Document:

Employment Agreement  - Matthew A. Jones

 Exhibit 10.21 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (“Agreement”) is made and
effective as of July 1, 2009, by and between Atlas America, Inc., a Delaware Corporation having its principal office in Moon Township, Pennsylvania (“Employer”) and Matthew A. Jones, an individual residing in
Haverford, Pennsylvania (“Executive”). 
 WHEREAS, Executive has been Chief Financial Officer of Employer since
March 21, 2005, and Employer, the Companies (as defined in Section 3C hereto) and Executive desire to formalize the arrangements regarding his employment by Employer. 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows: 
 1. Employment/Duties. 
 A. Employment. Employer hereby agrees to continue to employ Executive as Chief Financial Officer of Employer. Executive hereby accepts such employment in accordance with the terms of this Agreement. Executive’s position will be
full-time (subject to the provisions of Section 3C hereof). In the event of any conflict or ambiguity between the terms of this Agreement and terms of employment applicable generally to full-time employees, the terms of this Agreement shall
control. 
 B. Duties. Executive reports at the direction of the Chief Executive Officer of Employer (and if the
Chairman of Employer is not also the Chief Executive Officer of Employer, also to the Chairman of Employer) and, when appropriate, the Board of Directors of Employer (the “Board”) and is bound to follow their lawful instructions and
directions. Executive agrees to serve diligently, competently and to the best of his abilities during the period of employment. 
 C. Other Interests. Employer acknowledges that Executive has in the past, does currently and is expected in the future to participate in and/or serve in other professional and civic activities, including civic and charitable boards
or committees, industry associations, fulfill speaking engagements or teach at educational institutions and other activities that do not conflict with the business and affairs of Companies or interfere, individually or in the aggregate, with
Executive’s performance of his duties hereunder. 
 2. Term. The term of this Agreement shall commence on July 1,
2009 (the “Employment Effective Date”) and, unless sooner terminated pursuant to Section 5 hereof, shall continue for a period of two (2) years thereafter (the “Contract Period”). This Agreement shall
expire at the end of the then current Contract Period unless Employer gives Executive written notice of its intent to renew this Agreement at least 180 days before the expiration of the then current Contract Period. If the Executive accepts
Employer’s offer to renew within five (5) days from Executive’s receipt of such notice, the Agreement shall be renewed for an additional two (2) years. Termination of Executive’s employment hereunder for any reason shall be
referred to as a “Termination.” 

 3. Compensation. 
 A. Base Salary. During the term hereof, the Executive will be paid an initial base salary of $ 300,000 per annum
(“Base Salary”). Increases may be made to the Executive’s Base Salary at the discretion of the Board. Effective as of the date of any such increase, the Base Salary, as increased, shall be the Base Salary for all purposes of
this Agreement and may not thereafter be reduced. Such Base Salary shall be paid in accordance with Employer’s regular payroll policies and shall be subject to all applicable withholding requirements. 
 B. Cash Bonus. Executive shall be eligible to receive a bonus determined in accordance with procedures established by the
Compensation Committee of the Board. All bonus payments shall be subject to all applicable withholding requirements. 
 C.
Equity Compensation. Executive shall be eligible to receive grants of equity based compensation in the form of restricted stock grants, stock options, stock appreciation rights, phantom stock units or other forms of equity based
compensation that the Board may determine. Such equity based compensation may be with respect to the securities of Employer, Atlas Energy Resources, LLC, Atlas Pipeline Partners, L.P., Atlas Pipeline Holdings, L.P., or other affiliates of Employer
(together the “Companies”). Collectively, all equity based compensation in any of the Companies will be referred to as “Units”. As of the date hereof, Executive holds Units in the amounts set forth on Schedule 3.C
hereto. With respect to the Units: 
 (i) Vesting of Units. Except as otherwise provided for in this Agreement, any
unvested Units will be subject to forfeiture in accordance with the applicable long-term incentive plan (a “Plan”) of the entity whose securities are the basis of such Unit (the “Restriction”). For purposes of the
Units, Executive’s employment will be considered to continue as long as he remains employed by or performs services for any of the Companies. Notwithstanding anything to the contrary in the Companies’ grant agreements, if Executive’s
employment is terminated by Employer without cause or if Executive terminates his employment for Good Reason, then all of his Units shall be fully vested. 
 4. Benefits. 
 A. Vacation Leave. Executive is entitled to take vacation
days, holidays and personal days according to Employer’s regular policies and procedures applicable to other executives of Employer. 
  

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 B. Benefit Plans. During the Contract Period and, to the extent specifically
provided for herein, thereafter, (i) Executive shall be entitled to participate in all applicable incentive, savings, and retirement plans, practices, policies, and programs of Employer to the extent they are generally available to other senior
officers, directors and executives of Employer, and (ii) Executive and/or his family, as the case may be, shall be eligible for participation in, and shall receive all benefits under, all applicable welfare benefit plans, practices, policies,
and programs provided by Employer, including, without limitation, medical, prescription, dental, disability, sickness benefits, employee life insurance, accidental death, and travel insurance plans and programs, to the same extent as other senior
officers, directors or executives of Employer. Employer retains the right to select and to change any insurance provider at its discretion. 
 C. Expenses. Employer shall reimburse Executive for all reasonable and necessary work-related administrative and travel expenses incurred by Executive in carrying out his duties under this Agreement, pursuant
to Employer’s business expense policies and procedures. Written receipts must be submitted to document all expenses for which reimbursement is sought 
 5. Termination. Anything herein contained to the contrary notwithstanding, Executive’s employment shall terminate as a result of any of the following events: 
 A. Executive’s death. 
 B. Termination by Employer for Cause. “Cause” shall encompass any of the following: (i) the Executive has committed any demonstrable and material act of fraud; (ii) illegal or gross misconduct by
the Executive that is willful and results in damage to the business or reputation of the Companies; (iii) the Executive is charged with a felony; (iv) the continued failure by the Executive to substantially to perform his duties under this
Agreement (other than as a result of physical or mental illness or injury), after Employer delivers to the Executive a written demand for substantial performance that specifically identifies, with reasonable opportunity to cure, the manner in which
Employer believes that the Executive has not substantially performed his duties; or (v) the Executive has failed to follow reasonable written directions of Employer which are consistent with his duties hereunder and not in violation of
applicable law, provided the Executive shall have 10 business days after written notice to cure such failure. A Termination for Cause shall be effected in accordance with the following procedures. Employer shall give Executive written notice
(“Notice of Termination for Cause”) of its intention to terminate Executive’s employment for Cause, setting forth in reasonable detail the specific conduct constituting Cause and the specific provisions of this Agreement on
which such claim is based. 
 C. Termination by Employer without Cause, upon ninety (90) days prior written notice to
Executive. 
 D. Executive becomes disabled by reason of physical or mental disability for more than one hundred eighty
(180) days in the aggregate or a period of ninety (90) consecutive days during any 365-day period and the Board determines, in good faith based upon medical evidence, that Executive, by reason of 

  

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such physical or mental disability, is rendered unable to perform his duties and services hereunder (a “Disability”). Executive agrees to
provide his medical records and to submit to a medical examination so that the Board may make its determination. A termination of Executive’s employment by Employer for Disability shall be communicated to Executive by written notice and shall
be effective on the thirtieth (30th) day after Executive’s receipt of such
notice (the “Disability Effective Date”) unless Executive returns to full time performance of his duties before the Disability Effective Date. 
 E. Termination of employment by Executive for “Good Reason” upon thirty (30) days’ prior written notice to Employer.
“Good Reason” shall mean any action or inaction that constitutes a material breach by Employer of this Agreement, or a Change of Control of Employer. 
 (i) Executive must provide written notice of termination for Good Reason to Employer within thirty (30) days after the event
constituting Good Reason. Employer shall have a period of thirty (30) days in which it may correct the act or failure to act that constitutes the grounds for Good Reason as set forth in Executive’s notice of termination. If Employer does
not correct the act or failure to act, Executive must terminate employment for Good Reason within thirty (30) days after the end of the cure period, in order for the termination to be considered a Good Reason termination. 
 (ii) As used herein, “Change of Control” shall mean the occurrence of any of the following: (a) The acquisition of the
beneficial ownership, as defined under the Securities Exchange Act of 1934, of fifty percent (50%) or more of Employer’s voting securities or all or substantially all of the assets of Employer by a single person or entity or group of
affiliated persons or entities other than by a Related Entity (as defined below); or (b) Employer consummates, a merger, consolidation, combination, share exchange, division or other reorganization or transaction of Employer (a
“Corporate Transaction”) with an entity, other than a Related Entity (as defined below), in which either (A) the directors of Employer as applicable immediately prior to the Corporate Transaction constitute less than a majority
of the board of directors of the surviving, new or combined entity unless one-half of the board of directors of the surviving, new or combined entity, were directors of Employer immediately prior to such Corporate Transaction and Employer’s
chief executive officer immediately prior to such Corporate Transaction continues as the chief executive officer of the surviving, new or combined entity, or (B) the voting securities of Employer immediately before the Corporate Transaction
represent less than sixty (60) percent of the combined voting power immediately after the Corporate Transaction of the outstanding securities of (I) Employer, (II) the surviving entity or (III) in the case of a division, each entity
resulting from the division; or (c) during any period of twenty-four (24) consecutive calendar months, individuals who at the beginning of such period constitute the Board cease for any reason to constitute at least a majority thereof,
unless the election or nomination for the election by Employer’s stockholders of each new director was approved by a vote of at least two-thirds (2/3) of the directors then still in office who were directors at the beginning of 

