
Purchased Common Units and the certificates evidencing the Common Units issuable upon conversion of the Purchased Class F Units initially will bear the following legend: “These securities have not been registered under the Securities Act
of 1933, as amended. These securities may not be sold, offered for sale, pledged or hypothecated in the absence of a registration statement in effect with respect to the securities under such Act or pursuant to an exemption from registration
thereunder and, in the case of a transaction exempt from registration, unless sold pursuant to Rule 144 under such Act or the issuer has received documentation reasonably satisfactory to it that such transaction does not require registration
under such Act.” 
 Section 4.09 Short Selling. Such Purchaser represents that it has not entered into any Short Sales of
the Common Units owned by it between the time it first began discussions with Constellation Energy or the Placement Agent about the transactions contemplated by this Agreement and the date hereof (it being understood that the entering into of a
total return swap 

  

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should not be considered a short sale of Common Units); provided, however, the above shall not apply, in the case of a Purchaser that is a large multi-unit
investment or commercial banking organization, to activities in the normal course of trading units of such Purchaser. 
 Section 4.10
No Side Agreements. Except for: (i) the confidentiality agreements entered into by and between each of the Purchasers and Constellation Energy and (ii) the Waiver entered into by and among the purchasers of Common Units pursuant to
the Class E Purchase Agreement, there are no other agreements by, among or between Constellation Energy or its Affiliates, on the one hand, and such Purchaser or its Affiliates, on the other hand, with respect to the transactions contemplated hereby
nor promises or inducements for future transactions between or among any of such parties. 
 ARTICLE V 
 COVENANTS 
 Section 5.01
Shareholder Vote With Respect to Conversion. 
 (a) Constellation Energy shall, in accordance with applicable Law and the Limited
Liability Company Agreement, take all action necessary to convene a meeting of its Unitholders to consider and vote upon the conversion of the Class F Units into Common Units as soon as practicable, but in any event not later than 90 days
following the Closing Date. Subject to fiduciary duties under applicable Law, if proxies are to be solicited for such existing shareholders, the Board of Managers shall, in connection with such meeting, recommend approval of the conversion of the
Class F Units into Common Units and shall take all other lawful action to solicit the approval of the conversion of the Class F Units into Common Units by the Unitholders, except that Constellation Energy may, but shall not be required to,
hire any proxy solicitation firm in connection with such meeting. 
 (b) If the conversion of the Class F Units into Common Units is not
approved by the Unitholders at the meeting contemplated by Section 5.01(a), upon written notice from the Purchasers holding a majority of the Class F Units, Constellation Energy shall be obligated to convene another meeting of its
Unitholders on the terms set forth in Section 5.01(a) (except that such meeting shall take place no later than 90 days after the meeting contemplated by Section 5.01(a)), and the Board of Managers shall again be obligated to take the
actions set forth in Section 5.01(a) with respect to such meeting. If the approval of Constellation Energy’s Unitholders is not obtained at this second meeting of Unitholders, then Constellation Energy shall be obligated to include
the conversion of Class F Units into Common Units as a proposal to be voted upon at no more than two subsequent meetings of its Unitholders within 90 days after the preceding meeting, and its Board of Managers shall remain obligated to take the
actions set forth in Section 5.01(a) with respect to each such meeting. 
 Section 5.02 Subsequent Public Offerings.
Without the written consent of the holders of a majority of the Purchased Class F Units and the Purchased Common Units, taken as a whole, from the date of this Agreement until the Lock-Up Date, Constellation Energy shall not, and shall cause
its directors, officers and Affiliates not to, grant, issue or sell any Common Units, Class F Units or other equity or voting securities of Constellation Energy, any securities convertible into or exchangeable therefor or take any other action
that may result in the issuance 

  

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of any of the foregoing, other than (i) the issuance of the Purchased Class F Units and the Purchased Common Units, (ii) the issuance of
Awards (as defined in Constellation Energy’s Long-Term Incentive Plan) or the issuance of Common Units upon the exercise of options to purchase Common Units granted pursuant to Constellation Energy’s existing Long-Term Incentive Plan,
(iii) the issuance or sale of up to an aggregate of 5,000,000 Common Units issued or sold in a registered public offering to finance future acquisition(s) that are accretive to cash flow per Common Unit (or the repayment of indebtedness
incurred in connection with such accretive acquisitions) at a price no less than 110% of the Common Unit Price or Class F Unit Price, as the case may be, or in a private offering to finance future acquisition(s) that are expected to be
accretive to cash flow per Common Unit (or the repayment of indebtedness incurred in connection with such accretive acquisition(s)) at a price no less than 105% of the Common Unit Price or Class F Unit Price, as the case may be, (iv) the
issuance of up to 1,500,000 Common Units and a new series of equity securities of Constellation Energy as purchase price consideration in connection with future acquisition(s) that are expected to be accretive to cash flow per Common Unit and
(v) the issuance of up to $150 million in a new series of equity securities of Constellation Energy (the “Class G Units”) and Common Units (collectively the “Additional Units”) the proceeds of which will be
used to fund a portion of the purchase price by Constellation Energy of an acquisition that will close within 60 days following the Closing Date, provided that offers to purchase such Additional Units will be made to private investors (all of which
shall be allocated to the Purchasers pro rata based on the allocations in Schedule 2.01, and the balance, if any, to such Purchasers and/or any additional investors selected by Constellation Energy) at a price per Common Unit and Class G Unit
to be determined in a manner consistent with the formula used to calculate the Common Unit Price and Class F Unit Price in Section 2.01(c), provided, however, that each Purchaser shall have the right, but not the obligation, to purchase
such Additional Units. If any Purchaser decides not to purchase all of the Additional Units that it has a right to purchase hereunder (the “Unallocated Units”), then the other Purchasers shall not have the right to purchase such
Unallocated Units pro rata based on that Purchaser’s respective Commitment Amount set forth in Schedule 2.01 to the Purchase Agreement. The Company shall have the right, in its sole discretion, to allocate the Unallocated Units to certain
accredited investors or to any Purchaser. Notwithstanding the foregoing, Constellation Energy shall not, and shall cause its directors, officers and Affiliates not to, sell, offer for sale or solicit offers to buy any security (as defined in the
Securities Act) that would be integrated with the sale of the Purchased Class F Units or the Purchased Common Units in a manner that would require the registration under the Securities Act of the sale of the Purchased Class F Units or the
Purchased Common Units to the Purchasers. 
 Section 5.03 Vote For Conversion of Class F Units. At any meeting (including
adjournments or postponements thereof) of Constellation Energy’s Unitholders held to consider approval of the conversion of the Class F Units into Common Units (including the special meeting of Unitholders contemplated by
Section 5.01), each of the Purchasers and Constellation Energy agrees to vote (and Constellation Energy agrees to cause its Affiliates to vote) all of its respective Common Units, with the exception of the Purchased Common Units, which are not
entitled to vote according to the rules of NYSE Arca, in favor of the conversion of the Class F Units into Common Units. 
 Section 5.04 Purchaser Lock-Up. Without the prior written consent of Constellation Energy, each Purchaser agrees that from and after the Closing it will not sell any of its Purchased 

