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 Exhibit 4.3  

        EXECUTION VERSION 

 
 

  REGISTRATION RIGHTS AGREEMENT    
    

        This REGISTRATION RIGHTS AGREEMENT dated January 19, 2010 (the "Agreement") is entered into by and among Antero Resources
Finance Corporation, a Delaware corporation (the "Company"), an indirect wholly owned subsidiary of Antero Resources LLC (the "Parent"), the guarantors listed in Schedule 1 hereto
(together with the Parent, the "Guarantors"), and J.P. Morgan Securities Inc. ("JPMorgan"), as representative of the several initial purchasers listed in Schedule 1 of the Purchase
Agreement (collectively, the "Initial Purchasers"). 

        The
Company, the Guarantors and the Initial Purchasers are parties to the Purchase Agreement dated January 13, 2010 (the "Purchase Agreement"), which provides for the sale by the
Company to the Initial Purchasers of $150,000,000 aggregate principal amount of the Company's 9.375% Senior Notes due 2017 (the "Securities") which will be guaranteed on an unsecured senior basis by
each of the Guarantors. The Company previously issued on November 17, 2009, $375,000,000 aggregate principal amount of 9.375% senior notes due 2017 under the Indenture. The Securities and the
notes previously issued under the Indenture on November 17, 2009 will be deemed to be the same series of notes under the Indenture. As an inducement to the Initial Purchasers to enter into the
Purchase Agreement, the Company and the Guarantors have agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement. The
execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement. 

        In
consideration of the foregoing, the parties hereto agree as follows: 

        1.    Definitions.    As used in this Agreement, the following terms shall have the following meanings: 

        "Additional
Guarantor" shall mean any subsidiary of the Parent that executes a Subsidiary Guarantee under the Indenture after the date of this Agreement. 

        "Business
Day" shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed. 

        "Company"
shall have the meaning set forth in the preamble and shall also include the Company's successors. 

        "Exchange
Act" shall mean the Securities Exchange Act of 1934, as amended from time to time and the rules and regulations of the SEC promulgated thereunder. 

        "Exchange
Dates" shall have the meaning set forth in Section 2(a)(ii) hereof. 

        "Exchange
Offer" shall mean the exchange offer by the Company and the Guarantors of Exchange Securities for Registrable Securities pursuant to Section 2(a) hereof. 

        "Exchange
Offer Registration" shall mean a registration under the Securities Act effected pursuant to Section 2(a) hereof. 

        "Exchange
Offer Registration Statement" shall mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form) under the
Securities Act with respect to the Exchange Offer and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein or deemed a part thereof,
all exhibits thereto and any document incorporated by reference therein. 

        "Exchange
Securities" shall mean senior notes issued by the Company and guaranteed by the Guarantors under the Indenture containing terms identical to the Securities (except that the
Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate for
failure to comply with this Agreement) and to be offered to Holders of Securities in exchange for Securities pursuant to the Exchange Offer. 

 

        "Free
Writing Prospectus" means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or on behalf of the Company or used or referred to by
the Company in connection with the sale of the Securities or the Exchange Securities. 

        "Guarantors"
shall mean, collectively, the Parent and the guarantors listed on Schedule 1 hereto, any successors thereof and any Additional Guarantors. 

        "Holders"
shall mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of their successors, assigns and direct and indirect transferees who become
owners of Registrable Securities under the Indenture; provided that for purposes of Sections 4 and 5 of this Agreement, the term "Holders" shall include Participating Broker-Dealers. 

        "Indemnified
Person" shall have the meaning set forth in Section 5(c) hereof. 

        "Indemnifying
Person" shall have the meaning set forth in Section 5(c) hereof. 

        "Indenture"
shall mean the Indenture relating to the Securities dated as of November 17, 2009 among the Company, the Guarantors and Wells Fargo Bank, National Association, as
trustee, and as the same may be amended from time to time in accordance with the terms thereof. 

        "Initial
Purchasers" shall have the meaning set forth in the preamble. 

        "Inspector"
shall have the meaning set forth in Section 3(a)(xiv) hereof. 

        "Issuer
Information" shall have the meaning set forth in Section 5(a) hereof. 

        "JPMorgan"
shall have the meaning set forth in the preamble. 

        "Majority
Holders" shall mean the Holders of a majority of the aggregate principal amount of the outstanding Registrable Securities; provided that whenever the consent or approval of
Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned directly or indirectly by the Company or any of its affiliates shall not be counted
in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if the Company shall issue any additional Securities under
the Indenture prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to which
this Agreement relates shall be treated together as one class for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been
obtained. 

        "Participating
Broker-Dealer" shall have the meaning set forth in Section 4(a) hereof. 

        "Person"
shall mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization, or other legal entity or a government or agency or political
subdivision thereof. 

        "Prospectus"
shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration Statement, including any preliminary
prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including any document incorporated by reference
therein. 

        "Purchase
Agreement" shall have the meaning set forth in the preamble. 

        "Registrable
Securities" shall mean the Securities; provided that the Securities shall cease to be Registrable Securities (i) when a Registration Statement with respect to such
Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such Registration Statement or (ii) when such Securities cease to be
outstanding. 

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        "Registration
Expenses" shall mean any and all expenses incident to performance of or compliance by the Company and the Guarantors with this Agreement, including without limitation:
(i) all SEC, stock exchange or Financial Industry Regulatory Authority registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state
securities or blue sky laws (including reasonable fees and disbursements of counsel for any Underwriters or Holders in connection with blue sky qualification of any Exchange Securities or Registrable
Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any Free Writing
Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and
compliance with this Agreement (other than the fees of counsel to the Initial Purchasers incurred in connection with the preparation and review of the Exchange Offer Registration Statement or in
connection with the Exchange Offer), (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws,
(vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the Company and the Guarantors and, in the case of a Shelf Registration
Statement, the fees and disbursements of one counsel for the Holders (which counsel shall be selected by the Majority Holders and which counsel may also be counsel for the Initial Purchasers) and
(viii) the fees and disbursements of the independent public accountants of the Company and the Guarantors, including the expenses of any special audits or "comfort" letters required by or
incident to the performance of and compliance with this Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above)
or the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 

        "Registration
Statement" shall mean any registration statement filed under the Securities Act of the Company and the Guarantors that covers any of the Exchange Securities or Registrable
Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments, in each case including
the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein; provided, that any such Registration Statement may be combined with
any registration statement with respect to the registration of the Initial Securities filed pursuant to the terms of the Registration Rights dated November 17, 2009 by and among the Company,
the Guarantors and JP Morgan. 

        "SEC"
shall mean the United States Securities and Exchange Commission. 

        "Securities"
shall have the meaning set forth in the preamble. 

        "Securities
Act" shall mean the Securities Act of 1933, as amended from time to time and the rules and regulations of the SEC promulgated thereunder. 

        "Shelf
Effectiveness Period" shall have the meaning set forth in Section 2(b) hereof. 

        "Shelf
Registration" shall mean a registration effected pursuant to Section 2(b) hereof. 

        "Shelf
Registration Statement" shall mean a "shelf" registration statement of the Company and the Guarantors that covers all or a portion of the Registrable Securities (but no other
securities unless approved by a majority of the Holders whose Registrable Securities are to be covered by such Shelf Registration Statement) on an appropriate form under Rule 415 under the
Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case
including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 

        "Shelf
Request" shall have the meaning set forth in Section 2(b) hereof. 

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        "Subsidiary
Guarantees" shall mean the guarantees of the Securities and Exchange Securities by the Guarantors under the Indenture. 

        "Staff"
shall mean the staff of the SEC. 

        "Target
Registration Date" shall have the meaning set forth in Section 2(d) hereof. 

        "Trust
Indenture Act" shall mean the Trust Indenture Act of 1939, as amended from time to time. 

        "Trustee"
shall mean the trustee with respect to the Securities under the Indenture. 

        "Underwriter"
shall have the meaning set forth in Section 3(e) hereof. 

        "Underwritten
Offering" shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to the public. 

        2.    Registration Under the Securities Act.    (a) To the extent not prohibited by any applicable law or applicable
interpretations of the Staff, the Company and the Guarantors shall use their commercially reasonable efforts to (i) cause to be filed an Exchange Offer Registration Statement covering an offer
to the Holders to exchange all the Registrable Securities for Exchange Securities and (ii) have such Registration Statement remain effective until 180 days after the last Exchange Date
for use by one or more Participating Broker-Dealers. The Company and the Guarantors shall commence the Exchange Offer promptly after the Exchange Offer Registration Statement is declared effective by
the SEC. 

        The
Company and the Guarantors shall commence the Exchange Offer by mailing the related Prospectus, appropriate letters of transmittal and other accompanying documents to each Holder
stating, in addition to such other disclosures as are required by applicable law, substantially the following: 

	(i)
	that
the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered and not properly withdrawn will be
accepted for exchange;

	(ii)
	the
dates of acceptance for exchange (which shall be a period of at least 20 Business Days from the date such notice is mailed) (the "Exchange Dates");

	(iii)
	that
any Registrable Security not tendered will remain outstanding and continue to accrue interest but will not retain any rights under this Agreement,
except as otherwise specified herein;

	(iv)
	that
any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable
Security, together with the appropriate letters of transmittal, to the institution and at the address and in the manner specified in the notice, or (B) effect such exchange otherwise in
compliance with the applicable procedures of the depositary for such Registrable Security, in each case prior to the close of business on the last Exchange Date; and

	(v)
	that
any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, by (A) sending to the
institution and at the address specified in the notice, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities
delivered for exchange and a statement that such Holder is withdrawing its election to have such Registrable Securities exchanged or (B) effecting such withdrawal in compliance with the
applicable procedures of the depositary for the Registrable Securities. 

        As
a condition to participating in the Exchange Offer, a Holder will be required to represent to the Company and the Guarantors that (i) any Exchange Securities to be received by
it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer it has no arrangement or understanding with any Person to participate in
the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the 

4

 

Securities
Act, (iii) it is not an "affiliate" (within the meaning of Rule 405 under the Securities Act) of the Company or any Guarantor and (iv) if such Holder is a broker-dealer
that will receive Exchange Securities for its own account in exchange for Registrable Securities that were acquired as a result of market-making or other trading activities, then such Holder will
deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus to purchasers) in connection with any resale of such Exchange Securities. 

        As
soon as practicable after the last Exchange Date, the Company and the Guarantors shall: 

	(i)
	accept
for exchange Registrable Securities or portions thereof validly tendered and not properly withdrawn pursuant to the Exchange Offer; and

	(ii)
	deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Company
and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in principal amount to the principal amount of the Registrable Securities tendered by
such Holder. 

        The
Company and the Guarantors shall use their commercially reasonable efforts to complete the Exchange Offer as provided above and shall comply with the applicable requirements of the
Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the
Exchange Offer does not violate any applicable law or applicable interpretations of the Staff. 

        (b)   In
the event that (i) the Company and the Guarantors determine that the Exchange Offer Registration provided for in Section 2(a) above is not available or
may not be completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the Staff, (ii) the Exchange Offer is not
for any other reason completed by November 12, 2010 or (iii) upon receipt of a written request (a "Shelf Request") from any Initial Purchaser representing that it holds Registrable
Securities that are or were ineligible to be exchanged in the Exchange Offer (which Shelf Request must be made to the Company and the Guarantors on or before the 270th day
following November 17, 2009), the Company and the Guarantors shall use their commercially reasonable efforts to cause to be filed as soon as practicable after such determination, date or Shelf
Request, as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement become
effective. 

        In
the event that the Company and the Guarantors are required to file a Shelf Registration Statement pursuant to clause (iii) of the preceding sentence, the Company and the
Guarantors shall use their commercially reasonable efforts to file and have become effective both an Exchange Offer Registration Statement pursuant to Section 2(a) with respect to all
Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of
Registrable Securities held by the Initial Purchasers after completion of the Exchange Offer. 