  

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the period; or (d) the shareholders of Employer approve a plan of complete liquidation, or winding-up of Employer or an agreement of sale or disposition
(in one transaction or a series of transactions) of all or substantially all of Employer’s assets or all or substantially all of the assets of its primary subsidiaries other than to a Related Entity (as defined below). For purposes of the
definition of “Change of Control” as set forth herein, the term “Related Entity” shall mean any of the Companies or another entity that is an “affiliate” of Employer or of Executive or any member of
Executive’s immediate family including his spouse or children, as determined in accordance with Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended 
 F. Executive’s termination of employment for any reason other than those set forth in Section 5E (other than by Executive’s
death or Disability) upon thirty (30) days’ prior written notice to Employer. 
 G. The “Date of
Termination” means the date of Executive’s death, the Disability Effective Date or the date on which the termination of Executive’s employment by Employer for Cause or without Cause or by Executive for Good Reason is effective, as the
case may be. 
 6. Consideration Payable to Executive Upon Termination or in the Event of Death. 
 A. Death. If Executive’s employment is terminated by reason of his death during the Contract Period, Employer shall pay to
Executive’s designated beneficiaries (or, if there is no beneficiary, to Executive’s estate or legal representative), in one cash payment within sixty (60) days after the Date of Termination (except as described below), the sum of the
following amounts (the “Accrued Obligations”): (1) any portion of the Executive’s Annual Base Salary through the Date of Termination that has been earned but not yet been paid; (2) an amount representing the incentive
compensation for the period that includes the date of termination, computed by assuming that the amount of all such incentive compensation would be equal to amount that the Executive earned the prior fiscal year, and multiplying that amount by a
fraction, the numerator of which is the number of days worked in the current fiscal year through the date of termination, and the denominator of which is the total number of work days in the relevant current fiscal year; and (3) any accrued but
unpaid incentive compensation and vacation pay. In the event of Termination under this paragraph, all other benefits, payments or compensation to be provided to Executive hereunder shall terminate; provided however that Executive’s rights in
any Units with Restrictions shall immediately vest and all Restrictions shall be null and void. 
 B. By Employer for
Cause; By Executive Other than for Good Reason. If Executive’s employment is terminated by Employer for Cause during the Contract Period, Employer shall pay Executive the Base Salary and vacation pay through the Date of Termination to the
extent earned but not yet paid. If Executive voluntarily terminates employment during the Contract Period, other than for Good 

  

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Reason, Employer shall pay Executive the Base Salary through the Date of Termination to the extent earned but not yet paid. In the event of Termination under
this paragraph, all other benefits, payments or compensation to be provided to Executive hereunder shall terminate and Executive’s rights in incentive plans shall be governed solely by the terms of the applicable plan, except that all Units
that have vested as of the Date of Termination shall not be subject to forfeiture. 
 C. By Employer Other than for Cause;
By Executive for Good Reason. If, during the Contract Period, Employer terminates Executive’s employment, other than for Cause, or Executive terminates employment for Good Reason, Employer shall pay to Executive the following severance
compensation if Executive executes and does not revoke a Release (as described below), in lieu of any payments due under any severance plan or program for employees or executives: 
 (i) Employer will pay Executive an amount equal to two (2) times the Average Compensation. The severance compensation shall be
payable in a lump sum payable one hundred eighty five (185) days after the Date of Termination, subject to Executive’s execution of an effective Release. As used herein, the term “Average Compensation” shall mean: (a) base
salary in effect immediately before termination, plus (b) the average of the cash bonuses earned for the three (3) calendar years preceding the year in which the Date of Termination occurs. 
 (ii) During the twenty four (24) month period following Executive’s Date of Termination (the “Separation
Period”), Executive may elect continued health and dental coverage under the Employer’s health and dental plans in which Executive participated at the date of termination, as in effect from time to time, provided that Executive shall
be responsible for paying the full monthly cost of such coverage. The monthly cost shall be the premium determined for purposes of continued coverage under section 4980B(f)(4) of the Code (“COBRA Premium”) in effect from time to
time. If Executive elects such continued health and dental coverage, Employer will reimburse Executive for the monthly COBRA Premium paid by Executive for such coverage during the Severance Period, less the amount that Executive would be required to
contribute for health and dental coverage if Executive were an active employee of Employer. These payments will commence within thirty (30) days following the Date of Termination, subject to Executive’s execution of an effective Release,
and will be paid on the first payroll date of each month. 
 (iii) Employer will pay any other amounts earned, accrued and
owing but not yet paid under Section 2 above and any benefits accrued and due under any applicable benefit plans and programs of Employer. 
 (iv) In order to receive payments under this subsection 6C, Executive must execute and not revoke a release, in a form acceptable to Employer, of any and all claims against Employer, the Companies and all related
parties with respect to all matters arising out of Executive’s employment, and the termination thereof (other than claims for any entitlements under the terms of this Agreement or under any plans or programs of Employer under which Executive
has accrued and is due a benefit) (the “Release”). 
  

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 (v) Executive’s rights in any Units with Restrictions shall immediately vest and all
Restrictions shall be null and void. 
 The payments provided pursuant to this Section 6C are intended to compensate Executive for a Termination by
Employer other than for Cause or for the actions of Employer leading to a Termination by Executive for Good Reason, and shall be the sole and exclusive remedy therefor. If Executive’s employment is terminated by reason of Disability, any
benefits received on account of Employer provided disability insurance for the period on which this severance payment is based shall offset the amount payable by Employer as severance pay. 
 7. Confidentiality. In connection with Executive’s services to Employer, Employer agrees that it will provide access to certain
proprietary and confidential information of Employer and the Companies that is not generally known to the public, including but not limited to, its services, personnel, procedures and financial information. The promises of the Employer contained
herein are not intended to be contingent upon continues employment but are intended by the parties to be fully enforceable at the time of the execution of this Agreement. Executive acknowledges and agrees that Executive’s employment by Employer
creates a relationship of confidence and trust between the Executive and Employer that extends to all confidential information that becomes known to Executive. Executive agrees not to directly, indirectly or otherwise, disclose, publish, make
available to, or use for his own benefit or the benefit of any person, firm, corporation or other entity for any reason or purpose whatsoever, any proprietary or confidential information during the Contract Period and for a period of two years
thereafter other than in connection with performing Executive’s services for Employer in accordance with this Agreement. Upon termination of employment, Executive agrees not to retain or take with him any confidential notes, records, documents
or other proprietary or confidential information about Employer, the Companies or any of their affiliates prepared or obtained in the course of employment. 
 8. Representations. 
 A. Executive represents and warrants to Employer that he
is not now subject to any non-competition, restrictive covenant, or other restriction or agreement that would prevent, limit or impair in any way his ability to perform all of his obligations under this Agreement. 
 B. Executive agrees that he will disclose and provide a copy of the confidentiality and non-competition provisions of this Agreement to
any prospective Employer and/or recruiter. 
 9. Reasonableness. Executive agrees that the restrictions imposed on Executive in
Section 7 of the Agreement are fair and reasonable and are reasonably required for the protection of the interests of the Employer. 
  

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 10. Mitigation. Executive shall not be required to mitigate the amount of any payment
provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for herein be reduced by any compensation or any retirement benefit heretofore or hereafter earned by Executive as the
result of employment by any other person, firm or corporation. 
 11. Other Employer Policies. Executive understands and agrees
that Executive is subject to all other policies of the Employer not inconsistent with this Agreement, including, but not limited to, policies pertaining to vacation entitlement, sick leave, holiday pay, health care, and expense reimbursement.