  

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Class F Units or Purchased Common Units prior to the Lock-Up Date; provided, however, that each Purchaser may: (i) enter into one or
more total return swaps or similar transactions at any time with respect to the Purchased Class F Units or the Purchased Common Units purchased by such Purchaser; or (ii) transfer its Purchased Class F Units or Purchased Common Units
to an Affiliate of such Purchaser or to any other Purchaser or an Affiliate of such other Purchaser provided that such Affiliate agrees to the restrictions in this Section 5.04. 
 Section 5.05 Short Selling Acknowledgement and Agreement. Each Purchaser understands and acknowledges, severally and not jointly with any
other Purchaser, that the Commission currently takes the position that coverage of short sales of securities “against the box” prior to the effective date of a registration statement is a violation of Section 5 of the Securities Act.
Each Purchaser agrees, severally and not jointly, that it will not engage in any Short Sales that result in the disposition of the Purchased Units acquired hereunder by the Purchaser until such time as the Registration Statement (as defined in the
Registration Rights Agreement) is declared effective (it being understood that the entering into of a total return swap should not be considered a short sale of Common Units). No Purchaser makes any representation, warranty or covenant hereby that
it will not engage in Short Sales in the securities of Constellation Energy otherwise owned by such Purchaser or borrowed from a broker after the date the press release contemplated by Section 5.07 is issued by Constellation Energy; provided,
however, the above shall not apply, in the case of a Purchaser that is a large multi-unit investment or commercial banking organization, to activities in the normal course of trading units of such Purchaser. 
 Section 5.06 Action. Each of the Parties hereto shall use its commercially reasonable efforts promptly to take or cause to be taken all
action and promptly to do or cause to be done all things necessary, proper or advisable under applicable Law and regulations to consummate and make effective the transactions contemplated by this Agreement. Without limiting the foregoing,
Constellation Energy and each Purchaser will, and Constellation Energy shall cause each of its Subsidiaries to, use its commercially reasonable efforts to make all filings and obtain all consents of Governmental Authorities that may be necessary or,
in the reasonable opinion of the Purchasers or Constellation Energy, as the case may be, advisable for the consummation of the transactions contemplated by this Agreement and the other Basic Documents. 
 Section 5.07 Non-Disclosure; Interim Public Filings. Constellation Energy shall, on or before 8:30 a.m., New York time, on the
first Business Day following execution of this Agreement, issue a press release acceptable to the Purchasers disclosing all material terms of the transactions contemplated hereby. Before 8:30 a.m., New York Time, on the first Business Day
following the Closing Date, Constellation Energy shall file a Current Report on Form 8-K with the Commission (the “8-K Filing”) describing the terms of the transactions contemplated by this Agreement and the other Basic Documents
and including as exhibits to such Current Report on Form 8-K this Agreement and the other Basic Documents, in the form required by the Exchange Act. Thereafter, Constellation Energy shall timely file any filings and notices required by the
Commission or applicable Law with respect to the transactions contemplated hereby and provide or otherwise make available (which may include providing copies on Constellation Energy’s or the Commission’s website) copies thereof to the
Purchasers promptly after filing. Except with respect to the 8-K Filing and the press release referenced above (a copy of which will be provided to the Purchasers for their review as early as practicable prior to its filing), 

  

