Document:

Investor Rights Agreement

 Exhibit 10.3 
 EXECUTION VERSION 
 INVESTOR RIGHTS AGREEMENT 

This Investor Rights Agreement, dated as of June 15, 2012 (this “Agreement”), is made and entered into by and among
Chesapeake Midstream Ventures, L.L.C., a Delaware limited liability company (“CMV”), Chesapeake Midstream Holdings, L.L.C., a Delaware limited liability company (“Midstream Holdings”), GIP-A Holding (CHK), L.P., a
Delaware limited partnership (“GIP I A”), GIP-B Holding (CHK), L.P., a Delaware limited partnership (“GIP I B”), GIP-C Holding (CHK), L.P., a Delaware limited partnership (“GIP I C” and, together
with GIP I A and GIP I B, the “GIP I Parties”), GIP II Eagle 1 Holding, L.P., a Delaware limited partnership (“GIP II E1”), GIP II Eagle 2 Holding, L.P., a Delaware limited partnership (“GIP II
E2”), GIP II Eagle 3 Holding, L.P., a Delaware limited partnership (“GIP II E3” and, together with GIP II E1 and GIP II E2, the “GIP II Parties”), and GIP II Eagle 4 Holding, L.P., a Delaware limited
partnership (“GIP II E4” and, together with the GIP I Parties and the GIP II Parties, the “GIP Parties”). The above named entities are sometimes referred to in this Agreement each as a “Party” and
collectively as the “Parties”. 
 RECITALS 

WHEREAS, Midstream Holdings and the GIP II Parties have entered into that certain Purchase Agreement, dated as of June 7, 2012 (the
“First Purchase Agreement”), pursuant to which the GIP II Parties are acquiring from Midstream Holdings on the date hereof certain limited partnership interests in Chesapeake Midstream Partners, L.P., a Delaware limited partnership
(“CHKM”) and 500 Units representing a 50% membership interest in CMV; 
 WHEREAS, the GIP I Parties hold 500
Units representing the 50% membership interest in CMV that is not being acquired by the GIP II Parties, and immediately following the consummation of the transactions contemplated by the First Purchase Agreement the GIP Parties will own 100% of the
outstanding equity interests in CMV and be the only “Members” of CMV under the Amended and Restated Limited Liability Company Agreement of CMV, dated as of August 3, 2010 (the “2010 CMV LLC Agreement”); 

WHEREAS, Midstream Holdings and GIP II E4 have entered into that certain Purchase Agreement, dated as of June 7, 2012 (the
“Second Purchase Agreement” and, together with the First Purchase Agreement, the “Purchase Agreements”), pursuant to which GIP II E4 has agreed, subject to the terms and conditions of the Second Purchase Agreement,
to acquire certain limited partnership interests in CHKM from Midstream Holdings; 
 WHEREAS, CMV is the sole member of
Chesapeake Midstream GP, L.L.C., a Delaware limited liability company (the “General Partner”); 
 WHEREAS, the
GIP I Parties, Midstream Holdings and CHKM are party to that certain Registration Rights Agreement, dated as of August 3, 2010 (the “Registration Rights Agreement”); 

WHEREAS, the Parties are familiar with the Purchase Agreements and acknowledge that they will benefit if the transactions provided for in
the Purchase Agreements are consummated; 

 WHEREAS, in connection with the closing of the transactions contemplated by the First
Purchase Agreement, the Parties wish to enter into this Agreement; 
 WHEREAS, the execution and performance of this Agreement
is a material inducement to the willingness of the GIP II Parties, GIP II E4 and Midstream Holdings to consummate the respective transactions contemplated by the Purchase Agreements; and 

WHEREAS, except as provided below or where the context otherwise requires, capitalized terms used but not defined herein shall have the
respective meanings ascribed to them in the First Purchase Agreement. 
 NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 AGREEMENT 

1. Amendment of 2010 CMV LLC Agreement. 
 1.1 Notwithstanding anything in Sections 5.8, 13.5 or 13.6 of the 2010 CMV LLC Agreement to the contrary, Midstream Holdings, on behalf of itself and its Affiliates and Representatives and each of their
respective successors and assigns, hereby (a) expressly accepts, acknowledges, consents and agrees to any amendment, restatement or termination of Sections 5.8, 13.5 and 13.6 of the 2010 CMV LLC Agreement that may be agreed to by the GIP
Parties (or any subsequent equity-holders of CMV); (b) acknowledges and agrees that, except to the extent expressly set forth in Section 1.3 of this Agreement, Midstream Holdings shall no longer have any rights under or pursuant to the
2010 CMV LLC Agreement, including without limitation Sections 5.8, 13.5 and 13.6 thereof; and (c) releases, acquits, waives and forever discharges CMV and the GIP Parties (together with their respective Affiliates and Representatives and each
of their respective successors and assigns and any other current or future members or equity-holders of CMV and their respective Affiliates and Representatives) from and against any and all Claims, demands, Liabilities, rights of contribution,
obligations, covenants, promises, Losses and judgments, as well as any other kind or character of Claim or action, arising out of the 2010 CMV LLC Agreement. 
 1.2 Notwithstanding anything in Sections 5.8, 13.5 or 13.6 of the 2010 CMV LLC Agreement to the contrary, each of the GIP Parties and CMV, in each case on behalf of itself and its Affiliates and
Representatives and each of their respective successors and assigns, hereby releases, acquits, waives and forever discharges Midstream Holdings (together with its Affiliates and Representatives and each of their respective successors and assigns and
any other current or future members or equity-holders of Midstream Holdings and their respective Affiliates and Representatives) from and against any and all Claims, demands, Liabilities, rights of contribution, obligations, covenants, promises,
Losses and judgments, as well as any other kind or character of Claim or action, arising out of the 2010 CMV LLC Agreement. 