        In
the event that the Company and the Guarantors are required to file a Shelf Registration Statement pursuant to this Section 2(b), the Company and the Guarantors agree to
use their commercially reasonable efforts to keep the Shelf Registration Statement continuously effective until the earlier of (i) one year following the effective date of such Shelf
Registration Statement or (ii) such shorter period that will terminate when all the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf
Registration Statement (the "Shelf Effectiveness Period"). The Company and the Guarantors further agree to supplement or amend the Shelf Registration Statement, the related Prospectus and any Free
Writing Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by
any other rules and regulations thereunder 

5

 

or
if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder, and to use their commercially reasonable efforts to cause any such amendment to
become effective, if required, and such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable. The Company and the
Guarantors agree to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly after its being used or filed with the SEC. 

        (c)   The
Company and the Guarantors shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a) or Section 2(b) hereof.
Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder's Registrable Securities pursuant
to the Shelf Registration Statement. 

        (d)   An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless it has been declared effective by the
SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically effective
upon filing with the SEC as provided by Rule 462 under the Securities Act. 

        In
the event that either the Exchange Offer is not completed or the Shelf Registration Statement, if required pursuant to Section 2(b)(i), 2(b)(ii) or 2(b)(iii) hereof, does not
become effective on or prior to November 12, 2010 (the "Target Registration Date"), the interest rate on the Registrable Securities will be increased by 1.00% per annum until the Exchange Offer
is completed or the Shelf Registration Statement, if required hereby, becomes effective. 

        If
the Shelf Registration Statement, if required hereby, has become effective and thereafter either ceases to be effective or the Prospectus contained therein ceases to be usable, in
each case whether or not permitted by this Agreement, at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 30 days (whether or
not consecutive) in any 12-month period, then the interest rate on the Registrable Securities will be increased by 1.00% per annum commencing on the 31st day in such
12-month period and ending on
such date that the Shelf Registration Statement has again become effective or the Prospectus again becomes usable. 

        (e)   The
provisions for the payment of additional interest set forth in Section 2(d) shall be the only monetary remedy available to Holders for the Company's and the
Guarantors' failure to cause the Exchange Offer Registration Statement or the Shelf Registration Statement to become effective, or continue to be effective, as the case may be, in accordance with the
provisions of this Agreement. 

        3.    Registration Procedures.    (a) In connection with their obligations pursuant to Section 2(a) and
Section 2(b) hereof, the Company and the Guarantors shall as expeditiously as possible: 

        (i)    prepare
and file with the SEC a Registration Statement on the appropriate registration form under the Securities Act, which form (x) shall be selected by the
Company and the Guarantors, (y) shall, in the case of a Shelf Registration, be available for the resale of the Registrable Securities by the Holders thereof and (z) shall comply as to
form in all material respects with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith; and use their commercially reasonable efforts
to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section 2 hereof; 

        (ii)   prepare
and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration
Statement effective for the applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to
be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of and Rule 174 under the Securities Act that
is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities; 

6

 

  
        (iii)  to the extent any Free Writing Prospectus is used, file with the SEC any Free Writing Prospectus that is required to be filed by the Company or the Guarantors with the
SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not required to be filed; 

        (iv)  in
the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to counsel for the Initial Purchasers, to counsel for such Holders and to each
Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or
supplement thereto, as such Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and the Company and the
Guarantors consent to the use of such Prospectus, preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the
Holders of Registrable Securities and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus,
preliminary prospectus or such Free Writing Prospectus or any amendment or supplement thereto in accordance with applicable law; 

        (v)   use
their commercially reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or blue sky laws of such jurisdictions
as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with such
Holders in connection with any filings required to be made with Financial Industry Regulatory Authority; and do any and all other acts and things that may be reasonably necessary or advisable to
enable each Holder to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Holder; provided that neither the
Company nor any Guarantor shall be required to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be
required to so qualify, (2) file any general consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not so subject; 

        (vi)  notify
counsel for the Initial Purchasers and, in the case of a Shelf Registration, notify each Holder of Registrable Securities and counsel for such Holders promptly
and, if requested by any such Holder or counsel, confirm such advice in writing (1) when a Registration Statement has become effective, when any post-effective amendment thereto has
been filed and becomes effective, when any Free Writing Prospectus has been filed or any amendment or supplement to the Prospectus or any Free Writing Prospectus has been filed, (2) of any
request by the SEC or any state securities authority for amendments and supplements to a Registration Statement, Prospectus or any Free Writing Prospectus or for additional information after the
Registration Statement has become effective, (3) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the
initiation of any proceedings for that purpose, including the receipt by the Company of any notice of objection of the SEC to the use of a Shelf Registration Statement or any
post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable effective date of a Shelf Registration Statement and the
closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company or any Guarantor contained in any underwriting agreement, securities sales agreement or
other similar agreement, if any, relating to an offering of such Registrable Securities cease to be true and correct in all material respects or if the Company or any Guarantor receives any
notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the
happening of any event during the period a Registration Statement is effective that makes any statement made in such Registration Statement or the related Prospectus or any Free Writing Prospectus
untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus or any Free Writing Prospectus in order to make the statements therein not
misleading and (6) of any determination by the Company or any 

7

 

Guarantor
that a post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus or any Free Writing Prospectus would be appropriate; 

        (vii) use
their commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf
Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2), including by filing an amendment to such Shelf Registration Statement on the proper form, at the earliest
possible moment and provide immediate notice to each Holder of the withdrawal of any such order or such resolution; 

        (viii)  in
the case of a Shelf Registration, furnish to each Holder of Registrable Securities, without charge, at least one conformed copy of each Registration Statement and
any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested); 

        (ix)  in
the case of a Shelf Registration, cooperate with the Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with the
provisions of the Indenture) as such Holders may reasonably request at least one Business Day prior to the closing of any sale of Registrable Securities; 

        (x)   in
the case of a Shelf Registration, upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, use their commercially reasonable efforts to
prepare and file with the SEC a supplement or post-effective amendment to such Shelf Registration Statement or the related Prospectus or any Free Writing Prospectus or any document
incorporated therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities,
such Prospectus or Free Writing Prospectus, as the case may be, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; and the Company and the Guarantors shall notify the Holders of Registrable Securities to suspend use of the Prospectus or any
Free Writing Prospectus as promptly as practicable after the occurrence of such an event, and such Holders hereby agree to suspend use of the Prospectus or any Free Writing Prospectus, as the case may
be, until the Company and the Guarantors have amended or supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such misstatement or omission; 

        (xi)  a
reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing Prospectus, any amendment to a Registration Statement or amendment
or supplement to a Prospectus or a Free Writing Prospectus or of any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus after
initial filing of a Registration Statement, provide copies of such document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, to the Holders of
Registrable Securities and their counsel) and make such of the representatives of the Company and the Guarantors as shall be reasonably requested by the Initial Purchasers or their counsel (and, in
the case of a Shelf Registration Statement, the Holders of Registrable Securities or their counsel) available for discussion of such document; and the Company and the Guarantors shall not, at any time
after initial filing of a Registration Statement, use or file any Prospectus, any Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus or a Free Writing
Prospectus, or any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus, of which the Initial Purchasers and their counsel (and, in
the case of a Shelf Registration Statement, the Holders of Registrable Securities and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers or
their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities or their counsel) shall object; 

8

 

        (xii) obtain
a CUSIP number for all Exchange Securities or Registrable Securities, as the case may be, not later than the initial effective date of a Registration Statement; 

        (xiii)  cause
the Indenture to be qualified under the Trust Indenture Act in connection with the registration of the Exchange Securities or Registrable Securities, as the
case may be; cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the Trust
Indenture Act; and execute, and use their commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents
required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner; 

        (xiv) in
the case of a Shelf Registration, make available for inspection by a representative of the Holders of the Registrable Securities (an "Inspector"), any Underwriter
participating in any disposition pursuant to such Shelf Registration Statement, any attorneys and accountants designated by a majority of the Holders of Registrable Securities to be included in such
Shelf Registration and any attorneys and accountants designated by such Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties
of the Company and its subsidiaries, and cause the respective officers, directors and employees of the Company and the Guarantors to supply all information reasonably requested by any such Inspector,
Underwriter, attorney or accountant in connection with a Shelf Registration Statement; provided that if any such information is identified by the
Company or any Guarantor as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality of such
information to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of any Inspector, Holder or Underwriter; 

        (xv) in
the case of a Shelf Registration, use their commercially reasonable efforts to cause all Registrable Securities to be listed on any securities exchange or any
automated quotation system on which similar securities issued or guaranteed by the Company or any Guarantor are then listed if requested by the Majority Holders, to the extent such Registrable
Securities satisfy applicable listing requirements; 

        (xvi) if
reasonably requested by any Holder of Registrable Securities covered by a Shelf Registration Statement, promptly include in a Prospectus supplement or
post-effective amendment such information with respect to such Holder as such Holder reasonably requests to be included therein and make all required filings of such Prospectus supplement
or such post-effective amendment as soon as the Company has received notification of the matters to be so included in such filing; 

        (xvii)  in
the case of an Underwritten Offering pursuant to a Shelf Registration Statement, enter into such customary agreements and take all such other actions in connection
therewith (including those requested by the Holders of a majority in principal amount of the Registrable Securities covered by the Shelf Registration Statement) in order to expedite or facilitate the
disposition of such Registrable Securities and in such connection, (1) to the extent possible, make such representations and warranties to the Holders and any Underwriters of such Registrable
Securities with respect to the business of the Company and its subsidiaries and the Registration Statement, Prospectus, any Free Writing Prospectus and documents incorporated by reference or deemed
incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested,
(2) obtain opinions of counsel to the Company and the Guarantors (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to such Underwriters and their
counsel) addressed to each Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (3) obtain "comfort" letters from the
independent certified public accountants of the Company and the Guarantors (and, if necessary, any other certified public accountant of any subsidiary of the Company or any Guarantor, or of any
business acquired by the Company or any Guarantor for 

9

 

which
financial statements and financial data are or are required to be included in the Registration Statement) addressed to each selling Holder (to the extent permitted by applicable professional
standards) and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in "comfort" letters in connection with underwritten
offerings, including but not limited to financial information contained in any preliminary prospectus, Prospectus or Free Writing Prospectus (4) reserve report confirmation letters from the
independent reserve engineers of the Company and the Guarantors in the customary form and covering matters of the type customarily included in such letters to underwriters in connection with primary
underwritten offerings and (5) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold
or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Company and the Guarantors made
pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting agreement; and 

        (xviii)  so
long as any Registrable Securities remain outstanding, cause each Additional Guarantor upon the creation or acquisition by the Company of such Additional
Guarantor, to execute a counterpart to this Agreement in the form attached hereto as Annex A and to deliver such counterpart, together with an opinion of counsel as to the enforceability
thereof against such entity, to the Initial Purchasers no later than five Business Days following the execution thereof. 

        (b)   In
the case of a Shelf Registration Statement, the Company may require each Holder of Registrable Securities to furnish to the Company such information regarding such
Holder and the proposed disposition by such Holder of such Registrable Securities as the Company and the Guarantors may from time to time reasonably request in writing. 

        (c)   In
the case of a Shelf Registration Statement, each Holder of Registrable Securities covered in such Shelf Registration Statement agrees that, upon receipt of any notice
from the Company and the Guarantors of the happening of any event of the kind described in Section 3(a)(vi)(3) or 3(a)(vi)(5) hereof, such Holder will forthwith discontinue disposition of
Registrable Securities pursuant to the Shelf Registration Statement until such Holder's receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus contemplated by
Section 3(a)(x) hereof and, if so directed by the Company and the Guarantors, such Holder will deliver to the Company and the Guarantors all copies in its possession, other than permanent file
copies then in such Holder's possession, of the Prospectus and any Free Writing Prospectus covering such Registrable Securities that is current at the time of receipt of such notice. 