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Constellation Energy shall, at least two Business Days prior to the filing or dissemination of any disclosure required by this Section 5.07, provide a
copy thereof to the Purchasers for their review. Constellation Energy and the Purchasers shall consult with each other in issuing any press releases or otherwise making public statements or filings and other communications with the Commission or any
regulatory agency or NYSE Arca (or other exchange on which securities of Constellation Energy are listed or traded) with respect to the transactions contemplated hereby, and neither Party shall issue any such press release or otherwise make any such
public statement, filing or other communication without the prior consent of the other, except if such disclosure is required by Law, in which case the disclosing Party shall promptly provide the other Party with prior notice of such public
statement, filing or other communication. Notwithstanding the foregoing, Constellation Energy shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any press release, without the prior written consent of such
Purchaser except to the extent the names of the Purchasers are included in this Agreement as filed as an exhibit to the 8-K Filing and the press release referred to in the first sentence above. Constellation Energy shall not, and shall cause each of
its respective Representatives not to, provide any Purchaser with any material non-public information regarding Constellation Energy from and after the issuance of the above-referenced press release without the express written consent of such
Purchaser. 
 Section 5.08 Use of Proceeds. Constellation Energy shall use the collective proceeds from the sale of the Purchased
Class F Units and the Purchased Common Units to partially finance the Amvest Acquisition. 
 Section 5.09 Class F
Amendment. Constellation Energy shall cause the Class F Amendment to be adopted immediately prior to the issuance and sale of the Class F Units contemplated by this Agreement. 
 Section 5.10 Tax Information. Constellation Energy shall cooperate with the Purchasers and provide the Purchasers with any reasonably
requested tax information related to their ownership of the Purchased Common Units and the Purchased Class F Units. 
 ARTICLE VI 

 CLOSING CONDITIONS 
 Section 6.01 Conditions to the Closing. 
 (a) Mutual Conditions. The respective obligation of each Party to
consummate the purchase and issuance and sale of the Purchased Common Units and the Purchased Class F Units shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be
waived by a particular Party on behalf of itself in writing, in whole or in part, to the extent permitted by applicable Law): 
 (i) no Law shall have been enacted or promulgated, and no action shall have been taken, by any Governmental Authority of competent jurisdiction which temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise
prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated by this Agreement illegal; 
  

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 (ii) there shall not be pending any Action by any Governmental Authority seeking to
restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement; and 
 (iii) Constellation Energy
shall have consummated the Amvest Acquisition substantially on the terms set forth in the Amvest Acquisition Agreement executed on the date hereof (without giving effect to the waiver of any material conditions by Constellation Energy thereunder).

 (b) Each Purchaser’s Conditions. The respective obligation of each Purchaser to consummate the purchase of its Purchased
Common Units and Purchased Class F Units shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a particular Purchaser on behalf of itself in writing, in
whole or in part, to the extent permitted by applicable Law): 
 (i) Constellation Energy shall have performed and complied
with the covenants and agreements contained in this Agreement in all material respects that are required to be performed and complied with by Constellation Energy on or prior to the Closing Date; 
 (ii) the representations and warranties of Constellation Energy contained in this Agreement that are qualified by materiality or
Constellation Energy Material Adverse Effect shall be true and correct when made and as of the Closing Date and all other representations and warranties of Constellation Energy contained in this Agreement shall be true and correct in all material
respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that representations or warranties made as of a specific date shall be required to be true and correct as of such date only);

 (iii) since the date of this Agreement, no Constellation Energy Material Adverse Effect shall have occurred and be
continuing; 
 (iv) since the date of this Agreement, no Amvest Material Adverse Effect shall have occurred and be continuing;

 (v) Constellation Energy shall have adopted the Class F Amendment in all material respects in the form attached as
Exhibit A to this Agreement; 
 (vi) NYSE Arca shall have approved the Purchased Common Units and the Common Units
underlying the Purchased Class F Units for quotation, subject to official notice of issuance; and no notice of delisting from NYSE Arca shall have been received by Constellation Energy with respect to the Common Units; 
 (vii) Constellation Energy shall have delivered, or caused to be delivered, to the Purchasers at the Closing, Constellation Energy’s
closing deliveries described in Section 6.02 of this Agreement; and 
  

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 (viii) the Unitholder Voting Agreement shall have been executed by the intended parties
thereto and shall be in full force and effect. 
 (c) Constellation Energy’s Conditions. The obligation of Constellation Energy
to consummate the sale of the Purchased Common Units and the Purchased Class F Units to each of the Purchasers shall be subject to the satisfaction on or prior to the Closing Date of the following conditions with respect to each Purchaser
individually and not the Purchasers jointly (which may be waived by Constellation Energy in writing, in whole or in part, to the extent permitted by applicable Law): 
 (i) each Purchaser shall have performed and complied with the covenants and agreements contained in this Agreement in all material
respects that are required to be performed and complied with by that Purchaser on or prior to the Closing Date; 
 (ii) the
representations and warranties of each Purchaser contained in this Agreement that are qualified by materiality or Purchaser Material Adverse Effect shall be true and correct when made and as of the Closing Date and all other representations and
warranties of such Purchaser contained in this Agreement shall be true and correct in all material respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that representations or warranties
made as of a specific date shall be required to be true and correct as of such date only); 
 (iii) since the date of this
Agreement, no Purchaser Material Adverse Effect shall have occurred and be continuing; and 
 (iv) each Purchaser shall have
delivered, or caused to be delivered, to Constellation Energy at the Closing, such Purchaser’s closing deliveries described in Section 6.03 of this Agreement. 
 Section 6.02 Constellation Energy Deliveries. At the Closing, subject to the terms and conditions of this Agreement, Constellation Energy will deliver, or cause to be delivered, to each Purchaser:

 (a) the Purchased Common Units and the Purchased Class F Units by delivering certificates (bearing the legend set forth in
Section 4.08) evidencing such Purchased Common Units and such Purchased Class F Units at the Closing, all free and clear of any Liens, encumbrances or interests of any other party; 
 (b) the Officer’s Certificate substantially in the form attached to this Agreement as Exhibit E; 
 (c) opinions addressed to the Purchasers from outside legal counsel to Constellation Energy and from the General Counsel of Constellation Energy, each
dated the Closing Date, substantially similar in substance to the form of opinions attached to this Agreement as Exhibit B; 
 (d) the Registration Rights Agreement in substantially the form attached to this Agreement as Exhibit C, which shall have been duly executed by Constellation Energy; 
  

