Document:

Separation Agreement and Release

 Exhibit 10.1 
 SEPARATION AGREEMENT AND RELEASE 
 This Separation Agreement and Release
(“Agreement”) is made by and between Thomas Nielsen (“Executive”) and RealNetworks, Inc. and its subsidiaries (the “Company”) (collectively referred to as the “Parties” or
individually referred to as a “Party”). 
 RECITALS 

WHEREAS, Executive was employed by the Company; 
 WHEREAS, the Company and Executive entered into an Employment Agreement, dated and effective as of November 9, 2011 (the “Employment Agreement”); 

WHEREAS, the Company and Executive entered into a Development, Confidentiality and Noncompetition Agreement, dated as of November 9,
2011 (the “Confidentiality Agreement”); 
 WHEREAS, the Company granted Executive stock options and restricted
stock units, from time to time (each an “Equity Award” and collectively the “Equity Awards”), which are reflected on Appendix A, each pursuant to a specific equity award agreement (collectively, the
“Stock Agreements”); 
 WHEREAS, Executive resigned his employment with the Company on July 3, 2012 (and
such termination was not due to any “Change of Control” as defined the Employment Agreement) with an effective termination date of July 3, 2012 (the “Separation Date”); 

WHEREAS, Executive resigned from the Company’s board of directors (and all other positions held at the Company and its affiliates)
effective as of the Separation Date; 
 WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints,
grievances, charges, actions, petitions, and demands that the Executive may have against the Company and any of the Releasees (as defined below), including, but not limited to, any and all claims arising out of or in any way related to
Executive’s employment with or separation from the Company; 
 NOW, THEREFORE, in consideration of the mutual promises made
herein, the Company and Executive hereby agree as follows: 
 COVENANTS 

1. Consideration. Executive agrees that the consideration provided below in Section 1(b) constitutes good and adequate
consideration for the promises, covenants, restrictions and other terms and conditions provided by this Agreement. 
 a. Accrued Payments. The Company agrees to pay Executive (i) Executive’s accrued but unpaid salary and (ii) Executive’s accrued but unused vacation, in each case which has
accrued through the Separation Date. The Company also agrees to pay Executive for any unreimbursed business expenses required to be reimbursed to Executive pursuant to the Company’s normal and customary business expense reimbursement
procedures. 

 b. Severance Consideration. The consideration set forth in this
Section 1(b) is referred to collectively as the “Severance Consideration.” 
 (i)
Severance Payment. The Company agrees to pay Executive a cash payment of $37,500 per month, less applicable withholdings, for a period of eighteen (18) months commencing on the Company’s first payroll date occurring after the
Effective Date (as defined in Section 21 below). Subject to the election of Executive (provided that such election is made in a timely manner), the Company agrees to pay the total amount of the severance payment ($675,000) in a lump sum on the
Company’s first payroll date occurring after the Effective Date. 
 (ii) Pro-Rata Incentive Bonus.
The Company agrees to pay Executive a cash payment of $168,299, less applicable withholdings, in a single lump sum on the Company’s first payroll date occurring after the Effective Date, which reflects the pro-rata portion of Executive’s
annual incentive bonus for the year of the Separation Date and is based on the actual performance of the applicable performance goals through the Separation Date. 

(iii) Equity Awards. The Company agrees that the vesting of each Equity Award listed on Appendix A shall be
accelerated as to an additional twelve (12) months. The Company and Executive agree that Appendix A includes all of the outstanding stock options and restricted stock units granted to Executive. The Equity Awards shall in all other
respects remain subject to all of the other terms and conditions of the applicable Stock Agreements. Executive is eligible to receive a total of 253,333 stock options. Further, Executive is eligible to participate in the alternative vesting schedule
set forth in the Stock Agreements, meaning that Executive’s options will vest on a pro rata basis as of the Separation Date. Executive acknowledges and agrees that any vested options must be exercised within six months after the Separation Date
according to the terms of the Stock Agreements, including the Company’s Insider Trading Policy, which describes trading black-out windows that may be applicable currently. 

(iv) Benefits. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”) for Executive and Executive’s eligible dependents (as applicable), within the time period prescribed pursuant to COBRA, the Company will pay directly on Executive’s behalf, the COBRA
premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination of employment) until the earlier of (A) a period of twelve (12) months from the last date of employment of the Executive with
the Company (six months of this payment would be considered imputed income and the applicable taxes for this amount would be deducted from Executive’s last paycheck), or (B) the date upon which Executive becomes covered under
similar plans. Notwithstanding anything to the contrary in this Section 1(b)(iv), if the Company determines in its sole discretion that it cannot provide the COBRA benefits without potentially violating applicable law (including, without
limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue his
group health coverage in effect on the date of his termination of employment (which 

  
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amount will be based on the premium for the first month of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage and will end on the
earlier of (x) the date upon which Executive becomes covered under similar plans or (y) the last day of the twelfth (12th) calendar month following the month in which Executive terminates employment. 

c. Executive specifically acknowledges that Executive is not entitled to receive any additional severance, termination
payments, wages, bonus or other form of compensation from the Company. Executive agrees and acknowledges that effective immediately upon his termination, Executive resigned from the Company’s board of directors and all other positions held at
the Company and its affiliates. 
 2. Benefits. Executive’s health insurance benefits will cease on the last day of
July, 2012, subject to Executive’s right to continue his health insurance under COBRA. Executive’s participation in all benefits and incidents of employment, including, but not limited to, the accrual of bonuses, vacation, and paid time
off, ceased as of the Separation Date. 
 3. Payment of Salary and Receipt of All Benefits. Executive acknowledges and
represents that, other than the consideration set forth in this Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest, severance,
fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Executive. 
 4. Release of Claims. Executive agrees that the Severance Consideration represents settlement in full of all outstanding obligations owed to Executive by the Company and its current and former
officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries, and predecessor and successor corporations and assigns
(collectively, the “Releasees”). Executive, on his own behalf and on behalf of his respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning,
or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess
against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the date Executive signs this Agreement, including, without limitation: 

a. any and all claims relating to or arising from Executive’s employment relationship with the Company and the
termination of that relationship; 
 b. any and all claims relating to, or arising from, Executive’s right
to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any
state or federal law; 
 c. any and all claims under the law of any jurisdiction including, but not limited to,
wrongful discharge of employment; constructive discharge from employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both 

