Document:

AMENDMENT
      NO. 2

    TO

    EMPLOYMENT
      AGREEMENT OF

    STEVEN
      R. MUMMA

    

    AMENDMENT
      NO. 2 TO EMPLOYMENT AGREEMENT OF STEVEN R. MUMMA, made as of March 31, 2007,
      between New York Mortgage Trust, Inc., a Maryland corporation (the “Company”),
      and Steven R. Mumma (the “Executive”) (“Amendment No. 2”):

    

    WHEREAS,
      the Executive and the Company entered into an Employment Agreement dated as
      of
      June 29, 2004, as amended by Amendment No. 1 to that certain Employment
      Agreement, dated December 2, 2004 (collectively, the “Employment Agreement”);
      and

    

    WHEREAS,
      the parties desire to amend the Employment Agreement as provided
      herein.

    

    NOW,
      THEREFORE, in consideration of the premises and for other good and valuable
      consideration, the parties hereby agree as follows:

    

    1. Section
      3
      of the Employment Agreement is hereby deleted in its entirety and the following
      is hereby substituted in lieu thereof:

    

    “3. Position
      and Duties.
      The
      Executive shall serve as the Co-Chief Executive Officer, Chief Operating
      Officer, Chief Investment Officer, Chief Financial Officer and President of
      the
      Company and shall have such responsibilities, duties and authority as he may
      have as of the date hereof (or any position to which he may be promoted after
      the date hereof) and as may from time to time be assigned to the Executive
      by
      the Board that are consistent with such responsibilities, duties and authority.
      The Executive shall also serve as a senior executive officer of certain
      subsidiaries of the Company, with positions, titles and responsibilities that
      are suitable for the Co-Chief Executive Officer, Chief Operating Officer, Chief
      Investment Officer, Chief Financial Officer and President of the Company, at
      the
      reasonable request of the Board without additional compensation. The Executive
      shall devote substantially all his working time and efforts to the business
      and
      affairs of the Company; provided, that nothing in this Agreement shall preclude
      Executive from serving as a director or trustee in any other firm or from
      pursuing personal real estate investments and other personal investments, as
      long as such activities do not interfere with Executive's performance of his
      duties hereunder or violate Section 9 or 10 of this Agreement.”

    

    2. Section
      5(a) of the Employment Agreement is hereby deleted in its entirety and the
      following is hereby substituted in lieu thereof:

    

    “(a) Base
      Salary.
      The
      Company shall pay the Executive a base salary annually (the “Base Salary”),
      which shall be payable in periodic installments according to the Company's
      normal payroll practices. The initial Base Salary shall be $434,008.32. During
      the Terms, the Board or the Compensation Committee of the Board (the
“Compensation Committee”) shall review the Base Salary at least once a year to
      determine whether the Base Salary should be increased effective the following
      January 1; provided, however, that on each January 1 thereafter during the
      Term,
      the Base Salary shall be increased by a minimum positive amount equal to the
      Base Salary in effect on January 1 of the prior year multiplied by the increase
      in the Consumer Price Index for such year. The amount of the increase shall
      be
      determined before March 31 of each year and shall be retroactive to January
      1.
      The Base Salary, including any increases, shall not be decreased during the
      Term. For purposes of this Agreement, the term “Base Salary” shall mean the
      amount established and adjusted from time to time pursuant to this Section
      5(a).”

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3. Section
      7(d)(ii) of the Employment Agreement is hereby deleted in its entirety and
      the
      following is hereby substituted in lieu thereof:

    

    “(ii)
       in
      lieu
      of any further salary payments to the Executive for periods subsequent to the
      Date of Termination, the Company shall pay as liquidated damages to the
      Executive an amount equal to the product of (A) the sum of (1) the Executive’s
      Base Salary in effect as of the Date of Determination and (2) the Executive’s
      highest Annual Bonus earned in the last three fiscal years, and (B) the lesser
      of three (3) or the quotient of the number of whole months remaining in the
      term
      of this Agreement as of the Date of Termination divided by twelve (12); such
      payment to be made in a lump sum on or before the tenth day following the Date
      of Termination. For purposes of this Section 7(d)(ii) only, the Executive’s Base
      Salary shall mean the Executive’s Base Salary in effect as of the date
      immediately preceding effectiveness of this Agreement, and on each January
      1
      thereafter during the Term, the Executive’s Base Salary, as determined pursuant
      to this Section 7(d)(ii), shall be increased by a minimum positive amount equal
      to the Base Salary in effect on January 1 of the prior year multiplied by the
      increase in the Consumer Price Index for such year. In addition, all stock
      options, restricted stock awards and any other equity awards granted by the
      Company to the Executive shall become fully vested, unrestricted and exercisable
      as of the Date of Termination;

    

    4. Except
      to
      the extent hereby amended, the Employment Agreement is herby confirmed and
      ratified and shall continue in full force and effect.

    

    3. The
      effective date of this Amendment No. 2 is March 31, 2007.

     

    
 

    [Signatures
      to appear on the following page]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the parties have executed this Amendment No. 2 to Employment
      Agreement of Steven R. Mumma as of the date first written above.

