Document:

EX-10.1

 Exhibit 10.1 
 CLASS C PREFERRED UNIT PURCHASE AGREEMENT 
 BY AND AMONG 

ATLAS RESOURCE PARTNERS, L.P. 
 AND 
 ATLAS ENERGY, L.P. 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 Article I DEFINITIONS
	  	 	1	  
	 Section 1.01 Definitions
	  	 	1	  
	 Section 1.02 Accounting Procedures and Interpretation
	  	 	5	  
	 Article II SALE AND PURCHASE
	  	 	5	  
	 Section 2.01 Sale and Purchase
	  	 	5	  
	 Section 2.02 Reserved
	  	 	5	  
	 Section 2.03 Purchased Units
	  	 	5	  
	 Section 2.04 Consideration
	  	 	6	  
	 Section 2.05 Funding into Escrow
	  	 	6	  
	 Section 2.06 Closing
	  	 	6	  
	 Article III REPRESENTATIONS AND WARRANTIES OF ATLAS
	  	 	6	  
	 Section 3.01 Existence
	  	 	6	  
	 Section 3.02 Capitalization and Valid Issuance of Purchased Units.
	  	 	7	  
	 Section 3.03 Atlas SEC Documents
	  	 	8	  
	 Section 3.04 No Material Adverse Change
	  	 	9	  
	 Section 3.05 No Breach
	  	 	9	  
	 Section 3.06 Authority
	  	 	9	  
	 Section 3.07 Compliance with Laws
	  	 	9	  
	 Section 3.08 Approvals
	  	 	10	  
	 Section 3.09 Investment Company Status
	  	 	10	  
	 Section 3.10 Offering
	  	 	10	  
	 Section 3.11 Certain Fees
	  	 	10	  
	 Section 3.12 Registration Rights
	  	 	10	  
	 Article IV REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER
	  	 	10	  
	 Section 4.01 Valid Existence
	  	 	11	  
	 Section 4.02 No Breach
	  	 	11	  
	 Section 4.03 Investment
	  	 	11	  
	 Section 4.04 Nature of Purchaser
	  	 	11	  
	 Section 4.05 Receipt of Information; Authorization
	  	 	12	  
	 Section 4.06 Restricted Securities
	  	 	12	  
	 Section 4.07 Certain Fees
	  	 	12	  
	 Section 4.08 Legend
	  	 	12	  
	 Section 4.09 Short Selling
	  	 	12	  
	 Section 4.10 Receipt of Information
	  	 	12	  
	 Article V COVENANTS
	  	 	13	  
	 Section 5.01 Anti-dilution Protection
	  	 	13	  
	 Section 5.02 Reserved
	  	 	13	  
	 Section 5.03 Taking of Necessary Action
	  	 	13	  

  
 i 

					
	 Section 5.04 Public Filings
	  	 	13	  
	 Section 5.05 Use of Proceeds
	  	 	13	  
	 Section 5.06 Tax Information
	  	 	13	  
	 Section 5.07 NYSE Listing of Common Units
	  	 	13	  
	 Section 5.08 Adoption of Certificate of Designation
	  	 	13	  
	 Article VI CLOSING CONDITIONS
	  	 	14	  
	 Section 6.01 Conditions to the Closing.
	  	 	14	  
	 Section 6.02 Atlas Deliveries
	  	 	15	  
	 Section 6.03 Purchaser Deliveries
	  	 	15	  
	 Article VII INDEMNIFICATION, COSTS AND EXPENSES
	  	 	16	  
	 Section 7.01 Indemnification by Atlas
	  	 	16	  
	 Section 7.02 Indemnification by Purchasers
	  	 	16	  
	 Section 7.03 Indemnification Procedure
	  	 	16	  
	 Article VIII MISCELLANEOUS
	  	 	17	  
	 Section 8.01 Interpretation
	  	 	17	  
	 Section 8.02 Survival of Provisions
	  	 	18	  
	 Section 8.03 No Waiver; Modifications in Writing.
	  	 	18	  
	 Section 8.04 Binding Effect; Assignment.
	  	 	18	  
	 Section 8.05 Aggregation of Purchased Units
	  	 	19	  
	 Section 8.06 Communications
	  	 	19	  
	 Section 8.07 Removal of Legend
	  	 	19	  
	 Section 8.08 Entire Agreement
	  	 	20	  
	 Section 8.09 Governing Law
	  	 	20	  
	 Section 8.10 Execution in Counterparts
	  	 	20	  
	 Section 8.11 Termination.
	  	 	20	  
	 Section 8.12 Recapitalization, Exchanges, Etc. Affecting the Purchased Common Units
	  	 	21	  
	 Section 8.13 Obligations Limited to Parties to Agreement
	  	 	21	  

  
 ii 

 Schedules and Exhibits 
 Schedule 2.01 – Commitment Amount 
  

			
	Exhibit A -	 	Form of Atlas Resource Partners, L.P. Officer’s Certificate
		
	Exhibit B -	 	Form of Certificate of Designation of Class C Units
		
	Exhibit C -	 	Form of Common Unit Purchase Warrant

  
 iii

 CLASS C PREFERRED UNIT PURCHASE AGREEMENT 

This CLASS C PREFERRED UNIT PURCHASE AGREEMENT, is entered into as of June 9, 2013 (this “Agreement”), by and among
ATLAS RESOURCE PARTNERS, L.P., a Delaware limited partnership (“Atlas”), and Atlas Energy, L.P., a Delaware limited partnership (“Purchaser”). 

WHEREAS, simultaneously with the execution of this Agreement, Atlas is entering into a definitive purchase and sale agreement to acquire
certain assets and entities from EP Energy E&P Company, L.P. and EPE Nominee Corp., and Atlas and Purchaser are entering into an assignment and assumption agreement to assign certain of Atlas’ rights and obligations under the Acquisition
Agreement to Purchaser (together, the “Acquisition”); 
 WHEREAS, Atlas desires to finance a portion of the
Acquisition through the sale of Class C Units (defined below), and the Purchaser desires to purchase Class C Units from Atlas, each in accordance with the provisions of this Agreement; 

WHEREAS, it is a condition to the obligations of the Purchaser and Atlas under this Agreement that the Acquisition be expected to be
consummated substantially concurrently with the issuance of the Class C Units; 
 WHEREAS, Atlas has agreed to issue certain
Warrants (defined below) to Purchaser, in accordance with the provisions of this Agreement; and 
 WHEREAS, Atlas has agreed to
provide the Purchaser with registration rights with respect to the Purchased Units (defined below) acquired pursuant to this Agreement and the Common Units underlying the Warrants. 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Atlas and Purchaser hereby agree as follows: 
 ARTICLE I 

 DEFINITIONS 
 Section 1.01 Definitions 
 As used in this Agreement, and unless the
context requires a different meaning, the following terms have the meanings indicated: 
 “Acquisition” shall
have the meaning specified in the recitals. 
 “Acquisition Agreement” means that certain Purchase and Sale
Agreement dated as of the date hereof, among Atlas, EP Energy E&P Company, L.P. and EPE Nominee Corp. 

“Acquisition Closing Date” means the date on which the Acquisition is consummated. 

 “Action” against a Person means any lawsuit, action, proceeding,
investigation or complaint before any Governmental Authority, mediator or arbitrator. 
 “Affiliate” means,
with respect to a specified Person, any other Person, whether now in existence or hereafter created, directly or indirectly controlling, controlled by or under direct or indirect common control with such specified Person. For purposes of this
definition, “control” (including, with correlative meanings, “controlling”, “controlled by” and “under common control with”) means the power to direct or cause the direction of the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” shall have the meaning specified in the introductory paragraph. 

“Assignment Agreement” means that certain Assignment and Assumption Agreement dated as of the date hereof, between Atlas and
Purchaser. 
 “Atlas” shall have the meaning specified in the introductory paragraph. 

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

“Atlas Related Parties” shall have the meaning specified in Section 7.02. 

“Atlas SEC Documents” shall have the meaning specified in Section 3.03. 

“Basic Documents” means, collectively, the Escrow Agreement, this Agreement, the Common Unit Purchase Warrant, the
Registration Rights Agreement, the Acquisition Agreement, the Assignment Agreement and any and all other agreements or instruments executed and delivered by the Parties to evidence the execution, delivery and performance of this Agreement, and any
amendments, supplements, continuations or modifications thereto. 
 “Business Day” means any day other than a
Saturday, a Sunday, or a legal holiday for commercial banks in New York, New York. 
 “Certificate of
Designation” means the Certificate of Designation of the powers, preferences and relative, participating, optional, and other special rights and qualifications, limitations and restrictions thereof of Class C Preferred Units of Atlas
Resource Partners, L.P., a form of which is attached hereto as Exhibit B. 
 “Class C Units” means the
convertible Class C preferred limited partnership units of Atlas having the rights, preferences and designations set forth in the Certificate of Designation. 
 “Class C Unit Price” shall have the meaning specified in Section 2.04. 
 “Closing” shall have the meaning specified in Section 2.06. 

“Closing Date” shall have the meaning specified in 2.06. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  
 2 

 “Commission” means the United States Securities and Exchange Commission.

 “Commitment Amount” means the dollar amount set forth on Schedule 2.01 to this Agreement under the heading
“Purchaser’s Allocated Purchase Price.” 
 “Common Unit Purchase Warrant” means a warrant to
purchase Common Units of Atlas, a form of which is attached hereto as Exhibit C. 
 “Common Units” means
the Common Units of Atlas representing limited partner interests having the rights, preferences and designations set forth in the Limited Partnership Agreement. 
 “Delaware LP Act” means the Delaware Revised Uniform Limited Partnership Act, as amended from time to time. 
 “Escrow Agreement” means the escrow agreement to be entered into no less than five (5) days prior to the Closing Date (or such other period of time reasonably acceptable to the
Purchaser) among Atlas, the Purchaser and an escrow agent, which shall contain reasonable and customary terms to be approved by Atlas and the Purchaser. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder. 

“GAAP” means generally accepted accounting principles in the United States of America in effect from time to time.

 “Governmental Authority” shall include the country, state, county, city and political subdivisions in which
any Person or such Person’s Property is located or that exercises valid jurisdiction over any such Person or such Person’s Property, and any court, agency, department, commission, board, bureau or instrumentality of any of them and any
monetary authorities that exercise valid jurisdiction over any such Person or such Person’s Property. Unless otherwise specified, all references to Governmental Authority herein shall mean a Governmental Authority having jurisdiction over,
where applicable, Atlas, its Subsidiaries or any of their Property or of the Purchaser. 
 “HSR Act” means the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder. 

“Indemnified Party” shall have the meaning specified in Section 7.03. 

“Indemnifying Party” shall have the meaning specified in Section 7.03. 

“Law” means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute,
law, rule or regulation. 
 “Lien” means any interest in Property securing an obligation owed to, or a claim
by, a Person other than the owner of the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including the lien or security interest arising from a
mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes. 

  
 3 

 “Limited Partnership Agreement” shall have the meaning specified in
Section 2.03. 
 “Net Proceeds” means the aggregate amount delivered for the Purchased Units as set forth
on Schedule 2.01, less any expenses incurred by Atlas in connection with the Basic Documents. 
 “Party” or
“Parties” means Atlas and the Purchaser, individually or collectively, as the case may be. 

“Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited
liability company, unincorporated organization or government or any agency, instrumentality or political subdivision thereof, or any other form of entity.”Property” means any interest in any kind of property or asset, whether real,
personal or mixed, or tangible or intangible. 
 “Purchased Securities” means the Purchased Units, the Warrants
and the Common Units underlying the Purchased Units and the Warrants. 
 “Purchased Units” means the Class C
Units to be issued and sold to the Purchaser pursuant to this Agreement. 
 “Purchaser” shall have the meaning
specified in the introductory paragraph. 
 “Purchaser Material Adverse Effect” means any material and adverse
effect on (i) the ability of a Purchaser to meet its obligations under this Agreement or the Registration Rights Agreement on a timely basis or (ii) the ability of a Purchaser to consummate the transactions under this Agreement or the
Registration Rights Agreement. 
 “Purchaser Related Parties” shall have the meaning specified in
Section 7.01. 
 “Qualified Equity Offering” shall have the meaning specified in Section 2.07.

 “Qualified Offering Notice” shall have the meaning specified in Section 2.07. 

“Registration Rights Agreement” means the registration rights agreement to be entered into at or before Closing between
Atlas and the Purchaser, which shall contain reasonable and customary terms to be approved by Atlas and the Purchaser. 

“Representatives” of any Person means the officers, managers, directors, employees, agents, affiliates, control persons,
counsel, investment bankers and other representatives of such Person. 
 “Securities Act” means the Securities
Act of 1933, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder. 

  
 4 

 “Short Sales” means, without limitation, all “short sales” as
defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and forward sale contracts, options, puts, calls, short sales, “put equivalent positions” (as defined in Rule 16a-1(h) under the
Exchange Act) and similar arrangements, and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. 
 “Subsidiary” means, as to any Person, any corporation or other entity, of which a majority of the outstanding equity interests having by the terms thereof ordinary voting power to elect a
majority of the board of directors of such corporation or other entity (irrespective of whether or not at the time any equity interest of any other class or classes of such corporation or other entity shall have or might have voting power by reason
of the happening of any contingency), is at the time, directly or indirectly, owned or controlled by such Person or one or more of its Subsidiaries. 
 “Terminating Breach” shall have the meaning specified in Section 8.11(a). 
 “Warrant” shall have the meaning specified in Section 2.01. 

Section 1.02 Accounting Procedures and Interpretation. Unless otherwise specified in this Agreement, all accounting terms
used herein shall be interpreted, all determinations with respect to accounting matters under this Agreement shall be made in accordance with GAAP applied on a consistent basis during the periods involved (except, in the case of unaudited
statements, as permitted by Form 10-Q promulgated by the Commission) and in compliance as to form in all material respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto.

 ARTICLE II 
 SALE AND PURCHASE 
 Section 2.01 Sale and Purchase.
Contemporaneously with the consummation of the Acquisition, and subject to the terms and conditions of this Agreement, at the Closing Atlas hereby agrees to issue and sell to Purchaser, and Purchaser hereby agrees, to purchase from Atlas, subject to
Section 2.03, the number of Purchased Units set forth opposite its name on Schedule 2.01 hereto. Purchaser agrees to pay Atlas the Class C Unit Price for each such Purchased Unit. Purchaser will also receive, for no additional consideration, a
warrant (the “Warrants”) to purchase Common Units in an amount equal to fifteen percent (15%) of the number of Purchased Units set forth opposite the Purchaser’s name on Schedule 2.01 hereto (as such number may be amended
in accordance with Section 2.07). 
 Section 2.02 Reserved. 

Section 2.03 Purchased Units. The number of Purchased Units to be issued and sold to Purchaser will be equal to
Purchaser’s Commitment Amount divided by the Class C Unit Price; provided, however, that upon completion of a Qualified Equity Offering, Purchaser shall be entitled to reduce Purchaser’s Commitment Amount as provided in Section 2.07.
The Purchased Units shall have those rights, preferences, privileges and restrictions governing the Class C Units 

  
 5 

 
as set forth in the Amended and Restated Agreement of Limited Partnership of Atlas, dated as of March 13, 2012, as the same has been amended from time to time (the “Limited
Partnership Agreement”), including as will be amended by the Certificate of Designation in the form annexed hereto as Exhibit B, which Atlas will cause to be adopted no later than immediately prior to the issuance and sale of Class C
Units contemplated by this Agreement. References herein to the Limited Partnership Agreement shall include or exclude the Certificate of Designation as the context requires. 
 Section 2.04 Consideration. The amount per Class C Unit Purchaser will pay to Atlas to purchase the Purchased Units shall be $23.10 (the “Class C Unit Price”). 