        (d)   If
the Company and the Guarantors shall give any notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Company and the
Guarantors shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date
of the giving of such notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or amended Prospectus or any Free Writing
Prospectus necessary to resume such dispositions. The Company and the Guarantors may give any such notice only twice during any 365-day period and any such suspensions shall not exceed
30 days for each suspension and there shall not be more than two suspensions in effect during any 365-day period. 

        (e)   The
Holders of Registrable Securities covered by a Shelf Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering. In
any such Underwritten Offering, the investment bank or investment banks and manager or managers (each an "Underwriter") that will administer the offering will be selected by the Holders of a majority
in principal amount of the Registrable Securities included in such offering. 

10

 

        4.    Participation of Broker-Dealers in Exchange Offer.    (a) The Staff has taken the position that any
broker-dealer that receives Exchange Securities for its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other
trading activities (a "Participating Broker-Dealer") may be deemed to be an "underwriter" within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the
Securities Act in connection with any resale of such Exchange Securities. 

        The
Company and the Guarantors understand that it is the Staff's position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution
containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or specifying the
amount of
Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law, made available to purchasers) to satisfy their prospectus
delivery obligation under the Securities Act in connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

        (b)   In
light of the above, and notwithstanding the other provisions of this Agreement, the Company and the Guarantors agree to amend or supplement the Prospectus contained
in the Exchange Offer Registration Statement for a period of up to 180 days after the last Exchange Date (as such period may be extended pursuant to Section 3(d) of this Agreement), in
order to expedite or facilitate the disposition of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above. The Company
and the Guarantors further agree that Participating Broker-Dealers shall be authorized to deliver such Prospectus (or, to the extent permitted by law, make available) during such period in connection
with the resales contemplated by this Section 4. 

        (c)   The
Initial Purchasers shall have no liability to the Company, any Guarantor or any Holder with respect to any request that they may make pursuant to Section 4(b)
above. 

        5.    Indemnification and Contribution.    (a) The Company and each Guarantor, jointly and severally, agree to
indemnify and hold harmless each Initial Purchaser and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Initial Purchaser or any Holder within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation,
legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are
based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact
required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any
Prospectus, any Free Writing Prospectus or any "issuer information" ("Issuer Information") filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any omission or
alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except
insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity
with any information relating to any Initial Purchaser or information relating to any Holder furnished to the Company in writing through JPMorgan or any selling Holder, respectively, expressly for use
therein. In connection with any Underwritten Offering permitted by Section 3, the Company and the Guarantors, jointly and severally, will also indemnify the Underwriters, their affiliates and
each Person who controls such Underwriters (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if
requested in connection with any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information. 

11

 

        (b)   Each
Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors, the Initial Purchasers and the other selling Holders, the
directors of the Company and the Guarantors, each officer of the Company and the Guarantors who signed the Registration Statement and each Person, if any, who controls the Company, the Guarantors, any
Initial Purchaser and any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in
paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with any information relating to such Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement, any
Prospectus and any Free Writing Prospectus. 

        (c)   If
any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of
which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the "Indemnified Person") shall promptly notify the Person against whom such
indemnification may be sought (the "Indemnifying Person") in writing; provided that the failure to notify the Indemnifying Person shall not relieve it
from any liability that it may have under this Section 5 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure;
and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any
liability that it may have to an Indemnified Person otherwise than under this Section 5. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have
notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to
indemnification pursuant to this Section 5 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and
expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such
counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying
Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be
legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded
parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests
between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses
of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm
(x) for any Initial Purchaser, its affiliates, directors and officers and any control Persons of such Initial Purchaser shall be designated in writing by JPMorgan, (y) for any Holder,
its directors and officers and any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing by the
Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the
plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without
the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and
indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance
reasonably satisfactory to such Indemnified Person, 

12

 

from
all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on
behalf of any Indemnified Person. 

        (d)   If
the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses,
claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid
or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the
Company and the Guarantors from the offering of the Securities and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the
Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) but also the relative fault of the Company and the Guarantors on the one hand and the Holders on the other in connection with the statements or
omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company and the Guarantors on the one hand and
the Holders on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company and the Guarantors or by the Holders and the parties' relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. 

        (e)   The
Company, the Guarantors and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 5 were determined by  pro rata allocation (even if the Holders were
treated as one entity for such purpose) or by any other method of allocation that does not take account of
the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in
paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or
claim. Notwithstanding the provisions of this Section 5, in no event shall a Holder be required to contribute any amount in excess of the amount by which the total price at which the Securities
or Exchange Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. The Holders' obligations to contribute pursuant to this Section 5 are several and not joint. 

        (f)    The
remedies provided for in this Section 5 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person
at law or in equity. 

        (g)   The
indemnity and contribution provisions contained in this Section 5 shall remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of the
Company or the Guarantors or the officers or directors of or any Person controlling the Company or the Guarantors, (iii) acceptance of any of the Exchange Securities and (iv) any sale of
Registrable Securities pursuant to a Shelf Registration Statement. 

        6.    General.    

        (a)    No Inconsistent Agreements.    The Company and the Guarantors represent, warrant and agree that (i) the
rights granted to the Holders hereunder do not in any way conflict with and are not 

13

 

inconsistent
with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company or any Guarantor under any other agreement and (ii) neither the
Company nor any Guarantor has entered into, or on or after the date of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable
Securities in this Agreement or otherwise conflicts with the provisions hereof. 

        (b)    Amendments and Waivers.    The provisions of this Agreement, including the provisions of this sentence, may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantors have obtained the written consent of
Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent;  provided that no amendment,
 modification, supplement, waiver or consent to any departure from the provisions of Section 5 hereof shall be
effective as against any Holder of Registrable Securities unless consented to in writing by such Holder. Any amendments, modifications, supplements, waivers or consents pursuant to this
Section 6(b) shall be by a writing executed by each of the parties hereto. 

        (c)    Notices.    All notices and other communications provided for or permitted hereunder shall be made in writing
by hand-delivery, registered first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder
to the Company by means of a notice given in accordance with the provisions of this Section 6(c), which address initially is, with respect to the Initial Purchasers, the address set forth in
the Purchase Agreement; (ii) if to the Company and the Guarantors, initially at the Company's address set forth in the Purchase Agreement and thereafter at such other address, notice of which
is given in accordance with the provisions of this Section 6(c); and (iii) to such other persons at their respective addresses as provided in the Purchase Agreement and thereafter at
such other address, notice of which is given in accordance with the provisions of this Section 6(c). All such notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is acknowledged, if
telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery. Copies of all such notices, demands or other communications shall be concurrently
delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 

        (d)    Successors and Assigns.    This Agreement shall inure to the benefit of and be binding upon the successors,
assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders;  provided that nothing herein shall be deemed to permit
any assignment, transfer or other disposition of Registrable Securities in violation of the terms
of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such Registrable Securities
shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities
such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits
hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company or the Guarantors with respect to any failure by a Holder to comply with,
or any breach by any Holder of, any of the obligations of such Holder under this Agreement. 

        (e)    Third Party Beneficiaries.    Each Holder shall be a third party beneficiary to the agreements made hereunder
between the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such
enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder. 

14

 

        (f)    Counterparts.    This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

        (g)    Headings.    The headings in this Agreement are for convenience of reference only, are not a part of this
Agreement and shall not limit or otherwise affect the meaning hereof. 

        (h)    Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the State of
New York. 

        (j)    Entire Agreement; Severability.    This Agreement contains the entire agreement between the parties relating to
the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction contained in this Agreement is held by a court of
competent jurisdiction to be invalid, void or unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated. The Company, the Guarantors and the Initial Purchasers shall endeavor in good faith negotiations to replace the invalid, void or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, void or unenforceable provisions. 

15

 

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

 

 

							
	

 	
 	
ANTERO RESOURCES FINANCE CORPORATION
	

 	
 	
By:	
 	
/s/ ALVYN A. SCHOPP

 
	 	 	 	 	Name:	 	Alvyn A. Schopp
	 	 	 	 	Title:	 	Vice President and Treasurer
	

 	
 	
Guarantors:
	

 	
 	
ANTERO RESOURCES LLC

ANTERO RESOURCES CORPORATION

ANTERO RESOURCES MIDSTREAM CORPORATION

ANTERO RESOURCES PICEANCE CORPORATION

ANTERO RESOURCES PIPELINE CORPORATION

ANTERO RESOURCES APPALACHIAN CORPORATION
	

 	
 	
By:	
 	
/s/ ALVYN A. SCHOPP

 
	 	 	 	 	Name:	 	Alvyn A. Schopp
	 	 	 	 	Title:	 	Vice President and Treasurer

 

  

 

 

					
	

Confirmed and accepted as of the date first above written:
	

J.P. MORGAN SECURITIES INC.
	

For itself and on behalf of the

several Initial Purchasers
	
 By	
 	
/s/ ROBERT MERTENSOTTO

  Authorized Signatory	
 	

 

 

 16

 
Schedule 1 

Guarantors  

Antero Resources Corporation

Antero Resources Midstream Corporation

Antero Resources Piceance Corporation

Antero Resources Pipeline Corporation

Antero Resources Appalachian Corporation 

Annex A

Counterpart to Registration Rights Agreement  

        The undersigned hereby absolutely, unconditionally and irrevocably agrees as a Guarantor (as defined in the Registration Rights Agreement, dated as of
January 19, 2010 by and among Antero Resources Finance Corporation, a Delaware corporation, the guarantors party thereto and J.P. Morgan
Securities Inc., on behalf of itself and the other Initial Purchasers) to be bound by the terms and provisions of such Registration Rights Agreement. 

        IN
WITNESS WHEREOF, the undersigned has executed this counterpart as
of                                    . 

 

 

					
	

 	
 	
[NAME]
	

 	
 	
By:	
 	
  

  Name:

Title:

 

 

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 Exhibit 4.4  

EXECUTION VERSION

 
 

  REGISTRATION RIGHTS AGREEMENT    
    

        THIS REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of November 3,
2009, is by and among Antero Resources LLC, a Delaware limited liability company (the "Company"), and each of the parties listed on  Annex A (the "Initial Members", and as such  Annex A is updated and amended pursuant to Section 12(c)
 hereof, the
"Members"). 

        WHEREAS, Antero Resources Corporation, Antero Resources Midstream Corporation, Antero Resources Piceance Corporation, Antero Resources
Pipeline Corporation and Antero Resources Appalachian Corporation, each of which is a Delaware corporation (collectively, the "Antero Subsidiaries") and
the Company, agreed to engage in a series of transactions whereby the Company will issue membership interests to all the stockholders of the Antero Subsidiaries in exchange for the contribution of all
of the outstanding shares of each of the Antero Subsidiaries held by such stockholders (the "Restructuring Transaction"); 

        WHEREAS, in connection with the Restructuring Transaction, the Company, the contributors named therein and the Antero Subsidiaries have
entered into that certain Contribution Agreement dated as of the date hereof (the "Contribution Agreement") providing for the contribution of all issued
and outstanding shares of each of the Antero Subsidiaries to the Company in exchange for the issuance of certain membership interests in the Company to the Contributors; 

        WHEREAS, in connection with the Restructuring Transaction, the Company has entered into that certain Unit Subscription Agreement dated as
of the date hereof (the "Unit Subscription Agreement") with each of the investors signatory thereto (such investors collectively, the
"Investors"), providing for issuances of Class I-4 Units to the Investors; and 

        WHEREAS, in connection with the Restructuring Transaction, the Members have requested, and the Company has agreed to provide, registration
rights with respect to the Registrable Securities (as hereinafter defined), as set forth in this Agreement; 

        NOW, THEREFORE, for and in consideration of the mutual agreements contained herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 

        Section 1.  Definitions. As used in this Agreement, the following terms shall have the following meanings: 

        "Affiliate" means, when used with respect to any person, any person directly or indirectly controlling, controlled by, or under common
control with such person. For the purposes of this definition, the terms "controlling", "controlled by",
or "under common control" means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether
through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a person. Without limiting the foregoing, when used with respect to any Management Member,
an "Affiliate" shall be deemed to specifically include (a) each of the Management Members, (b) any Relative of a Management Member or (c) any trust or other entity established for
or owned by any of the persons described in clause (a) or clause (b) immediately preceding. 