    

    
      	
              NEW
                YORK MORTGAGE TRUST, INC.:

            	
              EMPLOYEE:

            
	 	 
	
              By:
                /s/ David A.
                Akre                                             
                

            	
              /s/
                Steven R.
                Mumma                                
                

            
	
              Name:
                David A. Akre

            	
              Name:
                Steven R. Mumma

            
	
              Title:
                Co-Chief Executive Officer

            	
              Dated:
                March 31, 2007

            
	
              Dated:
                March 31, 2007Exhibit
      10(y)

    

    

    AMENDMENT
      NO. 1 TO AMENDED AND RESTATED 

    OPERATING
      AGREEMENT OF ATLAS ENERGY 

    RESOURCES,
      LLC DATED JUNE 29, 2007

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    CLASS
      D AMENDMENT

     

    AMENDMENT
      NO. 1 TO AMENDED AND RESTATED

    OPERATING
      AGREEMENT OF

    ATLAS
      ENERGY RESOURCES, LLC

     

    THIS
      AMENDMENT NO. 1 TO AMENDED AND RESTATED OPERATING AGREEMENT OF ATLAS ENERGY
      RESOURCES, LLC (this “Amendment”),
      dated
      as of June 29, 2007, is entered into and effectuated by the Board of Directors
      (the “Board”)
      of
      Atlas Energy Resources, LLC, a Delaware limited liability company (the
“Company”),
      pursuant to authority granted to it in Sections 5.5 and 11.1 of the Amended
      and
      Restated Operating Agreement of the Company, dated as of December 18, 2006
      (the
“Limited
      Liability Company Agreement”). 
      Capitalized terms used but not defined herein are used as defined in the Limited
      Liability Company Agreement.

     

    WHEREAS,
      Section 5.5(a) of the Limited Liability Company Agreement provides that the
      Company may issue additional Company Securities for any Company purpose at
      any
      time and from time to time for such consideration and on such terms and
      conditions as the Board shall determine, all without the approval of any Members
      (subject to the provisions of Section 5.6 of the Limited Liability Company
      Agreement);

     

    WHEREAS,
      Section 5.5(b) of the Limited Liability Company Agreement provides that the
      Company Securities authorized to be issued by the Company pursuant to Section
      5.5(a) of the Limited Liability Company Agreement may be issued in one or more
      classes, or one or more series of any such classes, with such designations,
      preferences, rights, powers and duties (which may be senior to existing classes
      and series of Company Securities) as shall be fixed by the Board;

     

    WHEREAS,
      Section 11.1(c)(vii) of the Limited Liability Company Agreement provides that
      the Board, without the approval of any Member (subject to the provisions of
      Section 5.6 of the Limited Liability Company Agreement), may amend any provision
      of the Limited Liability Company Agreement that the Board determines to be
      necessary or appropriate in connection with the authorization of issuance of
      any
      class or series of Company Securities pursuant to Section 5.5 of the Limited
      Liability Company Agreement, and the Board has determined that the amendments
      contemplated hereby are necessary or appropriate in connection
      therewith;

     

    WHEREAS,
      the Board has determined that the issuance of the Class D Units provided for
      in
      this Amendment is permitted by Section 5.6 of the Limited Liability Company
      Agreement;

     

    WHEREAS,
      Section 11.1(c)(iv) of the Limited Liability Company Agreement provides that
      the
      Board, without the approval of any Member, may amend any provision of the
      Limited Liability Company Agreement to reflect a change that the Board
      determines does not adversely affect the Members (including any particular
      class
      of Interests as compared to other classes of Interests) in any material respect,
      and the Board has determined that such amendments contemplated hereby do not
      adversely affect the Members in any material respect; and

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    WHEREAS,
      the Board deems it in the best interest of the Company to effect this Amendment
      to provide for (i) the issuance of the Class D Units, (ii) the conversion of
      the
      Class D Units into Common Units in accordance with the terms described herein
      and (iii) such other matters as are provided herein.

     

    NOW,
      THEREFORE, it is hereby agreed as follows:

     

    A. Amendment. 
      The Limited Liability Company Agreement is hereby amended as
      follows:

     

    1. Section
      1.1 of the Limited Liability Company Agreement is hereby amended to add or
      amend
      and restate the following definitions in the appropriate alphabetical
      order:

    

     

    “Capital
      Account True-Up Election”
has
      the
      meaning assigned to such term in Section 6.1(d)(xii)(C).

     

    “Class
      D Distribution Increase Date”
has
      the
      meaning assigned to such term in Section 5.11(h).

     

    “Class
      D Member Interests”
means
      the Member Interests represented by the Class D Units.

     

    “Class
      D Unit Arrearage”
means,
      with respect to any Class D Unit, whenever issued, as to any Quarter, the
      amount, if any, by which (a) the Initial Quarterly Distribution in respect
      of
      such Quarter (or, for the period from the Class D Distribution Increase Date
      through the Conversion Approval, 115% of the Initial Quarterly Distribution)
      exceeds (b) the sum of all Available Cash distributed with respect to a Class
      D
      Unit in respect of such Quarter pursuant to Sections 6.4(a)(iii)(x) and
      6.4(b)(iii)(x). 

     

    “Class
      D Unit”
means
      a
      Unit representing a fractional part of the Member Interests of all Members
      and,
      to the extent they are treated as Members hereunder, Assignees, and having
      the
      rights and obligations specified with respect to Class D Units in this
      Agreement. A “Class D Unit” shall not constitute a Common Unit until such
time
      as
      such Class D Unit is converted into a Common Unit pursuant to the terms
      hereof.

     

    “Common
      Unit Arrearage” means, with respect to any Common Unit, whenever issued, as to
      any Quarter during which Class D Units are Outstanding, the excess, if any,
      of
      (a) the Initial Quarterly Distribution with respect to a Common Unit in respect
      of such Quarter over (b) the sum of all Available Cash distributed with respect
      to a Common Unit in respect of such Quarter pursuant to Sections 6.4(a)(i)
      and
      6.4(b)(i).

     

    “Conversion
      Approval”
has
      the
      meaning assigned to such term in Section 5.11(d).

     

    
      
         

      

      
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    “Cumulative
      Class D Unit Arrearage”
means,
      with respect to any Class D Unit, whenever issued, as of the end of any Quarter,
      the excess, if any, by which (a) the sum resulting from adding together the
      Class D Unit Arrearages for each of the Quarters during which any Class D Unit
      has been Outstanding exceeds (b) the sum of any distributions theretofore made
      to a Class D Unit pursuant to Sections 6.4(a)(iii)(y), 6.4(b)(iii)(y) and 6.6(d)
      (including any distributions to be made in respect of the last of such
      Quarters).