Section 2.05 Funding into Escrow. Purchaser shall deposit its Commitment Amount, or such reduced amount as may be established
by Atlas in its sole discretion, into an escrow account established under the Escrow Agreement no later than one Business Day prior to the Closing Date. On the Closing Date, upon receipt of satisfactory evidence that the conditions set forth in
Article VI have been satisfied or waived, pursuant to Section 2.06 Purchaser shall deliver notice to the Escrow Agent (as such term is defined in the Escrow Agreement) to promptly and timely release the funds escrowed under the Escrow Agreement
to Atlas. 
 Section 2.06 Closing. Subject to satisfaction or waiver of the conditions set forth in Article VI, the
execution and delivery of the Basic Documents (other than this Agreement, the Acquisition Agreement and the Assignment Agreement), the release of the funds escrowed under the Escrow Agreement to Atlas pursuant to the terms of the Escrow Agreement,
and the execution and delivery of all other instruments, agreements and other documents required by this Agreement, the closing with respect to the purchase and sale of the Class C Units (the “Closing”) shall take place on a date
(the “Closing Date”) concurrent with the Acquisition Closing Date, provided that Atlas shall take reasonable efforts to provide Purchaser five Business Days (or such shorter period as shall be agreeable to Purchaser but in any event
no less than two Business Days) prior written notice of such designated Closing Date. 
 Section 2.07 Commitment
Amounts. Notwithstanding Section 2.06 hereof, if, prior to the Closing Date, Atlas completes and receives proceeds in excess of $275 million from an offering of any of its equity securities (other than the offering contemplated by this
Agreement) (a “Qualified Equity Offering”), Purchaser’s Commitment Amount shall automatically be reduced by an amount equal to the amount of proceeds raised in the Qualified Equity Offering in excess of $275 million. Atlas
shall amend Schedule 2.01 accordingly to reflect such reduction. 
 ARTICLE III  

REPRESENTATIONS AND WARRANTIES OF ATLAS 
 Atlas represents and warrants to the Purchaser, on and as of the date of this Agreement and on and as of the Closing Date, as follows: 

Section 3.01 Existence. Each of Atlas and its Subsidiaries: (i) is a corporation, limited partnership, partnership or
limited liability company, as applicable, duly organized, validly existing and in good standing under the Laws of the state or other jurisdiction of its incorporation or organization; (ii) has all requisite power and authority, and has all
material governmental 

  
 6 

 
licenses, authorizations, consents and approvals, necessary to own, lease, use and operate its Properties and carry on its business as its business is now being conducted as described in the
Atlas SEC Documents, except where the failure to obtain such licenses, authorizations, consents and approvals would not reasonably be expected to have a material adverse effect on Atlas. Each of Atlas and its Subsidiaries is duly qualified or
licensed and in good standing as a foreign limited partnership, limited liability company, limited partnership, partnership or corporation, as applicable, and is authorized to do business in each jurisdiction in which the ownership or leasing of its
respective Properties or the character of its respective operations makes such qualification necessary, except where the failure to obtain such qualification, license, authorization or good standing would not reasonably be expected to have a
material adverse effect on Atlas. 
 Section 3.02 Capitalization and Valid Issuance of Purchased Units. 

(a) As of June 7, 2013, and prior to the issuance and sale of the Purchased Units, the issued and outstanding limited partnership
interests of Atlas consist of 44,447,284 Common Units, Class A Units and 3,836,554 Class B units (each as defined in the Limited Partnership Agreement). All of the outstanding Common Units, Class A Units, Class B Units and Incentive
Distribution Rights (as defined in the Limited Partnership Agreement) have been duly authorized and validly issued in accordance with applicable Law and the Limited Partnership Agreement and are fully paid (to the extent required under the Limited
Partnership Agreement) and non-assessable (except as such non-assessability may be affected by Section 17-607 of the Delaware LP Act). 
 (b) Other than Atlas’s existing Long-Term Incentive Plans, and other existing management compensation arrangements, Atlas has no equity compensation plans that contemplate the issuance of Common
Units (or securities convertible into or exchangeable for Common Units). Atlas has no outstanding indebtedness having the right to vote (or convertible into or exchangeable for securities having the right to vote) on any matters on which the holders
of Common Units may vote. Except as set forth in the first sentence of this Section 3.02(b), as contemplated by this Agreement, as are contained in the Limited Partnership Agreement, or as described in the Atlas SEC Documents, there are no
outstanding or authorized (i) options, warrants, preemptive rights, subscriptions, calls or other rights, convertible securities, agreements, claims or commitments of any character obligating Atlas or any of its Subsidiaries to issue, transfer
or sell any limited partnership interests or other equity interests in Atlas or any of its Subsidiaries or securities convertible into or exchangeable for such limited partnership interests or other equity interests, (ii) obligations of Atlas
or any of its Subsidiaries to repurchase, redeem or otherwise acquire any limited partnership interests or other equity interests in Atlas or any of its Subsidiaries or any such securities or agreements listed in clause (i) of this sentence or
(iii) voting trusts or similar agreements to which Atlas or any of its Subsidiaries is a party with respect to the voting of the equity interests of Atlas or any of its Subsidiaries. 

(c) All of the issued and outstanding equity interests of each of Atlas’s Subsidiaries are owned, directly or indirectly, by Atlas
free and clear of any Liens (except for such restrictions as may exist under applicable Law and except for such Liens as may be imposed under Atlas’s or its Subsidiaries’ credit facilities filed as exhibits to the Atlas SEC Documents), and
all such ownership interests have been duly authorized and validly issued and 

  
 7 

 
are fully paid (to the extent required by applicable Law and the organizational documents of Atlas’s Subsidiaries, as applicable) and non-assessable (except as non-assessability may be
affected by Section 17-607 of the Delaware LP Act or the organizational documents of Atlas’s Subsidiaries, as applicable) and free of preemptive rights, with no personal liability attaching to the ownership thereof. 

(d) The offer and sale of the Purchased Units and the limited partner interests represented thereby, and the Common Units issuable upon
conversion of the Purchased Units in accordance with the terms of the Class C Units as reflected in the Certificate of Designation, are or will be duly authorized by Atlas pursuant to the Limited Partnership Agreement, as amended by the Certificate
of Designation, prior to the Closing and, when issued and delivered to the Purchaser against payment therefor in accordance with the terms of this Agreement, will be validly issued, fully paid (to the extent required by applicable Law and the
Limited Partnership Agreement) and non-assessable (except as such non-assessability may be affected by Section 17-607 of the Delaware LP Act) and will be free of any and all Liens and restrictions on transfer, other than restrictions on
transfer under the Limited Partnership Agreement, the Registration Rights Agreement and applicable state and federal securities Laws and other than such Liens as are created by the Purchaser. 

(e) Atlas’s currently outstanding Common Units are quoted on The New York Stock Exchange and Atlas has not received any notice of
delisting. 
 (f) The Purchased Units shall have those rights, preferences, privileges and restrictions governing the Class C
Units as set forth in the Limited Partnership Agreement, as amended by the Certificate of Designation. 
 Section 3.03
Atlas SEC Documents. Atlas has filed with the Commission all forms, registration statements, reports, schedules and statements required to be filed by it under the Exchange Act or the Securities Act (all such documents filed on or prior to
the date of this Agreement, collectively, the “Atlas SEC Documents”). The Atlas SEC Documents, including any audited or unaudited financial statements and any notes thereto or schedules included therein (the “Atlas Financial
Statements”), at the time filed (in the case of registration statements, solely on the dates of effectiveness) (except to the extent corrected by a subsequently filed Atlas SEC Document filed prior to the date of this Agreement)
(i) did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading, (ii) complied in all material respects with the applicable requirements of the Exchange Act and the Securities Act, as the case may be, (iii) complied as to form in all material respects with applicable accounting requirements
and with the published rules and regulations of the Commission with respect thereto, (iv) were prepared in accordance with GAAP applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto or, in
the case of unaudited statements, as permitted by Form 10-Q of the Commission) and (v) fairly presented (subject in the case of unaudited statements to normal, recurring and year-end audit adjustments) in all material respects the consolidated
financial position and status of the business of Atlas as of the dates thereof and the consolidated results of its operations and cash flows for the periods then ended. Grant Thornton LLP is an independent registered public accounting firm with
respect to Atlas and has not resigned or been dismissed as independent registered public accountants of Atlas as a result of or in connection with any disagreement with Atlas on any matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedures. 

  
 8 

 Section 3.04 Litigation. Except as set forth in the Atlas SEC Documents, there
is no Action pending or, to the knowledge of Atlas, threatened in writing against Atlas or any of its Subsidiaries that would reasonably be expected to prevent the consummation of the transactions contemplated by this Agreement. 

Section 3.05 No Breach. The execution, delivery and performance by Atlas of the Basic Documents to which it is a party and
all other agreements and instruments in connection with the transactions contemplated by the Basic Documents, and compliance by Atlas with the terms and provisions hereof and thereof, do not (a) violate any provision of any Law applicable to
Atlas or any of its Subsidiaries or any of their respective Properties, (b) conflict with or result in a violation of any provision of the Certificate of Limited Partnership of Atlas or the Limited Partnership Agreement, as amended by the
Certificate of Designation, or any organizational documents of any of Atlas’s Subsidiaries, (c) require any consent, approval or notice under or result in a violation or breach of or constitute (with or without due notice or lapse of time
or both) a default (or give rise to any right of termination, cancellation or acceleration) under (i) any material note, bond, mortgage, license, or loan or credit agreement to which Atlas or any of its Subsidiaries is a party or by which Atlas
or any of its Subsidiaries or any of their respective Properties may be bound or (ii) any other material agreement, instrument or obligation, or (d) result in or require the creation or imposition of any Lien upon or with respect to any of
the Properties now owned or hereafter acquired by Atlas or any of its Subsidiaries, except in the cases of clauses (a), (c) and (d) where such violation, default, breach, termination, cancellation, failure to receive consent or approval,
or acceleration with respect to the foregoing provisions of this Section 3.05 would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on Atlas. 

Section 3.06 Authority. Atlas has all necessary limited partnership power and authority to execute, deliver and perform its
obligations under the Basic Documents to which it is a party and to consummate the transactions contemplated thereby; the execution, delivery and performance by Atlas of each of the Basic Documents to which it is a party, and the consummation of the
transactions contemplated thereby, have been duly authorized by all necessary action on its part; and the Basic Documents constitute the legal, valid and binding obligations of Atlas, enforceable in accordance with their terms, except as such
enforceability may be limited by bankruptcy, insolvency, fraudulent transfer and similar Laws affecting creditors’ rights generally or by general principles of equity. Except as contemplated by this Agreement, no approval by the holders of
Common Units is required as a result of Atlas’s issuance and sale of the Purchased Units. 
 Section 3.07
Compliance with Laws. Neither Atlas nor any of its Subsidiaries is in violation of any judgment, decree or order or any Law applicable to Atlas or its Subsidiaries, except as would not, individually or in the aggregate, have a material
adverse effect on Atlas. Atlas and its Subsidiaries possess all material certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess
such certificates, authorizations or permits would not, individually or 

  
 9 

 
in the aggregate, reasonably be expected to have a material adverse effect on Atlas, and neither Atlas nor any such Subsidiary has received any notice of proceedings relating to the revocation or
modification of any such certificate, authorization or permit, except where such potential revocation or modification would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on Atlas. 

Section 3.08 Approvals. Except as contemplated by this Agreement, as required under the HSR Act, or as required by the
Commission in connection with Atlas’s obligations under the Registration Rights Agreement, no authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing, declaration, qualification or registration
with, any Governmental Authority or any other Person is required in connection with the execution, delivery or performance by Atlas of any of the Basic Documents to which it is a party, except where the failure to receive such authorization,
consent, approval, waiver, license, qualification or written exemption or to make such filing, declaration, qualification or registration would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on Atlas.

 Section 3.09 Investment Company Status. Atlas is not an “investment company” within the meaning of the
Investment Company Act of 1940, as amended. 
 Section 3.10 Offering. Assuming the accuracy of the representations
and warranties of the Purchaser contained in this Agreement, the sale and issuance of the Purchased Units pursuant to this Agreement are exempt from the registration requirements of the Securities Act, and neither Atlas nor any authorized
Representative acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption. 

Section 3.11 Certain Fees. The Purchaser shall not be liable for any fees or commissions payable by Atlas to brokers, finders
or investment bankers with respect to the sale of any of the Purchased Securities or the consummation of the transactions contemplated by this Agreement. Atlas agrees that it will indemnify and hold harmless Purchaser from and against any and all
claims, demands or liabilities for broker’s, finder’s, placement or other similar fees or commissions incurred by Atlas or alleged to have been incurred by Atlas in connection with the sale of Purchased Securities or the consummation of
the transactions contemplated by this Agreement. 
 Section 3.12 Registration Rights. Neither the execution of this
Agreement nor the issuance of the Purchased Units as contemplated by this Agreement gives rise to any rights for or relating to the registration of any securities of Atlas, other than pursuant to the Registration Rights Agreement. 

ARTICLE IV  
 REPRESENTATIONS AND WARRANTIES OF PURCHASER 
 Purchaser hereby
represents and warrants to Atlas with respect to itself, on and as of the date of this Agreement and on and as of the Closing Date, as follows: 

  
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 Section 4.01 Valid Existence. Purchaser (i) is duly organized, validly
existing and in good standing under the Laws of the State of Delaware and (ii) has all requisite power, and has all material governmental licenses, authorizations, consents and approvals, necessary to own its Properties and carry on its
business as its business is now being conducted, except where the failure to obtain such licenses, authorizations, consents and approvals would not have and would not reasonably be expected to have a Purchaser Material Adverse Effect. 

Section 4.02 No Breach. The execution, delivery and performance by Purchaser of the Basic Documents to which it is a party
and all other agreements and instruments in connection with the transactions contemplated by the Basic Documents to which it is a party, and compliance by Purchaser with the terms and provisions hereof and thereof and the purchase of the Purchased
Units by Purchaser do not (a) violate any provision of any Law, governmental permit, determination or award having applicability to Purchaser or any of its Properties, (b) conflict with or result in a violation of any provision of the
organizational documents of Purchaser or (c) require any consent (other than standard internal consents), approval or notice under or result in a violation or breach of or constitute (with or without due notice or lapse of time or both) a
default (or give rise to any right of termination, cancellation or acceleration) under (i) any material note, bond, mortgage, license, or loan or credit agreement to which Purchaser is a party or by which Purchaser or any of its Properties may
be bound or (ii) any other such material agreement, instrument or obligation, except in the case of clauses (a) and (c) where such violation, default, breach, termination, cancellation, failure to receive consent or approval, or
acceleration with respect to the foregoing provisions of this Section 4.02 would not, individually or in the aggregate, reasonably be expected to have a Purchaser Material Adverse Effect. 

Section 4.03 Investment. The Purchased Units are being acquired for Purchaser’s own account, not as a nominee or agent,
and with no present intention of distributing the Purchased Units or any part thereof, and Purchaser has no present intention of selling or granting any participation in or otherwise distributing the same in any transaction in violation of the
securities Laws of the United States of America or any state, without prejudice, however, to Purchaser’s right at all times to sell or otherwise dispose of all or any part of the Purchased Units under a registration statement under the
Securities Act and applicable state securities Laws or under an exemption from such registration available thereunder (including, if available, Rule 144 promulgated thereunder). If Purchaser should in the future decide to dispose of any of the
Purchased Units, Purchaser understands and agrees that it may do so only (a)(i) in compliance with the Securities Act and applicable state securities Law, as then in effect, or pursuant to an exemption therefrom (including Rule 144 under the
Securities Act) or (ii) in the manner contemplated by any registration statement pursuant to which such securities are being offered, and (b) if no stop-transfer instructions will be in effect with respect to such securities. 

Section 4.04 Nature of Purchaser. Purchaser represents and warrants to, and covenants and agrees with, Atlas that (a) it
is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated by the Commission pursuant to the Securities Act and (b) by reason of its business and financial experience it has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Purchased Securities, is able to bear the economic risk of such investment and, at the present time, would
be able to afford a complete loss of such investment. 

  
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 Section 4.05 Receipt of Information; Authorization. Purchaser acknowledges that
it has (a) had access to the Atlas SEC Documents, (b) had access to information regarding the Acquisition and its potential effect on Atlas’s operations and financial results and (c) been provided a reasonable opportunity to ask
questions of and receive answers from Representatives of Atlas regarding such matters. 
 Section 4.06 Restricted
Securities. Purchaser understands that the Purchased Securities it is purchasing are characterized as “restricted securities” under the federal securities Laws inasmuch as they are being acquired from Atlas in a transaction not
involving a public offering and that under such Laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances. In connection with the foregoing, Purchaser represents
that it is knowledgeable with respect to Rule 144 of the Commission promulgated under the Securities Act. 
 Section 4.07
Certain Fees. No fees or commissions will be payable by Purchaser to brokers, finders or investment bankers with respect to the sale of any of the Purchased Securities or the consummation of the transactions contemplated by this Agreement.
Atlas will not be liable for any such fees or commissions. Purchaser agrees that it will indemnify and hold harmless Atlas from and against any and all claims, demands or liabilities for broker’s, finder’s, placement or other similar fees
or commissions incurred by Purchaser or alleged to have been incurred by Purchaser in connection with the purchase of Purchased Securities or the consummation of the transactions contemplated by this Agreement. 

Section 4.08 Legend. The Purchased Securities (other than the Warrants) shall not be evidenced by physical certificates. It
is understood that the certificates evidencing the Warrants and, if any certificates are issued for the other Purchased Securities, such certificates initially will bear the following legend: 

“These securities have not been registered under the Securities Act of 1933, as amended. These securities may not be sold, offered
for sale, pledged (except in connection with a bona fide margin account or other loan or financing arrangement secured by these securities) or hypothecated in the absence of a registration statement in effect with respect to the securities under
such Act or pursuant to an exemption from registration thereunder and, in the case of a transaction exempt from registration, unless sold pursuant to Rule 144 under such Act or the issuer has received documentation reasonably satisfactory to it that
such transaction does not require registration under such Act.” 
 Section 4.09 Short Selling. Purchaser
represents that it has not entered into any Short Sales of any of the securities of Atlas owned by it between the time it first began discussions with Atlas about the transactions contemplated by this Agreement and the date hereof. 

