Document:

EX-10.27

 Exhibit 10.27 

 
 

 
 November 4, 2011 
 Mr. Daniel C. Herz 
 15 Irene Court 

Demarest, NJ 07627 
  

	Re:	Agreement for Services 

 Dear Daniel:

 We at Atlas Energy, L.P., a Delaware limited partnership having its principal office in Moon Township, Pennsylvania
(“Employer”), are delighted that you (“Executive”) have agreed to be employed as the Senior Vice President – Corporate Development and Strategy of Employer (the “Position”), and may from time to time
hold additional offices at one or more of the Companies (as defined in Section 2 hereof), pursuant to the terms and conditions of this employment agreement (the “Agreement”). The terms and conditions under which Executive will
be performing those services, intending to be legally bound, are as follows: 
 1. Employment/Title. Executive
will serve in the Position. 
 2. Services/Duties. Executive will serve Employer diligently, competently, and to
the best of his ability during the Contract Period (as defined in Section 3). Executive will devote substantially all of his working time and attention to the business of Employer and its affiliates (collectively, the
“Companies”), and Executive will not undertake any other duties which conflict with his responsibilities to the Companies. 
 Executive shall report only to the Chief Executive Officer of Employer and the Chairman of the board of directors of Atlas Energy GP, LLC. Executive will render such services as may reasonably be required
of Executive to accomplish the business purposes of Employer, which shall include, but is not limited to, day-to-day oversight of Employer’s business and those of any subsidiaries of Employer, and such duties, which are appropriate to the
Position, as the Chief Executive Officer, the Chairman of the board of directors of Atlas Energy GP, LLC or the board of directors of Employer (the “Board”) may assign to Executive from time to time. 

Employer acknowledges that Executive has in the past participated in or served, and does currently and is expected in the future to
participate in or serve, in other professional and civic activities, including civic and charitable boards or committees, industry associations, fulfill speaking engagements or teach at educational institutions and other activities that do not
conflict with the business and affairs of the Companies or interfere, individually or in the aggregate, with Executive’s performance of his duties hereunder. 

 3. Term. The term of this Agreement shall commence on November 4, 2011
(the “Effective Date”) and, unless sooner terminated pursuant to Section 6 hereof, shall continue for an initial period of two (2) years after the Effective Date, subject to automatic extensions as provided for in this
Section 3. Beginning on the one (1)-year anniversary of the Effective Date, the term of this Agreement shall automatically renew daily so that on any day on which this Agreement is in effect, the Contract Period shall have a then-remaining term
of not less than one (1) year; provided, however, that such automatic extension shall cease upon the Employer’s written notice to Executive of its election to terminate this Agreement at the end of the one (1)-year period then in effect,
which such notice may not be given prior to the one (1)-year anniversary of the Effective Date. The term of this Agreement, as in effect from time to time pursuant to the terms and conditions of this Section 3, shall hereinafter be referred to
as the “Contract Period.” A termination of Executive’s employment under this Agreement for any reason shall be referred to as a “Termination.” 

4. Compensation. Executive’s compensation and participation in equity compensation and benefits during the Contract
Period shall be as follows: 
 (a) Base Salary. During the Contract Period, the Executive shall receive an annual base
salary of $280,000 (“Base Salary”). The Annual Base Salary shall be payable in accordance with Employer’s regular payroll practice for its senior executives, as in effect from time to time, and shall be subject to all
applicable withholding requirements. During the Contract Period, the Annual Base Salary may be reviewed by the Board for possible increase; however, Executive’s Annual Base Salary shall not decrease. 

(b) Bonus. Executive shall be eligible to receive a bonus determined in accordance with procedures established by the Compensation
Committee of the Board. All bonus payments shall be subject to all applicable withholding requirements. 
 (c) Equity
Compensation. Executive shall be eligible to receive grants of equity-based compensation in the form of restricted unit grants, options to purchase units, phantom units or other forms of equity-based compensation that the Board may determine.
Such equity-based compensation may be with respect to the securities of Employer or any other affiliate within the group of Companies. Collectively, all equity-based compensation in any of the Companies will be referred to as
“Units.” As of the date hereof, Executive holds Units in the amounts set forth on Schedule 4(c) hereto. Except as otherwise provided for in this Agreement, any unvested Units will be subject to forfeiture in accordance with
the applicable long-term incentive plan (a “Plan”) pursuant to which such Units are granted (the “Restrictions”). For purposes of the Units, Executive’s employment will be considered to continue as long as he
remains employed by or performs services for any of the Companies. Notwithstanding anything to the contrary in the Companies’ grant agreements, if (i) Executive’s employment is terminated by Employer without Cause (as defined in
Section 6(b) and taking into account the application of Section 6(g)), (ii) Executive terminates his employment for Good Reason (as defined in Section 6(e)), (iii) Executive terminates his employment after a non-renewal of
the Agreement by Employer in accordance with the terms and conditions of Section 3, or (iv) Executive’s employment is terminated by reason of death or Disability (as defined in Section 6(d)), then (subject to the terms and
conditions of Section 7(c)(iv) in the case of clauses (i) and (ii)) any Restrictions with respect to any Units outstanding and held by Executive on the Date of Termination shall terminate as of the Date of Termination, and all such Units
shall be fully vested and exercisable and shall remain in effect and exercisable through the end of their respective terms, without regard to the Termination. 

  
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 5. Benefits. 

(a) Vacation Leave. Executive is entitled to take vacation days, holidays and personal days according to Employer’s regular
policies and procedures applicable to other executives of Employer. 
 (b) Benefit Plans. During the Contract Period and,
to the extent specifically provided for herein, thereafter, (i) Executive shall be entitled to participate in all applicable incentive, savings, and retirement plans, practices, policies, and programs of Employer to the extent they are
generally available to other senior officers, directors and executives of Employer, and (ii) Executive and/or his family, as the case may be, shall be eligible for participation in, and shall receive all benefits under, all applicable welfare
benefit plans, practices, policies, and programs provided by Employer, including, without limitation, medical, prescription, dental, disability, sickness benefits, employee life insurance, accidental death, and travel insurance plans and programs,
to the same extent as other senior officers, directors or executives of Employer. Employer retains the right to select and to change any insurance provider at its discretion. 
 (c) Expenses. Employer shall reimburse Executive for all reasonable and necessary work-related administrative and travel expenses incurred by Executive in carrying out his duties under this
Agreement, pursuant to Employer’s business expense policies and procedures. Written receipts shall be submitted to document all expenses for which reimbursement is sought in accordance with Employer’s policies and procedures in effect from
time to time. 
 6. Termination. Anything herein contained to the contrary notwithstanding, Executive’s
employment shall terminate as a result of any of the following events: 
 (a) Executive’s death. 

(b) Termination by Employer for Cause. “Cause” shall encompass any of the following: (i) the Executive has
committed any demonstrable and material act of fraud; (ii) illegal or gross misconduct by the Executive that is willful and results in damage to the business or reputation of the Companies; (iii) the Executive is convicted of a felony or a
crime involving fraud or embezzlement; (iv) the continued failure by the Executive to substantially perform his duties under this Agreement (other than as a result of physical or mental illness or injury) after Employer delivers to the
Executive a written demand for substantial performance that specifically identifies, with reasonable opportunity to cure, the manner in which Employer believes that the Executive has not substantially performed his duties; or (v) the Executive
has failed to follow reasonable written directions of Employer which are consistent with his duties hereunder and not in violation of applicable law, provided the Executive shall have 10 business days after written notice to cure such failure (to
the extent then curable). In order to terminate Executive’s employment for Cause, Employer must give Executive written notice of its intention to terminate Executive’s employment for Cause, setting forth in reasonable detail the specific
conduct constituting Cause and the specific provisions of this Agreement on which such claim is based. 