     

    “Cumulative
      Common Unit Arrearage”
means,
      with respect to any Common Unit, whenever issued, and as of the end of any
      Quarter, the excess, if any, of (a) the sum resulting from adding together
      the
      Common Unit Arrearage as to an Initial Common Unit for each of the Quarters
      during which Class D Units are Outstanding ending on or before the last day
      of
      such Quarter over (b) the sum of any distributions theretofore made pursuant
      to
      Sections 6.4(a)(ii), 6.4(b)(ii) and 6.6(b).

     

    “Issue
      Price”
means
      the price at which a Unit is purchased from the Company, after taking into
      account any sales commission or underwriting discount charged to the Company
      and
      after taking into account any other form of discount with respect to the price
      at which a Unit is purchased from the Company. In the case of the Class D Units,
      the Issue Price shall be deemed to be $24.78 per Unit and in the case of the
      Privately Placed Common Units, $25.50 per Unit.

     

    “Percentage
      Interest”
means,
      as of any date of determination (a) as to any Unitholder holding Class A Units,
      the product obtained by multiplying (i) 2% by (ii) the quotient obtained by
      dividing (A) the number of Class A Units held by such Unitholder by (B) the
      total number of Outstanding Class A Units; (b) as to any Unitholder holding
      Common Units or Class D Units, the product obtained by multiplying (i) 98%
      by
      (ii) the quotient obtained by dividing (A) the number of Common Units and/or
      Class D Units held by such Unitholder by (B) the total number of all Outstanding
      Common Units and Class D Units, and (c) as to the holders of other Company
      Securities issued by the Company in accordance with Section
      5.5,
      the
      percentage established as a part of such issuance.

     

     

    “Per
      Unit Capital Amount”
means,
      as of any date of determination, the Capital Account, stated on a per Unit
      basis, as the case may be, underlying any Common Unit (other than a Privately
      Placed Common Unit), Class A Unit, Class D Unit or Privately Placed Common
      Unit,
      as the case may be, held by a Person.

     

    

    “Private
      Placement Value”
means
      with respect to the Class D Units and the Privately Placed Common Units, $34.19
      per Unit.

     

    
      
         

      

      
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    “Privately
      Placed Common Units”
means
      the Common Units issued pursuant to the Unit Purchase Agreement. 

     

    “Unit”
means
      a
      Company Security that is designated as a “Unit” and shall include Class A Units,
      Class D Units and Common Units, but shall not include the Management Incentive
      Interests.

     

     

    “Unit
      Purchase Agreement”
means
      the Class D Unit and Common Unit Purchase Agreement dated as of May 18, 2007
      between the Company and the purchasers named therein.

     

    2. Section
      1.1 of the Limited Liability Company Agreement is hereby further amended to
      add
      a new sentence at the end of the definition of “Common Unit” as
      follows:

     

    The
      term
“Common Unit” does not include a Class D Unit prior to its conversion into a
      Common Unit pursuant to this Agreement.

     

    3. Article
      IV of the Limited Liability Company Agreement is hereby amended to add a new
      Section 4.6(e) as follows:

     

    (e) The
      transfer of (1) a Class D Unit that has
      been
      converted into a Common Unit pursuant to Section 5.11 or (2) a Privately Placed
      Common Unit shall be subject to the restrictions imposed by Section
      6.9.

     

    4. Section
      5.4(a) of the Limited Liability Company Agreement is hereby amended to add
      the
      following at the end of such section:

     

    The
      initial Capital Account balance in respect of each Class D Unit shall be the
      Private Placement Value for such Class D Unit, and the initial Capital Account
      balance of each holder of Class D Units in respect of all Class D Units held
      shall be the product of such initial balance for a Class D Unit multiplied
      by
      the number of Class D Units held by such holder.  The initial Capital
      Account balance in respect of each Privately Placed Common Unit shall be the
      Private Placement Value for such Privately Placed Common Unit, and the initial
      Capital Account balance of each holder of Privately Placed Common Units in
      respect of all Privately Placed Common Units held shall be the product of such
      initial balance for a Privately Placed Common Unit multiplied by the number
      of
      Privately Placed Common Units held by such holder.  Immediately following
      the creation of a Capital Account balance in respect of each Class D Unit,
      each
      holder acquiring a Class D Unit at original issuance shall be deemed to have
      received a cash distribution in respect of such Class D Units in an amount
      equal
      to the product of (x) the total number of Class D Units so acquired by such
      holder multiplied by (y) the difference between the Private Placement Value
      and
      the Issue Price of a Class D Unit.  Immediately following the creation of a
      Capital Account balance in respect of each Privately Placed Common Unit, each
      Unitholder acquiring a Privately Placed Common Unit at original issuance shall
      be deemed to have received a cash distribution in respect of such Privately
      Placed Common Units in an amount equal to the product of (x) the total number
      of
      Privately Placed Common Units so acquired by such Unitholder multiplied by
      (y)
      the difference between the Private Placement Value and the Issue Price of a
      Privately Placed Common Unit.  The purpose of the four preceding sentences
      is to provide the initial purchasers of Class D Units and Privately Placed
      Common Units with a net Capital Account in the Class D Units and Privately
      Placed Common Units on the date of purchase equal to the Issue Price paid by
      those purchasers for the Class D Units and Privately Placed Common
      Units.

     

    
      
         

      

      
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    5. Section
      5.4(c)(i) of the Limited Liability Company Agreement is hereby amended to add
      the following at the end of such section:

     

    Any
      adjustments that are made under this paragraph in connection with the issuance
      of the Class D Units or the Privately Placed Common Units shall be based on
      the
      Private Placement Value of the Class D Units and the Privately Placed Common
      Units.

     

    6. Article
      V
      of the Limited Liability Company Agreement is hereby amended to add a new
      Section 5.11 creating a new series of Company Securities as
      follows:

     

    Section
      5.11 Establishment
      of Class D Units.