        "Class A-1 Units" shall mean units of the Company's class of capital interests known as Class A-1
units. 

1

 

        "Class A-3 Units" shall mean units of the Company's class of capital interests known as Class A-3
units. 

        "Class B-1 Units" shall mean units of the Company's class of capital interests known as Class B-1
units. 

        "Class B-3 Units" shall mean units of the Company's class of capital interests known as Class B-3
units. 

        "Class B-5 Units" shall mean units of the Company's class of capital interests known as Class B-5
units. 

        "Class I Units" refers collectively, or sometimes individually, to Class I-1 Units, Class I-2
Units, Class I-3 Units and/or Class I-4 Units. 

        "Class I-1 Units" shall mean units of the Company's class of capital interests known as Class I-1
units. 

        "Class I-2 Units" shall mean units of the Company's class of capital interests known as Class I-2
units. 

        "Class I-3 Units" shall mean units of the Company's class of capital interests known as Class I-3
units. 

        "Class I-4 Units" shall mean units of the Company's class of capital interests known as Class I-4
units. 

        "Demand Notice" shall have the meaning set forth in Section 3 hereof. 

        "Demand Registration" shall have the meaning set forth in Section 3 hereof. 

        "Equity Interests" means, with respect to any person, any and all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation, any and all equivalent membership, partnership or other ownership interests in a person (other than a corporation) and any and all Equity Interest
Equivalents. 

        "Equity Interest Equivalents" means, with respect to any person, without duplication with any other Equity Interests or Equity Interest
Equivalents, any and all rights, warrants, options, convertible securities, or exchangeable securities or indebtedness, or other rights, exercisable for or convertible or exchangeable into, directly
or indirectly, any Equity Interests or securities convertible or exchangeable into any Equity Interests, whether at the time of issuance or upon the passage of time or the occurrence of some future
event. 

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 

        "indemnified party" shall have the meaning set forth in Section 8(c) hereto. 

        "indemnifying party" shall have the meaning set forth in Section 8(c) hereto. 

        "Initial Public Offering" shall mean the first underwritten registered public offering of equity securities of the Company pursuant to a
registration statement that has been declared effective under the Securities Act. 

        "Initiating Holders" shall mean any Investor Member or Investor Members who hold outstanding Registrable Securities that, as of the date a
Demand Notice is submitted by such Initiating Holders to the Company, either (a) constitute the Required Demand Securities or (b) are Registrable Securities which are expected to result
in aggregate gross proceeds to the Initiating Holders of not less than $50,000,000 pursuant to a Demand Registration. 

2

 

        "Investor Members" shall mean the Initial Members listed on Annex A hereto under
the heading "Investor Members." 

        "IPO Issuer" means the Company or a successor to the Company that is an Affiliate of the Company or a Subsidiary of the Company or any of
the Company's Affiliates and which will be the issuer in a Qualified Public Offering. In the event that an IPO Issuer exists, all references in this Agreement to the "Company" shall be deemed to refer
to such IPO Issuer. 

        "IPO Securities" shall mean the equity securities of the IPO Issuer of the same class or series as the securities of the IPO Issuer
proposed to be offered to the public in the Qualified Public Offering that the then outstanding Units will be converted into in accordance with LLC Agreement. 

        "LLC Agreement" shall mean that certain limited liability company agreement of Antero Resources LLC, dated as of November 3,
2009, as such agreement may be amended from time to time. 

        "Losses" shall have the meaning set forth in Section 8 hereof. 

        "Management Members" means the Initial Members listed on Annex A hereto under the
heading "Management Member." 

        "Management Units" shall refer collectively, or sometimes individually, to Class A-1 Units,
Class A-3 Units, Class B-1 Units, Class B-3 Units and/or Class B-5 Units. 

        "Person" shall mean an individual, partnership, corporation, limited partnership, limited liability company, foreign limited liability
company, trust, estate, corporation, custodian, trustee-executor, administrator, nominee or entity in a representative capacity. 

        "Piggyback Notice" shall have the meaning set forth in Section 4(a) hereof. 

        "Piggyback Registration" shall have the meaning set forth in Section 4(a) hereof. 

        "Proceeding" shall mean an action, claim, suit, arbitration or proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened. 

        "Prospectus" shall mean the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the
Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement,
and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in
such Prospectus. 

        "Qualified Public Offering" shall mean the offering and sale of Registerable Securities in a firm commitment underwritten public offering
registered under the Securities Act that results in (a) aggregate cash proceeds to the Company of not less than $50,000,000 (without deducting underwriting discounts, expenses, and commissions)
and (b) the listing of such Registerable Securities on the New York Stock Exchange, the NYSE Euronext or admission to trading and quoted on the Nasdaq Stock Market. 

        "Registrable Securities" shall mean (a) the Management Units, (b) the Class I Units and (c) the IPO
Securities. As to any particular Registrable Securities, once issued such securities shall cease to be Registrable Securities when (i) they are sold pursuant to an effective Registration
Statement under the Securities Act, (ii) they are sold pursuant to Rule 144 (or any similar provision then in 

3

 

force
under the Securities Act) and the transferee thereof does not receive "restricted securities" as defined in Rule 144, (iii) they shall have ceased to be outstanding,
(iv) they have been sold in a private transaction in which the transferor's rights under this Agreement are not assigned to the transferee of the securities or (v) they become eligible
for resale pursuant to Rule 144(b) (or any similar rule then in effect under the Securities Act). No Registrable Securities may be registered under more than one Registration Statement at any
one time 

        "Registration Statement" shall mean any registration statement of the Company under the Securities Act which permits the public offering
of any of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including
post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

        "Required Demand Securities" shall mean: 

        (a)   with
respect to the first Demand Registration for which a request is submitted to the Company by Initiating Holders pursuant to  Section 3, a number of Registrable Securities equal to not less than
twenty-five percent (25%) of the total number of Registrable
Securities outstanding, in
each case held by the Members as of the date of such determination, and, subject to Section 12(c) hereof, any successor or assign of such
Registrable Securities; and 

        (b)   with
respect to any Demand Registration after such first Demand Registration, a number of Registrable Securities equal to fifty percent (50%) of the total number of
Registrable Securities outstanding, in each case held by the Members as of the date of such determination, and, subject to Section 12(c) hereof,
any successor or assign of such Registrable Securities. 

        "Required Member Approval" shall have the meaning ascribed to such term in the LLC Agreement, as may be amended from time to time. 

        "Rule 144" shall mean Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the SEC. 

        "SEC" shall mean the Securities and Exchange Commission or any successor agency having jurisdiction under the Securities Act. 

        "Securities Act" shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder. 

        "Subsidiary" shall mean, a corporation, partnership, limited liability company or other entity of which Equity Interests having ordinary
voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of
such corporation, partnership, limited liability company or other entity are at the time owned, or the management of which is otherwise controlled, in each case, directly or indirectly through one or
more intermediaries, or both, by the Company, including, specifically, each of the Antero Subsidiaries. 

        "Units" shall refer collectively or sometimes individually to the Management Units and/or the Class I Units. 

        "underwritten registration" or "underwritten offering" shall mean a registration in which
securities of the Company are sold to an underwriter for reoffering to the public. 

        Section 2.
[Intentionally Omitted] 

4

 

        Section 3.
Demand Registration. 

        (a)    Requests for Registration.    At any time after the first to occur of an Initial Public Offering and
August 10, 2010, the Initiating Holders shall have the right by delivering a written notice to the Company (the "Demand Notice") to require the
Company to register, pursuant to the terms of this Agreement under and in accordance with the provisions of the Securities Act, the number of Registrable Securities requested to be so registered
pursuant to the terms of this Agreement (a "Demand Registration"); provided,  however, that a Demand
Notice (other than with respect to a Demand Registration that constitutes a "shelf" registration) may only be made if the sale of
the Registrable Securities requested to be registered by such Initiating Holders is reasonably expected to result in aggregate gross cash proceeds in excess of $50,000,000. Following receipt of a
Demand Notice for a Demand Registration, the Company shall use its reasonable best efforts to file a Registration Statement as promptly as practicable, but not later than thirty
(30) days (or sixty (60) days if audited financial statements are required to be included but are not available), after such Demand Notice, and shall use its reasonable best efforts to
cause such Registration Statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof. 

        The
Initiating Holders shall be entitled to a maximum of two (2) Demand Registrations; provided,  however, that the Initiating Holders shall be entitled to
four additional Demand Registrations that constitute "shelf" registrations as contemplated by
the next succeeding sentence. After such time as the Company shall become eligible to use Form S-3 (or comparable form) for the registration under the Securities Act of any of its
securities, the Initiating Holders shall be entitled to request that such Demand Registration be a "shelf" registration pursuant to Rule 415 under the Securities Act. Notwithstanding any other
provisions of this Section 3, in no event shall more than one (1) Demand Registration occur during any six (6)-month period (measured from
the effective date of the Registration Statement to the date of the next Demand Notice) or within one hundred eighty (180) days (with respect to the Initial Public Offering) or ninety
(90) days (with respect to any underwritten public offering other than the Initial Public Offering) after the date of a final Prospectus filed by the Company;  provided, that no Demand Registration
may be prohibited for such one hundred eighty (180)-day or ninety (90)-day period, as the
case may be, more often than once in a twelve (12)-month period. 

        No
Demand Registration shall be deemed to have occurred for purposes of this Section 3(a) if the Registration Statement relating
thereto does not become effective or is not maintained effective for the period required pursuant to this Section 3(a), in which case such
requesting holder of Registrable Securities shall be entitled to an additional Demand Registration in lieu thereof. 

        Within
ten (10) days after receipt by the Company of a Demand Notice, the Company shall give written notice (the "Notice") of such
Demand Notice to all other holders of Registrable Securities and shall, subject to the provisions of Section 3(b) hereof, include in such
registration all Registrable Securities with respect to which the Company received written requests for inclusion therein within ten (10) days after such Notice is given by the Company to such
holders. 

        All
requests made pursuant to this Section 3 will specify the number of Registrable Securities to be registered and the intended
methods of disposition thereof. 

        The
Company shall be required to maintain the effectiveness of the Registration Statement with respect to any Demand Registration for a period of at least one hundred eighty
(180) days (or two (2) years if a "shelf registration" is requested) after the effective date thereof or such shorter period in which all Registrable Securities included in such
Registration Statement have actually been sold; provided, however, that such period shall be extended
for a period of time equal to the period the holder of Registrable Securities refrains from selling any securities included in such registration at the request of an underwriter of the Company or the
Company pursuant to this Agreement; and provided, further,  however, that any Member owning Registrable
Securities that 

5

 

have
been included on a shelf Registration Statement may request that such Registrable Securities be removed from such Registration Statement, in which event the Company shall promptly either withdraw
such Registration Statement or file a post-effective amendment to such Registration Statement removing such Registrable Securities. 