  
 3 

 
express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent
or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false
imprisonment; conversion; and disability benefits; 
 d. any and all claims for violation of any federal, state,
or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards
Act, except as prohibited by law; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining
Notification Act; the Family and Medical Leave Act, except as prohibited by law; the Sarbanes-Oxley Act of 2002; the Uniformed Services Employment and Reemployment Rights Act; Washington State Law Against Discrimination, as amended (Wash. Rev. Code
§§ 49.60.010 et seq.); Washington Equal Pay Law, as amended (Wash. Rev. Code § 49.12.175); Washington sex discrimination law (Wash. Rev. Code § 49.12.200); Washington age discrimination law (Wash. Rev. Code § 49.44.090);
Washington whistleblower protection law (Wash. Rev. Code §§ 49.60.210, 49.12.005, and 49.12.130); Washington genetic testing protection law (Wash. Rev. Code § 49.44.180); Washington Family Care Act (Wash. Rev. Code § 49.12.270);
Washington Minimum Wage Act (Wash. Rev. Code §§ 49.46.005 to 49.46.920); Washington wage, hour, and working conditions law (Wash. Rev. Code §§ 49.12.005 to 49.12.020, 49.12.041 to 49.12.050, 49.12.091, 49.12.101, 49.12.105,
49.12.110, 49.12.121, 49.12.130 to 49.12.150, 49.12.170, 49.12.175, 49.12.185, 49.12.187, 49.12.450); Washington wage payment law (Wash. Rev. Code §§ 49.48.010 to 49.48.190).; 

e. any and all claims for violation of the federal or any state constitution; 

f. any and all claims arising out of any other laws and regulations relating to employment or employment discrimination;

 g. any claim for any loss, cost, damage or expense arising out of any dispute over Company withholding the
incorrect amount from any of the proceeds received by Executive as a result of this Agreement; and 
 h. any and
all claims for attorneys’ fees and costs. 
 Executive agrees that the release set forth in this section shall be and
remain in effect in all respects as a complete general release as to the matters released. This release does not extend to any obligations incurred under this Agreement or to Executive’s vested rights in retirement or similar plans, programs or
accounts. This release does not release claims that cannot be released as a matter of law, including, but not limited to, Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any
other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company (with the understanding that any such filing or participation does not give Executive
the right to recover any monetary damages against the Company; Executive’s release of claims herein bars Executive from recovering such monetary relief from the Company). 

  
 4 

 In addition, nothing in this release shall (i) operate to release or waive
Executive’s rights, if any, under contract, law, the Company’s By-laws or Articles of Incorporation, as an employee, officer or director of the Company, to be defended and indemnified by the Company against, any and all liability incurred
with respect to any claim or proceeding to which Executive is or is threatened to be made a party because of Executive’s service as an employee, officer or director, or Chairman of the Board of the Company or its subsidiaries or affiliates, or
(ii) operate to release or waive Executive’s rights, as an employee, officer or director of the Company or its subsidiaries or affiliates, to be named, protected by and have coverage rights under the Company’s or its
subsidiaries’ or affiliates’ insurance policies. 
 5. Acknowledgment of Waiver of Claims under ADEA. Executive
understands and acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive understands
and agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Executive understands and acknowledges that the consideration given for this waiver and release
is in addition to anything of value to which Executive was already entitled. 
 Executive further understands and acknowledges
that he has been advised by this writing that: (a) he should consult with an attorney prior to executing this Release Agreement; (b) he has twenty-one (21) days within which to consider and sign this Release Agreement;
(c) he has seven (7) days following his execution of this Release Agreement to revoke this Release Agreement; (d) this Release Agreement shall not be effective until after the revocation period has expired; and (e) nothing in
this Release Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless
specifically authorized by federal law. In the event Executive signs this Release Agreement and returns it to the Company in less than the 21-day period identified above, Executive hereby acknowledges that he has freely and voluntarily chosen to
waive the time period allotted for considering this Release Agreement. Executive acknowledges and understands that revocation must be accomplished by a written notification to the Company’s Corporate Secretary at 2601 Elliott Avenue, Seattle,
Washington, 98121, that is received prior to the Effective Date. The Parties agree that changes to this Agreement, whether material or immaterial, do not restart the running of the 21-day period. 

6. Unknown Claims. Executive acknowledges that he has been advised to consult with legal counsel and that he is familiar with the
principle that a general release does not extend to claims that the releaser does not know or suspect to exist in his favor at the time of executing the release, which, if known by him, must have materially affected his settlement with the released
party. Executive being aware of said principle agrees to expressly waive any rights he may have to that effect, as well as under any other statute or common law principles of similar effect. 

  
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 7. Non-Competition, Non-Disparagement, No-Hire, Non-Solicitation. As a condition of
receiving the Severance Consideration, Executive agrees to remain subject to the noncompetition, nondisparagement, no-hire and non-solicitation provisions of Section 10(b) of the Employment Agreement, as reflected below. Executive agrees, to
the extent permitted by applicable law, that: 
 a. for the applicable Restricted Period (as defined below), Executive will not,
either directly or indirectly, (i) serve as an advisor, agent, consultant, director, employee, officer, partner, proprietor or otherwise of, (ii) have any ownership interest in (except for passive ownership of one percent (1%) or less
of any entity whose securities have been registered under the Securities Act of 1933, as amended, or Section 12 of the Securities Exchange Act of 1934, as amended) or (iii) participate in the organization, financing, operation, management
or control of, any business in competition with the Company’s business as conducted by the Company as of the Separation Date. The foregoing covenant shall cover Executive’s activities in every part of the Territory (as defined below). The
covenants contained in this Section 7.a. shall be construed as a series of separate covenants, one for each city, county and state of any geographic area in the Territory. Except for geographic coverage, each such separate covenant shall be
deemed identical in terms to the covenant contained in this Section 7.a. If, in any judicial proceeding, a court refuses to enforce any of such separate covenants (or any part thereof), then such unenforceable covenant (or such part) shall be
eliminated from this Agreement to the extent necessary to permit the remaining separate covenants (or portions thereof) to be enforced. In the event the provisions of this Section 7.a. are deemed to exceed the time, geographic or scope
limitations permitted by applicable law, then such provisions shall be reformed to the maximum time, geographic or scope limitations, as the case may be, then permitted by such law; 

b. for the applicable Restricted Period, Executive will refrain from any disparaging statements about the Company and its officers,
directors and affiliates, including, without limitation, the business, products, intellectual property, financial standing, future, or employment / compensation/benefit practices of the Company; provided, however, that the foregoing requirement
under this Section 7.b. will not apply to any statements that Executive makes in addressing any statements made by the Company, its officers and/or its directors regarding Executive or Executive’s performance as an employee of the Company
so long as Executive’s statements are, in the good faith judgment of Executive, truthful; and provided further that foregoing requirement under this Section 7.b. will not apply to truthful testimony that Executive is required by law to
provide, including a response to a subpoena; 
 c. for the applicable Restricted Period, Executive will not, either directly or
indirectly, solicit, induce, recruit or encourage any of the Company’s employees to leave their employment, or hire or take away such employees, or attempt to solicit, induce, recruit, encourage, hire or take away employees of the Company,
either for Executive’s own purposes, or for any other person or entity. Executive acknowledges and agrees that the Company is relying on Executive’s compliance with this Section 7 as an essential term of this Agreement; and