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 (e) a certificate of the Secretary of Constellation Energy dated as of the Closing Date, as to certain
matters; 
 (f) a certificate dated as of a recent date of the Secretary of State of the State of Delaware with respect to the due
organization and good standing in the State of Delaware of Constellation Energy; 
 (g) the Unitholder Voting Agreement in substantially the
form attached to this Agreement as Exhibit D, which shall have been duly executed by CEPH; and 
 (h) a receipt, dated the
Closing Date, executed by Constellation Energy and delivered to each Purchaser certifying that Constellation Energy has received the Purchase Price with respect to the Purchased Class F Units and the Purchased Common Units issued and sold to
all Purchasers. 
 Section 6.03 Purchaser Deliveries. At the Closing, subject to the terms and conditions of this Agreement, each
Purchaser will deliver, or cause to be delivered, to Constellation Energy: 
 (a) payment to Constellation Energy of such Purchaser’s
Commitment Amount by wire transfer(s) of immediately available funds to an account designated by Constellation Energy in writing at least two (2) Business Days (or such shorter period as shall be agreeable to all Parties hereto) prior to
Closing; 
 (b) the Registration Rights Agreement in substantially the form attached to this Agreement as Exhibit C, which shall
have been duly executed by such Purchaser; and 
 (c) an Officer’s Certificate substantially in the form attached to this Agreement as
Exhibit F. 
 ARTICLE VII 
 INDEMNIFICATION, COSTS AND EXPENSES 
 Section 7.01 Indemnification by Constellation
Energy. Constellation Energy agrees to indemnify each Purchaser and its Representatives (collectively, “Purchaser Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including
any investigations, litigation or inquiries), demands and causes of action, and, in connection therewith, and promptly upon demand, pay and reimburse each of them for all costs, losses, liabilities, damages or expenses of any kind or nature
whatsoever, including the reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or
involve any of them as a result of, arising out of or in any way related to (i) any actual or proposed use by Constellation Energy of the proceeds of any sale of the Purchased Class F Units or the Purchased Common Units or (ii) the
breach of any of the representations, warranties or covenants of Constellation Energy contained herein; provided that such claim for indemnification relating to a breach of a representation or warranty is made prior to the expiration of such
representation or warranty. 
  

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 Section 7.02 Indemnification by Purchasers. Each Purchaser agrees, severally and not jointly,
to indemnify Constellation Energy and its Representatives (collectively, “Constellation Energy Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations,
litigation or inquiries), demands and causes of action, and, in connection therewith, and promptly upon demand, pay and reimburse each of them for all costs, losses, liabilities, damages or expenses of any kind or nature whatsoever, including the
reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a
result of, arising out of or in any way related to the breach of any of the representations, warranties or covenants of such Purchaser contained herein. 
 Section 7.03 Indemnification Procedure. Promptly after any Constellation Energy Related Party or Purchaser Related Party (hereinafter, the “Indemnified Party”) has received notice of any
indemnifiable claim hereunder, or the commencement of any action or proceeding by a third party, which the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor
hereunder (the “Indemnifying Party”) written notice of such claim or the commencement of such action or proceeding, but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may
have to such Indemnified Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure. Such notice shall state the nature and the basis of such claim to the extent then known. The Indemnifying Party shall
have the right to defend and settle, at its own expense and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such matter as long as the Indemnifying Party pursues the same diligently and in good faith. If the
Indemnifying Party undertakes to defend or settle, it shall promptly notify the Indemnified Party of its intention to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable
respects in the defense thereof and the settlement thereof. Such cooperation shall include furnishing the Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified
Party’s possession or control. Such cooperation of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle any such
asserted liability, and for so long as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or
settlement of such asserted liability; provided, however, that the Indemnified Party shall be entitled (i) at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (ii) if
(A) the Indemnifying Party has failed to assume the defense or employ counsel reasonably acceptable to the Indemnified Party or (B) if the defendants in any such action include both the Indemnified Party and the Indemnifying Party and
counsel to the Indemnified Party shall have concluded that there may be reasonable defenses available to the Indemnified Party that are different from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified
Party reasonably may be deemed to conflict with the interests of the Indemnifying Party, then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of
such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of 

  

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this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified Party, unless the settlement thereof
imposes no liability or obligation on, involves no admission of wrongdoing or malfeasance by, and includes a complete release from liability of, the Indemnified Party, nor shall the Indemnified Party settle any claim for which indemnification may be
claimed hereunder without at least three business days notice to the Indemnifying Party of the terms and conditions of such settlement. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.01 Interpretation. Article, Section, Schedule and Exhibit references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are
references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not
limited to”. Whenever Constellation Energy or any Purchaser has an obligation under the Basic Documents, the expense of complying with such obligation shall be an expense of Constellation Energy or such Purchaser, as the case may be, unless
otherwise specified. Whenever any determination, consent or approval is to be made or given by a Purchaser under this Agreement, such action shall be in such Purchaser’s sole discretion unless otherwise specified. If any provision in the Basic
Documents is held to be illegal, invalid, not binding or unenforceable, such provision shall be fully severable and the Basic Documents shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never
comprised a part of the Basic Documents, and the remaining provisions shall remain in full force and effect. The Basic Documents have been reviewed and negotiated by sophisticated parties with access to legal counsel and shall not be construed
against the drafter. 
 Section 8.02 Survival of Provisions. The representations and warranties set forth in this Agreement shall
survive the execution and delivery of this Agreement indefinitely. The covenants made in this Agreement or any other Basic Document shall survive the closing of the transactions described herein and remain operative and in full force and effect
regardless of acceptance of any of the Purchased Class F Units or the Purchased Common Units and payment therefor and repayment, conversion, exercise or repurchase thereof. All indemnification obligations of Constellation Energy and the
Purchasers pursuant to Section 3.12, Section 4.07 and Article VII of this Agreement shall remain operative and in full force and effect unless such obligations are expressly terminated in a writing by the Parties referencing the particular
Article or Section, regardless of any purported general termination of this Agreement. 
 Section 8.03 No Waiver; Modifications in
Writing. 
 (a) Delay. No failure or delay on the part of any Party in exercising any right, power or remedy hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any right, power or remedy. The remedies provided for herein are cumulative
and are not exclusive of any remedies that may be available to a Party at law or in equity or otherwise. 
  