        Notwithstanding
anything contained herein to the contrary, the Company hereby agrees that (i) any Demand Registration that is a "shelf" registration pursuant to Rule 415
under the Securities Act shall contain all language (including, without limitation, on the Prospectus cover sheet, the principal unitholders' chart and the plan of distribution) as may be reasonably
requested by a holder of Registrable Securities to allow for a distribution to, and resale by, the direct and indirect partners, members or stockholders of a holder of Registrable Securities (a
"Partner Distribution") and (ii) the Company shall, at the request of any holder of Registrable Securities seeking to effect a Partner
Distribution, file any Prospectus supplement or post-effective amendments and to otherwise take any action necessary to include such language, if such language was not included in the
initial Registration Statement, or revise such language if deemed reasonably necessary by such holder to effect such Partner Distribution. 

        (b)    Priority on Demand Registration.    If any of the Registrable Securities registered pursuant to a Demand
Registration are to be sold in a firm commitment underwritten offering, and the managing underwriter or underwriters advise the holders of such securities in writing that in its view the total number
or dollar amount of Registrable Securities proposed to be sold in such offering is such as to adversely affect the success of such offering (including, without limitation, securities proposed to be
included by other holders of securities entitled to include securities in such Registration Statement pursuant to incidental or piggyback registration rights), then there shall be included in such
firm commitment
underwritten offering the number or dollar amount of Registrable Securities that in the opinion of such managing underwriter can be sold without adversely affecting such offering, and such number of
Registrable Securities shall be allocated as follows: 

          (i)  first,
pro rata among the Initiating Holders of such Demand Registration on the basis of the percentage of Registrable Securities for which the Demand Notice was
submitted by each such Initiating Holder; 

         (ii)  second,
pro rata among the other holders of Registrable Securities who timely submitted a written request for inclusion of any of their Registrable Securities in such
Demand Registration in accordance with this Agreement; 

        (iii)  third,
the securities for which inclusion in such Demand Registration was requested by the Company; and 

        (iv)  fourth,
subject to subsection (e) hereof, pro rata among the other Members of the Company based on the percentage
of Registrable Securities for which the other Members timely submitted a request for inclusion. 

In
connection with any Demand Registration to which the provisions of this subsection (b) apply, no securities other than Registrable Securities
shall be covered by such Demand Registration except as provided in subsection (e)(ii) hereof, and such registration shall not reduce the number
of available registrations under this Section 3 in the event that the Registration Statement excludes more than twenty-five percent
(25%) of the aggregate number of Registrable Securities that holders requested be included. 

        (c)    Postponement of Demand Registration.    The Company shall be entitled to postpone (but not more than once in
any twelve (12) month period), for a reasonable period of time not in excess of seventy-five (75) days, the filing of a Registration Statement if the Company delivers to the
holders requesting registration a certificate signed by both the Chief Executive Officer and 

6

 

Chief
Financial Officer of the Company certifying that, in the good faith judgment of the Board of Directors of the Company, such registration and offering would reasonably be expected to materially
adversely affect or materially interfere with any bona fide material financing of the Company or any material transaction under consideration by the
Company or would require disclosure of information that has not been disclosed to the public, the premature disclosure of which would materially adversely affect the Company. Such certificate shall
contain a statement of the reasons for such postponement and an approximation of the anticipated delay. The holders receiving such certificate shall keep the
information contained in such certificate confidential subject to the same terms set forth in Section 6(o). If the Company shall so postpone the
filing of a Registration Statement, the holder who made the Demand Registration shall have the right to withdraw the request for registration by giving written notice to the Company within twenty
(20) days of the anticipated termination date of the postponement period, as provided in the certificate delivered to the holders, and in the event of such withdrawal, such request shall not be
counted for purposes of the number of Demand Registrations to which such holder is entitled pursuant to the terms of this Agreement. 

        (d)    Use, and Suspension of Use, of Shelf Registration Statement.    If the Company has filed a "shelf" Registration
Statement and has included Registrable Securities therein, the Company shall be entitled to suspend, for a reasonable period of time not in excess of ninety (90) days in any twelve month
period, the offer or sale of Registrable Securities pursuant to such Registration Statement by any holder of Registrable Securities if (i) a "road show" is not then in progress with respect to
a proposed offering of Registrable Securities by such holder pursuant to such Registration Statement and such holder has not executed an underwriting agreement with respect to a pending sale of
Registrable Securities pursuant to such Registration Statement and (ii) the Company delivers to the holders of Registrable Securities included in such Registration Statement a certificate
signed by both the Chief Executive Officer and Chief Financial Officer of the Company certifying that, in the good faith judgment of the Board of Directors of the Company, such offer or sale would
reasonably be expected to materially adversely affect or materially interfere with any bona fide material financing of the Company or any material
transaction under consideration by the Company or would require disclosure of information that has not been disclosed to the public, the premature disclosure of which would materially adversely affect
the Company. Such certificate shall contain a general statement of the reasons for such postponement and an approximation of the anticipated delay. The holders receiving such certificate shall keep
the information contained in such certificate confidential subject to the same terms set forth in Section 6(o). 

        (e)    Registration of Other Securities.    Whenever the Company shall effect a Demand Registration pursuant to this  Section 3
in connection with an underwritten offering by one or more holders of Registrable Securities, no securities other than Registrable
Securities shall be included among the securities covered by such Demand Registration unless (i) the managing underwriter of such offering shall have advised each holder of Registrable
Securities requesting such registration in writing that it believes that the inclusion of such other securities would not adversely affect such offering or (ii) the inclusion of such other
securities has been approved by the affirmative vote of the Initiating Holders of such Demand Registration. 

        Section 4.
Piggyback Registration. 

        (a)    Right to Piggyback.    If, at any time after an Initial Public Offering, the Company proposes to file a
registration statement under the Securities Act with respect to an offering of Registrable Securities (other than a registration statement (i) on Form S-4,
Form S-8 or any successor forms thereto or (ii) filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan), whether or not for
its own account, then, each such time, the Company shall give prompt written notice of such proposed filing at least fifteen (15) days 

7

 

before
the anticipated filing date (the "Piggyback Notice") to all of the holders of Registrable Securities. The Piggyback Notice shall offer such
holders the opportunity to include in such registration statement the number of Registrable Securities as each such holder, including, without limitation, Registrable Securities held by any Member who
is not an Initiating Holder, may request (a "Piggyback Registration"). Subject to Section 4(b)
hereof, the Company shall include in each such Piggyback Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten
(10) days after notice has been given to the applicable holder. The eligible holders of Registrable Securities shall be permitted to withdraw all or part of the Registrable Securities from a
Piggyback Registration at any time prior to the effective date of such Piggyback Registration. The Company shall not be required to maintain the effectiveness of the Registration Statement for a
Piggyback Registration beyond the earlier to occur of (i) one hundred twenty (120) days after the effective date thereof or for two years in the case of a "shelf" Registration Statement
and (ii) consummation of the distribution by the holders of the Registrable Securities included in such Registration Statement. 

        (b)    Priority on Piggyback Registrations.    The Company shall use reasonable efforts to cause the managing
underwriter or underwriters of a proposed underwritten offering to permit holders of Registrable Securities requested to be included in the registration for such offering to include all such
Registrable Securities on the same terms and conditions as any other shares of capital stock, if any, of the Company included therein. Notwithstanding the foregoing, if the managing underwriter or
underwriters of such underwritten offering have informed the Company in writing that it is their good faith opinion that the total amount of securities that such holders, the Company and any other
Persons having rights to participate in such registration, intend to include in such offering is such as to adversely affect the success of such offering, then the amount of securities to be offered
(i) for the account of holders of Registrable Securities and (ii) for the account of all such other Persons (other than the Company) shall be reduced to the extent necessary to reduce
the total amount of securities to be included in such offering to the amount recommended by such managing underwriter or underwriters by first reducing, or eliminating if necessary, all securities of
the Company requested to be included by such other Persons (other than the Company) and then, if necessary, reducing the securities requested to be included by the holders of Registrable Securities
requesting such registration pro rata among such holders on the basis of the percentage of the Registrable Securities requested to be included in such Registration Statement by such holders. 

        Notwithstanding
anything contained herein to the contrary, the Company hereby agrees that (i) any Piggyback Registration that is a "shelf" registration pursuant to Rule 415
under the Securities Act shall contain all language (including, without limitation, on the Prospectus cover sheet, the principal unitholders' chart and the plan of distribution) as may be requested by
a holder of Registrable Securities to allow for a Partner Distribution and (ii) the Company shall, at the request of any holder of Registrable Securities seeking to effect a Partner
Distribution, file any Prospectus supplement or
post-effective amendments and to otherwise take any action necessary to include such language, if such language was not included in the initial Registration Statement, or revise such
language if deemed reasonably necessary by such holder to effect such Partner Distribution. 

        Section 5.
Restrictions on Public Sale by Holders of Registrable Securities. Each Member agrees, in connection with the Initial
Public Offering, and each holder of Registrable Securities agrees, in connection with any underwritten offering made pursuant to a Registration Statement filed pursuant to  Section 3 or Section 4 hereof (whether or not such holder elected to include Registrable
Securities in such Registration Statement), if requested (pursuant to a written notice) by the managing underwriter or underwriters in an underwritten offering, not to effect any public sale or
distribution of any of the Company's securities (except as part of such underwritten offering), including a sale pursuant to 

8

 

Rule 144,
or to give any Demand Notice during the period commencing on the date of the request (which shall be no earlier than fourteen (14) days prior to the expected "pricing" of such
offering) and continuing for not more than one hundred eighty (180) days (with respect to the Initial Public Offering) or one hundred twenty (120) days (with respect to any underwritten
public offering other than the Initial Public Offering made prior to the second anniversary of the Initial Public Offering) or ninety (90) days (with respect to any underwritten public offering
made after the second anniversary of the Initial Public Offering) after the date of the Prospectus (or Prospectus supplement if the offering is made pursuant to a "shelf" registration) pursuant to
which such public offering shall be made or such lesser period as is required by the managing underwriter (such one hundred eighty day period, one hundred and twenty day period or ninety day period
(as applicable), the "Initial Lock-Up Period"); provided,  however, that all officers and directors of
the Company must be subject to similar restrictions; provided
further, however, that if (a) during the last seventeen (17) days of the Initial Lock-Up Period, the
Company releases earnings results or material news or a material event relating to the Company occurs or (b) prior to the expiration of the Initial Lock-Up Period, the Company
announces that it will release earnings results during the sixteen (16)-day period beginning on the last day of the Initial Lock-Up Period, then in each case, if the managing
underwriter or underwriters of such underwritten offering so request(s), the Initial Lock-Up Period will be extended until the expiration of the eighteen (18)-day period
beginning on the date of release of the earnings results or the occurrence of the material news or material event, as applicable, if the managing underwriters request, in writing, such extension. 

        Section 6.  Registration Procedures. If and whenever the Company is required to use its reasonable best efforts to effect the
registration of any Registrable Securities under the Securities Act as provided in Section 3 and  Section 4 hereof, the Company shall effect such
registration to permit the sale of such Registrable Securities in accordance with the intended
method or methods of disposition thereof, and pursuant thereto the Company shall cooperate in the sale of the securities and shall, as expeditiously as possible: 

        (a)   Prepare
and file with the SEC a Registration Statement or Registration Statements on such form which shall be available for the sale of the Registrable Securities by the
holders thereof in accordance with the intended method or methods of distribution thereof (including, without limitation, a Partner
Distribution), and use its reasonable best efforts to cause such Registration Statement to become effective and to remain effective as provided herein;  provided, however, that before filing a Registration Statement or Prospectus or any amendments or
supplements thereto (including documents that would be incorporated or deemed to be incorporated therein by reference), the Company shall furnish or otherwise make available to the holders of the
Registrable Securities covered by such Registration Statement, their counsel and the managing underwriters, if any, copies of all such documents proposed to be filed. The Company shall not file any
such Registration Statement or Prospectus or any amendments or supplements thereto (including such documents that, upon filing, would be incorporated or deemed to be incorporated by reference therein)
with respect to a Demand Registration to which the holders of a majority of the Registrable Securities covered by such Registration Statement, their counsel, or the managing underwriters, if any,
shall reasonably object, in writing, on a timely basis, unless, in the opinion of the Company, such filing is necessary to comply with applicable law. 