     

    (a) General. 
      The Board hereby designates and creates a series of Company Securities to be
      designated as “Class D Units” and consisting of a total of 16,702,828 Class D
      Units, and fixes the designations, preferences and relative, participating,
      optional or other
      special rights, powers and duties of holders of the Class D Units as set forth
      in this Section 5.11. A form of Certificate Evidencing Class D Units is attached
      as Exhibit 4.2.

     

    

    (b) Rights
      of Class D Units. During
      the period commencing upon issuance of the Class D Units and ending on the
      upon
      Conversion Approval (or that later time specified in this Section 5.11(b)),
      unless amended pursuant to Section 5.11(h) hereof:

    

    (i)
       Allocations.
      Except
      as
      otherwise provided in this Agreement, all items of Company income, gain, loss,
      deduction and credit shall be allocated to the Class D Units to the same extent
      as such items would be so allocated if such Class D Units were Common Units
      (other than Privately Placed Common Units) that were then
      Outstanding.

    

    (ii)
       Distributions.
      Except
      as
      otherwise specified in this Agreement, Class D Units shall have the right to
      the
      distributions specified in Article VI of this Agreement.

     

    
      
         

      

      
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    (iii) Elimination
      of Cumulative Class D Unit Arrearages Upon Conversion.
      If a
      Cumulative Class D Unit Arrearage exists at the time of Conversion Approval,
      Available Cash shall be distributed 98% to the Unitholders holding Class D
      Units, Pro Rata, and 2% to the holders of Class A Units, Pro Rata, until there
      has been distributed in respect of each Class D Unit then Outstanding an amount
      equal to the Cumulative Class D Unit Arrearage as of such date. This
      distribution shall not be deemed a distribution on a Common Unit, but the
      satisfaction of prior entitlements of the holders of Class D Units as of
      Conversion Approval. For the taxable year in which the distribution is made,
      if
      not previously allocated, each Person receiving such distribution shall be
      allocated items of gross income in an amount equal to such distribution as
      provided in Section 6.1(d)(iii)(C).

     

    (c) [Reserved]

     

    (d) Vote
      of Unitholders. 
      Except as provided in this Section 5.11, the Class D Units are not convertible
      into Common Units.  The Board shall, as promptly as practicable following
      the issuance of the Class D Units, but in any event not later than 135 days
      after the date hereof,
      take
      such actions as may be necessary or appropriate to submit to a vote or consent
      of the holders of the Units the approval of a change in the terms of the Class
      D
      Units to provide that each Class D Unit will automatically convert into one
      Common Unit (subject to appropriate adjustment in the event of any split-up,
      combination or similar event affecting the Common Units that occurs prior to
      the
      conversion of the Class D Units), except that for purposes of this Section
      5.11(d) the term “Unitholders” shall not include the holders of Class D Units
      (the “Conversion Approval”). Effective immediately upon the Conversion Approval
      by the Unitholders, the issuance of additional Common Units to be issued upon
      such automatic conversion shall be approved without any further action by the
      holders thereof.  The vote or consent required for such approval will be
      the requisite vote required under this Agreement and under the rules or staff
      interpretations of the National Securities Exchange on which the Common Units
      are listed or admitted to trading for the listing or admission to trading of
      the
      Common Units that would be issued upon any such conversion.  Upon receipt
      of such approval and compliance with Section 5.11(f), the terms of the Class
      D
      Units will be changed, automatically and without further action, so that each
      Class D Unit is converted into one Common Unit and, immediately thereafter,
      none
      of the Class D Units shall be Outstanding.

     

    (e) Change
      in Rules of National Securities Exchange. 
      If at any time (i) the rules of the National Securities Exchange on which the
      Common Units are listed or admitted to trading or the staff interpretations
      of
      such rules are changed or (ii) facts or circumstances arise so that no vote
      or
      consent of Unitholders (except that for purposes of this Section 5.11(e) the
      term “Unitholders” shall not include the holders of the Class D Units) is
      required as a condition to the listing or admission to trading of the Common
      Units that would be issued upon any conversion of any Class D Units into Common
      Units as provided in Section 5.11(d), the terms of such Class D Units will
      be
      changed so that each Class D Unit is converted (without further action or any
      vote of any Unitholders other than compliance with Section 5.11(f)) into one
      Common Unit (subject to appropriate adjustment in the event of any split-up,
      combination or similar event affecting the Common Units that occurs prior to
      the
      conversion of the Class D Units) and, immediately thereafter, none of the Class
      D Units shall be Outstanding.

     

    
      
         

      

      
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    (f) Surrender
      of Certificates. 
      Upon
      receipt of the approval of the holders of the Units (other than holders of
      the
      Class D Units, who do not vote as part of the Conversion Approval) to convert
      the Class D Units into Common Units in accordance with Section 5.11(d) or a
      change in rules of the National Securities Exchange or a change in facts and
      circumstances as described in Section 5.11(e), the Board shall give the holders
      of the Class D Units prompt notice of such approval or change and, subject
      to
      Section 6.9, each holder of Class D Units shall promptly surrender the Class
      D
      Unit Certificates therefor, duly endorsed, at the office of the Company or
      of
      any transfer agent for the Class D Units.  In the case of any such
      conversion, the Company shall, as soon as practicable thereafter, issue and
      deliver at such office to such holder of Class D Units one or more Unit
      Certificates, registered in the name of such holder, for the number of Common
      Units to which such holder shall be entitled as aforesaid.  Such conversion
      shall be deemed to have been made as of the date of the event specified in
      Section 5.11(d) or Section 5.11(e), as the case may be, and the Person entitled
      to receive the Common Units issuable upon such conversion shall be treated
      for
      all purposes as the record holder of such Units on said date.

     

    (g) Voting
      Rights. 
      The
      Class D Units are non-voting, except that the Class D Units shall be entitled
      to
      vote as a separate class on any matter that adversely affects the rights or
      preferences of the Class D Units in relation to other classes of Interests
      (including as a result of a merger or consolidation) or as required by
      law.  The approval of a majority of the Class D Units shall be required to
      approve any matter for which the holders of the Class D Units are entitled
      to
      vote.