  
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 (c) Termination by Employer without Cause upon ninety (90) days’ prior written
notice to Executive. 
 (d) Executive becomes disabled by reason of physical or mental disability for more than 180 days in the
aggregate or a period of 90 consecutive days during any 365-day period and the Board determines, in good faith based upon medical evidence, that Executive, by reason of such physical or mental disability, is rendered unable to perform his duties and
services hereunder (a “Disability”). Executive agrees to provide his medical records and to submit to a medical examination so that the Board may make its determination. A Termination by Employer for Disability shall be communicated
to Executive by written notice and shall be effective on the 30th day after Executive’s receipt of such notice (the “Disability Effective Date”) unless Executive returns to full-time performance of his duties before the
Disability Effective Date. 
 (e) Termination by Executive for “Good Reason” upon 30 days’ prior written notice
to Employer (subject to the Employer’s cure right described below). “Good Reason” shall mean any of the following: (i) a material reduction in Base Salary, (ii) a demotion of Executive from the Position, (iii) a
material reduction of Executive’s duties under this Agreement; provided that Executive and Employer acknowledge that Executive’s duties will have been materially reduced if Employer ceases to be a public company and the Chief Executive
Officer of Employer or Chairman of the board of directors of Atlas Energy GP, LLC is not, immediately following the transaction pursuant to which Employer ceases to be a public company, the Chief Executive Officer of Employer (or the acquiring
entity, if any), (iv) Employer’s requiring Executive to be relocated to a location more than 35 miles from Executive’s location immediately prior to such relocation, or (v) any action or inaction that constitutes a material
breach by Employer of this Agreement. In such case, Executive must provide written notice of Termination for Good Reason to Employer within 30 days after the event constituting Good Reason. Employer shall, except in the case of a Termination by
Executive for Good Reason pursuant to the proviso clause in clause (iii) of this Section 6(e), have a period of 30 days in which it may correct the act or failure to act that constitutes the grounds for Good Reason as set forth in
Executive’s notice of Termination. If Employer does not correct the act or failure to act, Executive must terminate employment for Good Reason within thirty 30 days after the end of the cure period in order for the Termination to be considered
a Good Reason Termination. 
 (f) A Termination by Executive for any reason other than those set forth in Section 6(e)
(other than by Executive’s death or Disability) upon thirty (30) days’ prior written notice to Employer. 
 (g) A
Termination by Employer at or after the end of the Contract Period by reason of a non-renewal of this Agreement pursuant to the terms and conditions of Section 3. Such a Termination shall constitute a Termination without Cause for purposes of
Section 4(c), Section 7(c)(iii) and Section 8(b) and otherwise constitute a resignation other than for Good Reason for purposes of Section 7(b). 
 (h) The “Date of Termination” means the date of Executive’s death, the Disability Effective Date or the date on which the Termination by Employer for Cause or without Cause or by
Executive for Good Reason or without Good Reason is effective in accordance with this Agreement, as the case may be. 

  
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 7. Consideration Payable to Executive Upon Termination or in the Event of Disability or
Death. 
 (a) Disability/Death. If Executive’s employment is terminated by reason of his Disability or death
during the Contract Period, Employer shall pay to Executive or Executive’s designated beneficiaries (or, if there is no beneficiary, to Executive’s estate or legal representative), as the case may be, in one cash payment within 60 days
after the Date of Termination, the sum of the following amounts: (1) any portion of the Base Salary that has been earned through the Date of Termination but not paid to Executive as of the Date of Termination; (2) any accrued but unpaid
short-term incentive compensation earned for any year prior to the year in which the Date of Termination occurs and, to the extent required to be paid under the terms of Employer policy in effect from time to time and applicable law, any accrued but
unpaid vacation pay as of the Date of Termination; and (3) an amount representing the short-term incentive compensation opportunity awarded to Executive for the fiscal year in which the Date of Termination occurs equal to the amount of
short-term incentive compensation earned by Executive with respect to the prior fiscal year multiplied by a fraction, the numerator of which is the number of days in the fiscal year in which the Date of Termination occurs through the Date of
Termination, and the denominator of which is the total number of days in such fiscal year (such amounts in (1), (2) and (3), the “Accrued Obligations”). Notwithstanding herein anything to the contrary, in the case of a
Termination by reason of Disability or death, Executive and his dependents shall have health insurance paid for by Employer for a one-year period after the Date of Termination. In the event of Termination under this paragraph, all other benefits,
payments or compensation to be provided to Executive hereunder shall, except as provided otherwise in Section 4(c), terminate. 
 (b) By Employer for Cause; By Executive Other than for Good Reason. If Executive’s employment is terminated during the Contract Period by Employer for Cause or by Executive other than for Good
Reason, Employer shall pay Executive any portion of the Base Salary and, to the extent required to be paid under the terms of Employer policy in effect from time to time and applicable law, any accrued vacation pay, in each case through the Date of
Termination, to the extent earned but not paid as of the Date of Termination. In the event of Termination under this paragraph, all other benefits, payments or compensation to be provided to Executive hereunder shall terminate, and Executive’s
rights in incentive plans shall be governed solely by the terms of the applicable plan, except that all Units that have vested as of the Date of Termination shall not be subject to forfeiture. 

(c) By Employer Other than for Cause; By Executive for Good Reason. If, during the Contract Period, Employer terminates
Executive’s employment other than for Cause, or Executive terminates employment for Good Reason, Employer shall pay to Executive the Accrued Obligations within 60 days after the Date of Termination, and Employer will pay any other benefits
accrued and due under any applicable benefit plans and programs of Employer pursuant to the terms of such respective plans and programs. In addition, if Executive timely executes and does not revoke the “Release” (as defined in and subject
to the terms and 

  
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conditions of Section 7(c)(iv)), Employer shall pay to Executive the following severance compensation (it being understood that Executive is not entitled to any payments under any severance
plan or program for employees or executives): 
 (i) Employer will pay Executive an amount equal to two (2) times the
“Average Compensation.” The severance compensation shall be payable in a single lump sum within no later than 60 days after the Date of Termination, subject to the terms and conditions of Section 26(a) and Executive’s timely
execution and nonrevocation of the Release prior to such payment. As used herein, the term “Average Compensation” shall mean: (a) Base Salary in effect immediately before Termination, plus (b) the average of the cash
bonuses earned for the three (3) calendar years preceding the year in which the Date of Termination occurs. 
 (ii) During
the twenty-four (24)-month period following Executive’s Date of Termination (the “Separation Period”), Executive may elect continued health and dental coverage under the Employer’s health and dental plans in which
Executive participated at the Date of Termination, as in effect from time to time, provided that Executive shall be responsible for paying the full monthly cost of such coverage; and provided further that, if requested in writing by Employer,
Executive must timely elect continued coverage under Section 4980B(f) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (the “Code” and such coverage, the “COBRA
Coverage”), it being understood in all cases that the COBRA Coverage continuation period under Section 4980B of the Code shall run concurrently with the Separation Period. The monthly cost shall be the premium determined for purposes
of COBRA Coverage under Section 4980B(f)(4) of the Code in effect from time to time (the “COBRA Premium”). Each month in which Executive pays the COBRA Premium, Employer will reimburse Executive for the COBRA Premium in an
amount equal to the COBRA Premium less the amount that Executive would be required to contribute for health and dental coverage if Executive were an active employee of Employer. As an alternative, where such coverage may not be continued (or where
such continuation would adversely affect the tax status of the plan pursuant to which the coverage is provided or result in penalty taxes to Executive pursuant to Section 409A of the Code, Employer may elect to pay Executive cash in lieu of
such coverage in an amount equal to the product of the number of months then remaining in the Separation Period and the COBRA Premium. In each case, these payments will commence within 30 days following the Date of Termination, subject to
Executive’s timely execution and nonrevocation of the Release, and will be paid on the first payroll date of each month during the Separation Period. 
 (iii) As set forth in Section 4(c), any Restrictions with respect to any Units outstanding and held by Executive on the Date of Termination shall terminate as of the Date of Termination, and all such
Units shall be fully vested and exercisable and shall remain in effect and exercisable through the end of their respective terms, without regard to the Termination. 
 (iv) In order to receive payments under clauses (i), (ii) and (iii) of this subsection 7(c), Executive must sign and deliver to the Employer a release, in a form acceptable to Employer, of any
and all claims against Employer, the Companies, their respective officers, directors, and agents and all related parties with respect to all matters arising out of Executive’s employment and the Termination (other than claims for any