  
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 1.3 Notwithstanding anything in this Section 1 to the contrary, CMV hereby agrees to
provide to Midstream Holdings and its Affiliates and Representatives, including the CHK Director, and each of their respective successors and assigns all of the rights and benefits currently provided to such Persons under or pursuant to Article VIII
of the 2010 CMV LLC Agreement and Article VIII of the Amended and Restated Limited Liability Company Agreement of the General Partner dated as of August 3, 2010 (the “GP Company Agreement”) and such provisions are hereby expressly
incorporated herein and made a part hereof, and Midstream Holdings agrees to comply with Article VIII of the 2010 CMV LLC Agreement and Article VIII of the GP Company Agreement, in each case as in effect immediately prior to the date hereof as if
Midstream Holdings remained a “Member” of CMV (it being understood and agreed, for the avoidance of doubt, that Midstream Holdings is no longer a “Member” of CMV and without limiting the foregoing, there shall be no restriction
hereunder on any amendment, restatement or termination of such Article VIII or any other provision of the 2010 CMV LLC Agreement or, to the extent otherwise permitted by this Agreement, of Article VIII of the GP Company Agreement or any other
provision of the GP Company Agreement and it being further understood that any such amendments shall not affect the Parties’ rights and benefits hereunder). 
 2. General Partner Board Designation. 
 2.1 Until the occurrence of a GP
Board Designation Right Termination, CMV shall designate, nominate, appoint and elect one director (the “CHK Director”) designated in writing to CMV by Midstream Holdings, to the board of directors of the General Partner (the
“Board”), who shall be a Class C Director as defined in the GP Company Agreement as in effect immediately prior to the date hereof. Until the occurrence of a GP Board Designation Right Termination, CMV shall remove the CHK Director only at
the direction of Midstream Holdings and shall fill any vacancy on the Board caused by the removal, resignation or failure to renominate the CHK Director with a Person designated by Midstream Holdings. As used herein, the term “GP Board
Designation Right Termination” means the earliest to occur of the following: (i) the closing of the transactions contemplated by the Second Purchase Agreement; (ii) the failure of CHK and its Affiliates, in the aggregate, to beneficially
own and control an amount of Common Units and/or Subordinated Units that represent at least five percent (5%) or more of the aggregate issued and then outstanding Common Units and Subordinated Units; (iii) the date that is three years from
the date hereof; and (iv) the date that the Second Purchase Agreement is terminated pursuant to Section 10.01(d) thereof. 
 2.2 Until the occurrence of a GP Board Designation Right Termination, CMV shall not, and shall cause the General Partner not to, without the consent of Midstream Holdings, amend or replace the GP Company
Agreement, or adopt a new limited liability company agreement, including by merger, consolidation, conversion or otherwise, to the extent that any such amendment, replacement or adoption materially and adversely affects (a) the rights of the
CHK Director provided in this Agreement, (b) the provisions of the GP Company Agreement insofar as they affect the rights and powers of the Class C Director (including by removal or replacement of the CHK Director other than in accordance with
this Agreement), or (c) reduce the CHK Director’s access to the other directors, officers, employees or other sources of information concerning CHKM to the extent generally provided to other Directors (as defined in the GP Company
Agreement), subject to appropriate confidentiality and conflict of interest considerations; provided that the following changes shall not be considered to have such a material or adverse effect for purposes of this
Section 2.2: (i) any increase in the size of the Board or any committee thereof, or the filling of the positions created by such increase; or (ii) any amendment, replacement or adoption resulting from the sale, transfer or
disposition of the 

  
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General Partner or CMV, or the merger or consolidation of the General Partner or sale by the General Partner of substantially all its assets, in each case to or with a Third Party, or any public
offering of the General Partner or CMV. CMV shall not take any act to remove the General Partner as the general partner of the Partnership other than in connection with a transfer of the General Partner Interest (as defined in the Partnership
Agreement) permitted by the Partnership Agreement. 
 3. Standstill. In the event the Second Purchase Agreement is
terminated by Midstream Holdings in accordance with its terms prior to the closing of the transactions contemplated thereby pursuant to (x) Section 10.01(e) thereof or (y) Section 10.01(d) thereof, each of the GIP Parties hereby
agrees that, from and after the date of such termination through and including the 180th day following such termination, it shall not, and shall cause its Affiliates (other than CHKM) not to, without the prior written consent of Midstream Holdings,
(i) request the inclusion of Registrable Securities in any Registration Statement filed in response to a Demand Notice initiated by CHK or its Affiliates, (ii) deliver a Demand Notice to the Partnership, or (iii) otherwise cause the
Partnership to file a Registration Statement registering the resale of Common Units owned by the GIP Parties or their Affiliates. Unless the context otherwise requires, capitalized terms used in this Section 3 and not otherwise defined in this
Agreement shall have meanings ascribed to such terms in the Registration Rights Agreement. 
 4. Miscellaneous.