     

    (h) Automatic
      Provisions.
      If the
      Conversion Approval has not occurred within 135 days after the date hereof,
      then, effective as of the next succeeding day (the “Class D Distribution
      Increase Date”) until the Conversion Approval is obtained, Section 5.11(b) will
      be deemed to be amended in its entirety, automatically and without further
      action, as follows:

     

    (b)
       Rights
      of Class D Units. Prior
      to
      the Conversion Approval (or the later date specified in this Section
      5.11(b)):

     

    

    (i)
       Allocations.
      Except
      as
      otherwise provided in this Agreement, all items of Company income, gain, loss,
      deduction and credit shall be allocated to the Class D Units to the same extent
      as such items would be so allocated if such Class D Units were Common Units
      (other than Privately Placed Common Units) that were then
      Outstanding.

     

    
      
         

      

      
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    (ii)
       Distributions.
      Except
      as
      otherwise specified in this Agreement, Class D Units shall have the right to
      the
      distributions specified in Article VI of this Agreement. Notwithstanding the
      provisions of Article VI:

    

    (A)
      Sections 6.4(a)(iii) and 6.4(b)(iii) shall be applied by substituting “115%” for
“100%”.

    

    (B) Each
      Class D Unit shall be entitled to 115% of the amount distributed per Common
      Unit
      pursuant to Sections 6.4(a)(iv), 6.4(b)(iv), 6.4(b)(v) and
      6.4(b)(vi).

    

    (iii) Elimination
      of Cumulative Class D Unit Arrearages Upon Conversion.
      If a
      Cumulative Class D Unit Arrearage exists at the time of Conversion Approval,
      Available Cash shall be distributed 98% to the Unitholders holding Class D
      Units, Pro Rata, and 2% to the holders of Class A Units, Pro Rata, until there
      has been distributed in respect of each Class D Unit then Outstanding an amount
      equal to the Cumulative Class D Unit Arrearage as of such date. This
      distribution shall not be deemed a distribution on a Common Unit, but the
      satisfaction of prior entitlements of the holders of Class D Units as of
      Conversion Approval. For the taxable year in which the distribution is made,
      if
      not previously allocated, each Person receiving such distribution shall be
      allocated items of gross income in an amount equal to such distribution as
      provided in Section 6.1(d)(iii)(C).

     

    7. Section
      6.1(c)(ii) of the Limited Liability Company Agreement is hereby amended and
      restated as follows:

     

    (ii) If
      a Net
      Termination Loss is recognized (or deemed recognized pursuant to Section
      5.4(c)), such Net Termination Loss shall be allocated among the Members in
      the
      following manner:

     

    (A) First,
      2%
      to the holders of Class A Units, Pro Rata, and 98% to the holders of Class
      D
      Units, Pro Rata, until the Capital Account in respect to each Class D Unit
      then
      Outstanding has been reduced to zero; 

     

    (B) Second,
      2% to the holders of Class A Units, Pro Rata, and 98% to the holders of Common
      Units, Pro Rata, until the Capital Account in respect to each Common Unit then
      Outstanding has been reduced to zero; and

     

    (C) Third,
      the balance, if any, to all Unitholders in accordance with their respective
      Percentage Interests.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    8. Article
      VI of the Limited Liability Company Agreement is hereby amended to add a new
      Section 6.1(d)(iii)(C) as follows:

     

    (C) After
      the
      application of Sections 6.1(d)(iii)(A) and (B), if the amount of cash or the
      Net
      Agreed Value of any property distributed (except cash or property distributed
      or
      deemed distributed pursuant to Section 5.4(a) of this Agreement with respect
      to
      Class D Units or Privately Placed Common Units, or Section 10.3 of this
      Agreement) to any Unitholder with respect to its Units for a taxable year is
      greater (on a per Unit basis) than the amount of cash or the Net Agreed Value
      of
      property distributed to the other Unitholders with respect to their Units (on
      a
      per Unit basis), then each Unitholder receiving such greater cash or property
      distribution shall be allocated gross income in an amount equal to the product
      of (a) the amount by which the distribution (on a per Unit basis) to such
      Unitholder exceeds the distribution (on a per Unit basis) to the Unitholders
      receiving the smallest distribution and (b) the number of Units owned by the
      Unitholder receiving the greater distribution.

     

    9. Article
      VI of the Limited Liability Company Agreement is hereby amended to add a new
      Section 6.1(d)(xii) as follows:

     

    (xii) Allocations
      for Class D Units and Privately Placed Common Units.

     

    (A) With
      respect to any taxable period of the Company ending upon, or after, a Book-Up
      Event, a Book-Down Event or a sale of all or substantially all of the assets
      of
      the Company occurring after the date of issuance of the Class D Units and the
      Privately Placed Common Units, Company items of income or gain for such taxable
      period shall be allocated 100% (1) to the Members holding Class D Units or
      converted Class D Units that are Outstanding as of the time of such event in
      proportion to the number of Class D Units or converted Class D Units held by
      such Members, until each such Member has been allocated the amount that
      increases the Capital Account of such Class D Unit or converted Class D Unit
      to
      the Per Unit Capital Amount for a then outstanding Common Unit (other than
      a
      converted Class D Unit or a Privately Placed Common Unit) and (2) to the Members
      holding Privately Placed Common Units that are Outstanding as of the time of
      such event in proportion to the number of Privately Placed Common Units held
      by
      such Members, until each such Member has been allocated the amount that
      increases the Capital Account of such Privately Placed Common Unit to the Per
      Unit Capital Amount for a then outstanding Common Unit (other than a Privately
      Placed Common Unit or a Class D Unit).