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 (b) Specific Waiver. Except as otherwise provided in this Agreement or the Registration Rights
Agreement, no amendment, waiver, consent, modification or termination of any provision of this Agreement or any other Basic Document shall be effective unless signed by each of the Parties or each of the original signatories thereto affected by such
amendment, waiver, consent, modification or termination. Any amendment, supplement or modification of or to any provision of this Agreement or any other Basic Document, any waiver of any provision of this Agreement or any other Basic Document and
any consent to any departure by Constellation Energy from the terms of any provision of this Agreement or any other Basic Document shall be effective only in the specific instance and for the specific purpose for which made or given. Except where
notice is specifically required by this Agreement, no notice to or demand on any Party in any case shall entitle any Party to any other or further notice or demand in similar or other circumstances. 
 Section 8.04 Binding Effect; Assignment. 
 (a) Binding Effect. This Agreement shall be binding upon Constellation Energy, each Purchaser, and their respective successors and permitted assigns. Except as expressly provided in this Agreement, this Agreement shall not be
construed so as to confer any right or benefit upon any Person other than the Parties to this Agreement and as provided in Article VII, and their respective successors and permitted assigns. 
 (b) Assignment of Purchased Class F Units and Purchased Common Units. All or any portion of a Purchaser’s Purchased Class F Units
or Purchased Common Units purchased pursuant to this Agreement may be sold, assigned or pledged by such Purchaser, subject to compliance with applicable securities Laws, Sections 4.06 and 5.04 of this Agreement, and the Registration Rights
Agreement. 
 (c) Assignment of Rights. Each Purchaser may assign all or any portion of its rights and obligations under this
Agreement without the consent of Constellation Energy (i) to any Affiliate of such Purchaser or (ii) in connection with a total return swap or similar transaction with respect to the Purchased Class F Units or the Purchased Common
Units purchased by such Purchaser, and in each case the assignee shall be deemed to be a Purchaser hereunder with respect to such assigned rights or obligations and shall agree to be bound by the provisions of this Agreement. Except as expressly
permitted by this Section 8.04(c), such rights and obligations may not otherwise be transferred except with the prior written consent of Constellation Energy (which consent shall not be unreasonably withheld), in which case the assignee shall
be deemed to be a Purchaser hereunder with respect to such assigned rights or obligations and shall agree to be bound by the provisions of this Agreement. 
 Section 8.05 Aggregation of Purchased Class F Units and Purchased Common Units. All Purchased Class F Units and Purchased Common Units held or acquired by Persons who are Affiliates of one
another shall be aggregated together for the purpose of determining the availability of any rights under the Basic Documents. 
 Section 8.06 Confidentiality and Non-Disclosure. Notwithstanding anything herein to the contrary, each Purchaser that has executed a confidentiality agreement in favor of Constellation Energy shall continue to be bound by such
confidentiality agreement in accordance with the terms thereof until Constellation Energy discloses on Form 8-K with the Commission the transactions contemplated hereby. 
  

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 Section 8.07 Communications. All notices and demands provided for hereunder shall be in
writing and shall be given by regular mail, registered or certified mail, return receipt requested, facsimile, air courier guaranteeing overnight delivery, electronic mail or personal delivery to the following addresses: 
 (a) If to GPS Partners LLC: 
 GPS Partners LLC 
 100 Wilshire Boulevard, Suite 900 
 Santa Monica, California 90401 
 Attention: Jeff Farron 
 Phone: (310) 496-5365 
 Facsimile: (310) 496-5399 
 Email: farron@gpsfund.com 
 with a copy to: 
 Vinson & Elkins L.L.P. 
 2500 First City Tower 
 1001 Fannin Street, Suite 2500 
 Houston, Texas 77002 
 Attention: Jeffery K. Malonson, Esq. 
 Facsimile: (713) 615-5627 
 Email: jmalonson@velaw.com 
 (b) If to Lehman Brothers MLP Opportunity Fund L.P.: 
 Lehman Brothers MLP Opportunity Fund L.P. 
 399 Park Avenue, 9th Floor 
 New York, New York 10022 
 Phone: (212) 526-0029 
 Facsimile: (646) 758-4208 
 Email: mcannon2@lehman.com 
 (c) If to BBT Fund, L.P.: 
 BBT Fund, L.P. 
 c/o BBT Genpar, L.P. 
 201 Main Street, Suite 3200 
 Fort Worth, Texas 76102 
 Attention: Brad Donley 
 Phone: (817) 390-8875 
 Facsimile: (817) 390-8896 
 Email: bdonley@barbnet.com 
  