Section 4.10 Receipt of Information. The Purchaser (a) has carefully reviewed the Atlas SEC Documents and has been
furnished with all other materials that it considers relevant to an investment in the Purchased Securities, has had a full opportunity to ask questions of and receive answers from Atlas or any person or persons acting on behalf of Atlas concerning
the terms and conditions of an investment in the Purchased Securities; (b) has conducted, to the extent it 

  
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deemed necessary, an independent investigation of such matters as, in its judgment, is necessary for it to make an informed investment decision with respect to the Purchased Securities and Atlas;
(c) is not relying upon, and has not relied upon, any statement, representation or warranty made by any person except for the statements, representations and warranties contained in this Agreement and the Atlas SEC Documents; and (d) has
made all decisions in connection with the offer and sale of the Purchased Securities as the result of arm’s-length negotiations. 
 ARTICLE V  
 COVENANTS 

Section 5.01 Anti-dilution Protection. The Purchased Units are subject to the anti-dilution provisions set forth in the
Limited Partnership Agreement, as amended by the Certificate of Designation, a form of which is attached hereto as Exhibit B, and the Warrants are subject to the anti-dilution provisions set forth in the Common Unit Purchase Warrant, a form
of which is attached hereto as Exhibit C. 
 Section 5.02 Reserved. 

Section 5.03 Taking of Necessary Action. Each of the Parties hereto shall use its commercially reasonable efforts promptly to
take or cause to be taken all action and promptly to do or cause to be done all things necessary, proper or advisable under applicable Law and regulations to consummate and make effective the transactions contemplated by this Agreement. Without
limiting the foregoing, Atlas and Purchaser will, and Atlas shall cause each of its Subsidiaries to, use its commercially reasonable efforts to make all filings and obtain all consents of Governmental Authorities that may be necessary or, in the
reasonable opinion of Purchaser or Atlas, as the case may be, advisable for the consummation of the transactions contemplated by this Agreement and the other Basic Documents. 
 Section 5.04 Public Filings. Atlas shall timely file any filings and notices required to be made by Atlas by the Commission or applicable Law with respect to the transactions contemplated
hereby. 
 Section 5.05 Use of Proceeds. Atlas intends to use the net proceeds from the sale of the Purchased Units
to partially finance the Acquisition. 
 Section 5.06 Tax Information. Atlas shall cooperate with the Purchaser and
provide Purchaser with any reasonably requested tax information related to its ownership of the Purchased Units. 

Section 5.07 NYSE Listing of Common Units. Promptly following the Closing Date, Atlas will submit an additional listing
application to The New York Stock Exchange with respect to the Common Units underlying each of the Purchased Units and the Warrants. 
 Section 5.08 Adoption of Certificate of Designation. On or before the Closing Date, Atlas will adopt the Certificate of Designation in substantially the same form as attached hereto as
Exhibit B. 

  
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 ARTICLE VI  

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

(ii) any waiting period under the HSR Act applicable to the transactions contemplated by this Agreement shall have expired or been
terminated; 
 (iii) there shall not be pending any Action by any Governmental Authority seeking to restrain, preclude, enjoin
or prohibit the transactions contemplated by this Agreement; and 
 (iv) Atlas shall have consummated or shall expect to
consummate the Acquisition substantially on the terms set forth in the Acquisition Agreement and the Assignment Agreement. 

(b) Purchaser’s Conditions. The respective obligation of Purchaser to consummate the purchase of the Purchased Units and
receipt of the Warrants shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by Purchaser on behalf of itself in writing, in whole or in part, to the extent
permitted by applicable Law): 
 (i) Atlas shall have performed and complied with the covenants and agreements contained in
this Agreement in all material respects that are required to be performed and complied with by Atlas on or prior to the Closing Date; 
 (ii) the representations and warranties of Atlas contained in this Agreement that are qualified by materiality or material adverse effect shall be true and correct when made and as of the Closing Date and
all other representations and warranties shall be true and correct in all material respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that representations made as of a specific date shall
be required to be true and correct as of such date only); 
 (iii) Atlas shall have delivered, or caused to be delivered, to
Purchaser at the Closing, Atlas’s closing deliveries described in Section 6.02 of this Agreement; and 

  
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 (iv) Atlas shall have raised or borrowed an amount that, when combined with the Net
Proceeds and cash on hand, is sufficient for Atlas to complete the Acquisition. 
 (c) Atlas’s Conditions. The
obligation of Atlas to consummate the sale of the Purchased Units and the issuance of the Warrants to Purchaser shall be subject to the satisfaction on or prior to the Closing Date of the following conditions with respect to Purchaser (which may be
waived by Atlas in writing, in whole or in part, to the extent permitted by applicable Law): 
 (i) Purchaser shall have
performed and complied with the covenants and agreements contained in this Agreement in all material respects that are required to be performed and complied with by Purchaser on or prior to the Closing Date; 

(ii) the representations and warranties of Purchaser contained in this Agreement that are qualified by materiality or Purchaser Material
Adverse Effect shall be true and correct when made and as of the Closing Date and all other representations and warranties shall be true and correct in all material respects when made and as of the Closing Date, in each case as though made at and as
of the Closing Date (except that representations made as of a specific date shall be required to be true and correct as of such date only); 
 (iii) the funds escrowed pursuant to the Escrow Agreement shall have been released to Atlas; 
 (iv) Purchaser shall have delivered, or caused to be delivered, to Atlas at the Closing, Purchaser’s closing deliveries described in Section 6.03 of this Agreement. 

Section 6.02 Atlas Deliveries. At the Closing, subject to the terms and conditions of this Agreement, Atlas will deliver, or
cause to be delivered, to Purchaser: 
 (a) a letter instructing Atlas’s transfer agent to issue Class C Units evidenced by
book entry positions in the name of the Purchaser, or, if Atlas is acting as the transfer agent for the Class C Units, a letter from Atlas to the Purchaser evidencing the number of Purchased Units set forth on Schedule 2.01 hereto, free and clear of
any Liens, encumbrances or interests of any other party; 
 (b) a General Partner’s Certificate in substantially the form
attached to this Agreement as Exhibit A; 
 (c) the Registration Rights Agreement, containing reasonable and customary
terms approved by Atlas and the Purchaser, which shall have been duly executed by Atlas; and 
 (d) the Common Unit Purchase
Warrant in substantially the form attached to this Agreement as Exhibit C, which shall have been duly executed by Atlas. 

Section 6.03 Purchaser Deliveries. At the Closing, subject to the terms and conditions of this Agreement, Purchaser will
deliver, or cause to be delivered, to Atlas: 

  
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 (a) notice to the Escrow Agent instructing the Escrow Agent to release the funds escrowed
pursuant to the Escrow Agreement in respect of Purchaser to Atlas; 
 (b) the Registration Rights Agreement, containing
reasonable and customary terms approved by Atlas and the Purchaser, which shall have been duly executed by Purchaser; and 
 (c)
an Officer’s Certificate in form and substance reasonably satisfactory to Atlas. 
 ARTICLE VII  

INDEMNIFICATION, COSTS AND EXPENSES 
 Section 7.01 Indemnification by Atlas. Atlas agrees to indemnify Purchaser and its Representatives (collectively, “Purchaser Related Parties”) from, and hold each of them
harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands and causes of action, and, in connection therewith, and promptly upon demand, pay and reimburse each of them for all costs,
losses, liabilities, damages or expenses of any kind or nature whatsoever, including the reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any
such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of or in any way related to (i) any actual or proposed use by Atlas of the proceeds of the sale of the Purchased Units or
(ii) the breach of any of the representations, warranties or covenants of Atlas contained herein; provided that such claim for indemnification relating to a breach of a representation or warranty is made prior to the expiration of such
representation or warranty. 
 Section 7.02 Indemnification by Purchaser. Purchaser agrees to indemnify Atlas and
its Representatives (collectively, “Atlas Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands and causes of action,
and, in connection therewith, and promptly upon demand, pay and reimburse each of them for all costs, losses, liabilities, damages or expenses of any kind or nature whatsoever, including the reasonable fees and disbursements of counsel and all other
reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of or in any way related to the
breach of any of the representations, warranties or covenants of Purchaser contained herein. 
 Section 7.03
Indemnification Procedure. Promptly after any Atlas Related Party or Purchaser Related Party (hereinafter, the “Indemnified Party”) has received notice of any indemnifiable claim hereunder, or the commencement of any action
or proceeding by a third party, which the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying Party”) written notice
of such claim or the commencement of such action or proceeding, but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent that the
Indemnifying Party is materially prejudiced by such failure. Such notice shall state the nature 

  
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and the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own expense and by its own counsel who shall be reasonably
acceptable to the Indemnified Party, any such matter as long as the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall promptly notify the Indemnified Party of its
intention to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation shall include furnishing the
Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party’s possession or control. Such cooperation of the Indemnified Party shall be at the cost of the
Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Indemnifying Party diligently pursues such defense, the
Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; provided, however, that the Indemnified Party shall be entitled
(i) at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (ii) if (A) the Indemnifying Party has failed to assume the defense or employ counsel reasonably
acceptable to the Indemnified Party or (B) if the defendants in any such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses
available to the Indemnified Party that are different from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying Party,
then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related
to such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified Party, unless
the settlement thereof imposes no liability or obligation on, involves no admission of wrongdoing or malfeasance by, and includes a complete release from liability of, the Indemnified Party. 

ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.01 Interpretation. Article,
Section, Schedule and Exhibit references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be
amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.” Whenever Atlas has an obligation under the Basic Documents, the expense
of complying with such obligation shall be an expense of Atlas unless otherwise specified. Whenever any determination, consent or approval is to be made or given by Purchaser under this Agreement, such action shall be in Purchaser’s sole
discretion unless otherwise specified. If any provision in the Basic Documents is held to be illegal, invalid, not binding or unenforceable, such provision shall be fully severable and the Basic Documents shall be construed and enforced as if such
illegal, invalid, not binding or unenforceable provision had never comprised a part of the Basic Documents, and the remaining provisions shall remain in full force and effect. The Basic Documents have been reviewed and negotiated by sophisticated
parties with access to legal counsel and shall not be construed against the drafter. 

  
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 Section 8.02 Survival of Provisions. The representations and warranties set
forth in this Agreement shall survive the execution and delivery of this Agreement and the issuance and delivery of the Purchased Units for a period of one year, with the exception the that representations and warranties set forth in Sections 3.01,
3.02, 3.05(b), 3.06, 3.10 and Section 4.01 shall survive perpetually. The covenants made in this Agreement or any other Basic Document shall survive the Closing of the transactions described herein and remain operative and in full force and
effect regardless of acceptance of any of the Purchased Units and payment therefor and repayment, conversion, exercise or repurchase thereof. All indemnification obligations of Atlas and the Purchaser pursuant to Section 3.11, Section 4.07
and Article VII of this Agreement shall remain operative and in full force and effect unless such obligations are expressly terminated in a writing by the Parties referencing the particular Article or Section, regardless of any purported general
termination of this Agreement. 
 Section 8.03 No Waiver; Modifications in Writing. 

(a) Delay. No failure or delay on the part of any Party in exercising any right, power or remedy hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any right, power or remedy. The remedies provided for herein are cumulative and are not
exclusive of any remedies that may be available to a Party at law or in equity or otherwise. 
 (b) Specific Waiver.
Except as otherwise provided in this Agreement or the Registration Rights Agreement, no amendment, waiver, consent, modification or termination of any provision of this Agreement or any other Basic Document shall be effective unless signed by each
of the Parties or each of the original signatories thereto affected by such amendment, waiver, consent, modification or termination. Any amendment, supplement or modification of or to any provision of this Agreement or any other Basic Document, any
waiver of any provision of this Agreement or any other Basic Document and any consent to any departure by Atlas from the terms of any provision of this Agreement or any other Basic Document shall be effective only in the specific instance and for
the specific purpose for which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on any Party in any case shall entitle any Party to any other or further notice or demand in similar or other
circumstances. 
 Section 8.04 Binding Effect; Assignment. 

(a) Binding Effect. This Agreement shall be binding upon Atlas, Purchaser, and their respective successors and permitted assigns.
Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the Parties to this Agreement and as provided in Article VII, and their respective successors and
permitted assigns. 

  
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 (b) Assignment of Purchased Units and Warrants. All or any portion of a
Purchaser’s Purchased Units purchased pursuant to this Agreement or Warrants may be sold, assigned or pledged by Purchaser, subject to compliance with applicable securities Laws. 

(c) Assignment of Rights. Purchaser may assign all or any portion of its rights, subject to an express assumption of each of the
obligations under this Agreement, without the consent of Atlas to any Affiliate of Purchaser, and in each case the assignee shall be deemed to be a Purchaser hereunder with respect to such assigned rights or obligations and shall agree to be bound
by the provisions of this Agreement. Except as expressly permitted by this Section 8.04(c), such rights and obligations may not otherwise be transferred except with the prior written consent of Atlas (which consent shall not be unreasonably
withheld), in which case the assignee shall be deemed to be a Purchaser hereunder with respect to such assigned rights or obligations and shall agree to be bound by the provisions of this Agreement. Schedule 2.01 shall be revised to reflect the
actual Purchaser(s) and allocations at the Closing. 
 Section 8.05 Aggregation of Purchased Units. All Purchased
Units held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

Section 8.06 Communications. All notices and demands provided for hereunder shall be in writing and shall be given by regular
mail, registered or certified mail, return receipt requested, facsimile, air courier guaranteeing overnight delivery, electronic mail or personal delivery to the following addresses set forth on the signature pages hereof or to such other address as
Atlas or Purchaser may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by registered or certified mail, return receipt
requested, or regular mail, if mailed; when receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery or via electronic mail. 

Section 8.07 Removal of Legend. Atlas shall remove the legend described in Section 4.08 from any certificates evidencing
the Purchased Units, or such similar restrictive legend attached to the book-entry position evidencing the Purchased Units held by the transfer agent of Atlas, at the request of a Purchaser submitting to Atlas such documentation as may be reasonably
requested by Atlas or required by its transfer agent, unless Atlas, with the advice of counsel, reasonably determines that such removal is inappropriate; provided that Atlas shall provide an opinion of counsel to the transfer agent at no cost to the
Purchaser (if such an opinion can be given in light of the facts of the situation), and the Purchaser shall not be required to provide an opinion, in the event a Purchaser is effecting a sale of such Purchased Units pursuant to Rule 144 under the
Securities Act or an effective registration statement, in which case Atlas shall cooperate with Purchaser to effect removal of such legend. Subject to the Limited Partnership Agreement, the legend described in Section 4.08 shall be removed and
Atlas shall issue a certificate without such legend to the holder of Purchased Units, or shall instruct the transfer agent to remove such legend from the book-entry position evidencing the Purchased Units, if, unless otherwise required by state
securities Laws, (i) such Purchased Units are sold pursuant to an effective registration statement, (ii) in connection with a sale, assignment or other transfer, such holder provides Atlas with an opinion of a law firm reasonably
acceptable to Atlas, in a generally acceptable form, to the effect that such sale, assignment or transfer of such Purchased 

  
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Units may be made without registration under the applicable requirements of the Securities Act, or (iii) such holder provides Atlas with reasonable assurance that such Purchased Units can be
sold, assigned or transferred pursuant to Rule 144 or Rule 144A under the Securities Act. Atlas shall bear all costs and expenses associated with the removal of a legend pursuant to this Section 8.08. 

Section 8.08 Entire Agreement. This Agreement and the other Basic Documents are intended by the Parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the Parties hereto and thereto in respect of the subject matter contained herein and therein. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein or therein with respect to the rights granted by Atlas or a Purchaser set forth herein or therein. This Agreement and the other Basic Documents supersede all prior
agreements and understandings between the Parties with respect to such subject matter. 
 Section 8.09 Governing
Law. This Agreement will be construed in accordance with and governed by the Laws of the State of New York without regard to principles of conflicts of Laws. 
 Section 8.10 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different Parties hereto in separate counterparts, each of which counterparts, when
so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 
 Section 8.11 Termination. 
 (a) Notwithstanding anything herein to the
contrary, this Agreement may be terminated on or any time prior to the Closing by Purchaser or by Atlas, in each case, (A) upon a breach of any representation or warranty of any other Party set forth in this Agreement, or (B) upon a breach
in any material respect of any covenant or agreement on the part of any other Party set forth in this Agreement (either (A) or (B) above being a “Terminating Breach”) if such Terminating Breach would cause the satisfaction
of the conditions to the terminating Party’s obligations to be impossible and such Terminating Breach is not cured within 20 Business Days after written notice from the terminating Party. 