     

    (B) With
      respect to any taxable period of the Company ending upon, or after, the transfer
      of converted Class D Units or Privately Placed Common Units to a Person that
      is
      not an Affiliate of the holder, Company items of income or gain for such taxable
      period shall be allocated 100% (1) to the Members transferring such converted
      Class D Units in proportion to the number of converted Class D Units transferred
      by such Members, until each such Member has been allocated the amount that
      increases the Capital Account of such converted Class D Unit to the Per Unit
      Capital Amount for a then outstanding Common Unit (other than a converted Class
      D Unit or a Privately Placed Common Unit) and (2) to the Members transferring
      such Privately Placed Common Units in proportion to the number of Privately
      Placed Common Units transferred by such Members, until each such Member has
      been
      allocated the amount that increases the Capital Account of such Privately Placed
      Common Unit to the Per Unit Capital Amount for a then outstanding Common Unit
      (other than a Privately Placed Common Unit or a converted Class D
      Unit).

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (C) With
      respect to the first taxable period of the Company ending upon, or after, the
      date of issuance of the Class D Units or the Privately Placed Common Units,
      at
      the election of a Member holding Class D Units or Privately Placed Common Units
      (the “Capital Account True-Up Election”), items of income or gain for such
      taxable period shall be allocated 100% to the Members making such Capital
      Account True-Up Election with respect to Class D Units or Privately Placed
      Common Units held by such Members, until each such Member has been allocated
      the
      amount that increases the Capital Account of such Class D Unit or Privately
      Placed Common Unit to the Per Unit Capital Amount for a then outstanding Common
      Unit (other than a Class D Unit or a Privately Placed Common Unit).

     

    10. Section
      6.4 of the Limited Liability Company Agreement is amended to read as
      follows:

     

    Section
      6.4 Distributions
      of Available Cash from Operating Surplus.

     

    (a) During
      the MII Vesting Period.
      Available Cash with respect to any Quarter ending prior to or on the date of
      the
      end of the MII Vesting Period that is deemed to be Operating Surplus pursuant
      to
      the provisions of Section 6.3 or Section 6.6 shall, subject to Section 8-607
      of
      the Delaware Act, be distributed, except as otherwise required by Section 5.5(b)
      in respect of other Company Securities issued pursuant thereto, as follows:
      

     

    (i) First,
      (A) 2% to the holder(s) of the Class A Units, Pro Rata and (B) 98% to the
      holders of the Common Units, Pro Rata until there has been distributed in
      respect of each Common Unit then Outstanding an amount equal to the Initial
      Quarterly Distribution for such Quarter;

     

    (ii) Second,
      (A) 2% to the holder(s) of the Class A Units, Pro Rata and (B) 98% to the
      holders of the Common Units, Pro Rata until there has been distributed in
      respect of each Common Unit then Outstanding an amount equal to the Cumulative
      Common Unit Arrearage existing with respect to such Quarter;

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    (iii) Third,
      (x)
      (A)
      2% to
      the holder(s) of the Class A Units, Pro Rata and (B) 98% to the holders of
      the
      Class D Units, Pro Rata,
      until
      there has been distributed in respect of each Class D Unit then Outstanding
      an
      amount equal to 100% of the Initial Quarterly Distribution for such Quarter;
      and
      (y) (A)
      2% to
      the holder(s) of the Class A Units, Pro Rata and (B) 98% to the holders of
      the
      Class D Units, Pro Rata,
      until
      there has been distributed in respect of each Class D Unit then Outstanding
      an
      amount equal to the Cumulative Class D Unit Arrearage, if any, existing with
      respect to such Quarter;

     

    (iv)
      Fourth, (A) 2% to the holder(s) of the Class A Units, Pro Rata and (B) 98%
      to
      the holders of the Common Units and Class D Units, Pro Rata.

    

    (b) After
      the MII Vesting Period.
      Available Cash with respect to each Quarter after the MII Vesting Period that
      is
      deemed to be Operating Surplus pursuant to the provisions of Section
      6.3
      or
Section
      6.6
      shall,
      subject to Section 18-607 of the Delaware Act, be distributed, except as
      otherwise required by Section
      5.5(b)
      in
      respect of additional Company Securities issued pursuant thereto, as
      follows:

     

    (i) First,
      (A) 2% to the holder(s) of the Class A Units, Pro Rata and (B) 98% to the
      holders of the Common Units, Pro Rata until there has been distributed in
      respect of each Common Unit then Outstanding an amount equal to the Initial
      Quarterly Distribution for such Quarter;

     

    (ii) Second,
      (A) 2% to the holder(s) of the Class A Units, Pro Rata and (B) 98% to the
      holders of the Common Units, Pro Rata until there has been distributed in
      respect of each Common Unit then Outstanding an amount equal to the Cumulative
      Common Unit Arrearage existing with respect to such Quarter;

    

    (iii) Third,
      (x)
      (A)
      2% to
      the holder(s) of the Class A Units, Pro Rata and (B) 98% to the holders of
      the
      Class D Units, Pro Rata,
      until
      there has been distributed in respect of each Class D Unit then Outstanding
      an
      amount equal to 100% of the Initial Quarterly Distribution for such Quarter;
      and
      (y) (A)
      2% to
      the holder(s) of the Class A Units, Pro Rata and (B) 98% to the holders of
      the
      Class D Units, Pro Rata,
      until
      there has been distributed in respect of each Class D Unit then Outstanding
      an
      amount equal to the Cumulative Class D Unit Arrearage, if any, existing with
      respect to such Quarter;

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    (iv) Fourth,
      (A) 2% to the holders of Class A Units, Pro Rata, and (B) 98% to the holders
      of
      Common Units and Class D Units, Pro Rata, until there has been distributed
      in
      respect of each Class A Unit, each Class D Unit and each Common Unit then
      Outstanding an amount equal to the Initial Quarterly Distribution for such
      Quarter plus $0.06 (the “First
      Target Distribution”);

     

    (v) Fifth,
      (A) 2% to the holders of the Class A Units, Pro Rata, (B) 83% to the holders
      of
      the Common Units and Class D Units, Pro Rata, and (C) 15% to the holders of
      the
      Management Incentive Interests, Pro Rata, until there has been distributed
      in
      respect of each Class A Unit, each Class D Unit and each Common Unit then
      Outstanding an amount equal to the Initial Quarterly Distribution for such
      Quarter plus $0.17 (the “Second
      Target Distribution);
      and

     

    (vi) Thereafter,
      (A) 2% to the holders of the Class A Units, Pro Rata, (B) 73% to the holders
      of
      the Common Units and Class D Units, Pro Rata, and (C) 25% to the holders of
      the
      Management Incentive Interests, Pro Rata.