  
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entitlements under the terms of this Agreement or under any plans or programs of Employer under which Executive has accrued and is due a benefit) within 53 days after the Date of Termination (the
“Release”), and Executive must not revoke such Release within the seven-day statutory revocation period after Executive’s timely delivery of such Release to the Employer. If Executive does not sign and timely deliver the
Release, or if Executive revokes such Release within such seven-day statutory period, Executive forfeits any and all right to any payments or benefits in this Agreement conditioned upon Executive’s execution and nonrevocation of such Release.

 The payments provided pursuant to this Section 7(c) are intended to compensate Executive for a Termination by Employer other than for
Cause or by Executive for Good Reason and shall be the sole and exclusive remedy therefor. 
 8.
Confidentiality/Restrictive Covenants.  
 (a) In connection with Executive’s services to Employer,
Employer agrees that it will provide access to certain proprietary and confidential information of Employer and the Companies that is not generally known to the public, including but not limited to, its services, personnel, procedures and financial
information. The promises of the Employer contained herein are not intended to be contingent upon continued employment but are intended by the parties to be fully enforceable at the time of the execution of this Agreement. Executive acknowledges and
agrees that Executive’s employment by Employer creates a relationship of confidence and trust between the Executive and Employer that extends to all confidential information that becomes known to Executive. Executive agrees not to directly,
indirectly or otherwise, disclose, publish, make available to, or use for his own benefit or the benefit of any person, firm, corporation or other entity for any reason or purpose whatsoever, any proprietary or confidential information during the
Contract Period and thereafter other than in connection with performing Executive’s services for Employer in accordance with this Agreement. Upon a Termination, Executive agrees not to retain or take with him any confidential notes, records,
documents or other proprietary or confidential information about Employer, the Companies or any of their affiliates prepared or obtained in the course of employment. 
 (b) In the event that (i) Executive’s employment is terminated by Employer for Cause or (ii) Executive resigns without Good Reason (in the case of (ii), other than (A) if neither
Edward E. Cohen nor Jonathan Z. Cohen is, on the Date of Termination, either the Chief Executive Officer of Employer or the Chairman of the board of directors of Atlas Energy GP, LLC, or (B) for the avoidance of doubt, a Termination by
Executive after a non-renewal of the Agreement by Employer in accordance with the terms and conditions of Section 3), then Executive shall not, until two (2) years after the Date of Termination, for whatever reason, for himself or on
behalf of any other person, firm, partnership, corporation, or other entity, directly or indirectly engage or invest in any natural gas exploration or production or natural gas gathering and transportation business in the continental United States.
For purposes of this Section 8(b), “to engage or invest” shall include Executive’s acting as an owner (of more than 5%), employee, director or officer of an entity so engaging or investing. 

(c) Executive shall not, until two (2) years after the Date of Termination, for himself or on behalf of any other person, firm,
partnership, corporation, or other entity, directly 

  
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or indirectly solicit or hire, or attempt to solicit or hire, any employee of Employer or any of its affiliates (or any person employed by Employer or any of its affiliates within the six
(6)-month period prior to such solicitation or hire or attempt to solicit or hire) away from Employer or any of its affiliates. The forgoing shall not apply to general advertisements or solicitations that are not targeted to any specific
individuals. 
 (d) Executive acknowledges that the restrictions contained in this Section 8 are, in view of the nature of
the business of Employer, reasonable and necessary to protect the legitimate interests of Employer, and that any violation of any provision of this Section 8 will result in irreparable injury to Employer. Executive also acknowledges that in the
event of any such violation, Employer shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual damages or posting a bond, and to an equitable accounting of all earnings, profits and other benefits
arising from any such violation, which rights shall be cumulative and in addition to any other rights or remedies to which Employer may be entitled. Executive agrees that in the event of any such violation, an action may be commenced by Employer for
any such preliminary and permanent injunctive relief and other equitable relief in any federal or state court of competent jurisdiction sitting in New York or, if jurisdiction is lacking in New York, in any court of competent jurisdiction. Executive
hereby waives, to the fullest extent permitted by law, any objection that Executive may now or hereafter have to such jurisdiction or to the laying of the venue of any such suit, action or proceeding brought in such a court and any claim that such
suit, action or proceeding has been brought in an inconvenient forum. Executive agrees that effective service of process may be made upon Executive under the notice provisions contained in Section 14 hereof. 

9. Golden Parachute Excise Tax Modified Cutback. 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event Grant Thornton or such other accounting firm as shall be designated by Employer (the “Accounting Firm”) shall
determine that receipt of all payments or distributions by Employer or its affiliates in the nature of compensation to Executive or for Executive’s benefit, whether paid or payable pursuant to this Agreement or otherwise (a
“Payment”), would subject Executive to the excise tax under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant to Section 7(c) of this Agreement
(the “Agreement Payments”) to the “Reduced Amount” (as defined below). The Agreement Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that Executive would have a greater “Net
After-Tax Receipt” (as defined below) of aggregate Payments if Executive’s Agreement Payments were reduced to the Reduced Amount. If the Accounting Firm determines that Executive would not have a greater Net After-Tax Receipt of aggregate
Payments if Executive’s Agreement Payments were so reduced, Executive shall receive all Agreement Payments to which Executive is entitled under this Agreement. 
 (b) If the Accounting Firm determines that aggregate Agreement Payments should be reduced to the Reduced Amount, Employer shall promptly give Executive notice to that effect and a copy of the detailed
calculation thereof. All determinations made by the Accounting Firm under this Section 9 shall be binding upon Employer and Executive absent manifest error and shall be made as soon as reasonably practicable and in no event later than fifteen
(15) days following the applicable Date of Termination. For purposes of reducing the Agreement Payments to the Reduced Amount, only amounts payable under this Agreement (and no other Payments) shall be reduced. All fees and expenses of the
Accounting Firm shall be borne solely by Employer. 

  
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 (c) As a result of the uncertainty in the application of Section 4999 of the Code at
the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by Employer to or for the benefit of Executive pursuant to this Agreement which should not have been so paid or
distributed (“Overpayment”) or that additional amounts which will have not been paid or distributed by Employer to or for the benefit of Executive pursuant to this Agreement could have been so paid or distributed
(“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a deficiency by the Internal Revenue Service against either Employer
or Executive which the Accounting Firm believes has a high probability of success determines that an Overpayment has been made, Executive shall pay any such Overpayment to Employer together with interest at the applicable federal rate provided for
in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by Executive to Employer if and to the extent such payment would not either reduce the amount on which Executive is subject to tax under Section 1 and
Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid
promptly (and in no event later than 60 days following the date on which the Underpayment is determined) by Employer to or for the benefit of Executive together with interest at the applicable federal rate provided for in Section 7872(f)(2) of
the Code. 
 (d) For purposes hereof, (i) “Reduced Amount” shall mean the greatest amount of Agreement
Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Agreement Payments pursuant to Section 9(a), and (ii) “Net
After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on Executive with respect thereto under Sections 1 and 4999 of
the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to Executive’s taxable income for the immediately preceding
taxable year, or such other rate(s) as the Accounting Firm determined to be likely to apply to Executive in the relevant tax year(s). 
 (e) To the extent requested by Executive, Employer shall cooperate with Executive in good faith in valuing, and the Accounting Firm shall take into account the value of, services provided or to be
provided by Executive (including without limitation, Executive’s agreeing to refrain from performing services pursuant to a covenant not to compete or similar covenant) before, on or after the date of a change in ownership or control of
Employer (within the meaning of Q&A-2(b) of the final regulations under Section 280G of the Code), such that payments in respect of such services may be considered reasonable compensation within the meaning of Q&A-9 and Q&A-40 to
Q&A-44 of the final regulations under Section 280G of the Code and/or exempt from the definition of the term “parachute payment” within the meaning of Q&A-2(a) of the final regulations under Section 280G of the Code in
accordance with Q&A-5(a) of the final regulations under Section 280G of the Code. 