9

 

 

        (b)   Prepare
and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration
Statement continuously effective during the period provided herein with respect to the disposition of all securities covered by such Registration Statement; and cause the related Prospectus to be
supplemented by any Prospectus supplement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of the securities covered by such Registration
Statement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) under the Securities Act. 

        (c)   Notify
each selling holder of Registrable Securities, its counsel and the managing underwriters, if any, promptly, and (if requested by any such Person) confirm such
notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any
post-effective amendment, when the same has become effective, (ii) of any request by the SEC or any other federal or state governmental authority for amendments or supplements to a
Registration Statement or related Prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or the
initiation of any proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any
of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, and (v) of the happening of any event that makes any statement
made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of
any changes in such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

        (d)   Use
its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement, or the lifting of any suspension of the
qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction. 

        (e)   If
requested by the managing underwriters, if any, or the holders of a majority of Registrable Securities being sold in connection with an underwritten offering,
promptly include in a Prospectus supplement or post-effective amendment such information as the managing underwriters, if any, and such holders may reasonably request in order to permit
the intended method of distribution of such securities and make all required filings of such Prospectus supplement or such post-effective amendment as soon as practicable after the Company
has received such request; provided, however, that the Company shall not be required to take any actions
under this Section 6(e) that are not, in the opinion of counsel for the Company, in compliance with applicable law. 

        (f)    Furnish
or make available to each selling holder of Registrable Securities, its counsel and each managing underwriter, if any, without charge, at least one
(1) copy of the Registration Statement, the Prospectus and Prospectus supplements, if applicable, and each post-effective amendment thereto, including financial statements (but
excluding schedules, all documents incorporated or deemed to be incorporated therein by reference, and all exhibits, unless requested in writing by such holder, counsel or underwriter). 

        (g)   Deliver
to each selling holder of Registrable Securities, its counsel, and the underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses
(including each form of 

10

 

Prospectus)
and each amendment or supplement thereto as such Persons may reasonably request in connection with the distribution of the Registrable Securities; and the Company, subject to the last
paragraph of this Section 6, hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling
holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any such amendment or supplement
thereto. 

        (h)   Prior
to any public offering of Registrable Securities, use its reasonable best efforts to register or qualify or cooperate with the selling holders of Registrable
Securities, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or "Blue Sky" laws of such jurisdictions within the United States as any seller or underwriter reasonably requests in writing and to keep each such
registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and to take any other action that may be necessary or
advisable to enable such holders of Registrable Securities to consummate the disposition of such Registrable Securities in such jurisdiction; provided,  however, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it is not then so qualified or
(ii) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject. 

        (i)    Cooperate
with the selling holders of Registrable Securities and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates
(not bearing any legends) representing
Registrable Securities to be sold after receiving written representations from each holder of such Registrable Securities that the Registrable Securities represented by the certificates so delivered
by such holder will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered in such names as the managing
underwriters, if any, or holders may request at least two (2) business days prior to any sale of Registrable Securities in a firm commitment public offering, but in any other such sale, within
ten (10) business days prior to having to issue the securities. 

        (j)    Upon
the occurrence of any event contemplated by Section 6(c)(v) above, prepare a supplement or
post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any
other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such Prospectus will not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 

        (k)   Prior
to the effective date of the Registration Statement relating to the Registrable Securities, provide a CUSIP number for the Registrable Securities. 

        (l)    Provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement from and after a date not later
than the effective date of such Registration Statement. 

        (m)  Use
its reasonable best efforts to cause all Registrable Securities covered by such Registration Statement to be authorized to be quoted on the Nasdaq Stock Market or
listed on a national securities exchange if securities of the particular class of Registrable Securities are at that time quoted on the Nasdaq Stock Market or listed on such exchange, as the case may
be. 

        (n)   Enter
into such agreements (including an underwriting agreement in form, scope and substance as is customary in underwritten offerings) and take all such other actions
reasonably 

11

 

requested
by the holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably requested by the managing underwriters, if any) to expedite or
facilitate the disposition of such Registrable Securities, and in such connection, whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten
registration, (i) make such representations and warranties to the holders of such Registrable Securities and the underwriters, if any, with respect to the business of the Company and its
subsidiaries, and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are
customarily made by issuers to underwriters in underwritten offerings, and, if true, confirm the same if and when requested, (ii) use its reasonable best
efforts to furnish to the selling holders of such Registrable Securities opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be
reasonably satisfactory to the managing underwriters, if any, and counsels to the selling holders of the Registrable Securities), addressed to each selling holder of Registrable Securities and each of
the underwriters, if any, covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such counsel and
underwriters, (iii) use its reasonable best efforts to obtain "cold comfort" letters and updates thereof from the independent certified public accountants of the Company (and, if necessary, any
other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be,
included in the Registration Statement) who have certified the financial statements included in such Registration Statement, addressed to each selling holder of Registrable Securities (unless such
accountants shall be prohibited from so addressing such letters by applicable standards of the accounting profession) and each of the underwriters, if any, such letters to be in customary form and
covering matters of the type customarily covered in "cold comfort" letters in connection with underwritten offerings, (iv) use its reasonable best efforts to obtain a report of the independent
petroleum engineers of the Company relating to the oil and gas reserves of the Company included in such Registration Statement if the Company has had its reserves prepared, audited or reviewed by an
independent petroleum engineer, such report to be in customary form and covering matters of the type customarily covered in such reports, (v)if an underwriting agreement is entered into, the same
shall contain indemnification provisions and procedures substantially to the effect set forth in Section 8 hereof with respect to all parties to
be indemnified pursuant to said Section and (vi) deliver such documents and certificates as may be reasonably requested by the holders of a majority of the Registrable Securities being sold,
their counsel and the managing underwriters, if any, to evidence the continued validity of the representations and warranties made pursuant to  Section 6(n)(i) above and to evidence compliance with
any customary conditions contained in the underwriting agreement or other agreement entered
into by the Company. The above shall be done at each closing under such underwriting or similar agreement, or as and to the extent required thereunder. 

        (o)   Make
available for inspection by a representative of the selling holders of Registrable Securities, any underwriter participating in any such disposition of Registrable
Securities, if any, and any attorneys or accountants retained by such selling holders or underwriter, at the offices where normally kept, during reasonable business hours, all financial and other
records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information
in each case reasonably requested by any such representative, underwriter, attorney or accountant in connection with such Registration Statement;  provided, however, that any information that is not generally publicly available at the time of delivery
of such information shall be kept confidential by such Persons unless (i) disclosure of such information is required by court or administrative order, (ii) disclosure of such
information, in the opinion of counsel to such Person, is required by law, or (iii) such information becomes generally available to the public other than as a result of a 

12

 

disclosure
or failure to safeguard by such Person. In the case of a proposed disclosure pursuant to (i) or  (ii) above, such Person shall be required to give the
Company written notice of the proposed disclosure prior to such disclosure and, if requested by
the Company, assist the Company in seeking to prevent or limit the proposed disclosure. Without limiting the foregoing, no such information shall be used by such Person as the basis for any market
transactions in securities of the Company or its subsidiaries in violation of law. 

        (p)   Comply
with all applicable rules and regulations of the SEC and make available to its security holders earning statements satisfying the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder, or any similar rule promulgated under the Securities Act, no later than ninety (90) days after the end of any twelve
(12) month period (or such shorter period of time as may be required under the Securities Act) (i) commencing at the end of any fiscal quarter in which Registrable Securities are sold to
underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the
Company after the effective date of a Registration Statement, which statements shall cover one of said twelve (12) month periods. 

        (q)   Cause
its officers to use their reasonable best efforts to support the marketing of the Registrable Securities covered by the Registration Statement (including, without
limitation, participation in "road shows") taking into account the Company's business needs. 

        The
Company may require each seller of Registrable Securities as to which any registration is being effected to furnish to the Company in writing such information required in connection
with such registration regarding such seller and the distribution of such Registrable Securities as the Company may, from time to time, reasonably request in writing and the Company may exclude from
such registration the Registrable Securities of any seller who unreasonably fails to furnish such information within a reasonable time after receiving such request. 

        Each
holder of Registrable Securities agrees if such holder has Registrable Securities covered by such Registration Statement that, upon receipt of any notice from the Company of the
happening of any event of the kind described in Section 6(c)(ii), 6(c)(iii),  6(c)(iv) or 6(c)(v) hereof, such holder will forthwith discontinue disposition of such Registrable
Securities covered by such Registration Statement or Prospectus until such holder's receipt of the copies of the supplemented or amended Prospectus contemplated by  Section 6(j) hereof, or until it
is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and has received
copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus; provided,  however,
that the Company shall extend the time periods under Section 3 with respect to the
length of time that the effectiveness of a Registration Statement must be maintained by the amount of time the holder is required to discontinue disposition of such securities. 

        Section 7.  Registration Expenses. All reasonable fees and expenses incident to the performance of or compliance with this Agreement
by the Company (including, without limitation, (a) all registration and filing fees (including, without limitation, fees and expenses (i) with respect to filings required to be made with
the National Association of Securities Dealers, Inc. and (ii) of compliance with securities or Blue Sky laws, including, without limitation, any fees and disbursements of counsel for the
underwriters in connection with Blue Sky qualifications of the Registrable Securities pursuant to Section 6(h)), (b) printing expenses
(including, without limitation, expenses of printing certificates for Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses if the
printing of Prospectuses is requested by the managing underwriters, if any, or by the holders of a majority of the Registrable Securities included in any Registration Statement), (c) messenger,
telephone and delivery expenses of the Company, (d) fees and disbursements of counsel for the Company, (e) expenses of the Company incurred in connection with any road show,
(f) fees and 

13

 

disbursements
of all independent certified public accountants referred to in Section 6(n)(iii) hereof (including, without limitation, the
expenses of any "cold comfort" letters or oil and gas reserve reports required by this Agreement) and any other persons, including special experts retained by the Company, and (g) fees and
disbursements of one counsel for the holders of Registrable Securities whose securities are included in a Registration Statement, which counsel shall be selected by the holders of a majority of the
Registrable Securities included in such Registration Statement shall be borne by the Company or any of its Subsidiaries whether or not any Registration Statement is filed or becomes effective. In
addition, the Company or any of its Subsidiaries shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expense of any annual audit, the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange on which similar securities issued
by the Company are then listed and rating agency fees and the fees and expenses of any Person, including special experts, retained by the Company. 

        The
Company shall not be required to pay (a) fees and disbursements of any counsel retained by any holder of Registrable Securities or by any underwriter (except as set forth in  Section 7(a)(ii)
and Section 7(g)), (b) any underwriter's fees (including
discounts, commissions or fees of underwriters, selling brokers, dealer managers or similar securities industry professionals) relating to the distribution of the Registrable Securities other than
with respect to Registrable Securities, if any, sold by the Company, or (c) any other expenses of the holders of Registrable Securities not specifically required to be paid by the Company
pursuant to the first paragraph of this Section 7. 

        Section 8.
Indemnification. 