 12. Interpretation and Enforcement of this Agreement. This Agreement shall be interpreted in accordance with the plain
meaning of its terms and not strictly for or against either party hereto. Employer expressly reserves the right to enforce any and all provisions of the Agreement. In the event of a breach or violation of this Agreement by Executive, Employer may
pursue all appropriate avenues of relief, including bringing legal action against Executive. 
 13. Notification and Waiver. 

 A. This Agreement is understood by Executive to be clear and fully enforceable as written. Executive should not execute it
if he or she believes otherwise. However, if Executive later challenges the enforceability or clarity of any provision of this Agreement, Executive agrees to notify Employer of this challenge in writing at least fourteen (14) days before
engaging in any assignment or other competitive activity that could possibly be prohibited by this Agreement. Both Executive and Employer agree to then meet and confer or mediate for the purpose of resolving the dispute. If no resolution is arrived
at, then the parties will be free to pursue all of their legal rights and remedies. If, however, Executive elects not to provide advance notice described above and does not participate in good faith in the “meet and confer” process
described above, then Executive agrees that Executive’s failure to comply will be considered a waiver of Executive’s right to challenge the enforceability and/or clarity of the terms of this letter agreement and the restrictions in it.

 B. Any notice required by this Agreement or given in connection with it, shall be in writing and shall be given to the
appropriate party by personal delivery or by a nationally recognized overnight courier service, in each case, to the then current address of the party receiving such notice. 
 14. Final Agreement. This Agreement terminates and supersedes all prior understandings or agreements on the subject matter herein. This
Agreement may not be modified unless the change or modification or waiver is in writing and signed by Executive and an officer of Employer.  
  

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 15. Right to Injunctive Relief. Executive acknowledges that Employer will suffer
irreparable injury, not readily susceptible to valuation in monetary damages, if Executive breaches any of Executive’s obligations under Section 7 above. Accordingly, Executive agrees that Employer will be entitled to injunctive relief
against any breach or prospective breach by Executive of Executive’s obligations under Section 7 in any federal or state court of competent jurisdiction where enforcement of this Agreement is sought. Executive hereby submits to the
jurisdiction of such courts for the purposes of any actions or a proceeding instituted by Employer to obtain such injunctive relief, and agrees that process may be served on Executive by registered mail, addressed to the last address of Executive
known to Employer, or in any other manner authorized by law.  
 16. Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to conflict of law principles. 
 17.
Jurisdiction. Executive, Employer and the Companies irrevocably submit to the exclusive personal and subject matter jurisdiction of the United States District Court for the Eastern District of Pennsylvania, or any Commonwealth of
Pennsylvania court in Philadelphia County in any such action, suit or proceeding arising in connection with this Agreement or the relationship of the parties hereto, and agree that any such action, suit or proceeding shall be brought only in such
court (and waives any objection based on forum non conveniens, personal jurisdiction or any other objection to venue therein). 
 18.
Interpretation of Agreement. The provisions of this Agreement shall not be construed in favor of or against either party. In the event any provision of this Agreement is determined by a court to be invalid or unenforceable, the parties
contemplate that the provisions may be modified by the court to make them enforceable to the fullest extent allowed by law. 
 19.
Headings. The headings in this Agreement are inserted for convenience only and shall not be used to define, limit or describe the scope of the Agreement of any of the obligations above. 
 20. No Assignment. Neither this Agreement nor any or interest in this Agreement may be assigned by Executive without the prior express
written approval of Employer; which may be withheld by Employer at Employer’s sole and absolute discretion. 
 21. Severability. If any, provision of the Agreement is held by
a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included. 
 22. Waiver of Jury Trial. The parties hereby knowingly, voluntarily and intentionally waive the right any of them may have to a trial by
jury in respect of any litigation based hereon or arising out of, under or in connection with this Agreement, or any course of conduct, course of dealing, statements (whether verbal or written) or actions of any party in connection with
Executive’s employment with Employer. This provision is a material inducement for the parties’ acceptance of this Agreement. 
  

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 23. Continuing Effect. Executive’s obligations and commitments under this Agreement,
other than his obligation to perform duties under Section 1, including specifically without limitation otherwise the promises and commitments of Sections 7, 15, 16 and 17, shall continue after Executive’s departure from Employer,
regardless of Executive’s termination from Employer for any reason or any breach of any other obligation or agreement, if any, of Employer to Executive. 
 24. Waiver of Breach. The waiver by Employer of a breach of any provision of this Agreement by Executive shall not operate or be construed as a waiver of any subsequent breach by Executive. 

25. Agreement is knowing and voluntary. Executive has carefully reviewed this Agreement to assure his complete understanding of the
Agreement’s full effect. Executive has actively engaged in negotiations concerning the terms and conditions of the Agreement. Executive has been represented by counsel of his choice in negotiating and reviewing the Agreement and has been given
the opportunity by Employer to engage in this review independently, in consultation with his attorney, and to discuss the Agreement with his family. Executive’s signing of this Agreement is knowing and voluntary. 
 26. Section 409A. 
 A. This Agreement is intended to comply with section 409A of the Code and its corresponding regulations, or an exemption, and payments may only be made under this Agreement upon an event and in a manner permitted by section 409A, to the
extent applicable. Any payments that qualify for the “short-term deferral” exception or another exception under section 409A shall be paid under the applicable exception. Notwithstanding anything in this Agreement to the contrary, if
required by section 409A, if the Executive is considered a “specified employee” for purposes of section 409A and if payment of any amounts under this Agreement is required to be delayed for a period of six months after separation from
service pursuant to section 490A, payment of such amounts shall be delayed as required by section 409A, and the accumulated amounts shall be paid in a lump sum payment within ten days after the end of the six-month period. If the Executive dies
during the postponement period prior to the payment of benefits, the amounts withheld on account of section 409A shall be paid to the personal representative of the Executive’s estate within 60 days after the date of the Executive’s death.

 B. All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation
from service” under section 409A. For purposes of section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments. In no event may the Executive, directly
or indirectly, designate the calendar year of a payment. All reimbursements and in-kind benefits provided under the Agreement shall be made or provided in accordance with the requirements of section 409A, including, where applicable, the requirement
that (i) any reimbursement 

  

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is for expenses incurred during the period of time specified in this Agreement, (ii) the amount of expenses eligible for reimbursement, or in kind
benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made no later than the last
day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. 
 27. Effective Date. This Agreement shall not be final nor take effect until it is first signed by Executive and dated and then executed by
Employer. 
 {Signatures on Following Page} 
  

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

			
	EMPLOYER:
	
	ATLAS AMERICA, INC.
		
	By:	 	 
	
	EXECUTIVE:
	
	 
	Matthew A. Jones

 Schedule 3.C 
 to 
 Employment Agreement of Matthew A. Jones 
  

									
	 	  	Phantom Units	  	Options
	 	  	Vested	  	Unvested	  	Vested	  	Unvested
	 Atlas America, Inc.
	  		  		  	232,500	  	157,500
	 Atlas Energy Resources, LLC
	  		  	20,000	  		  	50,000
	 Atlas Pipeline Partners, L.P.
	  	17,500	  	2,500	  		  	
	 Atlas Pipeline Holdings, L.P.
	  		  	20,000	  		  	100,000Standby Letter of Credit Agreement