(b) Notwithstanding anything herein to the contrary, this Agreement shall automatically terminate on or any time prior to the Closing:

 (i) if the Closing shall not have occurred on or before the date on which the Acquisition Agreement is terminated;

 (ii) if the Acquisition has not closed by the date that is 180 days after the date hereof; or 

(iii) if a Law shall have been enacted or promulgated, or if any Action shall have been taken by any Governmental Authority of competent
jurisdiction which permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated by this Agreement and the consummation of the transactions
contemplated by the Acquisition Agreement and the Assignment Agreement illegal. 

  
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 (c) In the event of the termination of this Agreement as provided in Section 8.11(a)
or Section 8.11(b), this Agreement shall forthwith become null and void. In the event of such termination, there shall be no liability on the part of any Party hereto, except as set forth in Article VII of this Agreement and except with respect
to the requirement to comply with any confidentiality agreement in favor of Atlas; provided that nothing herein shall relieve any Party from any liability or obligation with respect to any willful breach of this Agreement. 

Section 8.12 Recapitalization, Exchanges, Etc. Affecting the Purchased Common Units. The provisions of this Agreement shall
apply to the full extent set forth herein with respect to any and all equity interests of Atlas or any successor or assign of Atlas (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or
in substitution of, the Purchased Securities, and shall be appropriately adjusted for combinations, unit splits, recapitalizations and the like occurring after the date of this Agreement. 

Section 8.13 Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and acknowledges that
no Person other than the Purchaser (and its permitted assignees) and Atlas shall have any obligation hereunder and that, notwithstanding that one or more of the Purchaser and its permitted assignees may be a corporation, limited partnership,
partnership or limited liability company, no recourse under this Agreement or the other Basic Documents or under any documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director,
officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of the Purchaser or Atlas or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder
or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall
attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of the Purchaser or Atlas or any former, current or future
director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of the Purchaser and Atlas under this Agreement or the other Basic Documents or any
documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation. 
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 IN WITNESS WHEREOF, the Parties hereto execute this Agreement, effective as of the date
first above written. 
  

					
		
		 	ATLAS RESOURCE PARTNERS, L.P.
		
		 	By: Atlas Resource Partners GP, LLC, its general partner
			
		 	By:	 	/s/ Daniel Herz
		 		 	Daniel Herz
		 		 	 Senior Vice President of Corporate
 Development and Strategy

			
	 Address for notices:
	 		 	Atlas Resource Partners, L.P.
		 		 	1000 Commerce Dr., Suite 400
		 		 	Pittsburgh, PA 15275
		 	Fax:	 	215-405-3882
		 	Attn:	 	Sean P. McGrath
			
	 With copies to:
	 		 	Ledgewood, P.C.
		 		 	1900 Market Street, Suite 750
		 		 	Philadelphia, PA 19103
		 	Fax:	 	215-735-2513
		 	Attn:	 	J. Baur Whittlesey
		 		 	Mark E. Rosenstein

 Signature Page to Purchase Agreement 

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

					
		
		 	ATLAS ENERGY, L.P.
		
		 	By: Atlas Energy GP, LLC, its general partner
			
		 	By:	 	/s/ Sean McGrath
		 	Name: Sean P. McGrath
		 	Title: Chief Financial Officer
			
	 Address for notices:
	 		 	Atlas Resource Partners, L.P.
		 		 	1000 Commerce Dr., Suite 400
		 		 	Pittsburgh, PA 15275
		 	Fax:	 	215-405-3882
		 	Attn:	 	Sean P. McGrath

 Signature Page to Purchase Agreement 

 Schedule 2.01 

 

					
	 Purchaser’s
 Allocated
 Purchase
Price
	  	 Class C Units
	  	 Warrants

	$124,999,990	  	5,411,255	  	811,688

 EXHIBIT A 

FORM OF GENERAL PARTNER’S CERTIFICATE 
 ATLAS RESOURCE PARTNERS, L.P. 
 General Partner’s Certificate

 Pursuant to Section 6.02(b) of the Class C Preferred Unit Purchase Agreement, dated as of
                    , 2013 (the “Agreement”), by and among Atlas Resource Partners, L.P., a Delaware limited partnership
(“Atlas Resource Partners”) and Atlas Energy, L.P. (“Purchaser”), the undersigned hereby certifies on behalf of Atlas Resource Partners, as follows (capitalized terms used but not defined herein have the meaning
assigned to them in the Agreement): 
 (A) Atlas Resource Partners has performed and complied with the covenants and agreements
contained in the Agreement in all material respects that are required to be performed and complied with by Atlas Resource Partners on or prior to the date hereof. 
 (B) The representations and warranties of Atlas Resource Partners contained in the Agreement that are qualified by materiality or material adverse effect are true and correct as of the date of the
Agreement and as of the date hereof and all other representations and warranties are true and correct in all material respects as of the date of the Agreement and as of the date hereof, except that representations made as of a specific date are true
and correct as of such date only. 
  

							
	Dated:                     , 2013	 		 	ATLAS RESOURCE PARTNERS GP, LLC
				
		 		 	By:	 	 
		 		 	Name:  	 	 
		 		 	Title:	 	 

 EXHIBIT B 

FORM OF CERTIFICATE OF DESIGNATION OF THE POWERS, PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL, AND OTHER SPECIAL RIGHTS AND
QUALIFICATIONS, LIMITATIONS AND RESTRICTIONS THEREOF 
 OF 

CLASS C CONVERTIBLE PREFERRED UNITS 
 ATLAS RESOURCE PARTNERS, L.P., a Delaware limited partnership (the “Partnership”), pursuant to the provisions of the Delaware Revised Uniform Limited Partnership Act and its
Limited Partnership Agreement, does hereby state and certify that, pursuant to the authority expressly vested in ATLAS RESOURCE PARTNERS GP, LLC, its general partner (the “General Partner”), the General Partner duly adopted
the following resolution, which remains in full force and effect as of the date hereof: 
 RESOLVED, that the Certificate
of Designation of the Class C Convertible Preferred Units of the Partnership dated as of [            ], 2013 (this “Certificate of Designation”) be and hereby is
adopted as follows: 
 RESOLVED, that each of the Class C Convertible Preferred Units rank equally in all respects with
one another and shall be subject to the following terms and provisions: 
 1. Designation. There is hereby created
a series of units designated as the “Class C Convertible Preferred Units” (the “Preferred Units”). The number of Preferred Units shall be
[                    ] and the face value of each Preferred Unit shall be the Execution Date Unit Price (the “Face Value”).

 2. Definitions. For purposes of this Certificate of Designation, the following terms have the meanings ascribed
to them below. Capitalized terms used herein without definition have the meanings ascribed to such terms in the Limited Partnership Agreement. 
 “Certificate of Designation” has the meaning assigned to it in the recitals hereof. 
 “Conversion Agent” means such bank, trust company or other Person (including the General Partner or one of its Affiliates) as shall be appointed from time to time by the General
Partner or the Partnership to act as conversion agent for the Preferred Units; provided, that if no Conversion Agent is specifically designated for the Preferred Units, the General Partner shall act in such capacity. 

“Conversion Rate” has the meaning assigned to it in Section 7 hereof. 

“Distribution Payment Date” has the meaning assigned to it in Section 3 hereof. 

 “Execution Date Unit Price” means
$[        ]. 
 “Expiration Date” has the meaning assigned to it
in Section 9(d) hereof. 
 “Ex-distribution Date” is the first date upon which a sale of Common
Units that will settle regular way (T+3) will not transfer the right to receive the relevant issuance or distribution from the seller of Common Units to its buyer. 
 “Face Value” has the meaning assigned to it in Section 1 hereof. 
 “Fair Market Value” of property means the amount that a willing buyer would pay a willing seller in an arm’s-length transaction of such property, unless otherwise stated, as
determined in good faith by the Partnership. 
 “General Partner” has the meaning assigned to it in the
recitals hereof. 
 “Holder” means the Person in whose name Preferred Units are registered, which the
Partnership and the Conversion Agent shall deem to be the owner of such Preferred Units for the purpose of making distributions on, and settling conversions of, as well as for other purposes relating to, such Preferred Units. 

“Junior Units” means interests in the Partnership that, with respect to distributions on such interests and
distributions upon liquidation of the Partnership, rank junior to the Preferred Units, including but not limited to the Common Units. “Junior Units” do not include Class A Units, Class B Units or Incentive Distribution
Rights. 
 “Limited Partnership Agreement” means the Amended and Restated Agreement of Limited
Partnership of the Partnership dated as of March 13, 2012, as amended from time to time. 
 “Liquidation
Value” has the meaning assigned to it in Section 4 hereof. 
 “Mandatory Conversion
Date” means [            ], 2016. 
 “Market
Disruption Event” means the occurrence or existence for more than one-half hour in the aggregate on any Scheduled Trading Day for the Common Units of any suspension or limitation imposed on trading (by reason of movements in price
exceeding limits permitted by the New York Stock Exchange or otherwise) or quoting, if applicable, in the Common Units or in any options, contracts or future contracts relating to the Common Units and such suspension or limitation occurs or exists
at any time before 1:00 p.m., New York City time, on such day. 
 “Officer” means any of the Chief
Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, any Vice President, the Treasurer, any Assistant Treasurer, the Controller, any Assistant Controller, the Secretary or any Assistant Secretary of the General
Partner. 

  
 2 

 “Optional Conversion Date” has the meaning assigned to it in
Section 8(a) hereof. 
 “Partnership” has the meaning assigned to it in the recitals hereof.

 “Preferred Distributions” has the meaning assigned to it in Section 3 hereof. 

“Purchase Agreement” has the meaning assigned to it in Section 5 hereof. 

“Record Date” means (i) with respect to distributions on Common Units or Preferred Units, the date
established by the General Partner prior to any Distribution Payment Date on which a holder of Common Units or Preferred Units, as the case may be, must be a holder on the books of the Partnership to receive the applicable distribution, and
(ii) with respect to any distribution on Common Units where, or other transaction or event in which, the holders of Common Units have the right to receive any cash, security or other property, or transaction or event in which Common Units are
exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of Common Units entitled to receive such cash, securities or other property (whether such date is fixed by the General
Partner or by statute, contract or otherwise). Such Record Date shall apply regardless of whether a particular Record Date is a Business Day. 
 “Reference Property” has the meaning assigned to it in Section 11(a) hereof. 
 “Reorganization Event” has the meaning assigned to it in Section 11(a) hereof. 
 “Reorganization Event Conversion” has the meaning assigned to it in Section 10 hereof. 
 “Reorganization Event Conversion Date” has the meaning assigned to it in Section 10 hereof. 
 “Scheduled Trading Day” means any day that is scheduled to be a Trading Day on the principal U.S. national or regional securities exchange or market on which Common Units are
listed or admitted for trading or, if Common Units are not listed or admitted for trading on any U.S. national or regional securities exchange or market, a Business Day. 
 “Spin-off” has the meaning assigned to it in Section 9(c) hereof. 
 “Tender Offer Valuation Period” has the meaning assigned to it in Section 9(c) hereof. 
 “Trading Day” means any day on which (i) there is no Market Disruption Event and (ii) (x) the New York Stock Exchange is open for trading, or, if the Common Units
are not listed on the New York Stock Exchange, the principal U.S. national or regional securities exchange on which the Common Units are listed is open for trading, (y) if the Common Units are

  
 3 

 
not traded on a U.S. national or regional securities exchange but are quoted on the over-the-counter market by Pink OTC Markets Inc. or a similar organization, Pink OTC Markets Inc. or such
similar organization, as applicable, is open for quoting or (z) if the Common Units are not traded on a U.S. national or regional securities exchange nor quoted by Pink OTC Markets Inc. or a similar organization, such day is a Business Day. A
“Trading Day” only includes those days that have a scheduled closing time of 4:00 p.m., New York City time, or the then standard closing time for regular trading on the relevant exchange or trading system or, if applicable,
regular quoting on the relevant quotation system. 
 “Valuation Period” has the meaning assigned to it
in Section 9(c) hereof. 
 “Voting Stock” of any person as of any date means the
equity interests of such person pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers, general partners or trustees of such person
(regardless of whether, at the time, equity interests of any other class or classes shall have, or might have, voting power by reason of the occurrence of any contingency) or, with respect to a partnership (whether general or limited), any general
partner interest in such partnership. 
 3. Distributions; Allocations. A Holder shall be entitled to receive, on
any Distribution Payment Date, distributions payable in cash in an amount equal to the greater of (a) $0.51 and (b) the quarterly Common Unit distribution payable for the most recently completed Quarter, in each case multiplied by the
number of Common Units into which such Preferred Unit is convertible pursuant to Section 7 (the “Preferred Distributions”), prior to any other distributions pursuant to Sections 6.4 or 6.5 of the Limited Partnership
Agreement in respect of Junior Units; provided that the Holders of Preferred Units shall not be entitled to any distribution in respect of the Quarter ending June 30, 2013 or any Quarter prior thereto. Preferred Distributions shall be
paid in any Quarter on the same date as the distribution payment date for Common Units, and the Record Dates for distributions on the Preferred Units and Common Units shall be the same; provided that (i) the first Preferred Distribution shall
be for the Quarter ending September 30, 2013, (ii) if no distribution is paid with respect to the Common Units for any Quarter, the distribution payment date for the Preferred Units shall be set by the General Partner to be a date no later
than the 45th day following the end of such Quarter (the date distributions are paid on the Preferred Units, as set forth above, a “Distribution Payment Date”). If the Partnership fails to pay in full any Preferred
Distribution (or portion thereof), then (x) the General Partner shall cause the Partnership to pay such unpaid Preferred Distribution at such time and with such special Record Date as it may select and (y) the Partnership shall not be
permitted to, and shall not, make any distributions in respect of any Junior Units unless and until all unpaid Preferred Distributions have been paid in full. No interest shall accrue or be paid with respect to any unpaid distribution to the Holders
of Preferred Units. 
 4. Liquidation Value. In the event of any liquidation, dissolution or winding up of the
Partnership or the sale or other disposition of all or substantially all of the assets of the Partnership, either voluntary or involuntary, the Holders of the Preferred Units shall be entitled to receive, out of the assets of the Partnership
available for distribution to unit holders, prior and in preference to any distribution of any assets of the Partnership to the holders of any other existing or subsequently created Junior Units, an amount equal to the Face Value per Preferred

  
 4 

 
Unit plus all unpaid Preferred Distributions (collectively, the “Liquidation Value”). The foregoing shall not affect any rights which Holders of Preferred Units may have
to monetary damages. 
 5. Issuance of Preferred Units. The Preferred Units shall be issued by the Partnership
pursuant to a Class C Preferred Unit Purchase Agreement, dated as of [             ], 2013 (the “Purchase Agreement”), by and between the Partnership and Atlas
Energy, L.P. 
 6. Voting Rights. Except as provided herein or as a result of requirements imposed by Delaware
law, the Preferred Units shall have no voting rights. The affirmative vote of at least 75% of the outstanding Preferred Units shall be necessary for repeal of this Certificate of Designation or the Certificate of Limited Partnership or Limited
Partnership Agreement or any amendment to the Limited Partnership Agreement that may adversely affect any of the rights, preferences, obligations or privileges of the Preferred Units, except that no Holder of Preferred Units shall have any voting
rights with respect to a Reorganization Event except to the extent it has converted any of its Preferred Units to Common Units at or prior to the Record Date for Common Units to vote or consent with respect to any Reorganization Event. 

7. Conversion. 
 (a) Each Preferred Unit, unless previously converted, shall automatically convert on the Mandatory Conversion Date into a number of Common Units equal to the Liquidation Value divided by the Execution
Date Unit Price (the “Conversion Rate”), subject to adjustment pursuant to Section 9 hereof. 
 (b)
Holders shall have the right to convert their Preferred Units, in whole or in part, at any time prior to the Mandatory Conversion Date, into Common Units at the Conversion Rate, subject to adjustment pursuant to Section 9 hereof. 

8. Conversion Procedures. 
 (a) In order to exercise the right to convert Preferred Units prior to the Mandatory Conversion Date under Section 7(b), a Holder of such Preferred Units must: 

(1) complete and manually sign the “Notice of Optional Conversion” (attached as Exhibit A hereto) or a facsimile thereof;

 (2) deliver the completed Notice of Optional Conversion; 

(3) if required, furnish appropriate endorsements and transfer documents to the Conversion Agent to the extent that Common Units issued,
or cash paid by the Partnership, upon conversion of Preferred Units are to be issued in a name or paid to a Person other than the Holder; and 
 (4) pay all transfer or similar taxes, if any, required, under Section 8(b). 

The date that a Holder satisfies the foregoing requirements, or the requirements set forth in Section 8(b), if applicable, is the
“Optional Conversion Date.” 