 4.1 Consent to Jurisdiction and Service of Process; Appointment of Agent for Service of Process. EACH PARTY TO THIS
AGREEMENT HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY UNITED STATES DISTRICT COURT LOCATED IN WILMINGTON, DELAWARE OR DELAWARE CHANCERY COURT LOCATED IN WILMINGTON, DELAWARE AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER SUCH ACTIONS OR PROCEEDINGS ARE BASED IN STATUTE, TORT, CONTRACT OR OTHERWISE), SHALL BE LITIGATED IN SUCH COURTS. EACH PARTY (A) CONSENTS TO SUBMIT ITSELF TO THE
PERSONAL JURISDICTION OF SUCH COURTS FOR SUCH ACTIONS OR PROCEEDINGS, (B) AGREES THAT IT WILL NOT ATTEMPT TO DENY OR DEFEAT SUCH PERSONAL JURISDICTION BY MOTION OR OTHER REQUEST FOR LEAVE FROM ANY SUCH COURT, AND (C) AGREES THAT IT WILL
NOT BRING ANY SUCH ACTION OR PROCEEDING IN ANY COURT OTHER THAN SUCH COURTS. EACH PARTY ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE AND IRREVOCABLE JURISDICTION AND VENUE OF THE AFORESAID
COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY NON-APPEALABLE JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH ACTIONS OR PROCEEDINGS. A COPY OF ANY SERVICE OF PROCESS SERVED UPON THE PARTIES SHALL
BE MAILED BY REGISTERED MAIL TO THE RESPECTIVE PARTY EXCEPT THAT, UNLESS OTHERWISE PROVIDED BY APPLICABLE LAW, ANY FAILURE TO MAIL SUCH COPY SHALL NOT AFFECT THE VALIDITY OF SERVICE OF PROCESS. IF ANY AGENT APPOINTED BY A PARTY REFUSES TO ACCEPT
SERVICE, EACH PARTY AGREES THAT SERVICE UPON THE 
 APPROPRIATE PARTY BY REGISTERED MAIL SHALL CONSTITUTE SUFFICIENT SERVICE. NOTHING HEREIN
SHALL AFFECT THE RIGHT OF A PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

  
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 4.2 Waiver of Jury Trial. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EACH OF
THE PARTIES TO THIS AGREEMENT HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE
RELATIONSHIP THAT IS BEING ESTABLISHED. EACH PARTY ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF ANY OF THE OTHER PARTIES. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF
ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE
DEALINGS. EACH PARTY FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE TRANSACTIONS
CONTEMPLATED HEREBY. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

4.3 Amendments and Modifications. This Agreement may be amended, modified or supplemented only by written agreement of the
Parties hereto. 
 4.4 Waiver of Compliance; Consents. Except as otherwise provided in this Agreement, any
failure of any of the Parties to comply with any obligation, covenant, agreement or condition herein may be waived by the Party entitled to the benefits thereof only by a written instrument signed by the Party granting such waiver, but such waiver
or failure to insist upon strict compliance with such obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 

4.5 Notices. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally
or by facsimile transmission, or mailed by a nationally recognized overnight courier or registered or certified mail (return receipt requested), postage prepaid, to the Parties at the following addresses (or at such other address for a Party as
shall be specified by like notice, provided, that notices of a change of address shall be effective only upon receipt thereof): 

  
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	 	(a)	If to CMV or any of the GIP Parties: 

 c/o 
 Global Infrastructure Management, LLC 

12 East 49th Street 
 New York, New York 10017 
 Attention: William Brilliant 

Facsimile: (646) 282-1580 
 Global Infrastructure Management UK Limited 
 The Peak 

5 Wilton Road 

London 
 United
Kingdom 
 Attn: Joseph Blum 
 Fax: +44 207 798 0530 
 with a copy to: 

Latham & Watkins LLP 
 885 3rd Avenue 
 New York, NY 10022 

Attention: Edward Sonnenschein 
          Eli Hunt 
 Facsimile: (212)
751-4864 
  

	 	(b)	If to Midstream Holdings: 

Chesapeake Midstream Holdings, L.L.C. 
 c/o Chesapeake Energy Corporation 
 6100 North Western Avenue 

Oklahoma City, Oklahoma 73118 
 Attention: Domenic J. Dell’Osso, Jr. 
 Telephone: (405) 935-6125 

Facsimile: (405) 849-6125 

  
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 with a copy to: 
 Bracewell & Giuliani LLP 
 711 Louisiana Street, Suite 2300 

