Document:

Certificate of Designation for 12% Cumulative Convertible Class B

 Exhibit 10.4 
 CERTIFICATE OF DESIGNATION OF 
 THE POWERS, PREFERENCES AND RELATIVE, PARTICIPATING, 

OPTIONAL AND OTHER SPECIAL RIGHTS OF PREFERRED UNITS AND 
 QUALIFICATIONS, LIMITATIONS AND RESTRICTIONS THEREOF 
 of 
 12% CUMULATIVE CONVERTIBLE CLASS B PREFERRED UNITS 
 for 
 ATLAS PIPELINE PARTNERS, L.P 
 ATLAS PIPELINE PARTNERS, L.P., a Delaware limited partnership (the “Company”) pursuant to the provisions of the Delaware Revised
Uniform Limited Partnership Act and its Limited Partnership Agreement, does hereby state and certify that pursuant to the authority expressly vested in ATLAS PIPELINE PARTNERS GP, LLC, its general partner (the “General
Partner”), the General Partner duly adopted the following resolutions, which remain in full force and effect as of the date hereof: 
 RESOLVED, that each of the 12% Cumulative Convertible Class B Preferred Units rank equally in all respects and shall be subject to the following terms and provisions: 
 1. Designation. There is hereby created a series of units designated as the “12% Cumulative Convertible Class B Preferred
Units” (the “Preferred Units”). The number of Preferred Units shall be 20,000 and the face value of each Preferred Unit shall be $1,000 (the “Face Value”). 
 2. Definitions. For purposes of this Certificate of Designation, the following terms shall have meanings ascribed to them below:

 “Call Option Conditions” means (i) the Company is in compliance with the terms of this Certificate of
Designations and the Registration Rights Agreement; (ii) if the Holder has demanded registration pursuant to the Registration Rights Agreement, either the Registrable Units (as defined in the Registration Rights Agreement) are (A) eligible
for resale without restriction pursuant to Rule 144(b) under the Securities Act of 1933, as amended or (B) are covered by an effective registration statement and such registration statement is not subject to any suspension or stop orders, the
prospectus contained therein is current and deliverable and not subject to any blackout or similar circumstance; (iii) the Registrable Securities (as defined in the Registration Rights Agreement (as defined below)) are listed on the Principal
Market; and (iv) the Company is not subject to any bankruptcy, insolvency or similar proceeding. 

 “Call Redemption Price” equals $9.50 per unit (as may be adjusted pursuant to
Section 6(d)). 
 “Change of Control” means the occurrence of any of the following: 
 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of
related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act); 
 (2) the adoption of a plan relating to the liquidation or dissolution of the Company or the removal of the General Partner by the limited partners of the
Company; 
 (3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that
any “person” or “group” (as those terms are used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), becomes the beneficial owner, directly or indirectly, of more than 50% of the
Voting Stock of the General Partner, measured by voting power rather than number of shares; provided that a change of control shall not be deemed to occur solely as a result of a transfer of the general partnership interests of the Company or the
equity interests in the General Partner to a new entity in contemplation of the initial public offering of such new entity, or as a result of any further offering of equity interests of such new entity (or securities convertible into such equity
interests) so long as the persons or entities that beneficially own the general partnership interests of the Company or the equity interests in the General Partner on the Closing Date continue to hold the general partnership interests in such new
entity (or, in the case of a new entity that is not a partnership, no other person or group beneficially owns more than 50% of the Voting Stock of such new entity); 
 (4) the Company consolidates or merges with or into another person or any person consolidates or merges with or into the Company, in either case under this clause (4) in one transaction or a series of related
transactions in which immediately after the consummation thereof persons beneficially owning, directly or indirectly, Voting Stock representing in the aggregate a majority of the total voting power of the Voting Stock of the Company immediately
prior to such consummation do not beneficially own, directly or indirectly, Voting Stock representing a majority of the total voting power of the Voting Stock of the Company or the surviving or transferee person; or 
 (5) the first day on which a majority of the members of the Board of Directors of the General Partner are not Continuing Directors. 
 “Closing Price” shall mean $7.50, as such Closing Price may be adjusted pursuant to Section 6(d) of this Certificate of
Designation. 
 “Common Units” shall mean the common units representing limited partner interests of the Company.