  
 5 

 (b) The Partnership shall pay any documentary, stamp or similar issue or transfer taxes that
may be payable in respect of any issuance or delivery of Common Units upon conversion of Preferred Unit, other than the transfer taxes payable upon the issuance of Common Units upon conversion of Preferred Units in a name or names other than that of
the Holder, which shall be paid by the converting Holder. 
 (c) Effective immediately prior to 5:00 p.m., New York City time, on
the Mandatory Conversion Date or Optional Conversion Date, distributions on the converted Preferred Units shall cease to accrue and the converted Preferred Units shall cease to be outstanding, in each case subject to the right of Holders of such
converted Preferred Units to receive the consideration issuable upon conversion which they are entitled to pursuant to Section 7 hereof. 
 (d) As of 5:00 p.m., New York City time, on the applicable Mandatory Conversion Date or Optional Conversion Date, as applicable, the issuance by the Partnership of Common Units upon conversion of
Preferred Units shall become effective and the Person entitled to receive such Common Units shall be treated for all purposes as the record holder or holders of such Common Units. Prior to 5:00 p.m., New York City time, on the applicable Mandatory
Conversion Date or Optional Conversion Date, as the case may be, the Common Units issuable upon conversion shall be deemed not outstanding for any purpose, and Holders of Preferred Units shall have no rights with respect to the Common Units issuable
upon conversion by virtue of holding Preferred Units. 
 (e) In connection with the conversion of any Preferred Unit, no
fractional Common Units shall be issued to the converting Holder. In lieu of any fractional Common Units issuable to a Holder upon conversion, the Partnership shall pay or deliver, as applicable, to the converting Holder, at its option, either
(i) a number of Common Units rounded up to the next whole number of units, or (ii) an amount in cash (computed to the nearest cent) equal to the product of that same fraction and the Closing Price of Common Units on the Trading Day
immediately preceding the Mandatory Conversion Date or Optional Conversion Date, as applicable. 
 (f) If more than one Preferred
Unit shall be surrendered for conversion at one time by or for the same Holder, the number of Common Units issuable upon conversion of those Preferred Units shall be computed on the basis of the aggregate number of Preferred Units so surrendered.

 (g) (i) With respect to any conversion of Preferred Units prior to the Mandatory Conversion Date, 

(1) promptly following the Optional Conversion Date, the Partnership shall instruct the Conversion Agent to deliver or cause to be
delivered to the converting Holder confirmation by book entry of the whole number of Common Units issued upon conversion of such Preferred Units; and 
 (2) on the Business Day immediately following the Partnership Optional Conversion Date, the Partnership shall deliver or cause to be delivered to the converting Holder any cash payment for any fractional
units that the Partnership is obligated to pay under Section 8(e). 

  
 6 

 (ii) With respect to the mandatory conversion of Preferred Units under
Section 7(a), 
 (1) promptly following the Mandatory Conversion Date, the Partnership shall instruct the Conversion Agent
to deliver or cause to be delivered to the converting Holder confirmation by book entry of the whole number of Common Units issued upon conversion of such Preferred Units, and 
 (2) on the Business Day immediately following the Mandatory Conversion Date, the Partnership shall deliver or cause to be delivered to the converting Holder any cash payment for any fractional units that
the Partnership is obligated to pay under Section 8(e). 
 9. Conversion Rate Adjustments. The Conversion
Rate shall be adjusted from time to time by the Partnership in accordance with the provisions of this Section 9. 
 (a) If
the Partnership issues Common Units as a distribution to all or substantially all holders of Common Units, or if the Partnership effects a split or combination of Common Units, the Conversion Rate shall be adjusted based on the following formula:

 CR1 = CR0 × OS1 / OS0 

where, 
 CR0 = the
Conversion Rate in effect immediately prior to the adjustment relating to such event; 
 CR1 = the new Conversion Rate in effect taking such event into account;

 OS0 = the number of Common Units outstanding immediately prior to the effective time of the adjustment relating to such event;
and 
 OS1 = the number of Common Units outstanding immediately after the effective time of the adjustment relating to such event
(giving effect to such distribution, split or share combination, as applicable, as of such effective time). 
 Any adjustment
made pursuant to this Section 9(a) shall become effective immediately after 5:00 p.m., New York City time, on the Record Date or the effective date of such split or combination, as applicable. If any distribution of the type described in this
Section 9(a) is not so paid or made, or the outstanding Common Units are not split or combined, as the case may be, the new Conversion Rate shall be immediately readjusted, effective as of the date the General Partner determines not to pay such
distribution or to effect such split or combination, to the Conversion Rate that would then be in effect if such distribution, split or combination had not been announced. 

  
 7 

 (b) If the Partnership issues to all or substantially all holders of Common Units any
rights, warrants, options or other securities entitling them to subscribe for or purchase Common Units, or if the Partnership issues to all holders of Common Units securities convertible into Common Units, in either case at an exercise price per
Common Unit or a conversion price per Common Unit less than the volume-weighted average of the Closing Prices of Common Units over the ten consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the
Ex-distribution Date for such issuance, the Conversion Rate shall be adjusted based on the following formula: 
 CR1 = CR0 × (OS0 + X) / (OS0 + Y) 
 where, 
 CR0 = the Conversion Rate in effect immediately prior to the adjustment
relating to such event; 
 CR1 = the new Conversion Rate in effect taking such event into account; 

OS0 = the number of Common Units outstanding immediately prior to the effective time of the adjustment relating to such event;

 X = the total number of Common Units issuable pursuant to such rights, warrants, options, convertible securities or other
securities; and 
 Y = the number of Common Units equal to the quotient of (A) the aggregate price payable to exercise such
rights, warrants, options, convertible securities or other securities and (B) the average of the Closing Prices of Common Units over the ten consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the
Ex-distribution Date for such issuance. 
 Any adjustment made pursuant to this Section 9(b) shall become effective
immediately after 5:00 p.m., New York City time, on the Record Date. For purposes of this Section 9(b), in determining whether any rights, warrants, options, convertible securities or other securities entitle the holders of Common Units to
subscribe for or purchase, or exercise a conversion right for, Common Units at less than the applicable average of the Closing Prices of Common Units, and in determining the aggregate exercise or conversion price payable for such Common Units, there
shall be taken into account any consideration the Partnership receives for such rights, warrants, options, convertible securities or other securities and any amount payable on exercise or conversion thereof, with the value of such consideration, if
other than cash, to be determined by the General Partner in good faith. If any rights, warrants, options, convertible securities or other securities described in this Section 9(b) are not so issued, the Conversion Rate shall be readjusted,
effective as of the date the General Partner publicly announces its decision not to issue such rights, warrants, options, convertible securities or other securities, to the Conversion Rate that would then be in effect without such issuance. If any
rights, warrants, options, convertible securities or other securities described in this Section 9(b) are not exercised or converted prior to the expiration of the exercisability or convertibility thereof, the new Conversion Rate shall be
readjusted to the Conversion Rate that would then be in effect if 

  
 8 

 
the adjustments made upon the issuance of such right, warrant, option, convertible security or other securities had been made on the basis of the delivery of only the number of Common Units
actually delivered. 
 (c) (i) If the Partnership distributes evidences of its indebtedness or its other assets or property
to all or substantially all holders of Common Units, excluding: 
 (A) distributions, rights, warrants, options, convertible
securities or other securities as to which an adjustment was effected pursuant to Section 9(a) or (b) hereof, 
 (B)
distributions paid exclusively in cash, and 
 (C) Spin-offs described in this Section 9(c), 

then the Conversion Rate shall be adjusted based on the following formula: 

CR1 = CR0 × SP0 / (SP0 – FMV) 
 where, 
 CR0 = the Conversion Rate in effect immediately prior to the adjustment
relating to such event; 
 CR1 = the new Conversion Rate taking such event into account; 

SP0 = the average of the Closing Prices of Common Units over the ten consecutive Trading Day period ending on the Trading Day
immediately preceding the Ex-distribution Date for such distribution; and 
 FMV = the Fair Market Value (as determined by the
General Partner in good faith) of the evidences of indebtedness, assets or property distributed with respect to each outstanding Common Unit as of the Ex-distribution Date for such distribution. 

An adjustment to the Conversion Rate made pursuant to this Section 9(c)(i) shall be made successively whenever any such distribution
is made and shall become effective immediately after 5:00 p.m., New York City time, on the Record Date. 
 (ii) If the
Partnership distributes, to all holders of Common Units, common units of any class or series or any similar equity interest of or relating to a Subsidiary or other business unit of the Partnership, and such units or equity interests are listed for
trading on a U.S. national securities exchange (a “Spin-off”), the Conversion Rate shall be adjusted based on the following formula: 

CR1 = CR0 × (FMV0 + MP0) / MP0 

where, 

  
 9 

 CR0 = the Conversion Rate in effect immediately prior to the adjustment relating to such event; 

CR1 = the new Conversion Rate taking such event into account; 

FMV0 = the average of the Closing Prices of the equity interest distributed to holders of Common Units applicable to one Common
Unit over the first ten consecutive Trading Day period commencing on, and including, the Trading Day following the effective date of such Spin-off (such period, the “Valuation Period”); and 

MP0 = the average of the Closing Prices of Common Units over the Valuation Period. 

If the application of the foregoing formula would result in a decrease in a fixed conversion rate, no adjustment to the Conversion Rate
shall be made. An adjustment to the Conversion Rate made pursuant to this Section 9(c)(ii) shall occur on the final Trading Day of the Valuation Period; provided, that in respect of any conversion of Preferred Units within the ten
consecutive Trading Days immediately following the date of the Spin-off, references with respect to the Spin-off to “ten consecutive Trading Day period” shall be deemed replaced with such lesser number of Trading Days as have elapsed
between the effective date of such Spin-off and the Mandatory Conversion Date or Optional Conversion Date, as applicable, in determining the Conversion Rate. 
 (iii) If any such distribution or distribution described in this Section 9(c) is not paid or made, the new Conversion Rate shall be readjusted, effective as of the date the General Partner publicly
announces its decision not to pay such distribution or distribution, to the Conversion Rate that would then be in effect without such distribution or distribution. 
 (d) If the Partnership or any Subsidiary makes a payment in respect of a tender or exchange offer for Common Units (other than a tender offer solely to holders of fewer than 100 Common Units), to the
extent that the cash and value of any other consideration included in the payment per Common Unit exceeds the average of the Closing Prices of Common Units over the ten consecutive Trading Day period commencing on the Trading Day next succeeding the
last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (the “Expiration Date”), the Conversion Rate shall be adjusted based on the following formula: 

CR1 = CR0 × (AC + (SP1 × OS1)) / (SP1 × OS0) 

where, 
 CR0 = the
Conversion Rate in effect immediately prior to the adjustment relating to such event; 
 CR1 = the new Conversion Rate taking such event into account; 

  
 10 

 AC = the Fair Market Value (as determined by the General Partner in good faith), on the
Expiration Date, of the aggregate value of all cash and any other consideration paid or payable for units accepted for purchase or exchange in such tender or exchange offer; 

OS0 = the number of Common Units outstanding immediately prior to the Expiration Date (prior to giving effect to such tender
offer or exchange offer); 
 OS1 = the number of Common Units outstanding immediately after the Expiration Date (after giving effect to such tender offer
or exchange offer); and 
 SP1 = the average of the Closing Prices of Common Units over the ten consecutive Trading Day period commencing on the Trading
Day next succeeding the Expiration Date (such period, the “Tender Offer Valuation Period”). 
 If the
application of the foregoing formula would result in a decrease in the Conversion Rate, no adjustment to the Conversion Rate shall be made. Any adjustment to the Conversion Rate made pursuant to this Section 9(d) shall become effective
immediately after 5:00 p.m., New York City time, on the final Trading Day of the Tender Offer Valuation Period; provided, that in respect of any conversion within the ten consecutive Trading Days next succeeding the Expiration Date,
references with respect to “ten consecutive Trading Day period” shall be deemed replaced with such lesser number of Trading Days as have elapsed between the Expiration Date and the Mandatory Conversion Date, Optional Conversion Date or
Reorganization Event Conversion Date, as applicable, in determining the Conversion Rate. 
 If the Partnership or one of its
Subsidiaries is obligated to purchase Common Units pursuant to any such tender or exchange offer, but the Partnership, or such Subsidiary, is permanently prevented by applicable law from effecting any such purchase, or all such purchases are
rescinded, then the new Conversation Rate shall be readjusted to be the Conversion Rate that would then be in effect if such tender or exchange offer had not been made. 
 (e) Notwithstanding the provisions of this Section 9, no adjustment to the Conversion Rate shall be made if Holders may participate in the transaction that would otherwise give rise to such
adjustment on an as-converted basis and without converting their Preferred Units. 
 (f) Notwithstanding the provisions of this
Section 9, no adjustment to the Conversion Rate need be made if the Common Units to be issued upon conversion will actually receive the consideration provided in, or be subject to, the transaction or event that would otherwise trigger the
adjustment. 
 (g) No adjustment to the Conversion Rate shall be required unless such adjustment would require an increase or
decrease of at least one percent (1%) of the Conversion Rate then in effect; provided, that any adjustments that by reason of this Section 9(g) are not required to be made shall be carried forward and taken into account in any
subsequent adjustment. All calculations under this Section 9 shall be made by the Partnership and 

  
 11 

 
shall be made to the nearest cent or to the nearest one-ten thousandth (1/10,000th) of a unit, as the case may be. Notwithstanding the foregoing, all adjustments not previously made shall
have effect with respect to any conversion of Preferred Units. 
 (h) To the fullest extent permitted by law, the Partnership may
(but is not required to) make such increases in the Conversion Rate, in addition to those required by this Section 9, as the General Partner considers to be advisable to avoid or diminish any income tax to holders of Common Units or rights to
purchase Common Units resulting from any distribution or distribution of Common Units (or rights or warrants to acquire Common Unit) or from any event treated as such for income tax purposes. To the fullest extent permitted by applicable law, the
Partnership from time to time may (but is not required to) increase the Conversion Rate by any amount for any period of time if the period is at least 20 days and the increase is irrevocable during the period and the General Partner determines in
good faith that such increase would be in the best interest of the Partnership, which determination shall be conclusive. 
 (i)
If the Partnership shall be required to withhold taxes on constructive distributions to a Holder and the Partnership pays the applicable withholding taxes, the Partnership may, at its option, set off any such payment against cash, Common Units or
other assets distributable or payable to such Holder. 
 (j) Whenever the Conversion Rate is adjusted as herein provided, the
Partnership shall promptly file with the Conversion Agent an Officer’s certificate setting forth the Conversion Rate after such adjustment and a brief statement setting forth in reasonable detail the method by which the adjustment to the
Conversion Rate was determined. Unless and until a responsible officer of the Conversion Agent shall have received such Officer’s certificate, the Conversion Agent shall not be deemed to have knowledge of any adjustment of the Conversion Rates
and may assume that the last Conversion Rates of which it has knowledge are still in effect. Promptly after delivery of such certificate, the Partnership shall prepare a notice of such adjustment of Conversion Rates setting forth the adjusted
Conversion Rates and the date on which each adjustment becomes effective and shall promptly mail such notice of adjustment of the Conversion Rate to each Holder at its last address appearing in the Unit register. Failure to deliver such notice shall
not affect the legality or validity of any such adjustment. 
 10. Conversion Upon Certain Reorganization Events.
If an event described in Section 11(a) is anticipated to occur in which the Partnership is not the surviving entity, then the Partnership may, at its option, cause the conversion of all, but not less than all, outstanding Preferred Units (the
“Reorganization Event Conversion”). The Reorganization Event Conversion shall occur on the effective date of such Reorganization Event (the “Reorganization Event Conversion Date”). If the Partnership
exercises this option, each Holder of the Preferred Units shall receive the Reference Property. In order for the Partnership to exercise its option for a Reorganization Event Conversion, the Partnership must provide written notice to the Holders not
later than 30 days prior to the anticipated effective date of the Reorganization Event. 

  
 12 

 11. Effect of Reclassification, Consolidation, Merger or Sale on Conversion.

 (a) Subject to the Partnership’s right to convert the Preferred Units under Section 10, in the event of: 

(i) any consolidation, merger or combination of the Partnership with or into another Person (other than a merger or consolidation in which
the Partnership is the continuing Partnership and in which the Common Units outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities or other property of the Partnership or another Person); 

(ii) any sale, transfer, lease or conveyance of all or substantially all of the properties and assets of the Partnership to any other
person; or 
 (iii) any statutory exchange of the Partnership’s securities with another Person (other than in connection
with a merger or acquisition covered by clause (i) above), 
 in each case where Common Units are exchanged for, or
converted into, stock, securities, property or assets (including cash or any combination thereof) (a “Reorganization Event”), each Preferred Unit outstanding immediately prior to such Reorganization Event shall, without the
consent of the Holder, become convertible into the kind of securities, cash and other property that such Holder would have been entitled to receive if such Holder had converted its Preferred Units into Common Units immediately prior to such
Reorganization Event (the “Reference Property”). In such event, on the Reorganization Event Conversion Date, the applicable Conversion Rate then in effect shall be applied to determine the amount and value of securities, cash
or property a Holder would have received in such transaction (without interest thereon and without any right to distributions thereon which have a Record Date prior to the date such Preferred Units are actually converted). 