  
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 10. Representations. 

(a) Executive represents and warrants to Employer that he is not now subject to any non-competition, restrictive covenant, or other
restriction or agreement that would prevent, limit or impair in any way his ability to perform all of his obligations under this Agreement. 
 (b) Executive agrees that during the Contract Period and for two years thereafter he will disclose and provide a copy of the confidentiality provisions of this Agreement to any prospective Employer and/or
recruiter. 
 11. Mitigation. Executive shall not be required to mitigate the amount of any payment provided for
in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for herein be reduced by any compensation or any retirement benefit heretofore or hereafter earned by Executive as the result of
employment by any other person, firm or corporation. 
 12. Other Employer Policies. Executive understands and
agrees that Executive is subject to all other policies of the Employer not inconsistent with this Agreement, including, but not limited to, policies pertaining to vacation entitlement, sick leave, holiday pay, health care, and expense reimbursement.

 13. Interpretation and Enforcement of this Agreement. This Agreement shall be interpreted in accordance with
the plain meaning of its terms and not strictly for or against either party hereto. Employer expressly reserves the right to enforce any and all provisions of the Agreement. In the event of a breach or violation of this Agreement by Executive,
Employer may pursue all appropriate avenues of relief, including bringing legal action against Executive, provided under this Agreement. 
 14. Notification and Waiver. 
 (a) This Agreement is understood by
Executive to be clear and fully enforceable as written. Executive should not execute it if he believes otherwise. However, if Executive later challenges the enforceability or clarity of any provision of this Agreement, Executive agrees to notify
Employer of this challenge in writing at least 14 days before engaging in any activity that could possibly be prohibited by this Agreement. Both Executive and Employer agree to then meet and confer or mediate for the purpose of resolving the
dispute. If no resolution is arrived at, then the parties will be free to pursue all of their legal rights and remedies. If, however, Executive elects not to provide advance notice described above and does not participate in good faith in the
“meet and confer” process described above, then Executive agrees that Executive’s failure to comply will be considered a waiver of Executive’s right to challenge the enforceability and/or clarity of the terms of this Agreement
and the restrictions in it. 
 (b) Any notice required by this Agreement or given in connection with it shall be in writing and
shall be given to the appropriate party by personal delivery or by a nationally recognized overnight courier service, in each case, to the then current address of the party receiving such notice. 

  
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 15. Final Agreement. This Agreement terminates and supersedes all prior
understandings or agreements on the subject matter herein. This Agreement may not be modified unless the change or modification or waiver is in writing and signed by Executive and an officer of Employer who is not the Executive. 

16. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
without regard to conflict of law principles. 
 17. Arbitration. Except as provided otherwise in
Section 8(d) and except with respect to any dispute in which the primary relief sought is an equitable remedy such as an injunction, in the event of any dispute under this Agreement, the parties shall be required to settle the dispute,
controversy or claim by arbitration in New York, New York in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration Association before a panel of three arbitrators, one of whom shall
be selected by Employer, one of whom shall be selected by the Executive, and the third of whom shall be selected by the other two arbitrators. Any award entered by the arbitrators shall be final, binding and nonappealable, and judgment may be
entered thereon by either party in accordance with applicable law in any court of competent jurisdiction. The parties hereby agree that upon a Termination by Employer without Cause or by Executive for Good Reason, Employer shall pay all amounts due
to Executive subject to the terms and conditions of Section 7(c) (it being agreed that TIME IS OF THE ESSENCE) without offset or reduction. If Employer determines it has an offset or basis for reduction with respect to any payment, it shall
notify Executive of such determination, in writing, as soon as reasonably practicable and in any event on or prior to the deadline for making such payment. In such case, Employer shall make the full payment, but Executive shall be obligated to
return any portion of such payment that is determined, pursuant to the terms and conditions set forth in this Section 17, to be owed by Executive to Employer. In the event of an action hereunder in which Executive is the prevailing party,
Employer shall (subject to the terms and conditions of Section 26(b)) promptly reimburse Executive for his actual and reasonable legal fees and costs incurred in connection with such action. 

18. Interpretation of Agreement. The provisions of this Agreement shall not be construed in favor of or against either
party. In the event any provision of this Agreement is determined by a court to be invalid or unenforceable, the parties contemplate that the provisions may be modified by the court to make them enforceable to the fullest extent allowed by law.

 19. Headings. The headings in this Agreement are inserted for convenience only and shall not be used to define,
limit or describe the scope of the Agreement of any of the obligations above. 
 20. No Assignment. Neither this
Agreement nor any interest in this Agreement may be assigned by Executive without the prior express written approval of Employer; which may be withheld by Employer at Employer’s sole and absolute discretion. 

21. Severability. If any provision of the Agreement is held by a court of competent jurisdiction to be invalid or
unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included. 

  
 11 

 22. Waiver of Jury Trial. The parties hereby knowingly, voluntarily and
intentionally waive the right any of them may have to a trial by jury in respect of any litigation based hereon or arising out of, under or in connection with this Agreement, or any course of conduct, course of dealing, statements (whether verbal or
written) or actions of any party in connection with Executive’s employment with Employer. This provision is a material inducement for the parties’ acceptance of this Agreement. For the avoidance of doubt, the forgoing is not intended to
modify the provisions of Section 17. 
 23. Continuing Effect. Executive’s obligations and commitments
under this Agreement, other than his obligation to perform duties under Sections 1 and 2, including specifically without limitation otherwise the promises and commitments of Sections 8, 9, 10, 16 and 17, shall continue after Executive’s
departure from Employer, regardless of Executive’s Termination for any reason or any breach of any other obligation or agreement, if any, of Employer to Executive. 
 24. Waiver of Breach. The waiver by Employer of a breach of any provision of this Agreement by Executive shall not operate or be construed as a waiver of any subsequent breach by Executive.

 25. Agreement is Knowing and Voluntary. Executive has carefully reviewed this Agreement to assure his complete
understanding of the Agreement’s full effect. Executive has actively engaged in negotiations concerning the terms and conditions of the Agreement. Executive has been given the opportunity by Employer to engage in a review of this Agreement
independently, in consultation with an attorney, and to discuss the Agreement with his family. Executive’s signing of this Agreement is knowing and voluntary. 
 26. Section 409A. 
 (a) This Agreement is intended to comply
with Section 409A of the Code or an exemption thereto, and, to the extent necessary in order to avoid the imposition of a penalty tax on the Executive under Section 409A, payments may only be made under this Agreement upon an event and in
a manner permitted by Section 409A. Any payments or benefits that are provided upon a Termination shall, to the extent necessary in order to avoid the imposition of a penalty tax on the Executive under Section 409A, not be provided unless
such Termination constitutes a “separation from service” within the meaning of Section 409A. Any payments that qualify for the “short-term deferral” exception or another exception under Section 409A shall be paid under
the applicable exception. Notwithstanding anything in this Agreement to the contrary, if the Executive is considered a “specified employee” (as defined in Section 409A), any amounts paid or provided under this Agreement shall, to the
extent necessary in order to avoid the imposition of a penalty tax on Executive under Section 409A, be delayed for six months after Executive’s “separation from service” within the meaning of Section 409A of the Code, and
the accumulated amounts shall be paid in a lump sum within ten days after the end of the six-month period. If the Executive dies during the six-month postponement period prior to the payment of benefits, the amounts the payment of which is deferred
on account of Section 409A shall be paid to the personal representative of the Executive’s estate within 60 days after the date of the Executive’s death. 