 Exhibit 10.1 
 STANDBY LETTER OF CREDIT AGREEMENT 
 To: WELLS FARGO BANK, NATIONAL ASSOCIATION 
 Applicant hereby agrees for good and valuable consideration that the Existing Agreement, regardless of whether it was addressed to you or some other
person or entity, be replaced in its entirety by this Agreement so that the Existing Credits which were originally issued under and in connection with the Existing Agreement will now be deemed for all purposes Credits issued under and in connection
with this Agreement and not the Existing Agreement. Applicant also hereby requests that you, Wells Fargo Bank, National Association (“Wells Fargo”), issue in your name and at your sole option, unless provided otherwise in any Loan
Document, one or more standby letters of credit pursuant to Applications for the issuance of such Credits and the terms and conditions of this Agreement. The Existing Credits were issued at Applicant’s request for Applicant’s account, and
Each other Credit will be issued at Applicant’s request and for its account, and, unless otherwise specifically provided in any Loan Document, at your option. Applicant agrees that the terms and conditions in this Agreement shall apply to each
Application and the Credit issued pursuant to each Application, and to transactions under each Application, each Credit and this Agreement. 
         SECTION 1. DEFINITIONS. As used in this Agreement, the following terms shall have the meanings set forth after each term: “Agreement” means this Standby Letter
of Credit Agreement as it may be revised or amended from time to time. “Applicant” means collectively each person and/or entity signing this Agreement as Applicant. “Application” means the Existing
Application and your printed form titled “Application For Standby Letter of Credit” or any other form acceptable to you on which Applicant applies for the issuance by you of a Credit and/or an application for amendment of a Credit or any
combination of such applications, as the context may require. “Beneficiary” means the person or entity named on an Application as the beneficiary or any transferee of such beneficiary. “Collateral”
means the Property, together with the proceeds of such Property, securing any or all of Applicant’s obligations and liabilities at any time existing under or in connection with any L/C Document and/or any Loan Document. “Commission
Fee” means the fee, computed at the commission fee rate specified by you or specified in any Loan Document, charged by you at the time or times specified by you on the amount of each Credit and on the amount of each increase in a Credit
for the time period each Credit is outstanding. “Credit” means the Existing Credits and any instrument or document titled “Irrevocable Standby Letter of Credit” or “Standby Letter of Credit”, or any
instrument or document whatever it is titled or whether or not it is titled functioning as a standby letter of credit, issued under or pursuant to an Application, and all renewals, extensions and amendments of such instrument or document..
“Demand” means any sight draft, electronic or telegraphic transmission or other written demand drawn or made, or purported to be drawn or made, under or in connection with any Credit. “Document” means
any instrument, statement, certificate or other document referred to in or related to any Credit or required by any Credit to be presented with any Demand. “Dollars” means the lawful currency at any time for the payment of
public or private debts in the United States of America. “Event of Default” means any of the events set forth in Section 13 of this Agreement.. “Expiration Date” means the date any Credit expires.
“Existing Agreement” means that certain Standby Letter of Credit Agreement dated December 8, 2000 signed by Applicant in favor of Wells Fargo Bank, National Association, as such Existing Agreement may have been amended
or replaced from time to time. “Existing Applications” means that certain (1) Application For Standby Letter of Credit dated December 18, 1998 signed by Applicant in favor of Wells Fargo Bank, National Association
requesting the issuance of Existing Credit number NZS314605, (2) Application For Standby Letter of Credit dated June 20, 2001 signed by Applicant in favor of Wells Fargo Bank, National Association requesting the issuance of the Existing
Credit numbed NZS401574, (3) Application For Standby Letter of Credit dated December 5, 2003 signed by Applicant in favor of Wells Fargo Bank, National Association requesting the issuance of the Existing Credit number NZS504587, and
(4) Application For Standby Letter of Credit dated April 7, 2006 signed by Applicant in favor of Wells Fargo Bank, National Association requesting the issuance of the Existing Credit number NZS568994, as such Existing Applications may have
been amended or replaced from time to time. “Existing Credits” means that certain (1) standby letter of credit number NZS314605 issued on December 18, 1998 by you for the account of Applicant, (2) standby
letter of credit number NZS401574 issued on June 20, 2001 by you for the account of Applicant, (3) standby letter of credit number NZS504587 issued on December 8, 2003 by you for the account of Applicant, and (4) standby letter
of credit number NZS568994 issued on April 11, 2006 by you for the account of Applicant, as such Existing Credits may have been amended or replaced from time to time. “Guarantor” means any person or entity guaranteeing
the payment and/or performance of any or all of Applicant’s obligations under or in connection with any L/C Document and/or any Loan Document. “Holding Company” means any company or other entity directly or indirectly
controlling you. “L/C Document” means this Agreement, each Application, each Credit, and each Demand. “Loan Document” means each and any promissory note, loan agreement, security agreement, pledge
agreement, guarantee or other agreement or document executed in connection with, or relating to, any extension of credit under which any Credit is issued. “Maximum Rate” means the maximum amount of interest (as defined by
applicable laws), if any, permitted to be paid, taken, reserved, received, collected or charged under applicable laws, as the same may be amended or modified from time to time. “Negotiation Fee” means the fee, computed at the
negotiation fee rate specified by you or specified in any Loan Document, charged by you on the amount of each Demand paid by you or any other bank specified by you when each Demand is paid. “Payment Office” means the office
specified by you or specified in any Loan Document as the office where reimbursements and other payments under or in connection with any L/C Document are to be made by Applicant. “Prime Rate” means the rate of interest most
recently announced within Wells Fargo at its principal office as its Prime Rate, with the understanding that the Prime Rate is one of Wells Fargo’s base rates and serves as the basis upon which effective rates of interest are calculated for
those loans making reference thereto, and is evidenced by the recording thereof after its announcement in such internal publication or publications as Wells Fargo may designate. “Property” means all forms of property, whether
tangible or intangible, real, personal or mixed. “Rate of Exchange” means Wells Fargo’s then current selling rate of exchange in San Francisco, California for sales of the currency of payment of any Demand, or of any
fees or expenses or other amounts payable under this Agreement, for cable transfer to the country of which such currency is the legal tender. “UCP” means the Uniform Customs and Practice for Documentary Credits, an
International Chamber of Commerce publication, or any substitution therefor or replacement thereof. “Unpaid and Undrawn Balance” means at any time the entire amount which has not been paid by you under all the Credits issued
for Applicant’s account, including, without limitation, the amount of each Demand on which you have not yet effected payment as well as the amount undrawn under all such Credits. “Wells Fargo & Company” means
Wells Fargo & Company, a Delaware corporation. 
 SECTION 2. HONORING DEMANDS AND DOCUMENTS. You may receive, accept and
honor, as complying with the terms of any Credit, any Demand and any Documents accompanying such Demand; provided, however, that such Demand and accompanying Documents appear on their face to comply substantially with the provisions of such Credit
and are, or appear on their face to be, signed or issued by (a) a person or entity authorized under such Credit to draw, sign or issue such Demand and accompanying Documents, or (b) an administrator, executor, trustee in bankruptcy, debtor
in possession, assignee for the benefit of creditors, liquidator, receiver or other legal representative or successor in interest by operation of law of any such person or entity. 
 SECTION 3. REIMBURSEMENT FOR PAYMENT OF DEMANDS. Applicant shall reimburse you for all amounts paid by you on each Demand, including, without
limitation, all such amounts paid by you to any paying, negotiating or other bank. If in connection with the issuance of any Credit, you agree to pay any other bank the amount of any payment or negotiation made by such other bank under such Credit
upon your receipt of a cable, telex or other written telecommunication advising you of such payment or negotiation, or authorize any other bank to debit your account for the amount of such payment or negotiation, Applicant agrees to reimburse you
for all such amounts paid by you, or debited to your account with such other bank, even if any Demand or Document specified in such Credit fails to arrive in whole or in part or if, upon the arrival of any such Demand or Document, the terms of such
Credit have not been complied with or such Demand or Document does not conform to the requirements of such Credit or is not otherwise in order. 
 SECTION 4. FEES AND EXPENSES. Applicant agrees to pay to you (a) all Commission Fees, Negotiation Fees, cable fees, amendment fees, non-usance fees, and cancellation fees of, and all out-of-pocket expenses incurred by, you under
or in connection with any L/C Document, and (b) all fees and charges of banks or other entities other than you under or in connection with any L/C Document if any Application (i) does not indicate who will pay such fees and charges,
(ii) indicates that such fees and charges are to be paid by Applicant, or (iii) indicates that such fees and charges are to be paid by the Beneficiary and the Beneficiary does not, for any reason whatsoever, pay such fees or charges. There
shall be no refund of any portion of any Commission Fee in the event any Credit is used, reduced, amended, modified or terminated before its Expiration Date. 
  