(b) Subject to the notice requirements of Section 10 regarding certain transactions as set forth in Section 11(a), the
Partnership shall cause notice of the application of this Section 11 to be delivered to each Holder at the address of such Holder within twenty (20) days after the occurrence of any of the events specified in Section 11(a). Failure to
deliver such notice shall not affect the legality or validity of any conversion pursuant to this Section 11. 
 (c) The
above provisions of this Section 11 shall similarly apply to successive reclassifications, changes, consolidations, mergers, combinations, sales and conveyances, provided, that if Section 10 applies to any event or occurrence, this
Section 11 shall not apply to such event or occurrence. 
 12. Notices. The Partnership shall distribute to
the Holders of Preferred Units copies of all notices, materials, annual and quarterly reports, proxy statements, information statements and any other documents distributed generally to the holders of Common Units of the Partnership, at such times
and by such method as such documents are distributed to such holders of such Common Units. 

  
 13 

 13. No Reissuance. No Preferred Units acquired by the Partnership by reason of
redemption, purchase, conversion or otherwise shall be reissued. 
 14. Transfers. No Preferred Unit shall be
transferable by any Holder of Preferred Units, except in compliance with all federal and applicable state securities laws. Prior to any transfer, and as a condition thereto, the General Partner may require such documentation, including appropriate
opinions of legal counsel, as it, in its sole discretion, deems necessary. 
 15. Severability of Provisions. If
any right, preference or limitation of the Preferred Units set forth in this Certificate of Designation (as this Certificate of Designation may be amended from time to time) is invalid, unlawful or incapable of being enforced by reason of any rule
or law or public policy, all other rights, preferences and limitations set forth in this Certificate of Designation, which can be given effect without the invalid, unlawful or unenforceable right, preference or limitation shall nevertheless remain
in full force and effect, and no right, preference or limitation herein set forth be deemed dependent upon any such other right, preference or limitation unless so expressed herein. 

[Signature Page Follows] 

  
 14 

 IN WITNESS WHEREOF, this Certificate of Designation has been duly executed as of the date first above
written. 
  

			
	ATLAS RESOURCE PARTNERS, L.P.
	
	By: ATLAS RESOURCE PARTNERS GP, LLC, its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 15 

 EXHIBIT A 
 NOTICE OF OPTIONAL CONVERSION 
 The undersigned hereby irrevocably elects to convert the
                     (the “Preferred Units”), represented by book entry with the Partnership’s transfer agent, into Common
Units of                     . Unless otherwise specified below, the undersigned elects to convert all Preferred Units represented by book
entry. If units are to be issued in the name of a person other than the undersigned, the undersigned shall pay all transfer taxes payable with respect thereto. 
 The Partnership is not required to issue Common Units until the original Preferred Unit to be converted, the required cash payment, if any, and required transfer taxes, if any, are received by the
Partnership or its transfer agent. 
 Name of registered holder of Preferred Units to be converted: 

 

					
	Signature:	 	                             
                           	 	
			
	Name:	 	                             
                           	 	
			
	Address:	 	  
	 	
		
	  
	 	

 Fax No.:
                                         
                            
 Number of Preferred Units to be converted (if less than all units represented by book entry with the Partnership’s transfer agent):
                                         
         
 Name of the Person in which Common Units issuable upon conversion are to be issued (if
different from the undersigned):
                                        
          

  
 16 

 EXHIBIT C 

FORM OF COMMON UNIT PURCHASE WARRANT 
 THIS WARRANT AND THE SECURITIES FOR WHICH THIS WARRANT MAY BE EXERCISED (COLLECTIVELY, THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER, OR AN EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF, THE SECURITIES ACT AND IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. 
 ATLAS RESOURCE PARTNERS,
L.P. 
 WARRANT TO PURCHASE COMMON UNITS

  

			
	Warrant No.:	 	Number of Common Units:                

 Atlas Resource Partners, L.P., a Delaware limited partnership (the “Partnership”), hereby certifies
that, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, [                     ], the registered
holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Partnership, at any time or times on or after the Warrant Date (as defined in Section 1 (xiii)), but
not after 11:59 P.M. New York Time on the Expiration Date (as defined herein) [                    (
                    )] Common Units (as defined in Section 1(iii) below) (the “Warrant Units”) at the Warrant Exercise Price
(as defined in Section 1(xv) below). 
 Section 1. Definitions. The following words and terms as used in this
Warrant shall have the following meanings: 
 (i) “Business Combination” means a merger, consolidation,
statutory share exchange or similar transaction that requires approval of the limited partners of the Partnership. 
 (ii)
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required by law to remain closed. 

(iii) “Common Units” means (i) the Partnership’s common units of limited partnership interest, and
(ii) any capital securities into which such Common Units shall have been changed or any capital securities resulting from a reclassification of such Common Units. 
 (iv) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  
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 (v) “Expiration Date” means
[            ], 2016. 
 (vi) “Ordinary Cash
Distribution” means a cash distribution to Common Units out of Available Cash, as such term is defined in the Partnership Agreement. 
 (vii) “Partnership Agreement” means the Partnership Agreement of the Partnership, as the same may be amended from time to time. 

(viii) “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization or a government or any department or agency thereof or any other legal entity. 
 (ix)
“Principal Market” means, with respect to the Common Units or any other security, the New York Stock Exchange, or, if the Common Units or such other security is not traded on the New York Stock Exchange, then the principal
securities exchange or trading market for the Common Units or such other security. 
 (x) “Pro Rata
Repurchases” means any purchase of Common Units by the Partnership or any affiliate thereof pursuant to (A) any tender offer or exchange offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated
thereunder or (B) any other offer available to substantially all holders of Common Units, in the case of both (A) or (B), whether for cash or securities of the Partnership, evidences of indebtedness of the Partnership or any other person
or any other property (including, without limitation, shares of capital stock, other securities or evidences of indebtedness of a subsidiary), or any combination thereof, effected while this Warrant is outstanding. The “Effective
Date” of a Pro Rata Repurchase shall mean the date of acceptance of shares for purchase or exchange by the Partnership under any tender or exchange offer which is a Pro Rata Repurchase or the date of purchase with respect to any Pro Rata
Repurchase that is not a tender or exchange offer. 
 (xi) “Registration Rights Agreement” means that agreement
dated [                    ], by and among the Partnership and the persons who have purchased Class C convertible preferred units of the Partnership.

 (xii) “Securities Act” means the Securities Act of 1933, as amended. 

(xiii) “Warrant” means this Warrant and all Warrants issued in exchange, transfer or replacement hereof pursuant to the
terms of this Warrant. 
 (xiv) “Warrant Date” means
[            ], 2013. 
 (xv) “Warrant Exercise
Price” shall be equal to, with respect to any Warrant Unit, $[        ], subject to adjustment as hereinafter provided. 

  
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 (xvi) “Weighted Average Price” means, for any security as of any date, the
dollar volume-weighted average price for such security on its Principal Market during the period beginning at 9:30 a.m., New York City Time (or such other time as the Principal Market publicly announces is the official open of trading), and ending
at 4:00 p.m., New York City Time (or such other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg Financial Markets (or any successor thereto, “Bloomberg”) through its
“Volume at Price” functions, or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at
9:30 a.m., New York City Time (or such other time as such over-the-counter market publicly announces is the official open of trading), and ending at 4:00 p.m., New York City Time (or such other time as such over-the-counter market publicly announces
is the official close of trading), as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of
any of the market makers for such security as reported in the “pink sheets” by the National Quotation Bureau, Inc. If the Weighted Average Price cannot be calculated for such security on such date on any of the foregoing bases, the
Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Partnership and the Holder. If the Partnership and the Holder are unable to agree upon the fair market value of the Common Units, then
such dispute shall be resolved pursuant to Section 2(a) below. All such determinations to be appropriately adjusted for any dividend, stock split, combination or other similar transaction during any period during which the Weighted Average
Price is being determined. 
 Section 2. Exercise of Warrant. 

(a) Subject to the terms and conditions hereof, Warrants may be exercised by the Holder, in whole or in part, at any
time on any Business Day on or after the opening of business on the Warrant Date and prior to 11:59 P.M. New York Time on the Expiration Date by (i) delivery of a written notice, in the form attached as Exhibit A hereto (the
“Exercise Notice”), of such holder’s election to exercise his Warrants, which notice shall specify the number of Warrant Units to be purchased and, (ii) payment to the Partnership of an amount equal to the Warrant Exercise
Price multiplied by the number of Warrant Units as to which his Warrant is being exercised (the “Aggregate Exercise Price”) by wire transfer of immediately available funds (or by check if the Partnership has not provided the holder
with wire transfer instructions for such payment). In the event of any exercise of the rights represented by the Warrant in compliance with this Section 2(a), the Partnership shall on the second (2nd) Business Day (the “Warrant Unit Delivery
Date”) following the date of its receipt of the later of the Exercise Notice and the Aggregate Exercise Price (the “Exercise Delivery Documents”), issue the Warrant Units to which the Holder shall be entitled by registering
such Warrant Units in the name of the Holder or its designee upon the books and records of the Partnership, the number of Common Units to which the Holder shall be entitled. Upon the later of the date of delivery of (x) the Exercise Notice and
(y) the Aggregate Exercise Price referred to in clause (ii) above, a Holder of Warrants shall be deemed for all purposes to have become the Holder of record of the Warrant Units with respect to which his Warrant has been exercised (the
date thereof being referred to as the “Deemed Issuance Date”), irrespective of the date of delivery of the Warrant Units. In the case of a dispute as to the determination of the Warrant Exercise Price, or the arithmetic calculation
of the number of Warrant Units, the Partnership shall promptly issue to the 

  
 19 

 
Holder the number of Warrant Units that is not disputed and shall submit the disputed determinations or arithmetic calculations to the Holder via facsimile within two (2) Business Days of
receipt of the Holder’s Exercise Notice. If the Holder and the Partnership are unable to agree upon the determination of the Warrant Exercise Price, or arithmetic calculation of the number of Warrant Units within one (1) Business Day of
such disputed determination or arithmetic calculation being submitted to the Holder, then the Partnership shall promptly submit via facsimile (i) the disputed determination of the Warrant Exercise Price to an independent, reputable investment
banking firm agreed to by the Partnership and the Holder of the Warrant or (ii) the disputed arithmetic calculation of the number of Warrant Units to its independent, outside public accountant. The Partnership shall direct the investment
banking firm or the accountant, as the case may be, to perform the determinations or calculations and notify the Partnership and the Holder of the results no later than two (2) Business Days after the date it receives the disputed
determinations or calculations. Such investment banking firm’s or accountant’s determination or calculation, as the case may be, shall be deemed conclusive absent demonstrable error. 

(b) If this Warrant is submitted for exercise, as may be required by Section 2(d), and unless the rights represented by this Warrant
shall have expired or shall have been fully exercised, the Partnership shall, as soon as practicable and in no event later than four (4) Business Days after receipt of this Warrant (the “Warrant Delivery Date”) and at its own
expense, issue a new Warrant identical in all respects to this Warrant except it shall represent rights to purchase the number of Warrant Units purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Units with
respect to which such Warrant is exercised. 
 (c) No fractional Common Units are to be issued upon the exercise of this
Warrant, but rather the number of Common Units issued upon exercise of this Warrant shall be rounded up or down to the nearest whole number (with 0.5 rounded up). 
 (d) Book-Entry. Notwithstanding anything to the contrary set forth herein, upon exercise of this Warrant in accordance with the terms hereof, the Holder shall not be required to physically
surrender this Warrant to the Partnership unless it is being exercised for all of the Warrant Units represented by the Warrant. The Holder and the Partnership shall maintain records showing the number of Warrant Units exercised and issued and the
dates of such exercises or shall use such other method, reasonably satisfactory to the Holder and the Partnership, so as not to require physical surrender of this Warrant upon each such exercise. In the event of any dispute or discrepancy, such
records of the Partnership establishing the number of Warrant Units to which the Holder is entitled shall be controlling and determinative in the absence of demonstrable error. Notwithstanding the foregoing, if this Warrant is exercised as
aforesaid, the Holder may not transfer this Warrant unless the holder first physically surrenders this Warrant to the Partnership, whereupon the Partnership will forthwith issue and deliver upon the order of the Holder a new Warrant of like tenor,
registered as the holder may request, representing in the aggregate the remaining number of Warrant Units represented by this Warrant. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the
provisions of this paragraph, following exercise of any portion of this Warrant, the number of Warrant Units represented by this Warrant may be less than the number stated on the face hereof. Each Warrant shall bear the following legend: 

  
 20 

 ANY TRANSFEREE OF THIS WARRANT SHOULD CAREFULLY REVIEW THE TERMS OF THIS WARRANT, INCLUDING
SECTION 2(d) HEREOF. THE SECURITIES REPRESENTED BY THIS WARRANT MAY BE LESS THAN THE NUMBER SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 2(d) HEREOF. 
 Section 3. Covenants. The Partnership hereby covenants and agrees as follows: 
 (e) This Warrant is, and any Warrants issued in substitution for or replacement of this Warrant will upon issuance be, duly authorized and validly issued. 

(f) All Warrant Units that may be issued upon the exercise of the rights represented by the Warrants will, upon issuance, be validly
issued, fully paid and nonassessable, subject to applicable provisions of the Delaware Revised Uniform Limited Partnership Act. 

(g) During the period within which the rights represented by the Warrant may be exercised, the Partnership will at all times have
authorized and reserved a sufficient number of Common Units to provide for the exercise of the rights then represented by the Warrants. 
 (h) The Partnership shall promptly secure the listing of the Common Units issuable upon exercise of this Warrant on the Principal Market (subject to official notice of issuance upon exercise of this
Warrant) and each other market or exchange on which the Common Units are traded or listed and shall maintain, so long as any other Common Units shall be so traded or listed, such listing of all Common Units from time to time issuable upon the
exercise of this Warrant; and the Partnership shall so list on the Principal Market and each other market or exchange on which the Common Units are traded or listed and shall maintain such listing of, any other shares of capital stock of the
Partnership issuable upon the exercise of this Warrant if and so long as any shares of the same class shall be listed on the Principal Market and each other market or exchange on which the Common Units is traded or listed. 

(i) The Partnership will not, by amendment of its Partnership Agreement or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but will at all times in good faith assist in the
carrying out of all the provisions of the Warrants and in the taking of all such action as may reasonably be requested by the Holder of any Warrant in order to protect the exercise privilege of such Holder against impairment, consistent with the
tenor and purpose of the Warrants. Without limiting the generality of the foregoing, the Partnership will take all such actions as may be necessary or appropriate in order that the Partnership may validly and legally issue Common Units upon the
exercise of any Warrants. 
 (j) The Warrants will be binding upon any entity succeeding to the Partnership by merger,
consolidation or acquisition of all or substantially all of the Partnership’s assets. 

  
 21 

 Section 4. Taxes. The Partnership shall pay any and all taxes (excluding income
taxes, franchise taxes or other taxes levied on gross earnings, profits or the like of Holders of Warrants) that may be payable with respect to the issuance and delivery of Warrant Units upon exercise of Warrants. 

Section 5. Holder not deemed a Limited Partner. The Holder, as such, shall not be entitled to vote or receive dividends or be
deemed the Holder of Common Units for any purpose solely due to its ownership of the Warrant, nor shall anything contained in the Warrant be construed to confer upon the Holder, as such, any of the rights of a limited partner of the Partnership or
any right to vote, give or withhold consent to any Partnership action (whether any reorganization, issue of partnership units or interests, reclassification of partnership units of interests, consolidation, merger, conveyance or otherwise), receive
notice of meetings, receive distributions or subscription rights, or otherwise, prior to the Deemed Issuance Date of the Warrant Units that such Holder is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained
in this Warrant shall be construed as imposing any obligations or liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a Limited Partner of the Partnership, whether such liabilities are asserted by
the Partnership or by creditors of the Partnership. 
 Section 6. Representations of Holder. The holder of this
Warrant, by the acceptance hereof, represents that it is acquiring this Warrant, and upon exercise hereof will acquire the Warrant Units, for its own account and not with a view towards, or for resale in connection with, the public sale or
distribution of this Warrant or the Warrant Units, except pursuant to sales registered or exempted under the Securities Act; provided, however, that by making the representations herein, the Holder does not agree to hold this Warrant or any of the
Warrant Units for any minimum or other specific term and reserves the right to dispose of this Warrant and the Warrant Units at any time in accordance with or pursuant to a registration statement or an exemption under the Securities Act. The Holder
further represents, by acceptance hereof, that, as of this date, such holder is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D promulgated by the Securities and Exchange Commission under the Securities
Act (an “Accredited Investor”) and has had the opportunity to ask questions and receive answers concerning the Partnership, the Warrant and the offering thereof from the Partnership. Each delivery of an Exercise Notice shall
constitute confirmation at such time by the Holder of the representations concerning the Warrant Units set forth in the first two sentences of this Section 6, unless contemporaneous with the delivery of such Exercise Notice, the Holder notifies
the Partnership in writing that it is not making such representations (a “Representation Notice”). If the Holder delivers a Representation Notice in connection with an exercise, it shall be a condition to such holder’s exercise
of this Warrant and the Partnership’s obligations set forth in Section 2 in connection with such exercise, that the Partnership receive such other representations as the Partnership considers reasonably necessary to assure the Partnership
that the issuance of its securities upon exercise of this Warrant shall not violate any United States or state securities laws, and the time periods for the Partnership’s compliance with its obligations set forth in Section 2 shall be
tolled until such Holder provides the Partnership with such other representations. 