 d. if Executive becomes entitled to receive any severance benefits or payments pursuant to this Agreement and a majority of
the Board determines that Executive has committed a material violation of this Section 7 that results in substantial harm to the Company, the Company will be entitled to cease providing and/or recover any severance payments made or benefits
provided pursuant to this Agreement. Before the Board makes any such determination, Executive will receive reasonable notice and an opportunity to be heard (with Executive’s attorney) at a meeting of the Board. The Company’s rights
pursuant to this Section 7 are in addition to any remedies it may have for breach of contract or otherwise; further, the remaining terms of this Agreement, as well as the Release contemplated by Section 4, as applicable, will remain in full
force and effect. 

  
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 For purposes of this Agreement, the term “Territory” means (i) all
counties in the State of Washington, (ii) all other states of the United States of America and (iii) all other countries of the world, and the term “Restricted Period” means a period of one (1) year immediately
following the Separation Date. 
 8. No Admission of Liability. Executive understands and acknowledges that this
Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Executive. No action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be
(a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Executive or to any third party. 

9. Costs. The Parties shall each bear their own costs, attorneys’ fees, and other fees incurred in connection with the
preparation of this Agreement. 
 10. Jurisdiction; Venue. The parties agree that any and all disputes arising out of the
terms of this Agreement, their interpretation and any matters governed by this Agreement, shall be resolved in a court of competent jurisdiction in King County, Washington. The parties irrevocably consent to personal and exclusive jurisdiction and
venue in the state and federal courts in King County, Washington. 
 11. Tax Consequences. The Company makes no
representations or warranties with respect to the tax consequences of the Severance Consideration and any other consideration provided to Executive or made on his behalf under the terms of this Agreement. 

12. Litigation Assistance to Company. In the event that any charge, complaint or lawsuit is or has been filed by or against
Company, Executive agrees to provide reasonable cooperation to Company in the prosecution or defense of the same. Such cooperation may include, without limitation, meeting with and providing information to Company’s agents and attorneys upon
reasonable notice and at mutually agreed upon times and places. Company will use its insurance policy(ies) to provide coverage to Executive relating to claims arising out of Executive’s reasonable, good faith performance of Executive’s job
responsibilities to the extent such insurance covers any such claim. Such coverage includes meeting any deductibles on Executive’s behalf and is intended to provide Executive coverage which neither increases nor decreases the protections
Executive has and the caveats to such protection as if Executive were an on-going executive of Company. 
 13. Return of
Property. Executive represents that as of the Separation Date (or a date mutually agreed to by the Parties), Executive will have returned to Company all company-owned property in Executive’s possession or control, including but not limited
to, credit cards, keys, access cards, company-owned equipment, computers and related equipment, customer or contact lists, files, memoranda, documents, price lists, and all other trade secrets and/or confidential Company information, and all copies
thereof, whether in electronic or other form. 

  
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 14. Authority. The Company represents and warrants that the undersigned has the
authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Executive represents and warrants that he has the capacity to act on his own behalf and on behalf of
all who might claim through him to bind them to the terms and conditions of this Agreement. Executive warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or
causes of action released herein. 
 15. No Representations. Executive represents that he has had an opportunity to
consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Executive has not relied upon any representations or statements made by the Company that are not specifically set forth in
this Agreement. 
 16. Severability. In the event that any provision or any portion of any provision hereof or any
surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of
provision. 
 17. Section 409A. Any amount paid under this Agreement that satisfies the requirements of the
“short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the final treasury regulations issued under Section 409A of the Code (the “Treasury Regulations”) shall not constitute deferred compensation for
purposes of Section 409A of the Code. Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. Any amount paid under this
Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) shall not
constitute deferred compensation subject to Section 409A of the Code. For purposes of this Section 21, “Section 409A Limit” will mean the lesser of two (2) times: (i) Executive’s annualized compensation
based upon the annual rate of pay paid to Executive during the Company’s taxable year preceding the Company’s taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1); or
(ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Separation Date occurs. With respect to reimbursements (whether such reimbursements are for
business expenses or, to the extent permitted under the Company’s policies, other expenses) and/or in-kind benefits, in each case, that constitute deferred compensation subject to Section 409A of the Code, each of the following shall
apply: (1) no reimbursement of expenses incurred by the Executive during any taxable year shall be made after the last day of the following taxable year of the Executive, (2) the amount of expenses eligible for reimbursement, or in-kind
benefits provided, during a taxable year of the Executive shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, to the Executive in any other taxable year, and (3) the right to reimbursement of such
expenses or in-kind benefits shall not be subject to liquidation or exchange for another benefit. The Company and Executive agree that this Agreement and the rights granted to the Executive hereunder are intended to meet the requirements of
paragraphs (2), (3) and (4) of Section 409A(a)(1)(A) of the Code. Notwithstanding anything to the contrary in this Agreement, no severance payments will become payable under this Agreement until Employee has a “separation from
service” within the meaning of Section 409A of the Code. 

  
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 This Section 17 is intended to comply with the requirements of Section 409A of the
Code so that none of the severance payments and benefits to be provided hereunder will be subject to either (a) the six (6) month delay which may otherwise be required with respect to payments of deferred compensation to “specified
employees” as defined in Section 409A, and (b) any additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Executive agree to work together in good faith to consider
amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. 

18. Entire Agreement. This Agreement represents the entire agreement and understanding between the Company and Executive
concerning the subject matter of this Agreement and Executive’s employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements and understandings
concerning the subject matter of this Agreement and Executive’s relationship with the Company, including (but not by way of limitation) the Employment Agreement, but with the exception of the Confidentiality Agreement, the Stock Agreements and
Section 10(b) of the Employment Agreement, all of which shall fully survive this Agreement. 
 19. No Oral
Modification. This Agreement may only be amended in a writing signed by Executive and the Company’s then-acting Chief Executive Officer or a specifically-authorized member of the Board (or such person’s designee). 