        (a)    Indemnification by the Company.    The Company shall, without limitation as to time, indemnify and hold
harmless, to the fullest extent permitted by law, each holder of Registrable Securities whose Registrable Securities are covered by a Registration Statement or Prospectus, the officers, directors,
partners, members, managers, stockholders, accountants, attorneys, agents and employees of each of them, each Person who controls each such holder (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees of each such controlling
person, each underwriter, if any, and each Person who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) such underwriter, from and
against any and all losses, claims, damages, liabilities, costs (including, without limitation, costs of preparation and reasonable attorneys' fees and any legal or other fees or expenses incurred by
such party in connection with any investigation or Proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement (collectively,
"Losses"), as incurred, arising out of or based upon (i) any untrue statement (or alleged untrue statement) of a material fact contained in a
Registration Statement, any preliminary Prospectus or final Prospectus contained therein or otherwise filed with the SEC, any amendment or supplement thereto, any document incorporated by reference
therein, any "issuer free writing prospectus" (as defined in Rule 433 promulgated under the Securities Act) or any "issuer information" filed or required to be filed pursuant to
Rule 433(d) under the Securities Act (in each case relating to the Registrable Securities) or any other document incident to registration or qualification of such Registrable Securities,
(ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) any violation
by the Company of the Securities Act or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration,
qualification, or compliance, and will reimburse each such holder, each of its officers, directors, partners, members, managers, stockholders, accountants, attorneys, agents and employees and each
person controlling such holder, each such underwriter, and each person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with 

14

 

investigating
and defending or settling any such claim, loss, damage, liability, or action, provided, that the Company will not be liable in any such
case to the extent that any such claim, loss, damage, liability, or expense arises out of or is based on any untrue statement or omission by such holder or underwriter, but only to the extent, that
such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement, preliminary Prospectus, final Prospectus, amendment, supplement, issuer
free writing prospectus or document incident to registration or qualification of any Registrable Securities in reliance upon and in conformity with written information furnished to the Company by such
holder. It is agreed that the indemnity agreement contained in this Section 8(a) shall not apply to amounts paid in settlement of any such loss,
claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld). 

        (b)    Indemnification by Holder of Registrable Securities.    In connection with any Registration Statement in which
a holder of Registrable Securities is participating, such holder of Registrable Securities shall furnish to the Company in writing such information as the Company reasonably requests for use in
connection with any Registration Statement, preliminary Prospectus, final Prospectus, amendment, supplement, issuer free writing prospectus or document incident to registration or qualification of any
Registrable Securities and agrees to indemnify, to the fullest extent permitted by law, severally and not jointly, the Company, its directors, officers, accountants, attorneys, agents and employees,
each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act), and the directors, officers, partners, members, managers, stockholders, accountants, attorneys, agents or employees of such controlling persons, and each underwriter, if any, and each
person who controls such underwriter (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), from and against all Losses arising out of or based on
any untrue statement of a material fact contained in any such Registration Statement, preliminary Prospectus, final Prospectus, amendment, supplement, issuer free writing prospectus or document
incident to registration or qualification of any Registrable Securities or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, and will reimburse the Company and such directors, officers, partners, members, managers, stockholders, accountants, attorneys, employees, agents, persons, underwriters, or control persons
for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action, in each case to the extent, but only to the
extent, that such untrue statement or omission is made in such Registration Statement, preliminary Prospectus, final Prospectus, amendment, supplement, issuer free writing prospectus or document
incident to registration or qualification of any Registrable Securities in reliance upon and in conformity with written information furnished to the Company by such holder specifically for use in
connection with the preparation of such Registration Statement, preliminary Prospectus, final Prospectus, amendment, supplement, issuer free writing prospectus or document incident to registration or
qualification of any Registrable Securities; provided, however, that the obligations of such holder
hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages, or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such
holder (which consent shall not be unreasonably withheld); and provided, further, that the liability of
each selling holder of Registrable Securities hereunder shall be limited to the net proceeds received by such selling holder from the sale of Registrable Securities covered by such Registration
Statement. 

        (c)    Conduct of Indemnification Proceedings.    If any Person shall be entitled to indemnity hereunder (an
"indemnified party"), such indemnified party shall give prompt notice to the party from which such indemnity is sought (the
"indemnifying party") of any claim or of the commencement of any Proceeding with respect to which such indemnified party seeks indemnification or
contribution pursuant hereto; provided, however, that the delay or failure to so 

15

 

notify
the indemnifying party shall not relieve the indemnifying party from any obligation or liability except to the extent that the indemnifying party has been prejudiced by such delay or failure.
The indemnifying party shall have the right, exercisable by giving written notice to an indemnified party promptly after the receipt of written notice from such indemnified party of such claim or
Proceeding, to, unless in the indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, assume, at the
indemnifying party's expense, the defense of any such claim or Proceeding, with counsel reasonably satisfactory to such indemnified party; provided,  however, that an indemnified party shall have the right to employ separate counsel in any such claim or Proceeding and to participate in the defense
thereof, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless: (i) the indemnifying party agrees to pay such fees and expenses; or (ii) the
indemnifying party fails promptly to assume or in the event of a conflict of interest cannot assume the defense of such claim or Proceeding or fails to employ counsel reasonably satisfactory to such
indemnified party; in which case the indemnified party shall have the right to employ counsel and to assume the defense of such claim or proceeding;  provided, however, that the indemnifying party shall not, in connection with any one such claim or
Proceeding or separate but substantially similar or related claims or Proceedings in the same jurisdiction, arising out of the same general allegations or circumstances, be liable for the fees and
expenses of more than one firm of attorneys (together with appropriate local counsel) at any time for all of the indemnified parties, or for fees and expenses that are not reasonable. Whether or not
such defense is assumed by the indemnifying party, such indemnified party will not be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably
withheld). The indemnifying party shall not consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff
to such indemnified party of a release, in form and substance reasonably satisfactory to the indemnified party, from all liability in respect of such claim or litigation for which such indemnified
party would be entitled to indemnification hereunder. 

        (d)    Contribution.    If the indemnification provided for in this  Section 8 is unavailable to an indemnified party in
respect of any Losses (other than in accordance with its terms), then each applicable
indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Losses, in such proportion as is
appropriate to reflect the relative fault of the indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such indemnifying party, on the one hand, and indemnified party, on the other hand, shall be
determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact, has been taken by, or relates to information supplied by, such indemnifying party or indemnified party, and the parties' relative intent, knowledge, access to information and opportunity to
correct or prevent any such action, statement or omission. 

        The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by
pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions
of this Section 8(d), an indemnifying party that is a selling holder of Registrable Securities shall not be required to contribute any amount in
excess of the amount by which the net proceeds from the sale of the Registrable Securities sold by such indemnifying party exceeds the amount of any damages that such indemnifying party has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of 

16

 

the
Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

        (e)   Notwithstanding
the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection
with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

        Section 9.  Rule 144. After an Initial Public Offering, the Company shall file the reports required to be filed by it under
the Securities Act and the Exchange Act, and will take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such
holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any holder of Registrable
Securities, the Company shall deliver to such holder a written statement as to whether it has complied with such requirements. 

        Section 10.  Underwritten Registrations. If a Demand Registration is the Initial Public Offering, the Company shall have the right
to select the investment banker or investment bankers and managers to administer the offering, subject to approval by a majority of the Registrable Securities covered by such Demand Registration, not
to be unreasonably withheld. Following such Initial Public Offering, if a Demand Registration is an underwritten offering, the Initiating Holders shall have the right to select the investment banker
or investment bankers and managers to administer the offering, subject to approval by the Company, not to be unreasonably withheld. The Company shall have the right to select the investment banker or
investment bankers and managers to administer any Piggyback Registration. 

        No
Person may participate in any underwritten registration hereunder unless such Person (a) agrees to sell the Registrable Securities it desires to have covered by the Demand
Registration on the basis provided in any underwriting arrangements in customary form and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements
and other documents required under the terms of such underwriting arrangements, provided, that such Person shall not be required to make any
representations or warranties other than those related to title and ownership of Units (or IPO Securities, as the case may be) and as to the accuracy and completeness of statements made in a
Registration Statement, Prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished to the Company or the managing underwriter by such
Person. 

        Section 11.
Limitation on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without
Required Member Approval, enter into any agreement with any holder or prospective holder of any securities of the Company giving such holder or prospective holder any registration rights the terms of
which are equivalent to or more favorable than the registration rights granted to holders of Registrable Securities hereunder, or which would reduce the amount of Registrable Securities the holders
can include in any registration filed pursuant to Section 3 hereof, unless such rights are subordinate to those of the holders of Registrable
Securities. 

        Section 12.
Miscellaneous. 

        (a)    Amendments and Waivers.    The provisions of this Agreement, including the provisions of this sentence, may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained Required Member Approval;  provided, however, that in no event shall the obligations of any holder of Registrable Securities be
materially increased or the rights of any Member be adversely affected (without similarly adversely affecting the rights of all Members), except upon the written consent of such holder.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of holders of Registrable 

17

 

Securities
whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other holders of Registrable Securities may be given by
holders of at least sixty-seven percent (67%) of the Registrable Securities being sold by such holders pursuant to such Registration Statement. 

        (b)    Notices.    All notices required to be given hereunder shall be in writing and shall be deemed to be duly given
if personally delivered, telecopied and confirmed, or mailed by certified mail, return receipt requested, or overnight delivery service with proof of receipt maintained, at the following address (or
any other address that any such party may designate by written notice to the other parties): 

If to the Company: 

Antero
Resources LLC

1625 17th Street, Suite 300

Denver, Colorado 80202

Fax: (303) 357-7315 

        If
to any Member, at such Member's address as set forth on the records of the Company. Any such notice shall, if delivered personally, be deemed received upon delivery; shall, if
delivered by telecopy, be deemed received on the first business day following confirmation; shall, if delivered by overnight delivery service, be deemed received the first business day after being
sent; and shall, if delivered by mail, be deemed received upon the earlier of actual receipt thereof or five (5) business days after the date of deposit in the United States mail. 

        (c)    Successors and Assigns; Member Status.    This Agreement shall inure to the benefit of the limited partners of
a Member who have received Registrable Securities from a Member pursuant to a Partner Distribution and shall inure to the benefit of and be binding upon the successors and assigns of each of the
parties, including subsequent holders of Registrable Securities acquired, directly or indirectly, from the Member; provided,  however, that such successor
or assign shall not be entitled to such rights unless the successor or assign shall have executed and delivered to the
Company an Addendum Agreement
substantially in the form of Exhibit A hereto promptly following the acquisition of such Registrable Securities, in which event such successor or
assign shall be deemed a Member for purposes of this Agreement and Annex A shall be updated by the Company accordingly. Nothing expressed or
mentioned in this Agreement is intended or shall be construed to give any Person other than the parties hereto and their respective successors and permitted assigns any legal or equitable right,
remedy or claim under, in or in respect of this Agreement or any provision herein contained. 

        (d)    Counterparts.    This Agreement may be executed in two (2) or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 

        (e)    Headings.    The section and paragraph headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this Agreement. 

        (f)    Governing Law.    This agreement shall be governed by and construed in accordance with the laws of the State of
New York (without giving effect to the choice of law principles thereof). 

        (g)    Severability.    If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and
shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated 

18

 

and
declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable. 

        (h)    Entire Agreement.    This Agreement is intended by the parties as a final expression of their agreement, and is
intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein, with respect to the registration rights granted by the Company with respect to Registrable Securities. This Agreement
supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

        (i)    Securities Held by the Company or its Subsidiaries.    Whenever the consent or approval of holders of a
specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the
Company or its subsidiaries shall not be counted in determining whether such consent or approval was given by the holders of such required percentage. 

        (j)    Termination.    This Agreement shall terminate on the earlier of (i) ten (10) years following the
consummation of a Qualified Public Offering and (ii) when no Registrable Securities remain outstanding; provided, that  Section 7 and Section 8 shall survive any termination hereof.
 

        (k)    Specific Performance.    The parties hereto recognize and agree that money damages may be insufficient to
compensate the holders of any Registrable Securities for breaches by the Company of the terms hereof and, consequently, that the equitable remedy of specific performance of the terms hereof will be
available in the event of any such breach. 