  
 22 

 Section 7. Ownership and Transfer. 

(a) The Partnership shall maintain at its principal executive offices or at the offices of its transfer agent (or such other office or
agency of the Partnership as it may designate by notice to the Holder), a register for this Warrant, in which the Partnership shall record the name and address of the person in whose name this Warrant has been issued, as well as the name and address
of each transferee. The Partnership may treat the person in whose name any Warrant is registered on the register as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary, but in all events recognizing any
transfers made in accordance with the terms of this Warrant. 
 (b) This Warrant and the rights granted hereunder shall be
assignable by the Holder without the consent of the Partnership. Neither the Warrant nor the Warrant Units shall be transferable by any Holder except in compliance will all federal and applicable state securities laws. Prior to any transfer, and as
a condition thereto, the Partnership’s general partner may require such documentation, including appropriate opinions of legal counsel, as it, in its sole discretion, deems necessary. 

(c) The Partnership is obligated to register the Warrant Units for resale under the Securities Act pursuant to the Registration Rights
Agreement, and the Holder (and assignees thereof) is entitled to the registration rights in respect of the Warrant Units as set forth in the Registration Rights Agreement. 
 Section 8. Adjustments. The Warrant Exercise Price and the number of Common Units issuable upon exercise of this Warrant shall be subject to adjustment from time to time as follows;
provided, that if more than one subsection of this Section 8 is applicable to a single event, the subsection shall be applied that produces the largest adjustment and no single event shall cause an adjustment under more than one
subsection of this Section 8 so as to result in duplication: 
 (a) Stock Splits, Subdivisions, Reclassifications or
Combinations. If the Partnership shall (i) declare and pay a dividend or make a distribution on its Common Units in Common Units, (ii) subdivide or reclassify the outstanding Common Units into a greater number of units, or
(iii) combine or reclassify the outstanding Common Units into a smaller number of units, the number of Warrant Units issuable upon exercise of this Warrant at the time of the record date for such dividend or distribution or the effective date
of such subdivision, combination or reclassification shall be proportionately adjusted so that a Warrant Holder after such date shall be entitled to purchase the number of Warrant Units which such Holder would have owned or been entitled to receive
in respect of Common Units subject to this Warrant after such date had this Warrant been exercised immediately prior to such date. In such event, the Warrant Exercise Price in effect at the time of the record date for such dividend or distribution
or the effective date of such subdivision, combination or reclassification shall be adjusted to the number obtained by dividing (x) the product of (1) the number of Warrant Units issuable upon the exercise of this Warrant before such
adjustment and (2) the Warrant Exercise Price in effect immediately prior to the record or effective date, as the case may be, for the dividend, distribution, subdivision, combination or reclassification giving rise to this adjustment by
(y) the new number of Warrant Units issuable upon exercise of the Warrant determined pursuant to the immediately preceding sentence. 

  
 23 

 (b) Distributions. In case the Partnership shall fix a record date for the making of
a distribution to all holders of Common Units of securities, evidences of indebtedness, assets, cash, rights or warrants (excluding Ordinary Cash Dividends, dividends of its Common Units and other dividends or distributions referred to in
Section 8(a)), in each such case, the Warrant Exercise Price in effect prior to such record date shall be reduced immediately thereafter to the price determined by multiplying the Warrant Exercise Price in effect immediately prior to the
reduction by the quotient of (x) the Weighted Average Price of the Common Units on the last trading day preceding the first date on which the Common Unit trades regular way on the Principal Market on which the Common Unit is listed or admitted
to trading without the right to receive such distribution, minus the amount of cash and/or the fair market value of the securities, evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one Common Unit as
determined by the Board of Directors of the Partnership’s general partner in good faith (the “Fair Market Value”) divided by (y) such Weighted Average Price on such date specified in clause (x); such adjustment shall be
made successively whenever such a record date is fixed. In such event, the number of Warrant Units issuable upon the exercise of this Warrant shall be increased to the number obtained by dividing (x) the product of (1) the number of
Warrant Units issuable upon the exercise of this Warrant before such adjustment, and (2) the Warrant Exercise Price in effect immediately prior to the distribution giving rise to this adjustment by (y) the new Warrant Exercise Price
determined in accordance with the immediately preceding sentence. In the case of adjustment for a cash dividend that is, or is coincident with, an Ordinary Cash Dividend, the Fair Market Value shall be reduced by the per unit amount of the portion
of the cash dividend that would constitute an Ordinary Cash Dividend. In the event that such distribution is not so made, the Warrant Exercise Price and the number of Warrant Units issuable upon exercise of this Warrant then in effect shall be
readjusted, effective as of the date when the Board of Directors of the Partnership’s general partner determines not to distribute such units, evidences of indebtedness, assets, rights, cash or warrants, as the case may be, to the Warrant
Exercise Price that would then be in effect and the number of Warrant Units that would then be issuable upon exercise of this Warrant if such record date had not been fixed. 
 (c) Certain Repurchases of Common Units. In case the Partnership effects a Pro Rata Repurchase of Common Units, then the Warrant Exercise Price shall be reduced to the price determined by
multiplying the Warrant Exercise Price in effect immediately prior to the Effective Date of such Pro Rata Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number of Common Units outstanding immediately
before such Pro Rata Repurchase and (y) the Weighted Average Price of a share of Common Units on the trading day immediately preceding the first public announcement by the Partnership or any of its Affiliates of the intent to effect such Pro
Rata Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the denominator shall be the product of (i) the number of Common Units outstanding immediately prior to such Pro Rata Repurchase minus the
number of Common Units so repurchased and (ii) the Weighted Average Price per Common Unit on the trading day immediately preceding the first public announcement by the Partnership or any of its Affiliates of the intent to effect such Pro Rata
Repurchase. In such event, the number of Common Units issuable upon the exercise of this Warrant shall be increased to the number obtained by dividing (x) the product of (1) the number of Common Units issuable upon the exercise of this
Warrant before such adjustment, and (2) the Warrant Exercise Price in effect 

  
 24 

 
immediately prior to the Pro Rata Repurchase giving rise to this adjustment by (y) the new Warrant Exercise Price determined in accordance with the immediately preceding sentence. For the
avoidance of doubt, no increase to the Warrant Exercise Price or decrease in the number of unit issuable upon exercise of this Warrant shall be made pursuant to this Section 13(c). 

(d) Business Combinations. In case of any Business Combination or reclassification of Common Units (other than a reclassification
of Common Units referred to in Section 8(a)), the Warrantholder’s right to receive Warrant Units upon exercise of this Warrant shall be converted into the right to exercise this Warrant to acquire the number of units or other securities or
property (including cash) which the Common Unit issuable (at the time of such Business Combination or reclassification) upon exercise of this Warrant immediately prior to such Business Combination or reclassification would have been entitled to
receive upon consummation of such Business Combination or reclassification; and in any such case, if necessary, the provisions set forth herein with respect to the rights and interests thereafter of the Holder shall be appropriately adjusted so as
to be applicable, as nearly as may reasonably be, to the Holder’s right to exercise this Warrant in exchange for any shares of stock or other securities or property pursuant to this paragraph. In determining the kind and amount of units,
securities or the property receivable upon exercise of this Warrant following the consummation of such Business Combination, if the holders of Common Units have the right to elect the kind or amount of consideration receivable upon consummation of
such Business Combination, then the consideration that the Warrantholder shall be entitled to receive upon exercise shall be deemed to be the types and amounts of consideration received by the majority of all holders of the common stock that
affirmatively make an election (or of all such holders if none make an election). 
 (e) Rounding of Calculations; Minimum
Adjustments. All calculations under this Section 8 shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest one hundredth (1/100th) of a share, as the case may be. Any provision of this Section 8 to the
contrary notwithstanding, no adjustment in the Warrant Exercise Price or the number of Common Units into which this Warrant is exercisable shall be made if the amount of such adjustment would be less than $0.01 or one-tenth (1/10th) of a Common
Unit, but any such amount shall be carried forward and an adjustment with respect thereto shall be made at the time of and together with any subsequent adjustment which, together with such amount and any other amount or amounts so carried forward,
shall aggregate $0.01 or 1/10th of a Common Unit, or more. 
 (f) Timing of Issuance of Additional Common Units Upon Certain
Adjustments. In any case in which the provisions of this Section 8 shall require that an adjustment shall become effective immediately after a record date for an event, the Partnership may defer until the occurrence of such event
(i) issuing to the holder of this Warrant exercised after such record date and before the occurrence of such event the additional Common Units issuable upon such exercise by reason of the adjustment required by such event over and above the
Common Units issuable upon such exercise before giving effect to such adjustment and (ii) paying to such holder any amount of cash in lieu of fractional Common Units; provided, however, that the Partnership upon request shall
deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional units, and such cash, upon the occurrence of the event requiring such adjustment. 

  
 25 

 (g) Statement Regarding Adjustments. Whenever the number of Warrant Units into which
this Warrant is exercisable shall be adjusted as provided in this Section 8, the Partnership shall forthwith file at the principal office of the Partnership a statement showing in reasonable detail the facts requiring such adjustment and the
number of Warrant Units into which Warrants shall be exercisable after such adjustment, and the Partnership shall also cause a copy of such statement to be sent by mail, first class postage prepaid, to the Holder at the address appearing in the
Partnership’s records. 
 (h) Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to the
taking of any action which would require an adjustment pursuant to this Section 8, the Partnership shall take any action which may be necessary, including obtaining regulatory, or limited partner approvals or exemptions, in order that the
Partnership may thereafter validly and legally issue as fully paid and nonassessable all Warrant Units issuable pursuant to the Warrants. 
 (i) Adjustment Rules. Any adjustments pursuant to this Section 8 shall be made successively whenever an event referred to herein shall occur. 

Section 9. Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the
Partnership shall promptly, on receipt of an indemnification undertaking by the Holder (or in the case of a mutilated Warrant, the Warrant), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 Section 10. Notice. Any notices, consents, waivers or other communications required or permitted to be given
under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or
electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The
addresses and facsimile numbers for such communications shall be: 
 If to the Partnership: 

Atlas Resource Partners, L.P. 
 c/o Atlas Resource Partners GP, LLC 
 Park Place Corporate Center One 

1000 Commerce Drive, Suite 410 
 Pittsburgh, PA 15275 
 Telephone:     (412) 489-0006

 Facsimile:      (412) 262-2820 

Attention:      Chief Legal Officer 

  
 26 

 With copy to: 
 Ledgewood 
 1900 Market Street, Suite 750 

Philadelphia, PA 19103 
 Telephone:    (215) 731-9450 

Facsimile:     (215) 735-2513 
 Attention:     J. Baur Whittlesey, Esq. 
 If to the Warrant
Holder: 
 Section 11. Date. The date of this Warrant is
[             ], 2013. This Warrant, in all events, shall be wholly void and of no effect after 11:59 P.M., New York Time, on the Expiration Date, except that notwithstanding any other
provisions hereof, the provisions of Section 7 shall continue in full force and effect after such date as to any Warrant Units or other securities issued upon the exercise of this Warrant. 

Section 12. Amendment and Waiver. This Warrant may be amended and the Partnership may take any action herein prohibited, or
omit to perform any act herein required to be performed by it, only with the written consent of the Holder; provided, however, that the Partnership may, without the consent of the Holder, amend or supplement this Warrant to cure defects or
inconsistencies. 
 Section 13. Descriptive Headings; Governing Law. The descriptive headings of the several
sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by the
internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of New York. 
 Section 14. Rules of Construction. Unless the context otherwise requires,
(a) all references to Sections, Schedules or Exhibits are to Sections, Schedules or Exhibits contained in or attached to this Warrant, (b) each accounting term not otherwise defined in this Warrant has the meaning assigned to it in
accordance with accounting principles generally accepted in the United States, (c) words in the singular or plural include the singular and plural and pronouns stated in either the masculine, the feminine or neuter gender shall include the
masculine, feminine and neuter and (d) the use of the word “including” in this Warrant shall be by way of example rather than limitation. 
 * * * * * * 

  
 27 

 IN WITNESS WHEREOF, the Partnership has caused this Warrant to be executed as of the
date first written above. 
  

			
	ATLAS RESOURCE PARTNERS, L.P.
	By: Atlas Resource Partners GP, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 28Commitment Letter

 Exhibit 10.1 

 

			
	

	  	

 June 7, 2013 
 RTI Biologics, Inc. 
 Attention: Rob Jordheim 

11621 Research Circle 
 Alachua, FL 32615

 Dear Rob, 
 TD Bank,
N.A., or its affiliates as Administrative Agent, TD Securities “USA” LLC Bookrunner and Joint Lead Arranger, with Regions Bank as Joint Lead Arranger, hereafter referred to as “Lender”, is pleased to offer a commitment to lend on
the following terms and conditions: 
 LOAN 1 - TERM LOAN 

 

	 	1.	Loan 1 Borrower: RTI Biologics, Inc. 

  

	 	2.	Loan 1: Term loan to fund the Borrower’s acquisition of Pioneer Surgical Technologies, Inc. (the “Acquired Business”). Additional
funding of approximately $50,000,000.00 will be provided by a preferred stock issue in order to fund the acquisition of the Acquired Business (the “Acquisition”). 

 

	 	3.	Loan 1 Amount: $60,000,000.00. 

  

	 	4.	Loan 1 Terms & Payment: Interest only will be payable quarterly in arrears during the initial six (6) calendar quarters beginning
September 30, 2013 through December 31, 2014 (the “Interest Only Period”). In addition to the foregoing, in the event the Borrower distributes cash dividend payments on any preferred stock (“Dividend
Payments”) between the Closing date and the one (1) year anniversary of the Closing (the “Dividend Payment Date”), in addition to interest payments, on the Dividend Payment Date, the Borrower shall tender to Lender a
principal reduction payment equal to the aggregate Dividend Payments, payable on the one year anniversary of the Closing Date. 

 After the Interest Only Period, interest will be payable quarterly in arrears, together with principal reduction payments as follows: 

 

					
	 Quarters
	  	Principal Reduction	 
	 March 31, 2015 and June 30, 2015
	  	$	1,500,000.00	  
	 September 30, 2015 through June 30, 2017
	  	$	1,125,000.00	  
	 September 30, 2017 through Maturity Date
	  	$	1,500,000.00	  

 All outstanding principal and interest shall be due and payable on the date which is five (5) years
after the date of Closing. 

 LOAN 2 - REVOLVING LINE OF CREDIT LOAN 

 

	 	1.	Loan 2 Borrower: RTI Biologics, Inc. 

  

	 	2.	Loan 2: Working capital revolving line of credit loan (together with Loan 1, the “Loans”). 

 

	 	3.	Loan 2 Amount: $20,000,000.00. 

  

	 	4.	Loan 2 Terms & Payment: Interest only will be payable quarterly in arrears, with a final balloon payment equal to the entire unpaid
principal balance along with all unpaid accrued interest due on the date which is five (5) years after the date of Closing. 

  

	 	5.	Loan 2 Unused Fee: Borrower shall pay to Lender a quarterly unused fee in arrears based upon the unused portion of available loan proceeds, which
shall be calculated by subtracting the average daily outstanding principal balance under Loan 2 for the preceding quarter from $20,000,000.00. The Unused Fee shall initially be 25 bps, then beginning December 31, 2013 will be calculated based
upon the Borrower’s financial performance under its Senior Debt to EBITDA Ratio as follows: 

  

			
	 Senior Debt to EBITDA Ratio
	  	 Unused Fee

	 Less than lx
	  	15 basis points
	 Greater than lx and less than 1.5x
	  	20 basis points
	 Greater than 1.5x and less than 2x
	  	25 basis points
	 Greater than 2x
	  	30 basis points

 GENERAL LOAN TERMS APPLYING TO LOAN 1 AND LOAN 2 

 

	 	1.	Guarantors:      RTI Services, Inc. 

RTI Biologics Inc. – Cardiovascular 
 Biological Recovery Group, Inc. 
 Pioneer Surgical Technologies, Inc. 

Tutogen Medical, Inc. 
 Tutogen Medical (United States), Inc. 
 Any other direct or indirect domestic
subsidiary 
  

	 	2.	Collateral: 

  

	 	a.	First priority blanket security interest and lien on all domestic assets, including but not limited to all Borrower, Guarantor and subsidiary (including Pioneer
Surgical Technologies, Inc.) accounts receivable, inventory, machinery, equipment and general intangibles, excluding real estate holdings (“Real Estate”). 