  
 12 

 (b) For purposes of section 409A, the right to a series of installment payments under this
Agreement shall be treated as a right to a series of separate payments. In no event may the Executive, directly or indirectly, designate the calendar year of a payment. All reimbursements and in-kind benefits provided under the Agreement shall be
made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the period of time specified in this Agreement, (ii) the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement
of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for
another benefit. 
 27. Effective Date. This Agreement shall not be final nor take effect until it is signed by
Executive and dated and executed by Employer. 
 [Signatures on Following Page] 

  
 13 

 IN WITNESS WHEREOF, Employer and Executive have executed this Agreement on the date
and year written above: 
  

			
	EMPLOYER:
	
	ATLAS ENERGY, L.P.
		
	By:	 	 /s/Jonathan Z. Cohen

	
	EXECUTIVE:
	
	 /s/ Daniel C. Herz

	Daniel C. Herz

  
 14 

 Schedule 4(c) 
 to 
 Employment Agreement of Daniel C. Herz 

 

													
	 	  	Phantom Units	 	  	Options	 
	 	  	Unvested	 	  	Vested	 	  	Unvested	 
	 Atlas Energy, L.P.
	  	 	150,000	  	  	 	30,000	  	  	 	200,000EX-10.1

 Exhibit 10.1 

 

			
	

	  	EXECUTION VERSION

 US$375,000,000 Revolving Credit Facility Agreement 
 Restatement Agreement 
 National Australia Bank Limited 

and 
 Barclays Bank PLC 

as Mandated Lead Arrangers 
 and 

National Australia Bank Limited 
 as Agent and
Security Agent 
 relating to a facility agreement dated 14 June 2011 (as amended pursuant to an amendment letter dated 30 June 2011
and an amendment letter dated 25 July 2012) 
 8 July 2013 

 CONTENTS 

 

					
	CLAUSE	  	PAGE	 
		
	 1.        INTERPRETATION
	  	 	2	  
	 2.        ACCESSION OF ADDITIONAL OBLIGORS
	  	 	2	  
	 3.        NOVATION OF LOANS
	  	 	3	  
	 4.        TRANSFER OF COMMITMENTS AND LOANS
	  	 	3	  
	 5.        RESTATEMENT OF FACILITY AGREEMENT
	  	 	4	  
	 6.        EFFECTIVE DATE
	  	 	4	  
	 7.        STATUS OF DOCUMENTS
	  	 	4	  
	 8.        EXPENSES
	  	 	5	  
	 9.        MISCELLANEOUS
	  	 	5	  
	 10.      GOVERNING LAW AND SUBMISSION TO JURISDICTION
	  	 	5	  
	 SCHEDULE 1
	  	 	6	  
	 Lenders
	  	 	6	  
	 SCHEDULE 2
	  	 	7	  
	 Obligors
	  	 	7	  
	 SCHEDULE 3
	  	 	9	  
	 Conditions Precedent
	  	 	9	  
	 SCHEDULE 4
	  	 	13	  
	 Restated Facility Agreement
	  	 	13	  

 THIS RESTATEMENT AGREEMENT is made on 8 July 2013 

BETWEEN: 
  

	(1)	ENSTAR GROUP LIMITED (a company under the laws of Bermuda with registered number EC30916) (the “Parent”); 

 

	(2)	THE COMPANIES listed in part 1 of schedule 2 (Obligors) as borrowers (the “Borrowers”); 

 

	(3)	THE COMPANY listed in part 2 of schedule 2 (Obligors) as an additional borrower (the “New Borrower”); 

 

	(4)	THE COMPANIES listed in part 3 of schedule 2 (Obligors) as guarantors (the “Guarantors”); 

 

	(5)	THE COMPANIES listed in part 3 of schedule 2 (Obligors) as additional guarantors; 

 

	(6)	NATIONAL AUSTRALIA BANK LIMITED and BARCLAYS BANK PLC as bookrunners and mandated lead arrangers (the “Mandated Lead Arrangers”);

  

	(7)	THE FINANCIAL INSTITUTIONS listed in schedule 1 as lenders (the “Lenders”); 

 

	(8)	NATIONAL AUSTRALIA BANK LIMITED in its capacity as agent for the Lenders under the Facility Agreement (the “Agent”); and

  

	(9)	NATIONAL AUSTRALIA BANK LIMITED in its capacity as agent and trustee for the Finance Parties under the Transaction Security Documents (the “Security
Agent”). 

 WHEREAS: 
  

	(A)	Certain parties to this agreement entered into a facility agreement dated 14 June 2011 (as amended pursuant to an amendment letter dated 30 June 2011 and an
amendment letter dated 25 July 2012) under which certain of the Lenders made available to the Parent a US$250,000,000 revolving credit facility (the “Facility Agreement”). 

 

	(B)	The Parent has agreed to transfer on the date of this agreement and prior to the Effective Date US$116,000,000 of the Loan (the “Novated Portion”) to
the New Borrower together with all rights, privileges, duties, obligations and liabilities in connection with the Novated Portion and the Finance Parties each agree to such transfer. 

 

	(C)	By entering into this agreement, with effect from the Effective Date Royal Bank of Canada will become a Lender in accordance with the terms of this agreement.

  

	(D)	National Australia Bank Limited and Barclays Bank PLC have agreed to transfer to Royal Bank of Canada immediately prior to the Effective Date a pro rata portion of
their respective Commitments and participations in Loans (a “Pro Rata Portion”) so that with effect from the Effective Date the Lenders shall each hold an equal amount of Commitments and participations in Loans.

  

	(E)	Pursuant to the terms of this agreement, the parties have agreed to amend the terms of the Facility Agreement to inter alia increase the amount of the facility
up to US$375,000,000. 

  

	(F)	The parties to this agreement have agreed to enter into this agreement in order to amend and restate the terms of the Facility Agreement in the manner set out below.

 THE PARTIES AGREE AS FOLLOWS: 

 

	1.	INTERPRETATION 

  

	1.1	Definitions 

 Unless a
contrary intention appears in this agreement, any word or expression defined in the Facility Agreement will have the same meaning when it is used in this agreement. 
 In this agreement: 
 “Effective Date” means the date on which the
Agent notifies the Parent that all the conditions precedent listed in schedule 3 (Conditions Precedent) have been fulfilled to its satisfaction; 
 “Harper Share Pledge” means the Transaction Security Document listed in paragraph 5.1(b) of schedule 3 (Conditions Precedent); 

“New Guarantors” means the party listed in part 3 of schedule 2 (Obligors) as a New Guarantor and any person which
accedes to this agreement as a New Guarantor; 
 “Obligors” means the Borrowers, the New Borrower, the
Guarantors and the New Guarantors; 
 “Pro Rata Transfers” means the transfers of the Pro Rata Portions together
with all related rights and obligations under the Finance Documents pursuant to clause 4 (Transfer of Commitments and Loans); and 
 “Restated Facility Agreement” means the Facility Agreement as amended and restated in accordance with this agreement in the form set out in schedule 4. 