20. Governing Law. This Agreement shall be governed by the laws of the State of Washington, without regard for choice-of-law
provisions. Executive consents to personal and exclusive jurisdiction and venue in the State of Washington. 
 21. Effective
Date. 
 a. Executive has seven (7) days after the date that he signs this Agreement to revoke it. This
Agreement will become effective on the eighth (8th) day after Executive signed this Agreement, so long as it has been signed by the Parties and has not been revoked by Executive before that date (the “Effective Date”).

 22. Expiration of Agreement. This Agreement is executable during the period commencing on July 2, 2012 and ending
at 5:00 p.m. (PDT) on July 23, 2012. If Executive has not executed this Agreement and the Release Agreement by July 23, 2012, then this Agreement is null and void. 
 23. Counterparts. This Agreement may be executed in counterparts and by facsimile, and each counterpart and facsimile shall have the same force and effect as an original and shall constitute an
effective, binding agreement on the part of each of the undersigned. 
 24. Voluntary Execution of Agreement. Executive
understands and agrees that he executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of his claims against the Company and any of the
other Releasees. Executive acknowledges that: 
 a. He has read this Agreement; 

  
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 b. He has been represented in the preparation, negotiation, and execution of
this Agreement by legal counsel of his own choice or has elected not to retain legal counsel; 
 c. He
understands the terms and consequences of this Agreement and of the releases it contains; and 
 d. He is fully
aware of the legal and binding effect of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 10 

 IN WITNESS WHEREOF, the Parties have executed this Release Agreement on the respective dates
set forth below. 
  

							
	Thomas Nielsen, an individual	 		 		 	
				
	Dated: 7/3/2012	 		 	 	 	/s/ Thomas Nielsen
		 		 		 	Executive
	REALNETWORKS, INC.	 		 		 	
				
	Dated: 7-19-12	 		 	By	 	/s/ Rob Glaser

  
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 APPENDIX A 
 As of 7/3/2012 
 Thomas Nielsen - Outstanding Grants: 

 

			
	 Option No:
	  	NH112119
	 Option Date:
	  	11/9/2011
	 Shares:
	  	640,000
	 Price:
	  	$7.44
	 Plan/Type:
	  	2005 Plan/NQ

 Vesting Schedule: 
  

													
	Granted	  	Full Vest	  	Exercisable	 	  	Total Price	 	  	Expires
	 160,000
	  	11/9/2012	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 80,000
	  	5/9/2013	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 80,000
	  	11/9/2013	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 80,000
	  	5/9/2014	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 80,000
	  	11/9/2014	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 80,000
	  	5/9/2015	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 80,000
	  	11/9/2015	  	 	0	  	  	$	0.00	  	  	11/9/2018
	  
	  		  	  
	  
	 	  	  
	  
	 	  	
	 640,000
	  		  	 	0	  	  	$	0.00	  	  	

  

			
	 Option No:
	  	PF112120
	 Option Date:
	  	11/9/2011
	 Shares:
	  	240,000
	 Price:
	  	$7.44
	 Plan/Type:
	  	2005 Plan/NQ

 Vesting Schedule: 
  

													
	Granted	  	Full Vest	  	Exercisable	 	  	Total Price	 	  	Expires
	 120,000
	  	7/1/2013	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 118,368
	  	7/1/2015	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 1,632
	  	8/1/2015	  	 	0	  	  	$	0.00	  	  	11/9/2018
	  
	  		  	  
	  
	 	  	  
	  
	 	  	
	 640,000
	  		  	 	0	  	  	$	0.00	  	  	

 As of 7/3/2012 
 Thomas Nielsen - Outstanding Grants, as adjusted for vesting acceleration: 
  

			
	 Option No:
	  	NH112119
	 Option Date:
	  	11/9/2011
	 Shares:
	  	640,000
	 Price:
	  	$7.44
	 Plan/Type:
	  	2005 Plan/NQ

 Vesting Schedule: 
  

													
	Granted	  	Full Vest	  	Exercisable	 	  	Total Price	 	  	Expires
	 160,000
	  	7/3/2012	  	 	160,000	  	  	$	1,190,400.00	  	  	11/9/2018
	 80,000
	  	7/3/2012	  	 	80,000	  	  	$	595,200.00	  	  	11/9/2018
	 13,334
	  	7/3/2012	  	 	13,334	  	  	$	99,204.96	  	  	11/9/2018
	 66,666
	  	11/9/2013	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 80,000
	  	5/9/2014	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 80,000
	  	11/9/2014	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 80,000
	  	5/9/2015	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 80,000
	  	11/9/2015	  	 	0	  	  	$	0.00	  	  	11/9/2018
	  
	  		  	  
	  
	 	  	  
	  
	 	  	
	 640,000
	  		  	 	253,334	  	  	$	1,884,804.96	  	  	

  

			
	 Option No:
	  	PF112120
	 Option Date:
	  	11/9/2011
	 Shares:
	  	240,000
	 Price:
	  	$7.44
	 Plan/Type:
	  	2005 Plan/NQ

 Vesting Schedule: 
  

													
	Granted	  	Full Vest	  	Exercisable	 	  	Total Price	 	  	Expires
	 120,000
	  	7/1/2013	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 118,368
	  	7/1/2015	  	 	0	  	  	$	0.00	  	  	11/9/2018
	 1,632
	  	8/1/2015	  	 	0	  	  	$	0.00	  	  	11/9/2018
	  
	  		  	  
	  
	 	  	  
	  
	 	  	
	 640,000
	  		  	 	0	  	  	$	0.00Registration Rights Agreement

 EXHIBIT 10.23 
 REGISTRATION RIGHTS AGREEMENT 
 by and between 

ATLAS RESOURCE PARTNERS, L.P. 
 and 
 THE HOLDERS NAMED HEREIN 

 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of May 16, 2012, by and between
ATLAS RESOURCE PARTNERS, L.P., a Delaware limited partnership (the “Partnership”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the administrative agent (the “Administrative Agent”) for the lenders (collectively,
the “Lenders”) party to the Credit Agreement (as defined below) from time to time. 
 WHEREAS, this Agreement
is made in connection with the execution and delivery of that certain Credit Agreement dated as of May 16, 2012, among Atlas Energy, L.P., a Delaware limited partnership, as borrower thereunder, the Administrative Agent and the Lenders (as
amended, modified and restated from time to time, the “Credit Agreement”); 
 WHEREAS, the Partnership has
agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Administrative Agent, the Lenders and their respective successors and assigns pursuant to the Credit Agreement; and 

WHEREAS, it is a condition to the obligations of the Lenders under the Credit Agreement that this Agreement be executed and delivered by
the Partnership. 
 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 is hereby acknowledged by each party hereto, the parties hereby agree as follows: 
 ARTICLE I. 
 DEFINITIONS 

Section 1.1 Definitions. The terms set forth below are used herein as so defined: 

“Administrative Agent” has the meaning specified therefor in the introductory paragraph. 