        (l)    Consent to Jurisdiction.    The parties hereto hereby irrevocably submit to the exclusive jurisdiction of the
courts of the State of New York and the federal courts of the United States of America located in New York, and appropriate appellate courts therefrom, over any dispute arising out of or relating to
this Agreement or any of the transactions contemplated hereby, and each party hereby irrevocably agrees that all claims in respect of such dispute or proceeding may be heard and determined in such
courts. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of venue of any dispute arising out of
or relating to this Agreement or any of the transactions contemplated hereby brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto
agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. This consent to jurisdiction is being given solely for
purposes of this Agreement and is not intended to, and shall not, confer consent to jurisdiction with respect to any other dispute in which a party to this Agreement may become involved. 

        Each
of the parties hereto hereby consents to process being served by any party to this Agreement in any suit, action, or proceeding of the nature specified in the paragraph above by the
mailing of a copy thereof in the manner specified by the provisions of subsection (b) of this  Section 12. 

        EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

[Signature
Pages Follow] 

19

  
        IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights Agreement to be duly executed as of the date first above
written. COMPANY: 

 

 

					
	

 	
 	
 COMPANY:
	

 	
 	
 ANTERO RESOURCES LLC
	

 	
 	
By:	
 	
/s/ GLEN C. WARREN, JR.

 
	 	 	Name:	 	Glen C. Warren, Jr.
	 	 	Title:	 	President and Chief Financial Officer
	

 	
 	
 MEMBERS:
	

 	
 	
 WP ANTERO LLC
	

 	
 	
By:	
 	
WP Antero Holdco, LLC, its managing member
	

 	
 	
By:	
 	
WP Antero Topco, Inc., its managing member
	

 	
 	
By:	
 	
/s/ STEVEN GLENN

 
	 	 	Name:	 	Steven Glenn
	 	 	Title:	 	Authorized Signatory
	

 	
 	
 YORKTOWN ENERGY PARTNERS V, L.P.
	 	 	By:	 	Yorktown V Company LLC, its General Partner
	

 	
 	
By:	
 	
/s/ W. HOWARD KEENAN, JR.

 
	 	 	Name:	 	W. Howard Keenan, Jr.
	 	 	Title:	 	Manager

 

 

 

 

					
	

 	
 	
 YORKTOWN ENERGY PARTNERS VI, L.P.
	

 	
 	
By:	
 	
Yorktown VI Company LP, its General Partner
	

 	
 	
By:	
 	
Yorktown VI Associates LLC, its General Partner
	

 	
 	
By:	
 	
/s/ W. HOWARD KEENAN, JR.

 
	 	 	Name:	 	W. Howard Keenan, Jr.
	 	 	Title:	 	Manager
	

 	
 	
 YORKTOWN ENERGY PARTNERS VII, L.P.
	

 	
 	
By:	
 	
Yorktown VII Company LP, its General Partner
	

 	
 	
By:	
 	
Yorktown VII Associates LLC, its General Partner
	

 	
 	
By:	
 	
/s/ W. HOWARD KEENAN, JR.

 
	 	 	Name:	 	W. Howard Keenan, Jr.
	 	 	Title:	 	Manager
	

 	
 	
 YORKTOWN ENERGY PARTNERS VIII, L.P.
	

 	
 	
By:	
 	
Yorktown VIII Company LP, its General Partner
	

 	
 	
By:	
 	
Yorktown VIII Associates LLC, its General Partner
	

 	
 	
By:	
 	
/s/ W. HOWARD KEENAN, JR.

 
	 	 	Name:	 	W. Howard Keenan, Jr.
	 	 	Title:	 	Manager

 

 

 

 

					
	 	 	 LEHMAN BROTHERS DIVERSIFIED PRIVATE EQUITY FUND 2004 PARTNERS
	

 	
 	
By:	
 	
Lehman Brothers Private Equity Advisers L.L.C., its Attorney-In-Fact
	

 	
 	
By:	
 	
/s/ ASHVIN RAO

 
	 	 	Name:	 	Ashvin Rao
	 	 	Title:	 	Vice President
	

 	
 	
 TRILANTIC CAPITAL PARTNERS FUND III ONSHORE ROLLOVER L.P.
	

 	
 	
By:	
 	
LB TCP Associates III L.P., its General Partner
	

 	
 	
By:	
 	
Lehman Brothers Merchant Banking Associates III L.L.C., its General Partner
	

 	
 	
By:	
 	
/s/ ASHVIN RAO

 
	 	 	Name:	 	Ashvin Rao
	 	 	Title:	 	Vice President
	

 	
 	
 TRILANTIC CAPITAL PARTNERS AIV I L.P.
	

 	
 	
By:	
 	
Trilantic Capital Management LLC, its Investment Advisor, u/p/a dated 4/10/09
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer

 

 

 

 

					
	 	 	 TRILANTIC CAPITAL PARTNERS FUND AIV I L.P.
	

 	
 	
By:	
 	
Trilantic Capital Management LLC, its Investment Advisor, u/p/a dated 4/10/09
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer
	

 	
 	
 TRILANTIC CAPITAL PARTNERS FUND (B) AIV I L.P.
	

 	
 	
By:	
 	
Trilantic Capital Management LLC, its Investment Advisor, u/p/a dated 4/10/09
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer
	

 	
 	
 TCP CAPITAL PARTNERS V AIV I L.P.
	

 	
 	
By:	
 	
Trilantic Capital Management LLC, its Subadvisor, u/p/a dated 4/10/09
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer

 

 

 

 

					
	 	 	 TRILANTIC CAPITAL PARTNERS IV L.P.
	

 	
 	
By:	
 	
Trilantic Capital Partners Associates IV L.P., its General Partner
	

 	
 	
By:	
 	
Trilantic Capital Partners Associates MGP IV, LLC, its General Partner
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer
	

 	
 	
 TCP PARTNERS VI L.P.
	

 	
 	
By:	
 	
Trilantic Capital Management LLC, its Subadvisor, u/p/a 4/10/09
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer
	

 	
 	
 TRILANTIC CAPITAL PARTNERS GROUP VI L.P.
	

 	
 	
By:	
 	
Trilantic Capital Partners Group VI GP L.P., its General Partner
	

 	
 	
By:	
 	
Trilantic Capital Partners Associates IV (Parallel GP) L.P., its General Partner
	

 	
 	
By:	
 	
Trilantic Capital Partners Associates MGP IV LLC, its General Partner
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer

 

 

 

 

					
	 	 	 TRILANTIC CAPITAL PARTNERS FUND IV FUNDED ROLLOVER L.P.
	

 	
 	
By:	
 	
Trilantic Capital Partners Associates IV (Parallel GP) L.P., its General Partner
	

 	
 	
By:	
 	
Trilantic Capital Partners Associates MGP IV LLC, its General Partner
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer
	

 	
 	
 COLEMAN ANDREWS SP TRUST
	

 	
 	
By:	
 	
Trilantic Capital Management LLC, u/p/a dated 10/30/09
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer
	

 	
 	
 JOHN BUSH
	

 	
 	
By:	
 	
Trilantic Capital Management LLC, u/p/a dated 10/30/09
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer

 

 

 

 

					
	 	 	 GARD INVESTMENT COMPANY LLC
	

 	
 	
By:	
 	
Trilantic Capital Management LLC, u/p/a dated 10/30/09
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer
	

 	
 	
 HOWARD H. LEACH LIVING TRUST
	

 	
 	
By:	
 	
Trilantic Capital Management LLC, u/p/a dated 10/30/09
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer
	

 	
 	
 STEPHEN WOLF
	

 	
 	
By:	
 	
Trilantic Capital Management LLC, u/p/a dated 10/30/09
	

 	
 	
By:	
 	
/s/ ELLIOT ATTIE

 
	 	 	Name:	 	Elliot Attie
	 	 	Title:	 	Chief Financial Officer
	

 	
 	
 LB I GROUP INC.
	

 	
 	
By:	
 	
/s/ ASHVIN RAO

 
	 	 	Name:	 	Ashvin Rao
	 	 	Title:	 	Vice President

 

 

 

 

					
	 	 	 SPINDRIFT PARTNERS, L.P.
	

 	
 	
By:	
 	
Wellington Management Company, LLP, as Investment Adviser
	

 	
 	
By:	
 	
/s/ ROBERT TONER

 
	 	 	Name:	 	Robert Toner
	 	 	Title:	 	Vice President and Counsel
	

 	
 	
 SPINDRIFT INVESTORS (BERMUDA) L.P.
	

 	
 	
By:	
 	
Wellington Management Company, LLP, as Investment Adviser
	

 	
 	
By:	
 	
/s/ ROBERT TONER

 
	 	 	Name:	 	Robert Toner
	 	 	Title:	 	Vice President and Counsel
	

 	
 	
 GENERAL MILLS GROUP TRUST
	

 	
 	
By:	
 	
/s/ MARIE PILLAI

 
	 	 	Name:	 	Marie Pillai
	 	 	Title:	 	Executive Secretary, Benefit Finance Committee

 

 

 

 

					
	 	 	 GENERAL MILLS BAKERY, CONFECTIONARY, TOBACCO AND GRAIN MILLERS (AFL-CIO) HEALTH AND WELFARE PLAN
	

 	
 	
By:	
 	
/s/ MARIE PILLAI

 
	 	 	Name:	 	Marie Pillai
	 	 	Title:	 	Executive Secretary, Benefit Finance Committee
	

 	
 	
 THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY
	

 	
 	
By:	
 	
The Stanford Management Company
	

 	
 	
By:	
 	
/s/ MARK H. HAYES

 
	 	 	Name:	 	Mark H. Hayes, Ph.D.
	 	 	Title:	 	Director, Natural Resources Investments
	

 	
 	
 YALE UNIVERSITY
	

 	
 	
By:	
 	
/s/ DAVID F. SWENSEN

 
	 	 	Name:	 	David F. Swensen
	 	 	Title:	 	Chief Investment Officer

 

 

 

 

					
	 	 	 CLTR
	

 	
 	
By:	
 	
/s/ STEPHANE BAILLY

 
	 	 	Name:	 	Stephane Bailly
	 	 	Title:	 	Director General
	

 	
 	
 SALISBURY INVESTMENT HOLDINGS, LLC
	

 	
 	
By:	
 	
/s/ PAUL M. RADY

 
	 	 	Name:	 	Paul M. Rady
	 	 	Title:	 	Managing Member
	

 	
 	
/s/ PAUL M. RADY

  Paul M. Rady, Individually

 

 

 

 

					
	 	 	 CANTON INVESTMENT HOLDINGS, LLC
	

 	
 	
By:	
 	
/s/ GLEN C. WARREN, JR.

 
	 	 	Name:	 	Glen C. Warren, Jr.
	 	 	Title:	 	Managing Member
	

 	
 	
/s/ GLEN C. WARREN, JR.

  Glen C. Warren, Jr., Individually
	

 	
 	
/s/ STEVEN M. WOODWARD

  Steven M. Woodward
	

 	
 	
/s/ BRIAN A. KUHN

  Brian A. Kuhn
	

 	
 	
/s/ ROBERT E. MUELLER

  Robert E. Mueller
	

 	
 	
/s/ ALVYN A. SCHOPP

  Alvyn A. Schopp
	

 	
 	
/s/ MARK D. MAUZ

  Mark D. Mauz
	

 	
 	
/s/ KEVIN J. KILSTROM

  Kevin J. Kilstrom
	

 	
 	
/s/ JONATHAN L. GRANNIS

  Jonathan L. Grannis
	

 	
 	
/s/ ROBERT S. TUCKER

  Robert S. Tucker
	

 	
 	
/s/ TIMOTHY D. CLAWSON

  Timothy D. Clawson
	

 	
 	
/s/ IVAN KAWCAK

  Ivan Kawcak

 

 

QuickLinks

REGISTRATION RIGHTS AGREEMENT

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