 

	1.2	Construction 

 Clause 1.2
(Construction) of the Facility Agreement will be deemed to be set out in full in this agreement, but as if references in that clause to the Facility Agreement were references to this agreement. 

 

	2.	ACCESSION OF ADDITIONAL OBLIGORS 

  

	2.1	The parties intend and agree that the provisions of this clause 2 shall take effect as an Accession Letter for the purposes of the Facility Agreement.

  

	2.2	On or immediately prior to the Effective Date (subject to clause 6.2 below): 

 

	 	(a)	the New Borrower agrees to become an Additional Borrower and to be bound by the terms of the Facility Agreement and the other Finance Documents as an Additional
Borrower pursuant to clause 26.2 (Additional Borrowers) of the Facility Agreement; and 

  

	 	(b)	each of the New Guarantors agrees to become an Additional Guarantor and to be bound by the terms of the Facility Agreement and the other Finance Documents as an
Additional Guarantor pursuant to clause 26.3 (Additional Guarantors) of the Facility Agreement. 

  

	2.3	The administrative details for the New Borrower and the New Guarantors are as follows: 

 

			
	Address:	  	Windsor Place
		  	18 Queen Street
		  	Hamilton
		  	Bermuda HM 11
		
	Fax:	  	001 441 296 0895
		
	Attention:	  	Richard Harris

  
 2 

	3.	NOVATION OF LOANS 

 Upon
the accession of the New Borrower as an Additional Borrower pursuant to clause 2 (Accession of Additional Obligors) on or immediately prior to the Effective Date (subject to clause 6.2 below): 

 

	3.1	Each Finance Party and the Parent shall be released from all further obligations to each other in relation to the Novated Portion under the Facility Agreement and their
respective rights against each other under the Facility Agreement in relation to the Novated Portion shall be cancelled (all such rights and obligations referred to in this clause 3.1 being the “discharged rights and obligations”).

  

	3.2	Each Finance Party and the New Borrower shall assume obligations towards the other and/or acquire rights and benefits against each other which differ from the
discharged rights and obligations only insofar as that Finance Party or the New Borrower have assumed and/or acquired the same in place of that Finance Party. 

 

	3.3	The Finance Parties and the New Borrower shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security as
they would have acquired and assumed had the New Borrower been the Parent with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Finance Parties and the Parent shall each be released from
further obligations to each other in relation to the Novated Portion under the Facility Agreement. 

  

	4.	TRANSFER OF COMMITMENTS AND LOANS 

  

	4.1	The parties to this agreement intend and agree that the provisions of this clause 4 shall take effect as a Transfer Certificate for the purposes of the Facility
Agreement and the Restated Facility Agreement, receipt of which is hereby acknowledged and consented to by the Parent. 

  

	4.2	Each of National Australia Bank Limited and Barclays Bank PLC (each, an “Existing Lenders”), Royal Bank of Canada (the “New Lender”)
and the Agent agree to the transfer by each Existing Lender of their respective Pro Rata Portions to the New Lender pursuant to clause 4.3 below. 

  

	4.3	Subject to clause 6.1 (Effective Date), with effect immediately prior to the Effective Date: 

 

	 	(a)	each Existing Lender transfers to the New Lender its Pro Rata Portion; and 

 

	 	(b)	the New Lender undertakes with each Existing Lender and each of the other parties to the Restated Facility Agreement that it will perform all those obligations which,
by the terms of the Restated Facility Agreement, will be assumed by it following the Pro Rata Transfers. 

  

	4.4	The New Lender acknowledges and agrees that it enters into this deed subject to the terms of clause 26.4 (Limitation of responsibility of Existing Lenders) of the
Restated Facility Agreement. 

  

	4.5	The Agent agrees that no transfer fee shall be payable by the New Lender to the Agent under clause 26.3 of the Restated Facility Agreement or otherwise in connection
with the Pro Rata Transfers. 

  
 3 

	5.	RESTATEMENT OF FACILITY AGREEMENT 

  

	5.1	The Facility Agreement will, with effect from (and including) the Effective Date, be amended and restated in the form set out in schedule 4 so that the rights and
obligations of the parties to this agreement relating to their performance under the Facility Agreement from (and including) the Effective Date shall be governed by, and construed in accordance with, the terms of the Restated Facility Agreement.

  

	5.2	The parties to this agreement agree that, with effect from (and including) the Effective Date, they shall have the rights and take on the obligations ascribed to them
under the Restated Facility Agreement. 

  

	6.	EFFECTIVE DATE 

  

	6.1	Immediately upon receipt by the Agent of satisfactory confirmation from Ashurst LLP (in their standard form) regarding the satisfaction of the conditions precedent
listed in schedule 3 (Conditions Precedent) but prior to the Effective Date, the Pro Rata Transfers shall automatically take place without any further action from any party. 

 

	6.2	The Agent will notify the Parent and the Lenders promptly when the Effective Date occurs. 

 

	6.3	Other than to the extent that the Majority Lenders notify the Facility in writing to the contrary before the Agent gives the notification described in clause 6.2 above,
the Lenders authorise (but do not require) the Agent to give such notifications. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notifications. 

 

	6.4	If the Effective Date has not occurred by 31 July 2013 (or any later date which the Agent and the Parent may agree), then clauses 2 (Accession of Additional
Obligors), 3 (Novation of Loans), 4 (Transfer of Commitments and Loans), 5 (Restatement), and 7 (Status of Documents) will lapse and the accession of the Additional Obligors pursuant to clause 2 (Accession of Additional Obligors), the novation of
Loans set out in clause 3 (Novation of Loans), the Pro Rata Transfers set out in clause 4 (Transfer of Commitments and Loans) and the amendments recorded in clause 5.1 (Restatement) will not take effect. 

 

	7.	STATUS OF DOCUMENTS 

  

	7.1	Continuing Obligations 

  

	 	(a)	Except as varied by the terms of this agreement, the Facility Agreement and the other Finance Documents will remain in full force and effect. Each party to this
agreement reconfirms all of its obligations under the Facility Agreement (as amended and restated by this agreement) and under the other Finance Documents. 

 

	 	(b)	Any reference in the Finance Documents to the Facility Agreement or to any provision of the Facility Agreement will be construed as a reference to the Facility
Agreement, or that provision, as amended and restated by this agreement. 

  

	7.2	Finance Document 

 This
agreement will constitute a Finance Document for the purposes of the Restated Facility Agreement. 
  

	7.3	Guarantee Confirmation 

Each Guarantor confirms that with effect from (and including) the Effective Date, the guarantees and indemnities set out in clause 19
(Guarantee and Indemnity) of the Restated Facility Agreement shall apply and extend to the obligations of each Obligor 

  
 4 

 
under the Finance Documents (as defined in the Restated Facility Agreement) subject to the guarantee limitations set out in clause 19.11 (Guarantee Limitations) of the Restated Facility
Agreement. 
  

	7.4	Security Confirmation 

Each Obligor confirms that the liabilities and obligations arising under the Restated Facility Agreement form part of (but do not limit)
the obligations which are secured by the Transaction Security created by it. 
  

	8.	EXPENSES 

 The Parent will
on demand pay to the Agent and the Mandated Lead Arrangers the amount of all costs and expenses (including legal fees and other out-of-pocket expenses and any value added tax or other similar tax thereon) reasonably incurred by any of the Agent, the
Security Agent or the Arrangers in connection with the negotiation, preparation, execution and completion of this agreement and all documents, matters and things referred to in, or incidental to, this agreement. 

 

	9.	MISCELLANEOUS 

  

	9.1	Invalidity of any Provision 

 If any provision of this agreement is or becomes invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall not be affected
or impaired in any way. 
  