“Affiliate” means, with respect to a specified Person, any other Person, 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” has the meaning specified therefor in the introductory paragraph. 

“Business Day” means any day other than a Saturday, Sunday, or a legal holiday for commercial banks in New York, New
York. 
 “Commission” means the United States Securities and Exchange Commission. 

  
 1 

 “Common Units” mean a fractional part of the equity in the Partnership
designated as “Common Units” in the Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of March 13, 2012 (as the same may be amended from time to time). 

“Credit Agreement” has the meaning specified therefor in the recitals of this Agreement. 

“Effectiveness Period” has the meaning specified therefor in Section 2.1 of this Agreement. 

“Event of Default” has the meaning specified therefor in the Credit Agreement. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Holder” means any of (a) the Administrative Agent, as pledgee of
the Pledged Units, (b) any Lender, as pledgee of the Pledged Units, and (c) any successor or assign of the Administrative Agent or any Lender who acquires the interest of the Administrative Agent or Lender in respect of any of the
Registrable Securities. 
 “Included Registrable Securities” has the meaning specified therefor in
Section 2.2(a) of this Agreement. 
 “Lenders” has the meaning specified therefor in the
introductory paragraph. 
 “Loss” or collectively “Losses” has the meaning specified therefor
in Section 2.7(a) of this Agreement. 
 “Managing Underwriter” means, with respect to any
Underwritten Offering, the book running lead manager of such Underwritten Offering. 
 “Partnership” has the
meaning specified therefor in the introductory paragraph. 
 “Person” means any individual, corporation,
company, voluntary association, partnership, joint venture, trust, limited liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof, or any other form of entity. 

“Piggyback Registration” has the meaning specified therefor in Section 2.2(a) of this Agreement. 

“Pledged Units” means (a) the Common Units that have been pledged, or any Common Units that become pledged, to the
Administrative Agent for the benefit of the Lenders and the other secured parties pursuant to the Security Instruments (as defined in the Credit Agreement) as security for the repayment of all obligations owing to the Administrative Agent and the
Lenders pursuant to the Credit Agreement and the other Loan Documents (as defined in the Credit Agreement), including, without limitation, the Common Units described on Schedule 1 attached hereto, and (b) any security issued in respect
of a Common Unit because of or in connection with any conversion, dividend, distribution or split, or in connection with a combination of shares, recapitalization, merger or consolidation. 

  
 2 

 “Registrable Securities” means the Pledged Units until such Pledged Units
cease to be Registrable Securities pursuant to Section 1.2 hereof. 
 “Registration Expenses” means
all expenses incurred by the Partnership in effecting and keeping effective any registration pursuant to this Agreement of the resale of Registrable Securities or in effecting any shelf takedown offering, including, without limitation, all
registration, qualification, filing and listing fees, printing expenses, fees and disbursements of counsel for the Partnership, blue sky fees and expenses, expenses of the Partnership’s independent accountants (including the expenses of any
regular or special reviews or audits or “comfort” letters incident to or required by any such registration) and the reasonable fees and expenses of counsel for the Administrative Agent, but shall not include any underwriting discounts,
selling commissions, brokerage fees and stock transfer taxes attributable to the sale of Registrable Securities by the Administrative Agent or the Lenders. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 

“Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement. 

“Shelf Registration Statement” has the meaning specified therefor in Section 2.1 of this Agreement

 “Shelf Takedown” has the meaning specified therefor in Section 2.3(a) of this Agreement.

 “Underwritten Offering” means an offering (including an offering pursuant to a registration statement) in
which Common Units are sold to an underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 

Section 1.2 Registrable Securities. A Registrable Security will cease to be a Registrable Security when (a) a
registration statement covering such Registrable Security has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) such Registrable Security
has been disposed of pursuant to Rule 144 (or any similar provision then in force under the Securities Act); (c) such Registrable Security is transferable without any restrictions, pursuant to Rule 144 under the Securities Act; provided that
the Partnership has caused any restrictive legend to be removed from the certificates representing such Registrable Securities; or (d) such Registrable Security ceases to be issued and outstanding. 

  
 3 

 ARTICLE II. 
 REGISTRATION RIGHTS 
 Section 2.1 Demand Registration.

 (a) As promptly as practicable following written demand from the Administrative Agent following the occurrence of an Event of
Default (as defined in the Credit Agreement), but in no event later than thirty (30) days following receipt of such demand, the Partnership shall file with the Commission a registration statement under the Securities Act providing for the
resale of all Registrable Securities (the “Shelf Registration Statement”), including the prospectus to be used in connection therewith. The Shelf Registration Statement shall be filed on Form S-3 pursuant to Rule 415 under the
Securities Act or any successor form or rule thereto. No other Person shall be permitted to offer securities under the Shelf Registration Statement unless the Administrative Agent consents in writing. The Partnership shall use its reasonable best
efforts to cause the Shelf Registration Statement to become effective as promptly as practicable and to remain effective to the extent necessary to ensure that it is available for the resale of all Registrable Securities until all Registrable
Securities covered by such Shelf Registration Statement have ceased to be Registrable Securities (the “Effectiveness Period”). In connection with any registration pursuant to this Section 2.1, the Partnership shall
(x) promptly prepare and file such documents as may be necessary to register or qualify the Registrable Securities subject to such registration under the securities laws of such states as such Holder shall reasonably request, and do any and all
other acts and things that may reasonably be necessary or advisable to enable the Holder to consummate a public sale of such Registrable Securities in such states and (y) promptly prepare and file such documents as may be necessary to apply for
listing or to list the Registrable Securities subject to such registration on such national securities exchange as the Registrable Securities are then listed or admitted for trading. Except as set forth herein, all Registration Expenses shall be
paid by the Partnership, without reimbursement by the Holder. 
 (b) Notwithstanding anything to the contrary contained herein,
the Partnership may, upon written notice to the Administrative Agent, suspend the Selling Holders’ use of any prospectus which is a part of the Shelf Registration Statement (in which event each such Selling Holder shall discontinue sales of the
Registrable Securities pursuant to the Shelf Registration Statement but such Selling Holder may settle any contracted sales of Registrable Securities), if (i) the Partnership is pursuing an acquisition, merger, reorganization, disposition or
other similar transaction and the Partnership determines in good faith that its ability to pursue or consummate such a transaction would be materially adversely affected by any required disclosure of such transaction in the Shelf Registration
Statement or (ii) the Partnership has experienced some other material non-public event, the disclosure of which at such time, in the good faith judgment of the Partnership, would materially adversely affect the Partnership; provided,
however, in no event shall such Selling Holders be suspended under this Section 2.1(b) from selling Registrable Securities pursuant to the Shelf Registration Statement for a period that exceeds an aggregate of 30 days in any
90-day period or 90 days in any 365-day period. Upon public disclosure of the events described in clauses (i) or (ii) above or the termination of such condition(s), the Partnership shall (A) provide prompt written notice of the same
to the Administrative Agent instructing the Administrative Agent that sales of Registrable Securities are permitted and (B) take such other actions to permit sales of Registrable Securities as contemplated in this Agreement. 