Houston, Texas 77002 
 Attention: Michael S. Telle 
 Telephone:    (713) 221-1327

 Facsimile:     (713) 221-2113 

Email:            michael.telle@bgllp.com 

with a copy to: 
 Commercial Law Group, P.C. 
 5520 North Francis Avenue 

Oklahoma City, Oklahoma 73118 
 Attention:      C. Ray Lees 

Telephone:    (405) 254-5725 

Facsimile:     (405) 232-5553 

Email:           rlees@clgroup.org 

4.6 Assignment. This Agreement shall be binding upon and inure solely to the benefit of the Parties and their successors and
permitted assigns; provided, that this Agreement shall inure to the benefit of the Persons released in Section 1 hereof, who shall be third party beneficiaries hereunder. Midstream Holdings may not assign this Agreement or any rights or
obligations hereunder without the prior written consent of the GIP Parties. The GIP Parties may not assign this Agreement or any rights or obligations hereunder without the prior written consent of CHK (except that the GIP Parties may freely assign
this Agreement or any rights or obligations hereunder without any such consent (x) to any Permitted Assignee and (y) to any Person that acquires any Subject Interests other than pursuant to a registration statement under the Securities Act
or a sale to the general public in reliance on an exemption therefrom; provided, that no such assignment shall relieve the GIP Parties of their obligations hereunder without the prior written consent of CHK. 

4.7 Entire Agreement. This Agreement, together with each of the other Transaction Documents, constitute the entire understanding
and agreement between the Parties with respect to the subject matter hereof and supersede any and all prior or contemporaneous discussions, agreements and understandings, whether written or oral, including for the avoidance of doubt that certain
non-binding term sheet dated May 29, 2012 (and any iterations thereof) and the Confidentiality Agreement. Without limiting the foregoing, each of the Parties acknowledges and agrees that (i) this Agreement, together with each of the other
Transaction Documents, were at the time of execution, and continue to be, executed and 

  
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delivered in connection with each of the other Transaction Documents and the transactions contemplated hereby and thereby, (ii) the performance of this Agreement and each of the other
Transaction Documents and expected benefits herefrom and therefrom are a material inducement to the willingness of the Parties to enter into and perform this Agreement and the other Transaction Documents and the transactions described herein and
therein, (iii) the Parties would not have been willing to enter into this Agreement and the other Transaction Documents in the absence of the entrance into, performance of, and the economic interdependence of, the Transaction Documents,
(iv) the execution and delivery of this Agreement and the Transaction Documents and the rights and obligations of the Parties hereto and thereto are interrelated and part of an integrated transaction being effected pursuant to the terms of this
Agreement and the Transaction Documents, (v) irrespective of the form such documents have taken, or otherwise, the transactions contemplated by this Agreement and the Transaction Documents are necessary elements of one and the same overall and
integrated transaction, (vi) the transactions contemplated by this Agreement and by the Transaction Documents are economically interdependent and (vii) such Party will cause any of its successors or permitted assigns to expressly
acknowledge and agree to this Section 4.7 prior to any assignment or transfer of this Agreement, by operation of law or otherwise. 
 4.8 Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware without regard to principles of conflicts of laws. 

4.9 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under applicable Law, but if any provision or portion of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law in any jurisdiction by any applicable Governmental Authority, (i) such
invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or affect the validity, legality or enforceability of any provision in any other
jurisdiction, (ii) such provision shall be invalid, illegal or unenforceable only to the extent strictly required by such Governmental Authority, (iii) to the extent any such provision is deemed to be invalid, illegal or unenforceable,
each of the Parties agrees that it shall use its best efforts to cause such Governmental Authority to modify such provision so that such provision shall be valid, legal and enforceable as originally intended to the greatest extent possible and
(iv) to the extent that the Governmental Authority does not modify such provision, each of the Parties agrees that it shall endeavor in good faith to exercise or modify such provision so that such provision shall be valid, legal and enforceable
as originally intended to the greatest extent possible. 
 4.10 Facsimiles; Electronic Transmission; Counterparts. This
Agreement may be executed by facsimile or other electronic transmission (including scanned documents delivered by email) signatures by any Party and such signature shall be deemed binding for all purposes hereof, without delivery of an original
signature being thereafter required. This Agreement may be executed in one or more counterparts, each of which, when executed, shall be deemed to be an original and all of which together shall constitute one and the same document. 

  
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 4.11 Further Assurances. In connection with this Agreement and the transactions
contemplated hereby, each Party hereto shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and such
transactions. 
 4.12 No Strict Construction. The Parties acknowledge and agree that this Agreement has been jointly
prepared by the Parties, and no ambiguity herein shall be construed against any Party as the principal draftsperson hereof and no consideration may be given to any fact or presumption that any Party had a greater or lesser hand in drafting this
Agreement. As used hereunder, the word “including” and its derivatives mean “including without limitation” and is a term of illustration and not of limitation and the word “or” is not exclusive and has the inclusive
meaning represented by the phrase “and/or”. 
 [THIS SPACE LEFT BLANK INTENTIONALLY] 

  
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 IN WITNESS WHEREOF, the parties have delivered and executed this Agreement as of the
date first above written. 
  