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 SECTION 5. DEFAULT INTEREST. Unless otherwise specified in any Loan Document, or on an
Application and agreed to by you, all amounts to be reimbursed by Applicant to you, and all fees and expenses to be paid by Applicant to you, and all other amounts due from Applicant to you under or in connection with any L/C Documents, will bear
interest (to the extent permitted by law), payable on demand, from the date you paid the amounts to be reimbursed or the date such fees, expenses and other amounts were due until such amounts are paid in full, at a rate per annum (computed on the
basis of a 360-day year, actual days elapsed) which is the lesser of (a) four percent (4%) above the Prime Rate in effect from time to time, or (b) the Maximum Rate. 
 SECTION 6. TIME AND METHOD OF REIMBURSEMENT AND PAYMENT. Unless otherwise specified in this Section, in any Loan Document, or on an Application
and agreed to by you, all amounts to be reimbursed by Applicant to you, all fees and expenses to be paid by Applicant to you, and all interest and other amounts due to you from Applicant under or in connection with any L/C Documents will be
reimbursed or paid at the Payment Office in Dollars in immediately available funds without setoff or counterclaim (i) on demand or, (ii) at your option by your debiting any of Applicant’s accounts with you, with each such debit being
made without presentment, protest, demand for reimbursement or payment, notice of dishonor or any other notice whatsoever, all of which are hereby expressly waived by Applicant. Each such debit will be made at the time each Demand is paid by you or,
if earlier, at the time each amount is paid by you to any paying, negotiating or other bank, or at the time each fee and expense is to be paid or any interest or other amount is due under or in connection with any L/C Documents. If any Demand or any
fee, expense, interest or other amount payable under or in connection with any L/C Documents is payable in a currency other than Dollars, Applicant agrees to reimburse you for all amounts paid by you on such Demand, and/or to pay you all such fees,
expenses, interest and other amounts, in one of the three following ways, as determined by you in your sole discretion in each case: (a) at such place as you shall direct, in such other currency; or (b) at the Payment Office in the Dollar
equivalent of the amount of such other currency calculated at the Rate of Exchange on the date determined by you in your sole discretion; or (c) at the Payment Office in the Dollar equivalent, as determined by you (which determination shall be
deemed correct absent manifest error), of such fees, expenses, interest or other amounts or of the actual cost to you of paying such Demand. Applicant assumes all political, economic and other risks of disruptions or interruptions in any currency
exchange. 
         SECTION 7. AGREEMENTS OF APPLICANT. Applicant agrees that (a) unless otherwise
specifically provided in any Loan Document, you shall not be obligated at any time to issue any Credit for Applicant’s account; (b) unless otherwise specifically provided in any Loan Document, if any Credit is issued by you for
Applicant’s account, you shall not be obligated to issue any further Credit for Applicant’s account or to make other extensions of credit to Applicant or in any other manner to extend any financial consideration to Applicant; (c) you
have not given Applicant any legal or other advice with regard to any L/C Document or Loan Document; (d) if you at any time discuss with Applicant the wording for any Credit, any such discussion will not constitute legal or other advice by you
or any representation or warranty by you that any wording or Credit will satisfy Applicant’s needs; (e) Applicant is responsible for the wording of each Credit, including, without limitation, any drawing conditions, and will not rely on
you in any way in connection with the wording of any Credit or the structuring of any transaction related to any Credit; (f) Applicant, and not you, is responsible for entering into the contracts relating to the Credits between Applicant and
the Beneficiaries and for causing Credits to be issued; (g) you may, as you deem appropriate, modify or alter and use in any Credit the terminology contained on the Application for such Credit; (h) unless the Application for a Credit
specifies whether the Documents to be presented with a Demand under such Credit must be sent to you in one parcel or in two parcels or may be sent to you in any number of parcels, you may, if you so desire, make such determination and specify in the
Credit whether such Documents must be sent in one parcel or two parcels or may be sent in any number of parcels; (i) you shall not be deemed Applicant’s agent or the agent of any Beneficiary or any other user of any Credit, and neither
Applicant, nor any Beneficiary nor any other user of any Credit shall be deemed your agent; (j) Applicant will promptly examine all Documents and each Credit if and when they are delivered to Applicant and, in the event of any claim of
noncompliance of any Documents or any Credit with Applicant’s instructions or any Application, or in the event of any other irregularity, Applicant will promptly notify you in writing of such noncompliance or irregularity, Applicant being
conclusively deemed to have waived any such claim of noncompliance or irregularity unless such notice is promptly given; (k) all directions and correspondence relating to any L/C Document are to be sent at Applicant’s risk; (l) if any
Credit has a provision concerning the automatic extension of its Expiration Date, you may, at your sole option, give notice of nonrenewal of such Credit and if Applicant does not at any time want such Credit to be renewed Applicant will so notify
you at least fifteen (15) calendar days before you are to notify the Beneficiary of such Credit or any advising bank of such nonrenewal pursuant to the terms of such Credit; (m) Applicant will not seek to obtain, apply for, or acquiesce in
any temporary or permanent restraining order, preliminary or permanent injunction, permanent injunction or any other pretrial or permanent injunctive or similar relief, restraining, prohibiting or enjoining you, any of your correspondents or any
advising, confirming, negotiating, paying or other bank from paying or negotiating any Demand or honoring any other obligation under or in connection with any Credit; and (n) Applicant will have a net loss of no more than $8,000,000 for the
fiscal year ending December 31, 2009 and maintain a net income after taxes of not less than $1.00 on an annual basis thereafter, determined as of the end of each of Applicant’s fiscal years; (o) Applicant will maintain liquid assets
(defined as unencumbered cash, cash equivalents, and publicly traded and quoted marketable securities acceptable to you) having an aggregate fair market value not at any time less than $10,000,000.00, determined as of the end of each of
Applicant’s fiscal quarters; (p) Applicant will deliver to you, not later than 95 calendar days after the end of each of Applicant’s fiscal years, copies of all Applicant’s filings with the Securities and Exchange Commission for
the fiscal year just ended, including, without limitation, Applicant’s 10K filing for the fiscal year just ended; (q) Applicant will deliver to you, not later than 50 calendar days after the end of each of Applicant’s fiscal quarters,
copies of all Applicant’s filings with the Securities and Exchange Commission for the fiscal quarter just ended, including, without limitation, Applicant’s 10Q filing for the fiscal quarter just ended; (r) Applicant will not mortgage,
pledge, grant or permit to exist a security interest in, or a lien upon, all or any portion of Borrower’s assets now owned or hereafter acquired, except for any of the foregoing in your favor and except for security interests covering purchase
money indebtedness which does not at any time exceed $500,000.00; (s) Applicant will not create, incur, assume or permit to exist any indebtedness or liabilities resulting from borrowings, loans or advances, whether secured or unsecured,
matured or unmatured, liquidated or unliquidated, joint or several, except the liabilities of Applicant to you and except for purchase money indebtedness which Applicant incurs in an amount not exceeding $500,000.00 during each of Applicant’s
fiscal years; and (t) except for Applicant’s obligations specifically affected by those actions or failures to act referred to in subsections (ii) and (vii) of this Section 7(t) which you have performed or approved or
accepted, Applicant’s obligations under or in connection with each L/C Document and Loan Document shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of each such L/C Document and Loan
Document under all circumstances whatsoever, including, without limitation, the following circumstances, the circumstances listed in Section 12(b) through (u) of this Agreement, and any other event or circumstance similar to such
circumstances: (i) any lack of validity or enforceability of any L/C Document, any Loan Document, any Document or any agreement relating to any of the foregoing; (ii) any amendment of or waiver relating to, or any consent to or departure
from, any L/C Document, any Loan Document or any Document; (iii) any release or substitution at any time of any Property held as Collateral; (iv) your failure to deliver to Applicant any Document you have received with a drawing under a
Credit because doing so would, or is likely to, violate any law, rule or regulation of any government authority; (v) the existence of any claim, set-off, defense or other right which Applicant may have at any time against you or any Beneficiary
(or any person or entity for whom any Beneficiary may be acting) or any other person or entity, whether under or in connection with any L/C Document, any Loan Document, any Document or any Property referred to in or related to any of the foregoing
or under or in connection with any unrelated transaction; (vi) any breach of contract or other dispute between or among any two or more of you, Applicant, any Beneficiary, any transferee of any Beneficiary, any person or entity for whom any
Beneficiary or any transferee of any Beneficiary may be acting, or any other person or entity; or (vii) any delay, extension of time, renewal, compromise or other indulgence granted or agreed to by you with or without notice to Applicant, or
Applicant’s approval, in respect of any of Applicant’s indebtedness or other obligations to you under or in connection with any L/C Document or any Loan Document. 
 SECTION 8. COMPLIANCE WITH LAWS AND REGULATIONS. Applicant represents and warrants to you that no Application, Credit or transaction under any
Application and/or Credit will contravene any law or regulation of the government of the United States or any state thereof. Applicant agrees (a) to comply with all federal, state and foreign exchange regulations and other government laws and
regulations now or hereafter applicable to any L/C Document, to any payments under or in connection with any L/C Document, to each transaction under or in connection with any L/C Document, or to the import, export, shipping or financing of the
Property referred to in or shipped under or in connection with any Credit, and (b) to reimburse you for such amounts as you may be required to expend as a result of such laws or regulations, or any change therein or in the interpretation
thereof by any court or administrative or government authority charged with the administration of such laws or regulations. 
  