 27 

 (d) If to Citigroup Financial Products Inc.: 
 Citigroup Financial Products Inc. 
 390 Greenwich Street 
 New York, New York 10013 
 Attention: Brendan O’Dea 
 Phone: (212) 723-5336 
 Email: brendan.odea@citi.com 
 (e) If to Kayne Anderson MLP Investment Company, Kayne Anderson Energy Total Return Fund, Inc. or Kayne Anderson Energy Development Company: 

Kayne Anderson MLP Investment Company 
 1800 Avenue of the Stars, Second Floor 
 Los Angeles, California 90067 
 Attention: David Shladovsky 
 Facsimile: (310) 284-6490 
 (f) If to Perry Partners LP: 
 Perry Capital 
 767 Fifth Avenue, 19th Floor 
 New York, New York 10153 
 Attention: Mike Neus or Parsa Kiai 
 (g) If to Strome MLP Fund, LP: 
 Strome MLP Fund, LP 
 c/o Strome Group 
 100 Wilshire Boulevard, Suite 1750 
 Santa Monica, California 90401 
 Attention: Casey Borman 
 Phone: (310) 917-6600 
 Facsimile: (310) 752-1483 
 Email: cborman@strome.com 
 (h) If to Swank MLP Convergence Fund, LP, The Cushing MLP Enhanced Return Fund, LP or Lloydminster Canadian Opportunity Fund, LP: 
 Swank Capital, LLC 
 3300 Oak Lawn Avenue, Suite 650 
 Dallas, Texas 75219 
 Attention: Daniel L. Spears 
 Phone: (214) 625-1676 
 Facsimile: (214) 219-2353 
  

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 (i) If to Alerian Opportunity Partners VII LP: 
 Alerian Opportunity Partners VII LP 
 45 Rockefeller Plaza 
 New York, New York 10111 
 Attention: Rich Levy 
 (j) If
to AT MLP Fund, LLC: 
 Atlantic Trust 
 1700 Lincoln Street, Suite 2550 
 Denver, Colorado 80203 
 Attention: Chris Linder 
 Phone: (720) 221-5032 
 (k) If to Double Black Diamond LP or Black Diamond Partners LP: 
 Double Black Diamond LP and 
 Black Diamond Partners LP 
 2100 McKinney Avenue, Suite 1600 
 Dallas, Texas 75201 
 Attention: James Mooney 
 Phone: (214) 932-9600 
 Email: jmooney@carlsoncapital.com 
 and: 
 Attention: Kristen Gregory 
 Phone: (214) 932-9642 
 Email: kgregory@carlsoncapital.com 
 (l) If to Credit Suisse Management LLC: 
 Credit Suisse Management LLC 
 1 Madison Avenue 
 New York, New York 10010 
 Attention: Jerrold Gordon 
 Phone: (212) 538-6320 
 Facsimile: (212) 538-4095 
 Email: jerrold.gordon@credit-suisse.com 
 (m) If to Citigroup Global Markets, Inc.: 
 Citigroup Global Markets, Inc. 
 390 Greenwich Street, 3rd Floor 
 New York, New York 10013 
 Attention: Steven Smyser 
 Phone: (212) 723-8023 
 Facsimile: (212) 723-8023 
 Email: steven.smyser@citigroup.com 
  

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 (n) If to Constellation Energy Partners LLC: 
 Constellation Energy Partners LLC 
 One Allen Center 
 500 Dallas Street, Suite 3300 
 Houston, Texas 77002 
 Attention: Lisa J. Mellencamp 
 Facsimile: (713) 344-2901 
 Email: lisa.mellencamp@constellation.com 
 with a copy to: 
 Andrews Kurth LLP 
 600 Travis, Suite 4200 
 Houston, Texas 77002 
 Attention: G. Michael O’Leary, Esq. 
 Facsimile: (713) 238-7130 
 Email: moleary@andrewskurth.com 
 or
to such other address as Constellation Energy or such Purchaser may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by
registered or certified mail, return receipt requested, or regular mail, if mailed; when receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery or via electronic mail.

 Section 8.08 Removal of Legend. Constellation Energy shall remove the legend described in Section 4.08 from the
certificates evidencing the Purchased Class F Units or the Purchased Common Units and the certificates evidencing the Common Units issuable upon the conversion of the Purchased Class F Units at the request of a Purchaser submitting to
Constellation Energy such certificates, together with such other documentation as may be reasonably requested by Constellation Energy or required by its transfer agent, unless Constellation Energy, with the advice of counsel, reasonably determines
that such removal is inappropriate; provided that no opinion of counsel shall be required in the event a Purchaser is effecting a sale of such Purchased Class F Units or Purchased Common Units pursuant to Rule 144 under the Securities Act
or an effective registration statement. Constellation Energy shall cooperate with such Purchaser to effect removal of such legend. The legend described in Section 4.08 shall be removed and Constellation Energy shall issue a certificate without
such legend to the holder of Purchased Class F Units or Purchased Common Units upon which it is stamped, if, unless otherwise required by state securities Laws, (i) such Purchased Class F Units or Purchased Common Units are sold
pursuant to an effective Registration Statement, (ii) in connection with a sale, assignment or other transfer, such holder provides Constellation Energy with an opinion of a law firm reasonably acceptable to Constellation Energy (with any law
firm set forth under Section 8.07 being deemed acceptable), in a generally acceptable form, to the 

  