  
 -2-

	 	b.	With regard to Real Estate, the respective owner of such Real Estate shall execute and deliver to Lender an agreement not to encumber or further encumber such Real
Estate or otherwise incur any additional indebtedness. 

  

	 	c.	Stock and/or Membership Interest Pledge Agreement in favor of Lender pledging a first position priority security interest and lien in and to 65% of the shares and/or
membership interest in all international subsidiaries of Borrower, to be determined by Lender. 

  

	 	3.	Interest Rate: The interest rate shall initially accrue under each Loan at a rate of 150 basis points in excess of the one (1) month LIBOR
rate of interest. Beginning December 31, 2013, the interest rate under each Loan shall accrue at a specified amount (the “LIBOR Spread”) in excess of the one (1) month LIBOR rate of interest, adjusted quarterly, calculated
based upon the Borrower’s financial performance under its Senior Debt to EBITDA Ratio as follows: 

  

					
	 Senior Debt to EBITDA Ratio
	  	LIBOR Spread	 
	 Less than lx
	  	 	100 basis points	  
	 Greater than lx and less than 1.5x
	  	 	125 basis points	  
	 Greater than l.5x and less than 2x
	  	 	150 basis points	  
	 Greater than 2x
	  	 	175 basis points	  

  

	 	4.	Prepayment Penalty: Either Loan may be prepaid in full at any time with no prepayment penalty. 

 

	 	5.	Commitment Fee: Lender shall charge a commitment fee in the amount of one–half of one percent (0.50%) of the amount of Loan 1 and Loan 2,
$25,000 of which amount shall be due upon execution of the Commitment Letter with the remainder due at Closing. 

  

	 	6.	Insurance: Borrower shall maintain insurance with providers acceptable to Lender and with AM Best rating of no lower than A- on (i) all
insurable tangible property against fire, flood, casualty and such other hazards (including, without limitation, extended coverage, workmen’s compensation, boiler and machinery, with inflation coverage by endorsement) and (ii) against
public liability, product liability and business interruption, in each case in such amounts, with such deductibles as are customarily used by companies operating in the same industry as Borrower. Prior to Closing, Borrower shall furnish Lender with
duplicate original policies of insurance or such other evidence of insurance as Lender may require, and any certificates of insurance shall be issued on Acord Form-27. The policies of all such casualty insurance shall contain standard Lender’s
loss payable clauses (and, with respect to liability and interruption insurance, additional insured clauses) issued in favor of Lender under which all losses thereunder shall be paid to Lender as Lender’s interest may appear. Borrower shall
provide 30 days prior written notice to Lender of any material alteration or cancellation of such requisite insurance. 

  
 -3-

	 	7.	Financial Covenants: Until the Loans are paid in full, the Borrower and each subsidiary, on a consolidated and consolidating basis, shall maintain
the following financial covenants tested quarterly on a rolling four (4) quarter basis: 

  

	 	a.	Minimum Fixed Charge Coverage Ratio of 1.25x, defined as EBITDA minus cash taxes, minus dividend/distributions, minus increases in due from and/ or
investments in affiliates, minus unfinanced capital expenditures divided by principal and interest expense. Unfinanced capital expenditures for fiscal year 2013 and 2014 shall exclude costs associated with the real estate in Alachua, Florida
currently estimated at $14,000,000.00. EBITDA is defined as the sum of net income, interest expense, taxes, depreciation, amortization and Extraordinary Expenses minus Extraordinary Income. Pioneer Surgical Technologies, Inc.’s
contribution to trailing EBITDA shall be subject to the mutual agreement of Borrower and Lender prior to Closing. 

Extraordinary Expenses shall consist of one-time expenses such as 1) non cash intangible asset impairment charges, 2) non cash
stock based compensation, 3) uninsured litigation settlement costs related to BTS incurred through December 31, 2014, not to exceed $3,000,000.00, and 4) merger related expenses related to: i) fees paid to consultants, advisors, financial
investors or to SEC, ii) non-cash purchase price adjustments to EBIT for GAAP compliance, iii) severance and retention package payments, and iv) restructuring and integration expenses incurred through December 31, 2014 (such as IT integration
expense, movement of personnel, closing of facilities, distribution agreement changes and other costs related to merger), not to exceed $3,000,000.00. The restructuring and integration expenses referred to in clause (iv) would be subject to
good faith review by the Lender for determination of eligibility under the addback categories defined herein. 

Extraordinary Income shall consist of one-time non-recurring income items, including but not limited to gains on sale and
acquisition related recapture of contingent or escrowed purchase money payments. 
  

	 	b.	 Maximum Senior Debt to EBITDA Ratio of 2.75x through December 31, 2014 and 2.5x at all times thereafter, defined as Total Funded Indebtedness,
excluding all debt formally subordinated to the Lender, divided by EBITDA. Total Funded Indebtedness is defined as all outstanding Indebtedness for borrowed money and other interest bearing Indebtedness, including current and long term
indebtedness. Indebtedness is defined as 1) all indebtedness for borrowed money, 2) all obligations evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, 3) that portion of obligations
with respect to capital leases that is properly classified as a liability on a balance sheet in conformity with GAAP, 4) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or
otherwise to be secured by) any lien on, or 

  
 -4-

	 	
payable out of the proceeds of production from, any property or asset owned, held or acquired by that party regardless of whether the Indebtedness secures thereby shall have been assumed by that
party or is nonrecourse to the credit of that party, 5) all guaranty obligations in respect of any Indebtedness of any other party, and 6) the maximum amount of all standby letters of credit issued or bankers’ acceptances facilities created for
the account of such party and, without duplication, all drafts drawn thereunder (to the extent unreimbursed). 

  

	 	c.	Minimum Liquidity of $10,000,000.00 based upon average balances for cash, cash equivalents and marketable securities. 

 

	 	8.	Deposit Accounts: Until the Loans are paid in full, Borrower shall provide non-credit business to Lender as mutually agreed by Borrower and Lender.

  

	 	9.	Cross-Default: The Loans shall be cross-defaulted with all other obligations of Borrower to Lender, such that (a) a default under Loan 1 shall
constitute a default under Loan 2 and all other obligations, (b) a default under Loan 2 shall constitute a default under Loan 1 and all other obligations, and (c) a default under any other obligations shall constitute a default under Loan
1, Loan 2 and all other obligations. 

  

	 	10.	Cross-Collateralization: The Loans shall be cross-collateralized with all other obligations of Borrower to Lender, such that (a) the
collateral for Loan 1 shall serve as collateral for Loan 2 and all other obligations, (b) the collateral for Loan 2 shall serve as collateral for Loan 1 and all other obligations, and (c) collateral for all other obligations shall serve as
collateral for Loan 1 and Loan 2. 

  

	 	11.	Subordination of Debt: If requested by Lender, Guarantor shall be required to subordinate all indebtedness, dividends or distributions now or
hereafter owed to them by Borrower to the payment in full of Lender, pursuant to one or more Subordination Agreements, and may not receive payment on such subordinated amounts except to the extent expressly approved by Lender in such Subordination
Agreements, which shall provide in any event that such party shall not be entitled to any payments upon the occurrence of a default under Loan 1 or Loan 2 and Guarantor shall be precluded from taking any legal action against the Borrower, the
collateral for the Loans, or any interest in Borrower, so long as the Loans contemplated herein remain unpaid. 

  

	 	12.	Preferred Stock: The Closing of the Loans is subject to the issuance of approximately $50,000,000.00 in preferred stock in order to fund the
Acquisition. Borrower may not redeem preferred stock, declare or pay cash dividends on common stock while Loan 1 is outstanding. Borrower shall have the right to pay preferred dividends, provided the Borrower is not in material default under either
Loan (or would be caused by such payment). 

  

	 	13.	 Permitted Acquisitions: During the term of the Loans, Borrower may purchase licenses, products or purchase all or substantially
all of the assets or stock of a business in a similar or related industry, subject to an annual limit of $20,000,000.00 

  
 -5-

	 	
and an individual transaction limit of $10,000,000.00 during any twelve (12) month period, provided there is no default under either Loan (“Permitted Acquisitions”). Any
purchase(s) which are not Permitted Acquisitions shall require the prior written consent from Lender. 

  

	 	14.	Mandatory Repayments: The loan agreement evidencing the Loans shall contemplate the required repayment of the proceeds from:

  

	 	a.	The issuance of non purchase money debt; 

  

	 	b.	Asset sales unrelated to ordinary business activities in excess of $500,000 in any year, and 

 

	 	c.	Any equity issuance, except for a) Permitted Acquisitions approved by Lender, b) equity issued to Water Street Capital to convert Borrower’s preferred stock,
provided Water Street Capital’s total dollar investment in Borrower is not reduced by such transaction and c) equity issuances under employee stock plans. 

 

	 	15.	Financial Information Required: 

  

	 	a.	Borrower shall submit to the Lender, on or before seventy-five (75) days after the close of each fiscal year, audited financial statements reflecting its
operations during the prior fiscal year; 

  

	 	b.	Borrower shall submit to the Lender, on or before forty (40) days after the close of each fiscal quarter, company prepared financial statements reflecting its
operations during the prior fiscal quarter; 

  

	 	c.	Borrower shall submit to the Lender, not later than fifteen (15) days after the close of each fiscal quarter, accounts receivable and accounts payable aging
statements in form and content satisfactory to Lender and certified as being true and correct by an officer of the Borrower; 

  

	 	d.	Borrower shall submit to the Lender, on or before May 31 of each calendar year, information regarding the financial or operational future of the Borrower,
including without limitation, forecasts, projections and budgets, in form and content satisfactory to Lender and certified as being true and correct by an officer of the Borrower; 

 

	 	e.	Borrower shall submit to the Lender, as of May 31 of each calendar year, a certificate of compliance from the chief financial officer of Borrower setting forth
(i) that there is no condition or event which constitutes a default under any loan documents, and (ii) the information (including detailed calculations) required in order to establish that Borrower is in compliance with each of the
financial covenants of the Borrower. 

  

	 	f.	Such additional financial information as the Lender may from time to time request. 

  
 -6-

	 	16.	Regulatory Matters: Borrower will remain in material compliance with applicable regulatory and environmental laws to the extent necessary to enable
Borrower to remain a viable commercial entity capable of satisfying the proposed covenants set forth above. Borrower and Lender hereby acknowledge Borrower is subject to a warning letter from the FDA and the parties agree that resolution of the
letter is not a condition to consummation or performance of the proposed transaction. Both parties also recognize that in Borrower’s industry from time to time companies (including Borrower) are found to be out of compliance with applicable
regulatory requirements and are required by applicable regulatory authorities to take corrective action to become compliant; consequently, a finding of non-compliance by such a regulatory authority, in and of itself, shall not be deemed a failure to
meet a condition to consummation or performance of the proposed transactions and financing by Lender. Before Closing, and in the event of any future regulatory action, Borrower agrees to work in cooperation with Lender to address reasonable requests
for information made by Lender with respect to any such regulatory action. 

  

	 	17.	Participation: Lender shall have the right to sell a portion of either Loan to a willing participant reasonably acceptable to Borrower. Borrower
agrees to cooperate with Lender to assist in the completion of any such transaction and to provide documentation as necessary to facilitate such event. 

  

	 	18.	Commitment Provisions Survive Closing: The provisions of this commitment shall survive the closing of the Loans and shall not be merged into any of
the loan documents. If any terms herein are inconsistent with those of the loan documents, the terms of the loan documents shall control. 

  

	 	19.	Documents: The Loans will be evidenced by documents prepared by and acceptable to the Lender (the “Loan Documentation”) subject to
the penultimate paragraph hereof. Borrower hereby acknowledges such loan documentation shall include covenants and restrictions which are not specifically itemized in this commitment letter. 

 

	 	20.	Loan Expenses: The Borrower will pay all reasonable expenses related to the closing of the loans, including audit fees, attorney fees, taxes and
any other fee that may arise in connection therewith, with the aggregate legal fees reimbursable to the Lender estimated to be $75,000. 

  

	 	21.	Confidentiality: The Lender and the Borrower will treat this commitment as confidential and will not disclose its contents or the identity of the
Lender to anyone not directly involved in the transaction. Other than as required by applicable law, including applicable securities laws and regulations. 

  

	 	22.	 Adverse Change: Between the date of this commitment and the date of Closing (“Pre-Closing Period”): (a) no Material
Adverse Change shall have occurred with respect to the Borrower or the Acquired Business, nor shall any information submitted to Lender by Borrower prove to be false in any material respect, nor shall it be determined that Borrower has failed to
provide Lender with material information requested by Lender, all in Lender’s good faith reasonable judgment, (b) Borrower 

  
 -7-

	 	
shall have complied materially with each and every term and condition set forth in the commitment, (c) Borrower, Guarantor and the Acquired Business shall not be involved in any bankruptcy,
reorganization, liquidation, dissolution or insolvency proceedings, nor make assignment for the benefit of creditors, nor shall a receiver or trustee have been appointed. If any of the foregoing occurs the Lender shall be under no obligation to fund
this commitment or have any other obligation under this commitment, For the purpose of the Pre-Closing Period, Material Adverse Change shall be defined as: Any development outside the ordinary course of business, and excluding matters of a general
economic, financial or political nature, which would reasonably be expected to have a material adverse effect which (i) would cause the Borrower to default under the payment obligations under Loan 1 and/or Loan 2, or (ii) would cause the
Borrower to default on the Financial Covenants in Paragraph 7 of the General Terms herein. 

  

	 	23.	Governing Law: This Commitment Letter shall be governed by, and construed and interpreted in accordance with, the laws of the State of Florida
without regard to conflict of law principles. Each of the parties hereto irrevocably agrees to waive all right to trial by jury in any suit, action, proceeding or counterclaim (whether based upon contract, tort or otherwise) related to or arising
out of the Acquisition, this Commitment Letter, or the performance by us or any of our affiliates of the services contemplated hereby. 

  

	 	24.	Marketing: Lender may include this loan and its role in the transaction in news publications or marketing material upon Closing.

  

	 	25.	Commitment Term: In the event the loan contemplated herein does not close within ninety (90) days after the acceptance of this commitment,
this commitment shall terminate and be null and void. 

 Notwithstanding anything in this commitment letter to the
contrary, (w) the only representations and warranties required from Borrower related to the Acquired Business in the Loan Documentation the accuracy of which will be a condition to the availability of the Loans on the Closing Date will be such
representations and warranties regarding the Acquired Business actually made by the Acquired Business that are true and correct as of the Closing Date pursuant to the agreement relating to the acquisition thereof, (y) the only conditions
required to be satisfied as a condition to the availability of the loans on the Closing Date shall be the Specified Conditions (defined below) and (z) to the extent a perfected security interest in any unencumbered collateral securing the Loans
(the security interest in respect of which cannot be perfected by means of the filing of a UCC financing statement, the making of a federal intellectual property filing or delivery of possession of capital stock or other certificated security) is
not able to be provided on the Closing Date after the Borrower’s use of commercially reasonable efforts to do so, the perfection of such security interest in such unencumbered collateral will not constitute a condition precedent to the
availability of the Loans on the Closing Date, but a security interest in such collateral will be required to be perfected after the Closing Date pursuant to arrangements to be mutually agreed between the Borrower and the Lender. 

  
 -8-

 For purposes hereof, “Specified Conditions” means the conditions set forth
in Section 3.1 of the draft loan agreement provided by Lender’s counsel (the “Draft Agreement”)(excluding clauses (f) and (n) and with respect to clause (e), such condition shall require the delivery of legal
opinions as are customarily provided in similar transactions), 3.2, 3.3, 3.4, 3.5 (to the extent relating to Specified Conditions) and 3.6 of the Draft Agreement. 
 The parties hereby acknowledge and agree that the availability of the Loans on the Closing Date will be subject to the Lender’s approval of all Loan Documentation; provided the Lender hereby
acknowledges and agrees that Lender shall use good faith reasonable judgment in the negotiation of the final Loan Documentation. 
 We look forward to a successful loan closing. 
 Sincerely, 

 

			
	 Administrative Agent:
 TD Bank, N.A.
 By: Michael Nursey, Regional Vice President

		
		 	/s/ Michael Nursey

  

			
	 Bookrunner and Joint Lead Arranger:
 TD Securities “USA” LLC
 By: Glenn Stylides, Director

		
		 	/s/ Glenn Stylides

  

			
	 Joint Lead Arranger:
 Regions Bank
 By: Brooks Hubbard, Senior Vice President

		
		 	/s/ Vince Abler
		 	By: Vince Abler, VP For Brooks Hubbard

 Accepted: 

RTI Biologics Inc. 

			
	
		
	BY:	 	/s/ Robert P. Jordheim
	NAME: Robert P. Jordheim

 ITS: EVP CFO 

DATE: 6/10/13 

  
 -9-

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