			
	CHESAPEAKE MIDSTREAM VENTURES, L.L.C.
		
	By:	 	/s/ J. MIKE STICE
	Name:	 	J. Mike Stice
	Title:	 	Chief Executive Officer
	
	CHESAPEAKE MIDSTREAM HOLDINGS, L.L.C.
		
	By:	 	/s/ JENNIFER M. GRIGSBY
	Name:	 	Jennifer M. Grigsby
	Title:	 	Senior Vice President, Treasurer and Corporate Secretary

 Signature Page to the Investor Rights Agreement 

 
			
	GIP-A HOLDING (CHK), L.P.
		
	BY:	 	GIP-A HOLDING (CHK) GP, LLC,
	 	 	its general partner
		
		 	By: /s/ ADEBAYO OGUNLESI
		 	Name: Adebayo Ogunlesi
		 	Title: President
	
	GIP-B HOLDING (CHK), L.P.
		
	BY:	 	 GIP-B HOLDING (CHK) GP, LLC,
 its general partner

		
		 	By: /s/ ADEBAYO OGUNLESI
		 	Name: Adebayo Ogunlesi
		 	Title: President
	
	GIP-C HOLDING (CHK), L.P.
		
	BY:	 	GIP-C HOLDING (CHK) GP, LLC, its general partner
		
		 	By: /s/ ADEBAYO OGUNLESI
		 	Name: Adebayo Ogunlesi
		 	Title: President

 Signature Page to the Investor Rights Agreement 

 
			
	GIP II EAGLE 1 HOLDING, L.P.
		
	BY:	 	 GIP II EAGLE 1 HOLDING GP, LLC,
 its general partner

		
		 	By: /s/ MATTHEW HARRIS
		 	Name: Matthew Harris
		 	Title: Manager
	
	GIP II EAGLE 2 HOLDING, L.P.
		
	BY:	 	 GIP II EAGLE 2 HOLDING GP, LLC,
 its general partner

		
		 	By: /s/ MATTHEW HARRIS
		 	Name: Matthew Harris
		 	Title: Manager
	
	GIP II EAGLE 3 HOLDING, L.P.
		
	By:	 	 GIP II EAGLE 3 HOLDING GP, LLC,
 its general partner

		
		 	By: /s/ MATTHEW HARRIS
		 	Name: Matthew Harris
		 	Title: Manager
	
	GIP II EAGLE 4 HOLDING, L.P.
		
	By:	 	 GIP II EAGLE 4 HOLDING GP, LLC,
 its general partner

		
		 	By: /s/ MATTHEW HARRIS
		 	Name: Matthew Harris
		 	Title: Manager

 Signature Page to the Investor Rights AgreementManagement Rights Agreement

 Exhibit 10.4 
 EXECUTION VERSION 
 MANAGEMENT RIGHTS AGREEMENT 

THIS MANAGEMENT RIGHTS AGREEMENT (this “Agreement”) is effective as of June 15, 2012, by and among GIP II-B
Eagle AIV 1, L.P., a Delaware limited partnership (the “Fund’), GIP II Eagle 1 Holding, L.P., a Delaware limited partnership (“GIP II-Eagle 1”), GIP II Eagle 2 Holding, L.P., a Delaware limited
partnership (“GIP II-Eagle 2” or the “GIP II Representative”), GIP II Eagle 3 Holding, L.P., a Delaware limited partnership (“GIP II-Eagle 3” and, collectively with GIP II-Eagle
1 and GIP II-Eagle 2, the “GIP II Entities”), Chesapeake Midstream Ventures, L.L.C., a Delaware limited liability company (“CMV”), Chesapeake Midstream GP, L.L.C., a Delaware limited liability company
(the “General Partner”), Chesapeake Midstream Partners, L.P., a Delaware limited partnership (the “MLP”), and Chesapeake MLP Operating, L.L.C., formerly known as Chesapeake Midstream Partners, L.L.C.,
a Delaware limited liability company (the “Company”). Each of the foregoing is referred to herein as a “Party” and collectively as the “Parties”. 

RECITALS 
 WHEREAS, pursuant to that certain Purchase Agreement (as amended from time to time, the “Company Purchase Agreement”), dated as of June 7, 2012, by and among Chesapeake
Midstream Holdings, L.L.C. (“CMH”) and the GIP II Entities, pursuant to which the GIP II Entities, on the date hereof, are acquiring (i) 28,099,946 Subordinated Units (as defined in the Company Purchase Agreement)
of the MLP, and (ii) 500 CMV Units (as defined in the Company Purchase Agreement) of CMV; 
 WHEREAS, CMV is the
sole owner and member of the General Partner; 
 WHEREAS, the General Partner conducts and manages the MLP’s
business and operations; 
 WHEREAS, the Fund is an indirect owner of equity interests of the GIP II Representative;