  
 4 

 Section 2.2 Piggyback Registration. 

(a) Following the occurrence of an Event of Default (as defined in the Credit Agreement), if the Partnership shall at any time propose to
file a registration statement under the Securities Act for an offering, or otherwise conduct an offering (whether proposed to be offered for sale by the Partnership or by any Person) of equity securities of the Partnership for cash (other than an
offering relating solely to an employee benefit plan) (a “Piggyback Registration”), the Partnership shall give the Administrative Agent notice thereof and shall use its reasonable best efforts to conduct such offering in a manner
which would permit the inclusion of Registrable Securities in such offering and include such number or amount of Registrable Securities (the “Included Registrable Securities”) held by each Holder as such Holder requests in writing.
If the proposed offering pursuant to this Section 2.2(a) shall be an underwritten offering and the Managing Underwriter(s) of such offering, in their good faith opinion, advise the Partnership and the Holders who have made a request in
writing to include Registrable Securities, that the inclusion of all or some of the Holders’ Registrable Securities would adversely and materially affect the success of the offering, the Partnership shall include in such offering only that
number or amount, if any, of Registrable Securities held by such Holders which, in the good faith opinion of the Managing Underwriter(s), will not so adversely and materially affect the offering, and the number of Registrable Securities to be
included in such offering shall be allocated among the Holders that have requested in writing to have Registrable Securities included in such offering on a pro rata basis based on the number of Registrable Securities requested by each such Holder to
be included in such offering. Except as set forth herein, all Registration Expenses of any such registration and offering shall be paid by the Partnership, without reimbursement by any Holder. 

(b) Notwithstanding Section 2.2(a), if, at any time after giving written notice of its intention to conduct or facilitate a
Piggyback Registration, the Partnership shall determine for any reason not to conduct or facilitate such Piggyback Registration, the Partnership may, at its election, give written notice of such determination to the Administrative Agent, if any
Holder requested the inclusion of Registrable Securities in such Piggyback Registration, and thereupon the Partnership shall be relieved of its obligation to include the Registrable Securities requested to be included by any Holder (but not from its
obligation to pay Registration Expenses to the extent incurred in connection therewith). 
 (c) No inclusion of Registrable
Securities in any Piggyback Registration under this Section 2.2 shall relieve the Partnership of its obligations, if any, to effect the registration of Registrable Securities or facilitate a Shelf Takedown pursuant to
Section 2.1 and Section 2.3. 
 Section 2.3 Shelf Takedown. 

(a) Shelf Takedown. Following the occurrence of an Event of Default (as defined in the Credit Agreement), at any time following
the date on which the Shelf Registration Statement becomes effective, at the request of a Selling Holder, the Partnership shall facilitate in the manner described in this Agreement a “takedown” sale from the Shelf registration Statement (a
“Shelf Takedown”), including, if requested by such Holder, pursuant to an Underwritten Offering, and the Partnership shall, at the request of such Selling Holder, enter into an underwriting agreement in customary form with the
Managing Underwriter(s), which shall 

  
 5 

 
include, among other provisions, indemnities to the effect and to the extent provided in Section 2.7, and shall take all such other reasonable actions as are requested by the Managing
Underwriter(s) in order to expedite or facilitate the Shelf Takedown, including the participation by Partnership management in roadshows related to such Shelf Takedown if requested in writing by Holders of a majority of the Registrable Securities to
be included in such Shelf Takedown. There shall be no limit on the number of Shelf Takedowns requested by the Holders hereunder. In no event shall the Partnership be required to do more than four Underwritten Offerings hereunder; provided,
however that in the event that the Managing Underwritter(s) of such offering, in their good faith opinion, advise the Partnership and the Holders who have made a request to include Registrable Securities in such offering, that the inclusion of
all or some of such Registrable Securities would adversely and materially affect the success of the offering, and less than 80% of the Registrable Securities sought to be included in such offering by the Holders are included in such consummated
offering, then such offering shall not count for purposes of the limitation on the number of Underwritten Offerings. 
 (b)
General Procedures. In connection with any Underwritten Offering under this Agreement, the Partnership shall be entitled to select the Managing Underwriter(s). In connection with an Underwritten Offering under Section 2.1 or
Section 2.3 hereof, each Selling Holder and the Partnership shall be obligated to enter into an underwriting agreement which contains such representations, covenants, indemnities and other rights and obligations as are customary in
underwriting agreements for firm commitment offerings of securities. No Selling Holder may participate in such Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such underwriting
agreement and completes and executes all questionnaires, powers of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement. Each Selling Holder may, at its option, require that any or all of the
representations and warranties by, and the other agreements on the part of, the Partnership to and for the benefit of such underwriters also be made to and for such Selling Holder’s benefit and that any or all of the conditions precedent to the
obligations of such underwriters under such underwriting agreement also be conditions precedent to its obligations. No Selling Holder shall be required to make any representations or warranties to or agreements with the Partnership or the
underwriters other than representations, warranties or agreements regarding such Selling Holder and its ownership of the securities being registered on its behalf and its intended method of distribution and any other representation required by law.
If any Selling Holder disapproves of the terms of an underwriting agreement, such Selling Holder may elect to withdraw therefrom by notice to the Partnership and the Managing Underwriter(s). No such withdrawal shall affect the Partnership’s
obligation to pay Registration Expenses. 
 (c) No Shelf Takedown of Registrable Securities under this Section 2.3
shall relieve the Partnership of its obligations to effect resales of Registrable Securities pursuant to Section 2.2. 
 Section 2.4 Sale Procedures. In connection with its obligations contained in Section 2.1 and Section 2.3, the Partnership will, as expeditiously as possible:

 (a) prepare and file with the Commission such amendments and supplements to the applicable registration statement and the
prospectus used in connection therewith as may be necessary to keep such registration statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement; 