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 SECTION 9. TAXES, RESERVES AND CAPITAL ADEQUACY REQUIREMENTS. In addition to, and notwithstanding
any other provision of any L/C Document or any Loan Document, in the event that any law, treaty, rule, regulation, guideline, request, order, directive or determination (whether or not having the force of law) of or from any government authority,
including, without limitation, any court, central bank or government regulatory authority, or any change therein or in the interpretation or application thereof, (a) does or shall subject you to any tax of any kind whatsoever with respect to
the L/C Documents, or change the basis of taxation of payments to you of any amount payable thereunder (except for changes in the rate of tax on your net income); (b) does or shall impose, modify or hold applicable any reserve, special deposit,
assessment, compulsory loan, Federal Deposit Insurance Corporation insurance or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances or loans by, other credit extended by or any other
acquisition of funds by, any of your offices; (c) does or shall impose, modify or hold applicable any capital adequacy requirements (whether or not having the force of law); or (d) does or shall impose on you any other condition; and the
result of any of the foregoing is (i) to increase the cost to you of issuing or maintaining any Credit or of performing any transaction under any L/C Document, (ii) to reduce any amount receivable by you under any L/C Document, or
(iii) to reduce the rate of return on your capital or the capital of the Holding Company to a level below that which you or the Holding Company could have achieved but for any imposition, modification or application of any capital adequacy
requirement (taking into consideration your policy and the policy of the Holding Company, as the case may be, with respect to capital adequacy), and any such increase or reduction is material (as determined by you or the Holding Company, as the case
may be, in your or the Holding Company’s sole discretion); then, in any such case, Applicant agrees to pay to you or the Holding Company, as the case may be, such amount or amounts as may be necessary to compensate you or the Holding Company
for (A) any such additional cost, (B) any reduction in the amount received by you under any L/C Document, or (C) to the extent allocable (as determined by you or the Holding Company, as the case may be, in your or the Holding
Company’s sole discretion) to any L/C Document, any reduction in the rate of return on your capital or the capital of the Holding Company. 
 SECTION 10. COLLATERAL. In addition to, and not in substitution for, any Property delivered, conveyed, transferred or assigned to you under any Loan Document as security for any or all of Applicant’s obligations and liabilities
to you at any time existing under or in connection with any L/C Document or any Loan Document, Applicant grants to you a security interest in and to the following Collateral, whether or not any such Collateral is in your possession or control or the
possession or control of your agents or correspondents or in transit to, or set apart for, you or your agents or correspondents, until such time as all Applicant’s obligations and liabilities to you at any time existing under or in connection
with each L/C Document and each Loan Document have been fully paid and discharged, all as security for such obligations and liabilities, (a) all Applicant’s property, claims, demands, right, title and interest in and to the balance of each
of Applicant’s deposit accounts with you now or at any time hereafter existing, and all evidences of such deposit accounts, (b) all Property belonging to Applicant or in which it may have an interest, now or at any time hereafter
delivered, conveyed, transferred, assigned, pledged or paid to you or your agents or correspondents in any manner whatsoever, whether as security or for safekeeping or otherwise, including, without limitation, any items received for collection or
transmission, and the proceeds of such items, whether or not such Property is in whole or in part released to Applicant on trust or bailee receipt or otherwise, and (c) where Applicant is more than one person or entity, all right, title and
interest of each of Applicants in and to all the Property which any of Applicants may now or hereafter obtain as security for the obligations of any one or more of Applicants to one or more of the others of Applicants arising under or in connection
with the transaction to which any Credit relates. Further, in addition to, and not in substitution for, any Property delivered, conveyed, transferred or assigned to you under any Loan Document as security for any or all of Applicant’s
obligations and liabilities to you at any time existing under or in connection with any L/C Document or any Loan Document, Applicant agrees to deliver, convey, transfer and assign to you on demand, as security, Property of a value and character
satisfactory to you, (i) if you at any time feel insecure about Applicant’s ability or willingness to repay any amounts which you have paid or may pay in the future on any Demand or in honoring any other of your obligations under or in
connection with any Credit, or (ii) without limiting the generality of the foregoing, if any temporary or permanent restraining order, preliminary or permanent injunction, or any other pretrial or permanent injunctive or similar relief is
obtained restraining, prohibiting or enjoining you, any of your correspondents, or any advising, confirming, negotiating, paying or other bank from paying or negotiating any Demand or honoring any other obligation under or in connection with any
Credit. Applicant agrees that the receipt by you or any of your agents or correspondents at any time of any kind of security, including, without limitation, cash, shall not be deemed a waiver of any of your rights or powers under this Agreement.
Applicant agrees to sign and deliver to you on demand, all such deeds of trust, security agreements, financing statements and other documents as you shall at any time request which are necessary or desirable (in your sole opinion) to grant to you an
effective and perfected security interest in and to any or all of the Collateral. Applicant agrees to pay all filing and recording fees related to the perfection of any security interest granted to you in accordance with this Section. Applicant
hereby agrees that any or all of the Collateral may be held and disposed of as provided in this Agreement by you. Upon any transfer, sale, delivery, surrender or endorsement of any Document or Property which is or was part of the Collateral,
Applicant will indemnify and hold you and your agents and correspondents harmless from and against each and every claim, demand, action or suit which may arise against you or any of your agents or correspondents by reason of such transfer, sale,
delivery, surrender or endorsement. 
         SECTION 11. INDEMNIFICATION. Except to the extent any of the
following are caused by your lack of good faith, gross negligence, willful misconduct, failure to honor any Demand presented under any Credit when such Demand and its accompanying Documents appear on their face to comply strictly with the terms of
such Credit, or honor of any Demand under a Credit when such Demand and its accompanying Documents do not appear on their face to comply substantially with the terms of such Credit, Applicant agrees, notwithstanding any other provision of this
Agreement, to reimburse and indemnify you for (a) all amounts paid by you to any Beneficiary under or in connection with any guarantee or similar undertaking issued by such Beneficiary to a third party at Applicant’s request, whether such
request is communicated directly by Applicant or through you to such Beneficiary; and (b) all damages, losses, liabilities, actions, claims, suits, penalties, judgments, obligations, costs or expenses, of any kind whatsoever and howsoever
caused, including, without limitation, attorneys’ fees and interest, paid, suffered or incurred by, or imposed upon, you directly or indirectly arising out of or in connection with (i) any L/C Document, any Loan Document, any Document or
any Property referred to in or related to any Credit; (ii) Applicant’s failure to comply with any of its obligations under this Agreement; (iii) the issuance of any Credit; (iv) the transfer of any Credit; (v) any guarantee
or similar undertaking, or any transactions thereunder, issued by any Beneficiary to a third party at Applicant’s request, whether such request is communicated directly by Applicant or through you to such Beneficiary; (vi) any
communication made by you, on Applicant’s instructions, to any Beneficiary requesting that such Beneficiary issue a guarantee or similar undertaking to a third party or the issuance of any such guarantee or similar undertaking; (vii) the
collection of any amounts Applicant owes to you under or in connection with any L/C Document or any Loan Document; (viii) the foreclosure against, or other enforcement of, any Collateral; (ix) the protection, exercise or enforcement of
your rights and remedies under or in connection with any L/C Document or any Loan Document; (x) any court decrees or orders, including, without limitation, temporary or permanent restraining orders, preliminary or permanent injunctions, or any
other pretrial or permanent injunctive or similar relief, restraining, prohibiting or enjoining or seeking to restrain, prohibit or enjoin you, any of your correspondents or any advising, confirming, negotiating, paying or other bank from paying or
negotiating any Demand or honoring any other obligation under or in connection with any Credit; or (xi) any Credit being governed by laws or rules other than the UCP in effect on the date such Credit is issued. The indemnity provided in this
Section will survive the termination of this Agreement and the expiration or cancellation of any or all the Credits. Without limiting any provision of this Agreement, it is the express intention of the parties to this Agreement that the indemnity
contained in this Section shall apply to each person to be indemnified without regard to the sole or contributory negligence of such person. 
 SECTION 12. LIMITATION OF LIABILITY. Notwithstanding any other provision of this Agreement, neither you nor any of your agents or correspondents will have any liability to Applicant for any action, neglect or omission under or in
connection with any L/C Document, Loan Document or Credit, including, without limitation, the issuance or any amendment of any Credit, the failure to issue or amend any Credit, or the honoring or dishonoring of any Demand under any Credit, and such
action or neglect or omission will bind Applicant, except to the extent any such action or neglect or omission is caused by, or arises from, your lack of good faith, gross negligence, willful misconduct, failure to honor any Demand presented under
any Credit when such Demand and its accompanying Documents appear on their face to comply strictly with the terms of such Credit, or honor of any Demand under a Credit when such Demand and its accompanying Documents do not appear on their 