 WHEREAS, each of CMV, the General Partner, the MLP and the Company wishes to provide the Fund with certain rights with
regard to the respective equity interests of such entities directly or indirectly held by the Fund, and to set forth their understanding with regard to the operations, control and management of CMV, the General Partner, the MLP and the Company,
respectively; 
 WHEREAS, the Fund has requested to be granted, and each of CMV and the General Partner has agreed to
grant to the Fund, certain rights regarding the designation of members of the board of managers of CMV (the “CMV Board”) and the board of managers of the General Partner; and 

WHEREAS, the Fund has requested to be granted, and each of CMV, the General Partner, the MLP and the Company has agreed to grant
to the Fund, the right to review the books and records of each of CMV, the General Partner, the MLP, the Company and the Company’s subsidiaries and the right to consult with management of each of CMV, the General Partner, the MLP, the Company
and the Company’s subsidiaries regarding the operations of CMV, the General Partner, the MLP, the Company and the Company’s subsidiaries. 

 AGREEMENT 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the sufficiency of which is hereby
acknowledged, the Parties hereby agree as follows: 
 1. Certain Definitions. As used in this Agreement, the following
terms shall have the following respective meanings: 
 “Beneficial Ownership” means the power, directly
or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to (i) vote, or to direct the voting of, a security; and (ii) dispose, or to direct the disposition of, such security. “Beneficially
Owns” shall mean having Beneficial Ownership. 
 “Books and Records” means the books and
records of the applicable entity, including without limitation, financial data (including projections) and operating data covering each of such entities, their businesses, operations and financial performance. 

“CMV LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of CMV, as amended from
time to time. 
 “CMV Manager” means a “Manager” within the meaning of the CMV LLC Agreement.

 “Company Agreement” means the Amended and Restated Limited Liability Company Agreement of the
Company, as amended from time to time. 
 “General Partner Director” means a “Director” within
the meaning of the GP Agreement. 
 “GP Agreement” means the Amended and Restated Limited Liability
Company Agreement of the General Partner, as amended from time to time. 
 “MLP Agreement” means the
First Amended and Restated Limited Partnership Agreement of the MLP, as amended from time to time. 
 “Permitted
Transferee” means, with respect to any equity interests held, directly or indirectly, by the Fund or any Subsidiary of the Fund, a transferee of such equity interests that is a permitted transferee of such equity interests under the
terms of the CMV LLC Agreement, the GP Agreement or the MLP Agreement, as and to the extent applicable. 

“Subsidiary” has the meaning set forth in the GP Agreement. 

 

	 	2.	Board Rights. 

  

	 	(a)	CMV Board Right. 

  
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 (i) The Parties hereby acknowledge, agree and reaffirm that the GIP II Entities have
certain rights to designate CMV Manager(s) (any CMV Manager designated by the GIP II Entities, a “GIP II CMV Manager”) and alternates to such CMV Manager(s) (a “CMV Alternate“) in the event that such
CMV Manager is unable to attend or is otherwise not present at any meeting of the CMV Board, in each case to the extent provided in the CMV LLC Agreement. 
 (ii) The Parties hereby agree that, to the extent that the GIP II Entities have the right to designate any CMV Manager(s) or CMV Alternate(s) pursuant to the CMV LLC Agreement, the Fund shall have the
right to designate each GIP II CMV Manager and each CMV Alternate with respect thereto. 
  

	 	(b)	General Partner Board Right. 

 (i) The Parties hereby acknowledge, agree and reaffirm that the GIP II Entities have certain rights to designate General Partner Director(s) to the extent provided in the CMV LLC Agreement and/or the GP
Agreement (any General Partner Director designated by the GIP II Entities, a “GIP II GP Director”). 

(ii) The Parties hereby agree that, to the extent that the GIP II Entities have the right to designate any General Partner Director(s)
pursuant to the CMV LLC Agreement and/or the GP Agreement, the Fund shall have the right to designate each GIP II GP Director. 
  

	 	3.	Information, Inspection and Consultation Rights. 

 (a) Each of CMV, the General Partner, the MLP and the Company shall keep or cause to be kept at the principal office of such entity appropriate books and records with respect to their respective
businesses in accordance with the CMV Agreement, the GP Agreement, the MLP Agreement and the Company Agreement, as applicable. Except to the extent necessary to preserve attorney-client or similar privilege of CMV, the General Partner, the MLP or
the Company, as applicable, each of CMV, the General Partner, the MLP and the Company shall, and shall cause their Subsidiaries to, provide the Fund with reasonable access to all Books and Records of such entity and its Subsidiaries and allow the
Fund to make copies and abstracts thereof at the Fund’s expense. 
 (b) At the Fund’s request, (i) CMV shall
deliver or cause to be delivered to the Fund any and all reports set forth in Section 6.2 of the CMV LLC Agreement (or any successor provision), (ii) the General Partner shall deliver or cause to be delivered to the Fund any and all
reports set forth in Section 6.2 of the GP Agreement (or any successor provision), (iii) the MLP shall deliver or cause to be delivered to the Fund any and all reports set forth in Section 8.3 of the MLP Agreement (or any successor
provision) and (iv) the Company shall deliver or cause to be delivered to the Fund such similar financial statements or reports with respect to the Company as may reasonably be requested by the Fund. 