	9.2	Counterparts 

 This
agreement may be executed in any number of counterparts and all of those counterparts taken together will be deemed to constitute one and the same instrument. 
  

	9.3	Third Party Rights 

 The
Contracts (Rights of Third Parties) Act 1999 shall not apply to this agreement and no person other than the parties to this agreement shall have any rights under it. 
  

	10.	GOVERNING LAW AND SUBMISSION TO JURISDICTION 

  

	10.1	Governing Law 

 This
agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 
  

	10.2	Jurisdiction of English Courts 

  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement (including a dispute regarding the
existence, validity or termination of this agreement or any non-contractual obligation arising out of or in connection with this agreement) (a “Dispute”). 

 

	 	(b)	The parties to this agreement agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no party will argue to
the contrary. 

 IN WITNESS whereof this agreement has been duly executed on the date first above written. 

  
 5 

 SCHEDULE 1 
 Lenders 
  

					
	 Name of Lender
	  	Commitments (US$)	 
	 National Australia Bank Limited
	  	 	125,000,000	  
	 Barclays Bank PLC
	  	 	125,000,000	  
	 Royal Bank of Canada
	  	 	125,000,000	  

  
 6 

 SCHEDULE 2 
 Obligors 
 Part 1 

The Borrowers 
  

			
	 Name of Borrower
	 	 Jurisdiction of Incorporation, Registration

Number (if applicable)

	Enstar Group Limited	 	Bermuda, EC30916
	Enstar (EU) Finance Limited	 	England and Wales, 07621528

 Part 2 
 The New Borrower 
  

			
	 Name of Borrower
	 	 Jurisdiction of Incorporation, Registration

Number (if applicable)

	Enstar Holdings (US), Inc.	 	State of Delaware

 Part 3 
 The Guarantors 
  

			
	 Name of Guarantor
	 	 Jurisdiction of Incorporation, Registration

Number (if applicable)

	Enstar Group Limited	 	Bermuda, EC30916
	Enstar (EU) Finance Limited	 	England and Wales, 07621528
	Hillcot Holdings Ltd.	 	Bermuda, EC32870
	Virginia Holdings Ltd.	 	Bermuda, EC37001
	Revir Ltd.	 	Bermuda, EC28913
	Cavell Holdings Limited	 	England and Wales, 01095628
	Kenmare Holdings Ltd.	 	Bermuda, EC30917
	Flatts Limited	 	England and Wales, 06239044
	Knapton Holdings Limited	 	England and Wales, 07014132

  
 7 

 Part 4 
 The New Guarantor 
  

			
	 Name of Guarantor
	 	 Jurisdiction of Incorporation, Registration

Number (if applicable)

	Enstar Holdings (US), Inc.	 	State of Delaware

  
 8 

 SCHEDULE 3 
 Conditions Precedent 
  

	1.	OBLIGORS 

  

	1.1	A copy of the Constitutional Documents of each Obligor, with such amendments as the Security Agent may reasonably request (or if previously delivered to the Agent by an
Obligor, a certificate of an authorised signatory of that Obligor confirming that there have been no changes since the date that the copy of the Constitutional Documents was previously delivered to the Agent) 

 

	1.2	A copy of a resolution of the board of directors of each Obligor: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, this agreement and the Finance Documents and resolving that it executes, delivers and performs the Finance
Document to which it is party; 

  

	 	(b)	authorising a specified person or persons to execute the Finance Documents on its behalf; 

 

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including any Utilisation Request) to be signed
and/or despatched by it under or in connection with the Finance Documents to which it is a party; and 

  

	 	(d)	authorising the Parent to act as its agent in connection with the Finance Documents. 

 

	1.3	A specimen of the signature of each person authorised by the resolution referred to in paragraph 1.2 above in relation to the Finance Documents and related documents.

  

	1.4	If required, a copy of a resolution signed by all the holders of the issued shares in each Guarantor, other than the Parent and each New Guarantor, approving the terms
of, and the transactions contemplated by this Agreement and the Finance Documents to which each Guarantor or New Guarantor (as applicable) is a party. 

  

	1.5	A certificate of the Parent (signed by an officer or a director (as applicable)) confirming that borrowing or guaranteeing or securing, as appropriate, the Total
Commitments would not cause any borrowing, guarantee, security or similar limit binding on it to be exceeded. 

  

	1.6	A certificate of an authorised signatory of each Obligor certifying that each copy document listed in this schedule 3 is correct, complete and in full force and effect
and has not been amended or superseded as at a date no earlier than the Effective Date. 

  

	1.7	In relation the accession of HARPER HOLDING, Sà r.l. as a New Guarantor: 

 

	 	(a)	a letter of accession pursuant to which HARPER HOLDING, Sà r.l shall accede to this agreement as a New Guarantor; 

 

	 	(b)	an electronically signed excerpt from the Luxembourg Trade and Companies Register with respect to HARPER HOLDING, Sà r.l. dated no earlier than the Effective
Date; 

  

	 	(c)	 an electronically signed certificate as to the non inscription of a court decision (certificat de non-inscription d’une
décision judiciaire) pertaining to HARPER HOLDING, Sà r.l. issued by the Luxembourg Trade and Companies Register dated no earlier than the Effective Date certifying that no court decision as to inter alia

  
 9 

	 	
the faillite, concordat préventif de faillite, gestion contrôlée, sursis de paiement or foreign court decision as to faillite, concordat or other
analogous procedures according to Council Regulation (EC) 1346/2000 of 29 May 2000 on insolvency proceedings is filed with the Luxembourg Trade and Companies Register in respect of HARPER HOLDING, Sà r.l.; 

 

	 	(d)	a certificate of an authorised signatory of HARPER HOLDING, Sà r.l. dated no earlier than the Effective Date certifying that such Luxembourg Obligor is not as at
the date of the certificate subject to bankruptcy (faillite), controlled management (gestion contrôlée), suspension of payments (sursis de paiement), arrangement with creditors (concordat préventif de
la faillite), court ordered liquidation (liquidation judiciaire) or reorganisation, voluntary dissolution or liquidation (dissolution) ou (liquidation volontaire) or any similar procedure affecting the rights of
creditors generally, whether under Luxembourg or any other law; and 

  

	 	(e)	a certificate dated no earlier than the Effective Date from the domiciliation agent certifying that a domiciliation agreement with HARPER HOLDING, Sà r.l. is in
full force and effect as at a date no earlier the Effective Date. 

  

	2.	FINANCE DOCUMENTS 

  

	2.1	This agreement executed by the members of the Group party to it. 

  

	2.2	The following Transaction Security Documents, executed by the relevant members of the Group party to such document: 

 

	 	(a)	A confirmatory Bermudian law debenture (incorporating a fixed charge over its shares in Cumberland Holdings Ltd. and a floating charge only) granted by the Parent in
favour of the Security Agent; 

  

	 	(b)	A confirmatory Bermudian law debenture (incorporating a fixed charge over its shares in Courtenay Holdings Ltd. and a floating charge only) granted by Kenmare Holdings
Ltd. in favour of the Security Agent; 

  

	 	(c)	An English law debenture (incorporating a floating charge only) granted by Enstar (EU) Finance Limited in favour of the Security Agent; 

 

	 	(d)	A confirmatory English law debenture (incorporating a fixed charge over its shares in Fieldmill Insurance Company Limited, Hillcot Re Limited, Longmynd Insurance
Company Limited and Mercantile Indemnity Company Limited) granted by Kenmare Holdings Ltd. in favour of the Security Agent; 

  

	 	(e)	A confirmatory English law debenture (incorporating a fixed charge over its shares in Brampton Insurance Company Limited and a floating charge only) granted by Hillcot
Holdings Ltd. in favour of the Security Agent; 

  

	 	(f)	A confirmatory English law debenture (incorporating a fixed charge over its shares in Unione Italiana (U.K.) Reinsurance Company Limited and a floating charge only)
granted by Virginia Holdings Ltd. in favour of the Security Agent; 

  

	 	(g)	A confirmatory English law debenture (incorporating a fixed charge over its shares in River Thames Insurance Company Limited and a floating charge only) granted by
Revir Limited in favour of the Security Agent; 

  

	 	(h)	A confirmatory English law debenture (incorporating a fixed charge over its shares in Cavell Insurance Company Limited and a floating charge only) granted by Cavell
Holdings Limited in favour of the Security Agent; 

  
 10 

	 	(i)	A confirmatory English law debenture (incorporating a fixed charge over its shares in Marlon Insurance Company Limited and a floating charge only) granted by Flatts
Limited in favour of the Security Agent; 

  

	 	(j)	A confirmatory English law debenture (incorporating a fixed charge over its shares in Knapton Insurance Limited and a floating charge only) granted by Knapton Holdings
Limited in favour of the Security Agent; and 

  

	 	(k)	A confirmatory English law fixed charge over each CRA Account. 