  

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face to comply substantially with the terms of such Credit. Notwithstanding any other provision of any L/C Document, but without in any way affecting, except
as specifically provided in this sentence, your obligation under this Agreement to honor any Demand presented under any Credit when such Demand and its accompanying Documents appear on their face to comply strictly with the terms of such Credit and
to dishonor any Demand under a Credit when such Demand and its accompanying Documents do not appear on their face to comply substantially with the terms of such Credit, in no event shall you or your officers or directors be liable or responsible for
the following, regardless of whether any claim is based on contract or tort: (a) any special, consequential, indirect or incidental damages, including, without limitation, lost profits, arising out of or in connection with the issuance of any
Credit or any action taken or not taken by you in connection with any L/C Document, any Loan Document, or any Document or Property referred to in or related to any Credit; (b) the honoring of any Demand in accordance with any order or directive
of any court or government or regulatory body or entity requiring such honor despite any temporary restraining order, restraining order, preliminary injunction, permanent injunction or any type of pretrial or permanent injunctive relief or any
similar relief, however named, restraining, prohibiting or enjoining such honor; (c) the dishonoring of any Demand in accordance with any legal or other restriction in force at the time and in the place of presentment or payment;
(d) verifying the existence or reasonableness of any act or condition referenced, or any statement made, in connection with any drawing or presentment under any Credit; (e) the use which may be made of any Credit; (f) the validity of
any purported transfer of any Credit or the identity of any purported transferee of any Beneficiary; (g) any acts or omissions of any Beneficiary or any other user of any Credit; (h) the form, validity, sufficiency, correctness,
genuineness or legal effect of any Demand or any Document, or of any signatures or endorsements on any Demand or Document, even if any Demand or any Document should in fact prove to be in any or all respects invalid, insufficient, fraudulent or
forged; (i) payment by you of any Demand when the Demand and any accompanying Documents appear on their face to comply substantially with the terms of the Credit to which they relate or dishonor by you of any Demand when the Demand and any
accompanying Documents do not strictly comply on their face with the terms of the Credit to which they relate; (j) the failure of any Demand or Document to bear any reference or adequate reference to the Credit to which it relates; (k) the
failure of any Document to accompany any Demand; (l) the failure of any person or entity to note the amount of any Demand on the Credit to which it relates or on any Document; (m) the failure of any person or entity to surrender or take up
any Credit; (n) the failure of any Beneficiary to comply with the terms of any Credit or to meet the obligations of such Beneficiary to Applicant; (o) the failure of any person or entity to send or forward Documents if and as required by
the terms of any Credit; (p) any errors, inaccuracies, omissions, interruptions or delays in transmission or delivery of any messages, directions or correspondence by mail, cable, telegraph, wireless or otherwise, whether or not they are in
cipher; (q) any notice of nonrenewal of a Credit sent by you not being received on time or at any time by the Beneficiary of such Credit; (r) any inaccuracies in the translation of any messages, directions or correspondence; (s) any
Beneficiary’s use of the proceeds of any Demand; (t) any Beneficiary’s failure to repay to you or Applicant the proceeds of any Demand if the terms of any Credit require such repayment; or (u) any act, error, neglect, default,
negligence, gross negligence, omission, willful misconduct, lack of good faith, insolvency or failure in business of any of your agents or correspondents or of any advising, confirming, negotiating, paying or other bank. Except to the extent caused
by, or arising from, your lack of good faith, gross negligence, willful misconduct, failure to honor any Demand presented under any Credit when such Demand and its accompanying Documents appear on their face to comply strictly with the terms of such
Credit, or honor of any Demand under a Credit when such Demand and its accompanying Documents do not appear on their face to comply substantially with the terms of such Credit, the occurrence of any one or more of the contingencies referred to in
the preceding sentence shall not affect, impair or prevent the vesting of your rights or powers under this Agreement or any Loan Document or Applicant’s obligation to make reimbursement or payment to you under this Agreement or any Loan
Document. The provisions of this Section will survive the termination of this Agreement and any Loan Documents and the expiration or cancellation of any or all the Credits. 
 SECTION 13. EVENTS OF DEFAULT. Each of the following shall constitute an Event of Default under this Agreement: (a) Applicant’s or any
Guarantor’s failure to pay any principal, interest, fee or other amount when due under or in connection with any L/C Document or any Loan Document; (b) Applicant’s failure to deliver to you Property of a value and character
satisfactory to you at any time you have demanded security from Applicant pursuant to Section 10 of this Agreement; (c) the occurrence and continuance of any default or defined event of default under any Loan Document or any other
agreement, document or instrument signed or made by Applicant or any Guarantor in your favor; (d) Applicant’s or any Guarantor’s failure to perform or observe any term, covenant or agreement contained in this Agreement or any Loan
Document (other than those referred to in subsections (a), (b) and (c) of this Section, or the breach of any other obligation owed by Applicant or any Guarantor to you, and any such failure or breach shall be impossible to remedy or shall
remain unremedied for thirty (30) calendar days after such failure or breach occurs; (e) any representation, warranty or certification made or furnished by Applicant or any Guarantor under or in connection with any L/C Document, any Loan
Document or any Collateral, or as an inducement to you to enter into any L/C Document or Loan Document or to accept any Collateral, shall be materially false, incorrect or incomplete when made; (f) any material provision of this Agreement or
any Loan Document shall at any time for any reason cease to be valid and binding on Applicant or any Guarantor or shall be declared to be null and void, or the validity or enforceability thereof shall be contested by Applicant, any Guarantor or any
government agency or authority, or Applicant or any Guarantor shall deny that it has any or further liability or obligation under this Agreement or any Loan Document; (g) Applicant’s or any Guarantor’s failure to pay or perform when
due any indebtedness or other obligation Applicant or such Guarantor has to any person or entity other than you if such failure gives the payee of such indebtedness or the beneficiary of the performance of such obligation the right to accelerate the
time of payment of such indebtedness or the performance of such obligation; (h) any guarantee of, or any security covering, any of Applicant’s indebtedness to you arising under or in connection with any L/C Document or any Loan Document
fails to be in full force and effect at any time; (i) any material adverse change in Applicant’s or any Guarantor’s financial condition; (j) Applicant or any Guarantor suspends the transaction of its usual business or is expelled
or suspended from any exchange; (k) Applicant or any Guarantor dies or is incapacitated; (l) Applicant or any Guarantor dissolves or liquidates; (m) Applicant or any Guarantor is not generally paying its debts as they become due;
(n) Applicant or any Guarantor becomes insolvent, however such insolvency may be evidenced, or Applicant or any Guarantor makes any general assignment for the benefit of creditors; (o) a petition is filed by or against Applicant or any
Guarantor seeking Applicant’s or such Guarantor’s liquidation or reorganization under the Bankruptcy Reform Act, Title 11 of the United States Code, as amended or recodified from time to time, or a similar action is brought by or against
Applicant or any Guarantor under any federal, state or foreign law; (p) a proceeding is instituted by or against Applicant or any Guarantor for any relief under any bankruptcy, insolvency or other law relating to the relief of debtors,
reorganization, readjustment or extension of indebtedness or composition with creditors; (q) a custodian or a receiver is appointed for, or a writ or order of attachment, execution or garnishment is issued, levied or made against, any of
Applicant’s or any Guarantor’s Property or assets; (r) an application is made by any of Applicant’s or any Guarantor’s judgment creditors for an order directing you to pay over money or to deliver other of Applicant’s
or such Guarantor’s Property; or (s) any government authority or any court takes possession of any substantial part of Applicant’s or any Guarantor’s Property or assets or assumes control over Applicant’s or any
Guarantor’s affairs. 
         SECTION 14. REMEDIES. Upon the occurrence and continuance of any Event of
Default all amounts paid by you on any Demand which have not previously been repaid to you, together with all interest on such amounts, and the Unpaid and Undrawn Balance, if any, shall automatically be owing by Applicant to you and shall be due and
payable by Applicant on demand without presentment or any other notice of any kind, including, without limitation, notice of nonperformance, notice of protest, protest, notice of dishonor, notice of intention to accelerate, or notice of
acceleration, all of which are expressly waived by Applicant. Upon payment of the Unpaid and Undrawn Balance to you Applicant shall have no further legal or equitable interest therein, and you will not be required to segregate on your books or
records the Unpaid and Undrawn Balance paid by Applicant. After you receive the Unpaid and Undrawn Balance, you agree to pay to Applicant, upon termination of all of your liability under all the Credits and Demands, a sum equal to the amount which
has not been drawn under all the Credits less all amounts due and owing to you from Applicant under or in connection with the L/C Documents and the Loan Documents. Further, upon the occurrence and continuance of any Event of Default, you may sell
immediately, without demand for payment, advertisement or notice to Applicant, all of which are hereby expressly waived, any and all Collateral, received or to be received, at private sale or public auction or at brokers’ board or upon any
exchange or otherwise, at your option, in such parcel or parcels, at such times and places, for such prices and upon such terms and conditions as you may deem proper, and you may apply the net proceeds of each sale, together with any sums due from
you to Applicant, to the payment of any and all obligations and liabilities due from Applicant to you under or in connection with the L/C Documents and the Loan Documents, all without prejudice to your rights against Applicant with respect to any
and all such obligations and liabilities which may be or remain unpaid. If any such sale be at brokers’ board or at public auction or upon any exchange, you may yourself be a purchaser at such sale free from any right of redemption, which
Applicant hereby expressly waive and release. 