 30 

 
effect that such sale, assignment or transfer of such Purchased Class F Units or Purchased Common Units may be made without registration under the
applicable requirements of the Securities Act, or (iii) such holder provides Constellation Energy with reasonable assurance that such Purchased Class F Units or Purchased Common Units can be sold, assigned or transferred pursuant to
Rule 144 or Rule 144A under the Securities Act. If Constellation Energy shall fail for any reason or for no reason to issue to the holder of such Purchased Class F Units or Purchased Common Units within three trading days after prior
written notice to Constellation Energy of the occurrence of any of clause (i), clause (ii) or clause (iii) above a certificate without such legend to the holder or if Constellation Energy fails to deliver unlegended Purchased Class F
Units or Purchased Common Units within three trading days of prior written notice to Constellation Energy of the Purchaser’s election to receive such unlegended Purchased Class F Units or Purchased Common Units pursuant to clause
(y) below, and if on or after such trading day the holder purchases (in an open market transaction or otherwise) Class F Units or Common Units to deliver in satisfaction of a sale by the holder of such Purchased Class F Units or
Purchased Common Units that the holder anticipated receiving without legend from Constellation Energy (a “Buy-In”), then Constellation Energy shall, within three Business Days after receipt by Constellation Energy of the
holder’s written request and in the holder’s discretion, either (x) pay cash to the holder in an amount equal to the holder’s total purchase price (including brokerage commissions, if any) for the Class F Units or
Common Units so purchased (the “Buy-In Price”), at which point Constellation Energy’s obligation to deliver such unlegended Purchased Class F Units or Purchased Common Units shall terminate, or (y) promptly honor its
obligation to deliver to the holder such unlegended Purchased Class F Units or Purchased Common Units as provided above and pay cash to the holder in an amount equal to the excess (if any) of the Buy-In Price over the product of
(A) such number of Class F Units or Common Units times (B) the closing bid price on the first Business Day after Constellation Energy’s receipt of such Purchaser’s written notice of exercise. 
 Section 8.09 Entire Agreement. This Agreement and the other Basic Documents are intended by the Parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement and understanding of the Parties hereto and thereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein or therein with respect to the rights granted by Constellation Energy or a Purchaser set forth herein or therein. This Agreement and the other Basic Documents supersede all prior
agreements and understandings between the Parties with respect to such subject matter. 
 Section 8.10 Governing Law. This
Agreement will be construed in accordance with and governed by the Laws of the State of Delaware without regard to principles of conflicts of Laws. 
 Section 8.11 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different Parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be
deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 
  

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 Section 8.12 Termination. 
 (a) Notwithstanding anything herein to the contrary, this Agreement may be terminated on or at any time prior to the Closing: 
 (i) by the mutual written consent of Constellation Energy and the Purchasers entitled to purchase a majority of the Purchased Common Units
and the Purchased Class F Units based on their Commitment Amounts; or 
 (ii) by the written consent of the Purchasers
entitled to purchase a majority of the Purchased Common Units and the Purchased Class F Units based on their Commitment Amounts or by Constellation Energy, (i) if any representation or warranty of the other Party set forth in this
Agreement shall be untrue in any material respect when made, or (ii) upon a breach in any material respect of any covenant or agreement on the part of the other set forth in this Agreement (either (i) or (ii) above being a
“Terminating Breach”); provided, that each Terminating Breach would cause the conditions to the non-terminating Party’s obligations not to be satisfied and such Terminating Breach is not cured within 20 days after
receipt of written notice of such Terminating Breach from the non-breaching Party. 
 (b) Notwithstanding anything herein to the contrary,
this Agreement shall automatically terminate on or at any time prior to the Closing: 
 (i) if the Closing shall not have
occurred on or before August 15, 2007; 
 (ii) if the Amvest Acquisition Agreement shall have been terminated pursuant to
their terms; or 
 (iii) if a Law shall have been enacted or promulgated, or if any Action shall have been taken by any
Governmental Authority of competent jurisdiction, in each case which permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated by this
Agreement illegal. 
 (c) In the event of the termination of this Agreement as provided in Section 8.12(a) or Section 8.12(b),
this Agreement shall forthwith become null and void. In the event of such termination, there shall be no liability on the part of any Party hereto, except as set forth in Article VII of this Agreement and Sections 8.12(d) and 8.13 of this Agreement
and except with respect to the requirement to comply with any confidentiality agreement in favor of Constellation Energy; provided that nothing herein shall relieve any Party from any liability or obligation with respect to any willful breach of
this Agreement. 
 (d) In the event of the termination of this Agreement as provided in Section 8.12(b)(i), and if a Purchaser is not in
breach or default in any material respect under any of the terms of this Agreement, then Constellation Energy shall pay to such Purchaser a fee equal to $1.00 per Common Unit and $1.00 per Class F Unit based on each such Purchaser’s
Commitment Amount. 
  

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 Section 8.13 Expenses. Constellation Energy hereby covenants and agrees to reimburse
Vinson & Elkins L.L.P. for reasonable and documented costs and expenses (including legal fees) incurred in connection with the negotiation, execution, delivery and performance of the Basic Documents and the transactions contemplated hereby
and thereby, provided that such costs and expenses do not exceed $75,000 and that any request for such expense reimbursement be accompanied by a detailed invoice for such amount. If any action at law or equity is necessary to enforce or interpret
the terms of the Basic Documents, the prevailing Party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled. 
 Section 8.14 Recapitalization, Exchanges, Etc. Affecting the Purchased Class F Units and the Purchased Common Units. The provisions of
this Agreement shall apply to the full extent set forth herein with respect to any and all units of Constellation Energy or any successor or assign of Constellation Energy (whether by merger, consolidation, sale of assets or otherwise) which may be
issued in respect of, in exchange for or in substitution of, the Purchased Class F Units or the Purchased Common Units, and shall be appropriately adjusted for combinations, unit splits, recapitalizations and the like occurring after the date
of this Agreement. 
 Section 8.15 Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and
acknowledges that no Person other than the Purchasers (and their permitted assignees) and Constellation Energy shall have any obligation hereunder and that, notwithstanding that one or more of the Purchasers may be a corporation, partnership or
limited liability company, no recourse under this Agreement or the other Basic Documents or under any documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer,
employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or Constellation Energy or any former, current or future director, officer, employee, agent, general or limited partner, manager, member,
stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability
whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or Constellation
Energy or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of the Purchasers and Constellation Energy under
this Agreement or the other Basic Documents or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation. 
 [The remainder of this page is intentionally left blank.] 
  