(c) Except to the extent necessary to preserve attorney-client or similar privilege of CMV, the General Partner, the MLP or the Company,
as applicable, each of CMV, the General Partner, the MLP and the Company hereby agrees that the Fund, and any accountants, attorneys, financial advisors and other representatives of the Fund, may from time to time at the Fund’s sole expense for
any reasonable purpose, visit and inspect the properties of such entity, examine (and make copies and extracts of) such entity’s books, records and documents of any kind, and discuss the affairs of such entity with its employees and independent
accountants, all at such reasonable times as the Fund may request upon reasonable notice. 

  
 3 

 (d) Each of CMV, the General Partner, the MLP and the Company hereby agrees that the Fund
shall have the right to consult from time to time with management of such entity and its subsidiaries at their respective places of business regarding the affairs, finances and accounts of such entity, at such reasonable times as may be reasonably
requested by the Fund. 
 (e) Nothing contained herein shall in any way limit or abridge any other rights that the GIP II
Entities or the Fund (or any affiliate thereof) may have with respect to the financial condition, operations, business or corporate affairs of any of CMV, the General Partner, the MLP or the Company pursuant to any other agreement, including,
without limitation, the CMV LLC Agreement, the GP Agreement, the MLP Agreement and the Company Agreement. 
 4. Acceptance
and Acknowledgment. Each of CMV, the General Partner, the MLP and the Company hereby acknowledges and agrees to the rights granted to the Fund hereunder. Each of CMV, the General Partner, the MLP and the Company further acknowledges and agrees
that the Fund shall have the right, in its sole discretion, to delegate to one or more individuals or other persons who are affiliates of the members of the GIP II Entities (the “GIP II Members”) the right and authority to
exercise the Fund’s management rights hereunder. 
  

	 	5.	Miscellaneous. 

 (a)
Each Party agrees to execute and deliver such documents and take such further actions as may be necessary or desirable to effect the purposes and objectives of this Agreement. 

(b) The rights granted under this Agreement are intended to satisfy the requirement of management rights for purposes of qualifying the
Fund’s direct and indirect ownership interests in each of CMV, the General Partner, the MLP and the Company as a “venture capital investment” for purposes of the regulations issued by the United States Department of Labor at
Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations (the “Plan Asset Regulation”), to the extent that such ownership interests may be considered ownership interests
in operating companies (other than venture capital operating companies), within the meaning of the Plan Asset Regulation. If the Fund and the GIP II Entities subsequently determine that such rights are not satisfactory for such purposes, the Parties
shall reasonably cooperate in good faith to agree upon mutually satisfactory management rights that are intended by the Fund and the GIP II Entities to satisfy the Plan Asset Regulation. 

(c) This Agreement shall automatically terminate with respect to CMV, the General Partner, the MLP or the Company, as applicable, at
such time as the Fund and its Subsidiaries cease to Beneficially Own any equity interests in such entity; provided, however, that in the event the Fund or any Subsidiary of the Fund transfers all or any portion of its equity interests in any
of CMV, the General Partner or the MLP to a Permitted Transferee that is intended to qualify as a “venture capital operating company” under the Plan Asset Regulation, the Fund’s rights and interest in this Agreement may be assigned to
such Permitted Transferee without need for the consent of any other Party hereto, and such Permitted Transferee shall be afforded the same rights with respect to CMV, the General Partner, the MLP and the Company, as applicable, afforded to the Fund
hereunder and shall be treated, for such purposes, as a third party beneficiary hereunder. 

  
 4 

 (d) All notices and other communications hereunder shall be in writing and shall be deemed
to have been duly given if sent by recognized overnight delivery service, return receipt requested, to the following Parties at the following addresses or to such other parties and at such other addresses as shall be specified by like notices:

 if to the Fund or any of the GIP II Members, at: 

Global Infrastructure Management, LLC 
 12 East 49th Street, 38th Floor 
 New York City, NY 10017 

Attn: William Brilliant 
 Fax: (646) 282-1580 
 with a copy to: 

Global Infrastructure Management UK Limited 
 The Peak 
 5 Wilton Road 

London 
 United
Kingdom 
 Attn: Joseph Blum 
 Fax: +44 207 798 0530 
 with a copy to: 

Latham & Watkins LLP 
 885 Third Avenue 
 New York, NY 10022 

Attn: Edward Sonnenschein 
      Andrea Schwartzman 
 Fax: (212) 751-4864

 if to CMV, the General Partnership, the MLP or the Company, at: 

Chesapeake Midstream GP, L.L.C. 
 777 NW Grand Boulevard 
 Oklahoma City, Oklahoma 73118 

Attn: J. Mike Stice 
 Fax: (405) 849-6134 
     and 

Attn: Nick Dell’Osso Fax: (405) 849-6125 
 with a copy to: 