  

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All your rights and remedies existing under the L/C Documents and the Loan Documents are in addition to, and not exclusive of, any rights or remedies
otherwise available to you under applicable law. In addition to any rights now or hereafter granted under applicable law, and not by way of limitation of any such rights, upon the occurrence and continuance of any Event of Default, Applicant hereby
authorizes you at any time or from time to time, without notice to Applicant or to any other person (any such notice being hereby expressly waived by Applicant) and to the extent permitted by law, to appropriate and to apply any and all
Applicant’s deposits (general or special, including, without limitation, indebtedness evidenced by certificates of deposit) with you or elsewhere, whether matured or unmatured, and any other indebtedness at any time held or owing by you to or
for Applicant’s credit or its account, against and on account of Applicant’s obligations and liabilities to you under or in connection with any of the L/C Documents or the Loan Documents, irrespective of whether or not you shall have made
any demand for payment of any or all such obligations and liabilities or declared any or all such obligations and liabilities to be due and payable, and although any or all such obligations and liabilities shall be contingent or unmatured.

 SECTION 15. GENERAL WAIVERS. No delay, extension of time, renewal, compromise or other indulgence which may occur or be granted by
you under any L/C Document or any Loan Document shall impair your rights or powers under this Agreement or any Application. You shall not be deemed to have waived any of your rights under this Agreement or any Application unless such waiver is in
writing signed by your authorized representative. No such waiver, unless expressly provided therein, shall be effective as to any transactions which occur subsequent to the date of such waiver or as to the continuance of any Event of Default after
such waiver. 
 SECTION 16. AMENDMENTS AND MODIFICATIONS TO THIS AGREEMENT AND THE CREDITS. No amendment or modification of this
Agreement shall be effective unless it is in writing signed by Applicant’s and your authorized representative(s). At Applicant’s verbal or written request, or with Applicant’s verbal or written consent, and without extinguishing or
otherwise affecting Applicant’s obligations under this Agreement or any Loan Document, you may with respect to any Credit, in writing or by any other action, but you will not be obligated to, (a) increase the amount of such Credit,
(b) extend the time for, and amend or modify the terms and conditions governing, the making and honoring of any Demand or Document or any other terms and conditions of such Credit, or (c) waive the failure of any Demand or Document to
comply with the terms of such Credit, and any Collateral pledged or granted to you in connection with such Credit will secure Applicant’s obligations to you with respect to such Credit as amended, modified or waived. No amendment to, or
modification of, the terms of any Credit will become effective if the Beneficiary of such Credit or any confirming bank objects to such amendment or modification. If any Credit is amended or modified in accordance with this Section, Applicant shall
be bound by, and obligated under, the provisions of this Agreement with respect to such Credit as so amended or modified, and any action taken by you or any advising, confirming, negotiating, paying or other bank in accordance with such amendment or
modification. 
 SECTION 17. SUCCESSORS AND ASSIGNS. The terms and conditions of this Agreement and each Application shall bind
Applicant’s heirs, executors, administrators, successors and assigns, and all rights, benefits and privileges conferred on you under or in connection with each L/C Document and each Loan Document shall be and hereby are extended to, conferred
upon and may be enforced by your successors and assigns. Applicant will not assign this Agreement or Applicant’s obligations or liabilities to you under or in connection with any L/C Document or Loan Document to any person or entity without
your prior written approval. 
 SECTION 18. GOVERNING LAW. This Agreement and each Application, and Applicant’s and your
performance under this Agreement and each Application, shall be governed by and be construed in accordance with the laws of the State of California. Unless you otherwise specifically agree in writing, each Credit, the opening of each Credit, the
performance by you under each Credit, and the performance by the Beneficiary and any advising, confirming, negotiating, paying or other bank under each Credit, shall be governed by and be construed in accordance with the UCP in force on the date of
the issuance of each Credit. 
 SECTION 19. JURISDICTION AND SERVICE OF PROCESS. Any suit, action or proceeding against Applicant
under or with respect to any L/C Document may, at your sole option, be brought in (a) the courts of the State of California, (b) the United States District Courts in California, (c) the courts of Applicant’s jurisdiction of
incorporation or principal office, or (d) the courts of the jurisdiction where any Beneficiary, any advising, confirming, negotiating, paying or other bank, or any other person or entity has brought any suit, action or proceeding against you
with respect to any Credit or any Demand, and Applicant hereby submits to the nonexclusive jurisdiction of such courts for the purpose of any such suit, action, proceeding or judgment and waives any other preferential jurisdiction by reason of
domicile. Applicant will accept joinder in any suit, action or proceeding brought in any court or jurisdiction against you by any Beneficiary, any advising, confirming, negotiating, paying or other bank or any other person or entity with respect to
any Credit or any Demand. Applicant irrevocably waives any objection, including, without limitation, any objection of the laying of venue or any objection based on the grounds of forum non conveniens, which Applicant may now or
hereafter have to the bringing of any such action or proceeding. Applicant further waives any right to transfer or change the venue of any suit, action or proceeding brought against Applicant by you under or in connection with any L/C Document.
Applicant irrevocably consents to the service of process in any action or proceeding in any court by the mailing of copies thereof by registered or certified mail, postage prepaid, to Applicant at its address specified next to its signature on this
Agreement or at such other address as Applicant shall have notified to you in writing, such service to be effective ten (10) days after such mailing. 
         SECTION 20. SEVERABILITY. Any provision of any L/C Document which is prohibited or unenforceable in any jurisdiction shall be, only as to such jurisdiction, ineffective to the extent of
such prohibition or unenforceability, but all the remaining provisions of such L/C Document and all the other L/C Documents shall remain valid. 
 SECTION 21. HEADINGS. The headings used in this Agreement are for convenience of reference only and shall not define or limit the provisions of this Agreement. 
 SECTION 22. COMPLETE AGREEMENT. The entire agreement with respect to each Credit will consist of this Agreement and the Application for such
Credit, together with any written document or instrument signed by Applicant and you, or signed by Applicant and approved by you, which specifically references such Credit, the Application for such Credit, or this Agreement. Except as specifically
provided in this Agreement, in any Application or in any written document or instrument referred to in the preceding sentence, no statements or representations not contained in this Agreement, such Application or such written document or instrument
shall have any force or effect on this Agreement, such Application or such written document or instrument. 
 SECTION 25. ORAL
AGREEMENTS NOT ENFORCEABLE UNDER WASHINGTON LAW. ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR FOREBEAR FROM ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW. 
 This Agreement is signed by Applicant’s duly authorized representative or representatives on June 30, 2009. 
  

									
	BARRETT BUSINESS SERVICES, INC.	 		 	 8100 NE Parkway Drive

	By:	 	 /s/ James D. Miller
	 		 	 Suite 200

		 	Title:	 	 Vice President - Finance, Chief Financial Officer
	 		 	 Vancouver, WA 98662

		 		 		 		 	[ADDRESS]

  

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