  
 6 

 (b) furnish to each Selling Holder (i) as far in advance as reasonably practicable
before filing any registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including exhibits and each document
incorporated by reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of
distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing such registration statement or supplement or amendment thereto, and (ii) such number of
copies to the registration statement and the prospectus included therein and any supplements and amendments thereto as such Persons may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities
covered by such registration statement; 
 (c) if applicable, use its reasonable best efforts to register or qualify the
Registrable Securities covered by the registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter(s),
shall reasonably request; provided, however, that the Partnership will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action which would subject
it to general service of process in any such jurisdiction where it is not then so subject; 
 (d) promptly notify each Selling
Holder and each underwriter, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the filing of any registration statement contemplated by this Agreement or any prospectus or prospectus
supplement to be used in connection therewith, or any amendment or supplement thereto, and, with respect to such registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) any written comments
from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to such registration statement or any prospectus or prospectus supplement thereto; 

(e) immediately notify each Selling Holder and each underwriter, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in any registration statement contemplated by this Agreement, as then in effect, includes an untrue
statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; (ii) the issuance or threat of issuance
by the Commission of any stop order suspending the effectiveness of any registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by the Partnership of any notification
with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, the Partnership agrees to as promptly as
practicable amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing and to take such other action as is necessary to remove a stop order, suspension, threat thereof or proceedings
related thereto; 

  
 7 

 (f) upon request and subject to appropriate confidentiality obligations, furnish to each
Selling Holder copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange)
relating to such offering of Registrable Securities; 
 (g) in the case of an Underwritten Offering, furnish upon request,
(i) an opinion of counsel for the Partnership, dated the effective date of the applicable registration statement or the date of any amendment or supplement thereto, and a letter of like kind dated the date of the closing under the underwriting
agreement, and (ii) a “cold comfort” letter, dated the effective date of the applicable registration statement or the date of any amendment or supplement thereto and a letter of like kind dated the date of the closing under the
underwriting agreement, in each case, signed by the independent public accountants who have certified Partnership’s financial statements included or incorporated by reference into the applicable registration statement, and each of the opinion
and the “cold comfort” letter shall be in customary form and covering substantially the same matters with respect to such registration statement (and the prospectus and any prospectus supplement included therein) and as are customarily
covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities, such other matters as such underwriters may reasonably request; 

(h) otherwise use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make available
to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months, but not more than 18 months, beginning with the first full calendar month after the effective date of such registration
statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 
 (i) make available to the appropriate representatives of the Managing Underwriter and Selling Holders access to such information and the Partnership’s personnel as is reasonable and customary to
enable such parties to establish a due diligence defense under the Securities Act; 
 (j) cause all such Registrable Securities
registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which similar securities issued by the Partnership are then listed; 

(k) use its commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by such other
governmental agencies or authorities as may be necessary by virtue of the business and operations of the Partnership to enable the Selling Holders to consummate the disposition of such Registrable Securities; 

  
 8 

 (l) provide a transfer agent and registrar for all Registrable Securities covered by such
registration statement not later than the effective date of such registration statement; and 
 (m) enter into customary
agreements and take such other actions as are reasonably requested by the Selling Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities. 

(n) Each Selling Holder, upon receipt of notice from the Partnership of the happening of any event of the kind described in subsection
(e) of this Section 2.4, shall forthwith discontinue disposition of the Registrable Securities until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by subsection (e) of
this Section 2.4 or until it is advised in writing by the Partnership that the use of the prospectus may be resumed, and has received copies of any additional or supplemental filings incorporated by reference in the prospectus, and, if
so directed by the Partnership, such Selling Holder will, or will request the managing underwriter or underwriters, if any, to deliver to the Partnership (at the Partnership’s expense) all copies in their possession or control, other than
permanent file copies then in such Selling Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 
 Section 2.5 Cooperation by Holders. The Partnership shall have no obligation to include in any registration statement contemplated by this Agreement Registrable Securities of a Holder who has
failed to timely furnish such information which, in the opinion of counsel to the Partnership, is reasonably required in order for such registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

Section 2.6 Restrictions on Public Sale by Holders of Registrable Securities. Each Holder of Registrable Securities who is
included in any registration statement contemplated by this Agreement agrees not to effect any public sale or distribution of the Registrable Securities during the fourteen (14) calendar day period prior to, and during the thirty
(30) calendar day period beginning on the date of a prospectus filed with the Commission with respect to the pricing of an Underwritten Offering, provided that the duration of the foregoing restrictions shall be no longer than the
duration of the shortest restriction generally imposed by the underwriters on the officers or directors or any other unitholder of the Partnership on whom a restriction is imposed and, provided further, that the limitation imposed under this
Section 2.6 shall only be applicable if such Selling Holder owns greater than 5% of the then outstanding Common Units. 
 Section 2.7 Indemnification. 
 (a) By the Partnership. In the
event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement, the Partnership will indemnify and hold harmless each Holder thereunder, its directors, officers and Affiliates, and each underwriter,
pursuant to the applicable underwriting agreement with such underwriter, of Registrable Securities thereunder and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act and the Exchange Act, against any
losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (each, a “Loss”, and collectively, “Losses”), joint or several, to which such Person may become subject under
the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, 

  
 9 

 
whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any registration statement
contemplated by this Agreement, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they were made) not misleading, and will reimburse each such Person for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such Loss or actions or proceedings; provided, however, that the Partnership will not be liable in any such case if and to the extent that any such Loss arises out of
or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Person in writing specifically for use in any registration statement, or prospectus supplement,
as applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Person, and shall survive the transfer of such securities by such Person. 

(b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless the Partnership,
its directors and officers, and each Person, if any, who controls the Partnership within the meaning of the Securities Act or of the Exchange Act to the same extent as the foregoing indemnity from the Partnership to the Selling Holders, but only
with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in any registration statement or prospectus supplement relating to the Registrable Securities, or any
amendment or supplement thereto and then only to the extent a Loss arises out of or is based upon an untrue statement or omission made in conformity with information furnished by such Selling Holder; provided, however, that the
liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds (net of underwriting fees, discounts and selling commissions) received by such Selling Holder from the sale of the Registrable Securities giving
rise to such indemnification. 
 (c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission to so notify the indemnifying party
shall not relieve it from any liability which it may have to any indemnified party other than under this Section 2.7. In any action brought against any indemnified party, it shall notify the indemnifying party of the commencement
thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to such indemnified party; provided that 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 and upon demand. Notwithstanding any other provision of this Agreement, no indemnified party shall settle any action brought against it with respect to which it is entitled to indemnification
hereunder without the consent of the indemnifying party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnifying party. 