 33 

 IN WITNESS WHEREOF, the Parties hereto execute this Agreement, effective as of the date first above
written. 
  

			
	CONSTELLATION ENERGY PARTNERS LLC
		
	By:	 	 /s/ Angela A. Minas

		 	Angela A. Minas
		 	Chief Financial Officer

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

			
	GPS PARTNERS LLC
		
	By:	 	 /s/ Brett Messing

	Name:	 	Brett Messing
	Title:	 	Managing Partner

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

							
	LEHMAN BROTHERS MLP OPPORTUNITY FUND L.P.
		
	 By:
	 	Lehman Brothers MLP Opportunity Associates L.P.
		 	General Partner
			
		 	By:	 	Lehman Brothers MLP Opportunity Associates L.L.C.
		 		 	General Partner
				
		 		 	By:	 	 /s/ Jeff Wood

		 		 	Name:	 	Jeff Wood
		 		 	Title:	 	Vice President

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

							
	BBT FUND, L.P.
		
	By:	 	BBT Genpar, L.P.
		 	Managing General Partner
			
		 	By:	 	BBT-FW, Inc.
		 		 	General Partner
				
		 		 	By:	 	 /s/ William O. Reimann

		 		 		 	William O. Reimann
		 		 		 	Vice President

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

			
	CITIGROUP FINANCIAL PRODUCTS INC
		
	By:	 	 /s/ Bret Engelkemier

	Name:	 	Bret Engelkemier
	Title:	 	Managing Director

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

			
	KAYNE ANDERSON MLP INVESTMENT COMPANY
		
	By:	 	 /s/ James C. Baker

		 	James C. Baker
		 	Vice President
	
	KAYNE ANDERSON ENERGY TOTAL RETURN FUND, INC.
		
	By:	 	 /s/ James C. Baker

		 	James C. Baker
		 	Vice President
	
	KAYNE ANDERSON ENERGY DEVELOPMENT COMPANY
		
	By:	 	 /s/ James C. Baker

		 	James C. Baker
		 	Vice President

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

					
	PERRY PARTNERS LP
		
	By:	 	Perry Corp.
		 	Managing General Partner
			
		 	By:	 	 /s/ Michael C. Neus

		 	Name:	 	Michael C. Neus
		 	Title:	 	General Counsel

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

					
	STROME MLP FUND, LP
		
	By:	 	Strome Investment Management, LP
		 	General Partner
			
		 	By:	 	 /s/ Mark Strome

		 		 	Mark Strome
		 		 	Chief Investment Officer

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

			
	SWANK MLP CONVERGENCE FUND, LP
		
	By:	 	 /s/ Jerry V. Swank

		 	Jerry V. Swank
		 	Managing Partner
	
	THE CUSHING MLP ENHANCED RETURN FUND, LP
		
	By:	 	 /s/ Jerry V. Swank

		 	Jerry V. Swank
		 	Managing Partner
	
	LLOYDMINSTER CANADIAN OPPORTUNITY FUND, LP
		
	By:	 	 /s/ Jerry V. Swank

		 	Jerry V. Swank
		 	Managing Partner

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

					
	ALERIAN OPPORTUNITY PARTNERS VII LP
		
	By:	 	Alerian Opportunity Advisors VII LLC
		 	General Partner
			
		 	By:	 	 /s/ Gabriel Hammond

		 		 	Gabriel Hammond
		 		 	Managing Member

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

			
	AT MLP Fund, LLC
		
	By:	 	 /s/ Paul McPheeters

	Name:	 	Paul McPheeters
	Title:	 	Managing Director

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

			
	CREDIT SUISSE MANAGEMENT LLC
		
	By:	 	 /s/ Gerard Mortagh

	Name:	 	Gerard Mortagh
	Title:	 	Managing Director

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

							
	DOUBLE BLACK DIAMOND LP
		
	By:	 	Carlson Capital, L.P.
		 	General Partner
			
		 	By:	 	Asgard Investment Corp.
		 		 	General Partner
				
		 		 	By:	 	 /s/ Clint D. Carlson

		 		 		 	Clint D. Carlson
		 		 		 	President

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

							
	BLACK DIAMOND PARTNERS LP
		
	By:	 	Carlson Capital, L.P.
		 	General Partner
			
		 	By:	 	Asgard Investment Corp.
		 		 	General Partner
				
		 		 	By:	 	 /s/ Clint D. Carlson

		 		 		 	Clint D. Carlson
		 		 		 	President

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement 

			
	CITIGROUP GLOBAL MARKETS, INC.
		
	By:	 	 /s/ Daniel P. Breen

	Name:	 	Daniel P. Breen
	Title:	 	Managing Director

  

 Signature Page to 
 Class F Unit and Common Unit Purchase Agreement

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