     

    11. Section
      6.6 of the Limited Liability Company Agreement is amended to read as
      follows:

     

    Section
      6.6 Distributions
      of Available Cash from Capital Surplus

     

    Available
      Cash that is deemed to be Capital Surplus pursuant to the provisions of
Section 6.3(a)
      shall,
      subject to Section 18-607 of the Delaware Act, be distributed, unless the
      provisions of Section
      6.3
      require
      otherwise, be distributed as follows:

     

    (a)
      100%
      to the holders of Common Units, Pro Rata, until a hypothetical holder of a
      Common Unit acquired on the Closing Date has received with respect to such
      Common Unit, during the period since the Closing Date through such date,
      distributions of Available Cash that are deemed to be Capital Surplus in an
      aggregate amount equal to the Initial Unit Price;

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    (b)
      100%
      to the holders of Common Units, Pro Rata, until there has been distributed
      in
      respect of each Common Unit then Outstanding an amount equal to the Cumulative
      Common Unit Arrearage. Thereafter, all Available Cash shall be distributed
      as if
      it were Operating Surplus and shall be distributed in accordance with
      Section 6.4.

     

    (c)
      100%
      to the holders of Class D Units, Pro Rata, until a hypothetical holder of a
      Class D Unit acquired on the Closing Date has received with respect to such
      Class D Unit, during the period since the date Class D Units were originally
      issued through such date, distributions of Available Cash that are deemed to
      be
      Capital Surplus in an aggregate amount equal to the Initial Unit
      Price;

     

    (d)
      100%
      to the holders of Class D Units, Pro Rata, until there has been distributed
      in
      respect of each Class D Unit then Outstanding an amount equal to the Cumulative
      Class D Unit Arrearage; and 

     

    (e)
      Thereafter, all Available Cash shall be distributed as if it were Operating
      Surplus and shall be distributed in accordance with
      Section 6.4.

     

    12. Article
      VI is hereby amended to add a new Section 6.9 as follows:

     

    Section
      6.9 Special
      Provisions Relating to Holders of Converted Class D Units and Privately Placed
      Common Units. 
A
      holder of (1) a Privately Placed Common Unit or (2) a Class D Unit that has
      converted into a Common Unit pursuant to Section 5.11 shall be required to
      provide notice to the Board of the number of Privately Placed Common Units
      or
      converted Class D Units transferred by such holder no later than the last
      Business Day of the calendar year during which such transfer occurred, unless
      (x) the transfer is to an Affiliate of the holder or (y) by virtue of the
      application of Section 6.1(d)(xii)(B) to a prior transfer of the Common Unit
      or
      the application of Section 6.1(d)(xii)(A) or Section 6.1(d)(xii)(C), the Board
      has previously determined, based on advice of counsel, that the Privately Placed
      Common Unit or converted Class D Unit should have, as a substantive matter,
      like
      intrinsic economic and federal income tax characteristics of an Initial Common
      Unit; provided, that such holder may cure any failure to provide such notice
      by
      providing such notice within 20 days of the last Business Day of such calendar
      year.  The sole and exclusive remedy for any holder’s failure to provide
      any such notice shall be the enforcement of the remedy of specific performance
      against such holder and there will be no monetary damages.  In connection
      with the condition imposed by this Section 6.9, the Board shall take whatever
      steps are required to provide economic uniformity to the Privately Placed Common
      Units and converted Class D Units in preparation for a transfer thereof,
      including the application of Section 6.1(d)(xii)(B); provided,
      however,
      that no
      such steps may be taken that would have a material adverse effect on the
      Unitholders holding Common Units represented by Certificates.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    B. Agreement
      in Effect. 
      Except as hereby amended, the Limited Liability Company Agreement shall remain
      in full force and effect.

     

    C. Applicable
      Law. 
      This Amendment shall be construed in accordance with and governed by the laws
      of
      the State of Delaware, without regard to principles of conflicts of
      laws.

     

    D. Invalidity
      of Provisions. 
      If any provision of this Amendment is or becomes invalid, illegal or
      unenforceable in any respect, the validity, legality and enforceability of
      the
      remaining provisions contained herein shall not be affected
      thereby.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

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

    
      	 	 	 
	 	
              ATLAS
                ENERGY RESOURCES, LLC

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name: 

            
	 	
              Title: 

            

    

     

    [Signature
      Page to Form of Class D Amendment]

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    Exhibit
      4.2

    

    
      	 	
              Certificate
                Evidencing Class D Units

            	
               

            
	
              Certificate
                No. _____

            	
              Representing
                Limited Liability Company Interests in

            	
              Class
                D Units

            
	
               

            	
              Atlas
                Energy Resources, LLC

            	
               

            

    

     

    In
      accordance with Section 4.1 of the Amended and Restated Operating Agreement
      of
      Atlas Energy Resources, LLC, as amended, supplemented or restated from time
      to
      time (the “Company Agreement”), Atlas Energy Resources, LLC, a Delaware limited
      liability company (the “Company”), hereby certifies that
      __________________________________________ (the “Holder”) is the registered
      owner of ___________ CLASS
      D UNITS representing limited liability company interests in the Company
      (the “Class
      D Units”)
      transferable on the books of the Company, in person or by duly authorized
      attorney, upon surrender of this Certificate properly endorsed.  The
      rights, preferences and limitations of the Class D Units are set forth in,
      and
      this Certificate and the Class D Units represented hereby are issued and shall
      in all respects be subject to the terms and provisions of, the Company
      Agreement.  Copies of the Company Agreement are on file at, and will be
      furnished without charge on delivery of written request to the Company at,
      the
      principal office of the Company located at 311 Rouser Road, Moon Township,
      PA
      15108.  Capitalized terms used herein but not defined shall have the
      meanings given them in the Company Agreement.