  
 10 

 (d) Contribution. If the indemnification provided for in this Section 2.7
is held by a court or government agency of competent jurisdiction to be unavailable to the Partnership or any Selling Holder or is insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Losses as between the Partnership on the one hand and such Selling Holder on the other, in such proportion as is
appropriate to reflect the relative fault of the partnership on the one hand and of such Selling Holder on the other in connection with the statements or omissions which resulted in such Losses, as well as any other relevant equitable
considerations; provided, however, that in no event shall such Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds received by such Selling Holder from the sale of Registrable
Securities giving rise to such indemnification. The relative fault of the Partnership on the one hand and each Selling Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to in the first sentence of this paragraph. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal
and other expenses reasonably incurred by such indemnified party in connection with investigating or defending any Loss which is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation. 
 (e) Other Indemnification. The provisions of this Section 2.7 shall be in addition to any other rights to indemnification or contribution which an indemnified party may have pursuant to
law, equity, contract or otherwise. 
 Section 2.8 Rule 144 Reporting. With a view to making available the benefits of
certain rules and regulations of the Commission that may permit the sale of the Registrable Securities to the public without registration, the Partnership agrees to use its commercially reasonable efforts to: 

(a) Make and keep public information regarding the Partnership available, as those terms are understood and defined in Rule 144 of the
Securities Act, at all times from and after the date hereof; 
 (b) File with the Commission in a timely manner all reports and
other documents required of the Partnership under the Securities Act and the Exchange Act at all times from and after the date hereof; and 
 (c) Furnish to each Holder forthwith upon request a copy of the most recent annual or quarterly report of the Partnership, and such other reports and documents so filed as such Holder may reasonably
request in availing itself of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration. 

  
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 Section 2.9 Transfer or Assignment of Registration Rights. The rights to cause
the Partnership to register Registrable Securities granted to a Holder by the Partnership under this Article II may be transferred or assigned by such Holder to one or more transferee(s) or assignee(s) of such Registrable Securities,
provided that (a) the Partnership is given written notice of any said transfer or assignment, stating the name and address of each such transferee and identifying the securities with respect to which such registration rights are being
transferred or assigned, and (b) each such transferee assumes in writing responsibility for its portion of the obligations of such Holder under this Agreement. 
 Section 2.10 Representations and Covenants of the Partnership. The Partnership represents and warrants to the Holders that other than as set forth on Schedule 2 attached hereto, there
are no other registration rights agreements in effect on the date of this Agreement (other than any contained in the limited partnership agreement of the Partnership). The Partnership covenants and agrees not to effect any public or private sale or
distribution of equity securities of the Partnership (other than distributions pursuant to employee benefit plans), including a sale pursuant to Regulation D under the Securities Act (or Section 4(2) thereof), during the ten (10) day
period prior to, and during the sixty (60) day period beginning with the consummation of any Underwritten Offering in which the Holders of Registrable Securities are participating pursuant to this Agreement. 

Section 2.11 Merger or Consolidation. In the event the Partnership engages in a merger or consolidation in which Common Units
are converted into securities of another company, appropriate arrangements will be made so that the registration rights provided under this Agreement continue to be provided to Holders by the issuer of such securities. To the extent such new issuer,
or any other company acquired by the Partnership in a merger or consolidation, was bound by registration rights obligations that would conflict with the provisions of this Agreement, the Partnership will use its reasonable best efforts to modify any
such “inherited” registration rights obligations so as not to interfere in any material respects with the rights provided under this Agreement. 
 ARTICLE III. 
 MISCELLANEOUS 

Section 3.1 Communications. All notices and other communications provided for or permitted hereunder shall be made in writing by
facsimile, courier service or personal delivery: 
 (a) if to any Holder, at such Holder’s address, which addresses
initially are, with respect to each such Holder, the addresses set forth for such Holder in the Credit Agreement, 
 (b) if to a
transferee of any Holder who is not a Lender, to such Holder at the address provided pursuant to Section 2.9 above, and 
 (c) if to the Partnership, at 1845 Walnut Street, 10th Floor, Philadelphia, Pennsylvania 19103, notice of which is given in accordance with the provisions of this Section 3.1. 

  
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 All such notices and communications shall be deemed to have been received at the time
delivered by hand, if personally delivered; when receipt acknowledged, if sent via facsimile or sent via Internet electronic mail; and when actually received, if sent by any other means. 

Section 3.2 Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of
each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 
 Section 3.3
Assignment of Rights. All or any portion of the rights and obligations of Holders under this Agreement may be transferred or assigned by Holders in accordance with Section 2.9 hereof. 

Section 3.4 Specific Performance. Damages in the event of breach of this Agreement by a party hereto may be difficult, if not
impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or other equitable relief in any court of competent
jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may have on the ground of lack of jurisdiction or competence of the court to
grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity which such Person may have. 

Section 3.5 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 3.6 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. 
 Section 3.7 Governing Law. The laws of the State of New York shall govern this Agreement without
regard to principles of conflict of laws. 
 Section 3.8 Severability of Provisions. Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity
or enforceability of such provision in any other jurisdiction. 
 Section 3.9 Entire Agreement. This Agreement is
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 in respect of the subject matter contained herein. There are no
restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by the Partnership set forth herein. This Agreement supersedes all prior agreements and understandings between
the parties with respect to such subject matter. 

  
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 Section 3.10 Amendment. This Agreement may be amended only by means of a written
amendment signed by the Partnership and the Administrative Agent; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent of such Holder. 

Section 3.11 No Presumption. In the event any claim is made by a party relating to any conflict, omission, or ambiguity in
this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 

[The remainder of this page is intentionally left blank.] 

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

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

  

			
		
	By:	 	/s/ Sean McGrath
		 	Sean McGrath
		 	Chief Financial Officer

  
  

			
	 Agreed to and Acknowledged by:
  

ATLAS ENERGY, L.P.

		
	By:	 	Atlas Energy GP, LLC, its general partner
		
	By:	 	 /s/ Sean McGrath

		 	Sean McGrath
		 	Chief Financial Officer

 [SIGNATURE PAGE TO REGISTRATION
RIGHTS AGREEMENT] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	/s/ Jason M. Hicks
		 	Jason M. Hicks
		 	Managing Director

 [SIGNATURE PAGE TO REGISTRATION
RIGHTS AGREEMENT] 

 Schedule 1 
 Common Units 
 20,962,485 Common Units in the Partnership 

Sch. 1 - 1 

 Schedule 2 
 Registration Rights Agreements 
 Registration Rights Agreement by and among Atlas Resource
Partners, L.P. and the several purchasers named therein, dated as of April 30, 2012. 
 Sch. 2 - 1

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