  
 5 

 Global Infrastructure Management, LLC 

12 East 49th Street, 38th Floor 
 New York City, NY 10017 
 Attn: William Brilliant 

Fax: (646) 282-1580 
 with a copy to: 
 Global Infrastructure Management UK Limited 

The Peak 
 5
Wilton Road 
 London 
 United Kingdom 
 Attn: Joseph Blum 

Fax: +44 207 798 0530 
 with a copy to: 
 Latham & Watkins LLP 

885 Third Avenue 
 New York, NY 10022 
 Attn: Edward Sonnenschein 

     David Taub 
 Fax: (212) 751-4864 
 Notice so given shall be deemed to be given and received on the second
business day after sending by recognized overnight delivery service, return receipt requested. 
 (e) The Parties acknowledge
and agree that the breach of the provisions of this Agreement by any Party could not be adequately compensated with monetary damages, and the Parties agree, accordingly, that injunctive relief and specific performance shall be appropriate remedies
to enforce the provisions of this Agreement and waive any claim or defense that there is an adequate remedy at law for such breach; provided, however, that nothing herein shall limit the remedies herein, legal or equitable, otherwise
available and all remedies herein are in addition to any remedies available at law or otherwise. 
 (f) If any provision of
this Agreement shall be held to be illegal, invalid or unenforceable under any applicable law, then such contravention or invalidity shall not invalidate the entire Agreement. Such provision shall be deemed to be modified to the extent necessary to
render it legal, valid and enforceable, and if no such modification shall render it legal, valid and enforceable then this Agreement shall be construed as if not containing the provision held to be invalid, and the rights and obligations of the
Parties shall be construed and enforced accordingly. 
 (g) This Agreement shall inure to the benefit of, and be binding upon,
the Parties, and their respective successors and permitted assigns (including, without limitation, the GIP II Members). 

  
 6 

 (h) The Fund agrees to hold in confidence and not disclose to any third party (other than
its general partner, management company, legal counsel and accountants) any confidential information provided to or learned by the Fund in connection with the Fund’s rights under this Agreement; provided, however, that such information
may be disclosed to the GIP II Members so long as one or more of the GIP II Members Beneficially Owns any equity interest in any of CMV, the General Partner, the MLP or the Company. 

(i) The headings of the sections and paragraphs of this Agreement have been inserted for convenience of reference only and do not
constitute a part of this Agreement. 
 (j) This Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware without regard to principles of conflicts of laws. 
 (k) The Parties agree that the provisions of
Article XI of the Company Purchase Agreement are hereby incorporated into this Agreement as if set forth fully herein and shall apply to this Agreement mutatis mutandis as if set forth in full herein. 

(l) This Agreement may be executed in any number of counterparts and by the Parties hereto in separate counterparts, with the same
effect as if each Party had signed the same document. All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument. 

(m) When the context requires, the gender of all words used herein shall include the masculine, feminine and neuter, and the number of
all words shall include the singular and plural. 
 [Signature pages follow] 

  
 7 

 IN WITNESS WHEREOF, the Parties have caused this Management Rights Agreement to be executed
as of the date first above written. 
  

			
	CHESAPEAKE MIDSTREAM VENTURES, L.L.C.
		
	By:	 	/s/ J. MIKE STICE
	Name:	 	J. Mike Stice
	Title:	 	Chief Executive Officer
	
	CHESAPEAKE MIDSTREAM GP, L.L.C.
		
	By:	 	/s/ J. MIKE STICE
	Name:	 	J. Mike Stice
	Title:	 	Chief Executive Officer
	
	CHESAPEAKE MIDSTREAM PARTNERS, L.P.
		
	By:	 	/s/ J. MIKE STICE
	Name:	 	J. Mike Stice
	Title:	 	Chief Executive Officer
	
	CHESAPEAKE MLP OPERATING, L.L.C.
		
	By:	 	/s/ J. MIKE STICE
	Name:	 	J. Mike Stice
	Title:	 	Chief Executive Officer

 Signature Page to Management Rights Agreement 

 
			
	GIP II-B EAGLE AIV 1, L.P.
	
	By: Global Infrastructure GP II, L.P., its general partner
	
	By: Global Infrastructure Investors II, LLC, its general partner
		
	By:	 	/s/ MATTHEW HARRIS
	Name:	 	Matthew Harris
	Title:	 	Partner
	
	GIP II EAGLE 1 HOLDING, L.P.
	
	By: GIP II Eagle 1 Holding GP, LLC, its general partner
		
	By:	 	/s/ MATTHEW HARRIS
	Name:	 	Matthew Harris
	Title:	 	Manager
	
	GIP II EAGLE 2 HOLDING, L.P.
	
	By: GIP II Eagle 2 Holding GP, LLC, its general partner
		
	By:	 	/s/ MATTHEW HARRIS
	Name:	 	Matthew Harris
	Title:	 	Manager
	
	GIP II EAGLE 3 HOLDING, L.P.
	
	By: GIP II Eagle 3 Holding GP, LLC, its general partner
		
	By:	 	/s/ MATTHEW HARRIS
	Name:	 	Matthew Harris
	Title:	 	Manager

 Signature Page to Management Rights Agreement

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