  

	2.3	The Fee Letter executed by the Parent. 

  

	3.	LEGAL OPINIONS 

 The
following legal opinions, each addressed to the Agent, the Security Agent and the Lenders in form and substance satisfactory to the Agent: 
  

	 	(a)	A legal opinion of Ashurst LLP, legal advisers to the Agent and the Security Agent as to English law; 

 

	 	(b)	A legal opinion of Drinker Biddle & Reath LLP, legal advisers to the Parent as to the laws of the State of Delaware, United States; 

 

	 	(c)	A legal opinion of Wakefield Quin Limited, legal advisers to the Agent and the Security Agent as to Bermudian law; and 

 

	 	(d)	A legal opinion of Stibbe Avocats, legal advisers to the Parent as to Luxembourg law. 

 

	4.	OTHER DOCUMENTS AND EVIDENCE 

  

	4.1	If any Obligor is incorporated in a jurisdiction other than England and Wales, evidence that Enstar (EU) Limited has accepted its appointment as process agent referred
to in clause 42.2 (Service of process) of the Facility Agreement and confirmed it agrees and consents to the provisions of clause 41 (Governing law) and of clause 42 (Enforcement) of the Facility Agreement. 

 

	4.2	The group structure chart. 

  

	4.3	A copy, certified by an authorised signatory of each Obligor to be a true copy, of the audited consolidated financial statements for 31 December 2012 for that
Obligor. 

  

	4.4	Evidence of the Consolidated Tangible Net Worth of each Material Company as at the date of the most recent Quarterly Financial Statements. 

 

	4.5	A copy of all notices required to be sent under the Transaction Security Documents. 

 

	4.6	To the extent not previously delivered to the Agent, originals of all share certificates transfers and stock transfer forms or equivalent, duly executed by the relevant
Obligor and other documents of title to be provided under the Transaction Security Documents. In relation to the shares of Obligors incorporated in England, all stock transfer forms are to be executed by two directors or a director and the secretary
of the company that owns the relevant shares but with the sections relating to the consideration and the transferee left blank. 

  

	4.7	A copy of the Budget. 

  

	4.8	Evidence that all fees, costs and expenses have been paid or will be paid by the Effective Date. 

  
 11 

	5.	DOCUMENTS TO BE ENTERED INTO PRIOR TO HARPER INSURANCE LIMITED BECOMING A MATERIAL COMPANY 

 

	5.1	Each of the following unexecuted documents in form and substance satisfactory to the Agent: 

 

	 	(a)	a certificate of an authorised signatory of HARPER HOLDING, Sà r.l. certifying that each copy document listed in this schedule 3 is correct, complete and in full
force and effect and has not been amended or superseded as at a date no earlier than the date that the Harper Share Pledge is executed by the parties thereto; 

 

	 	(b)	a Swiss law share pledge to be granted by HARPER HOLDING, Sà r.l. over the shares in Harper Insurance Limited (the “Harper Share Pledge”);

  

	 	(c)	the following legal opinions, each addressed to the Agent, the Security Agent and the Lenders: 

 

	 	(i)	a legal opinion of Stibbe Avocats, legal advisers to the Parent as to Luxembourg law; and 

 

	 	(ii)	a legal opinion of Homburger AG, legal advisers to the Agent and the Security Agent as to Swiss law; and 

 

	 	(d)	all notices required to be sent under the Harper Share Pledge. 

  
 12 

 SCHEDULE 4 
 Restated Facility Agreement 

  
 13 

 Signatories to the Restatement Agreement 

 

			
	Parent
	
	ENSTAR GROUP LIMITED
	
	 /s/ Paul O’Shea

		
	By:	 	PAUL O’SHEA
	
	Borrowers
	
	ENSTAR GROUP LIMITED
	
	 /s/ Paul O’Shea

		
	By:	 	PAUL O’SHEA
	
	ENSTAR (EU) FINANCE LIMITED
	
	 /s/ Theo Wilkes

		
	By:	 	THEO WILKES
	
	New Borrower
	
	ENSTAR HOLDINGS (US), INC.
	
	 /s/ Tom Nichols

		
	By:	 	TOM NICHOLS
	
	Guarantors
	
	ENSTAR GROUP LIMITED
	
	 /s/ Paul O’Shea

		
	By:	 	PAUL O’SHEA
	
	ENSTAR (EU) FINANCE LIMITED
	
	 /s/ Theo Wilkes

		
	By:	 	THEO WILKES

 Signatories to the Restatement Agreement 

 

			
	HILLCOT HOLDINGS LTD.
	
	 /s/ Adrian Kimberley

		
	By:	 	ADRIAN KIMBERLEY
	
	VIRGINIA HOLDINGS LTD.
	
	 /s/ Adrian Kimberley

		
	By:	 	ADRIAN KIMBERLEY
	
	REVIR LTD.
	
	 /s/ Adrian Kimberley

		
	By:	 	ADRIAN KIMBERLEY
	
	CAVELL HOLDINGS LIMITED
	
	 /s/ Paul Thomas

		
	By:	 	PAUL THOMAS
	
	KENMARE HOLDINGS LTD.
	
	 /s/ Adrian Kimberley

		
	By:	 	ADRIAN KIMBERLEY
	
	FLATTS LIMITED
	
	 /s/ Alan Turner

		
	By:	 	ALAN TURNER
	
	KNAPTON HOLDINGS LIMITED
	
	 /s/ Paul Thomas

		
	By:	 	PAUL THOMAS
	
	New Guarantors
	
	ENSTAR HOLDINGS (US), INC.
	
	 /s/ Tom Nichols

		
	By:	 	TOM NICHOLS

 Signatories to the Restatement Agreement 

 

			
	Arrangers
	
	NATIONAL AUSTRALIA BANK LIMITED
	
	 /s/ Ray Catt

		
	By:	 	RAY CATT
	
	BARCLAYS BANK PLC
	
	 /s/ Chris Brown

		
	By:	 	CHRIS BROWN
	
	Lenders
	
	NATIONAL AUSTRALIA BANK LIMITED
	
	 /s/ Ray Catt

		
	By:	 	RAY CATT
	
	BARCLAYS BANK PLC
	
	 /s/ Chris Brown

		
	By:	 	CHRIS BROWN
	
	ROYAL BANK OF CANADA
	
	 /s/ T P Holland

		
	By:	 	T P HOLLAND
	
	Agent
	
	NATIONAL AUSTRALIA BANK LIMITED
	
	 /s/ Ray Catt

		
	By:	 	RAY CATT
	
	Security Agent
	
	NATIONAL AUSTRALIA BANK LIMITED
	
	 /s/ Ray Catt

		
	By:	 	RAY CATT

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