     

    The
      Holder, by accepting this Certificate, is deemed to have (i) requested admission
      as, and agreed to become, a Member and to have agreed to comply with and be
      bound by and to have executed the Company Agreement, (ii) represented and
      warranted that the Holder has all right, power and authority and, if an
      individual, the capacity necessary to enter into the Company Agreement, (iii)
      granted the powers of attorney provided for in the Company Agreement and
      (iv) made the waivers and given the consents and approvals contained in the
      Company Agreement.

     

    This
      Certificate shall not be valid for any purpose unless it has been signed by
      duly
      authorized officers of the Company.

    

    
      	
              Dated:  _____________,
                2007

            	
               

            	
              ATLAS
                ENERGY RESOURCES, LLC

            
	
               

            	
               

            	
               

            	
               

            
	 	
               

            	
              By:

            	
               

              
                

              

              
                Chairman,
                  President and Chief Executive Officer

              

            
	 	
               

            	
               

            	
               

            
	 	
               

            	
              By:

            	
              
                

                Secretary

              

            
	
               

            

    

     

    “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED. THESE SECURITIES MAY NOT BE SOLD, OFFERED
      FOR SALE, PLEDGED (EXCEPT IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
      OTHER
      LOAN OR FINANCING ARRANGEMENT SECURED BY THESE SECURITIES) OR HYPOTHECATED
      IN
      THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES
      UNDER SUCH ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER AND,
      IN
      THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS SOLD PURSUANT TO
      RULE
      144 UNDER SUCH ACT OR THE ISSUER HAS RECEIVED DOCUMENTATION REASONABLY
      SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER
      SUCH ACT.” FOR THE AVOIDANCE OF DOUBT, THE PURCHASED UNITS AND THE PURCHASED
      CLASS D UNITS MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT
      OR
      OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY SUCH PURCHASED UNITS OR PURCHASED
      CLASS D UNITS AND SUCH PLEDGE SHALL NOT BE DEEMED TO BE A TRANSFER, SALE OR
      ASSIGNMENT OF SUCH PURCHASED UNITS OR PURCHASED CLASS D UNITS, AND NO BUYER
      EFFECTING SUCH A PLEDGE SHALL BE REQUIRED TO PROVIDE ATLAS ENERGY WITH ANY
      NOTICE THEREOF OR OTHERWISE MAKE ANY DELIVERY TO ATLAS ENERGY PURSUANT TO THIS
      AGREEMENT OR ANY OTHER BASIC DOCUMENT. 

    
      
         

      

      
        17

        
          

        

      

       

    

    Atlas
      Energy Resources, LLC

    [Reverse
      of Certificate]

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      Certificate, shall be construed as follows according to applicable laws or
      regulations:

    

    
      	
              TEN
                COM 

            	
              -

            	
              as
                tenants in common

            	
               

            	
              UNIF
                GIFT MIN ACT-

            	
               

            	
              Custodian

            	
               

            
	
              TEN
                ENT

            	
              -

            	
              as
                tenants by the entireties

            	
               

            	
               

            	
              (Cust)

            	
               

            	
              (Minor)

            
	
              JT
                TEN

            	
              -

            	
              as
                joint tenants with right of 

            	
               

            	
              under
                Uniform Gifts to Minors

            
	
               

            	
               

            	
              survivorship
                and not as tenants in

            	
               

            	
              Act

            	
               

            	
               

            
	
               

            	
               

            	
              common

            	
               

            	
               

            	
              (State)

            	
               

            
	
              Additional
                abbreviations, though not in the above list, may also be
                used.

            
	 	 	 	 	 	 	 	 	 

    

     

     

    ASSIGNMENT
      OF CLASS D UNITS

    In

    Atlas
      Energy Resources, LLC

    

    
      	
               FOR
                VALUE RECEIVED,

            	
               

            	
              hereby
                assigns, conveys, sells and transfers unto

            
	
               

            
	
               

            
	
              (Please
                print or typewrite name and address of Assignee)

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
              (Please
                insert Social Security or other identifying number of
                Assignee)

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              
                
 

            	
              Class
                D Units representing limited liability company interests evidenced
                by this
                Certificate, subject to the Company 

            
	
              Agreement,
                and does hereby irrevocably constitute and appoint

            	
              
                
 

            	
              as
                its attorney-in-fact with full power of substitution to

            
	
              transfer
                the same on the books of Atlas Energy Resources, LLC.

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              Date:

            	
              
                
 

            	
               

            	
                  NOTE:
                The signature to any endorsement hereon must correspond

            
	
               

            	
               

            	
              with
                the name as written upon the face of this Certificate in every particular,
                without alteration, enlargement or change.

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
               

            
	
              The
                signature(s) should be guaranteed by an “eligible guarantor
                

            	
               

            	
              
                

                (Signature)

              

            
	
              institution”
                as defined in Rule 17Ad-15 under the Securities and Exchange Act
                of 1934,
                as amended

            	
               

            	
            
	 	
               

            	
               

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
              
                

              

              (Signature)

            
	
               

            	
               

            	
            
	
               

            	
               

            	
               

            
	
              SIGNATURE(S)
                GUARANTEED:

            	
               

            	
               

            
	
               

            	
               

            	
               

            

    

    
       

      No
        assignment or transfer of the Class D Units evidenced hereby will be registered
        on the books of the Company unless the Certificate evidencing the Class
        D
        Units to be transferred is surrendered for registration or
        transfer.

    

     

    
      
         

      

      
        18

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