 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the General
Partner who (1) was a member of such Board of Directors on the Closing Date or (2) was nominated for election or elected to such Board of Directors with 

  

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the approval of either (x) a majority of the Continuing Directors who were members of such Board at the time of such nomination or election, or
(y) any “person” or “group” (as those terms are used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) who owns all the general partnership interests or a majority of the
equity interests of the General Partner. 
 “Conversion Commencement Date” shall mean June 30, 2009;
provided, however, that if a Change in Control or a Company Event (as defined in Section 6(d)(iii)) shall have occurred or been announced before such date, the Conversion Commencement Date shall be the date such Change in Control
Transaction or Company Event, as the case may be, shall have occurred or been announced. 
 “Conversion Price” shall
mean the lesser of (a) the Closing Price or (b) 95% of the Market Price as of the Conversion Notice Date (as defined below); provided, however, if the Company elects to pay the Conversion Value to Holder instead of issuing
Common Units, the Conversion Price shall be the lesser of (a) the Closing Price or (b) 100% of the Market Price as of the Conversion Notice Date. 
 “Conversion Value” shall mean: (i) if the Closing Price is less than the Market Price, the number of Common Units issuable for the Preferred Units being converted or redeemed multiplied by
the Market Price and (ii) if the Closing Price is greater than or equal to the Market Price, the Liquidation Value (as defined below) of the Preferred Units being converted or redeemed. 
 “Currency Conversion Option” shall mean the right of the Company to satisfy a Conversion Notice by paying to the Holder the
Conversion Value as of the Conversion Notice Date or Mandatory Conversion Date, as appropriate, rather than issuing Common Units to it. 
 “Distribution Commencement Date” shall mean December 30, 2008. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 “Holder” means Investor as defined in the Purchase Agreement (as defined in Section 5), or any of its transferees permitted pursuant to the terms of the Purchase Agreement. 
 “Mandatory Conversion Date” shall mean the second year anniversary of the Conversion Commencement Date, provided,
however, that if the Call Option Conditions shall not have been satisfied for the 20 Trading Days immediately preceding such date, the Mandatory Conversion Date shall be such later date as such conditions shall have been satisfied.

 “Market Price” shall mean the average closing price of a Common Unit over the ten (10) consecutive Trading
Days immediately preceding the date as of which the Market Price is being determined, provided that if the Common Units are not then listed on any market or exchange, then the Market Price shall be the average of the closing bid prices for the
Common Units on the OTC Bulletin Board, or, if such is not available, the National Quotation Bureau, or otherwise the average of the closing bid prices for the Common Units quoted by two market-makers of the Common Unit, or otherwise such Market
Price shall be the fair market value of one Common Unit as reasonably determined in good faith by the Company and the Holders of a majority of the Preferred Units. 
  

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 “Principal Market” shall mean the New York Stock Exchange or such other principal
market or exchange on which the Common Units are then listed for trading. 
 “Redemption Date” shall mean the date
upon which a redemption effected pursuant to the exercise of a Call Option shall be consummated. 
 “Senior Notes Restrictions” shall mean Section 4.08 of the Indenture, dated as of December 20, 2005, by and among the Company, its subsidiaries named therein and Wachovia Bank,
National Association relating to the Company’s 8- 1/8% Senior Notes due 2015, and Section 4.08 of the Indenture, dated
as of June 27, 2008, by and among the Company, its subsidiaries named therein and U.S. Bank National Association relating to the Company’s 8- 3/4% Senior Notes due 2018. 
 “Trading Day” shall mean a day on which
there is trading on the New York Stock Exchange or such other market or exchange on which the Common Units are then principally traded. 
 “Voting Stock” of any person as of any date means the equity interests of such person pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a
majority of the board of directors, managers, general partners or trustees of such person (regardless of whether, at the time, equity interests of any other class or classes shall have, or might have, voting power by reason of the occurrence of any
contingency) or, with respect to a partnership (whether general or limited), any general partner interest in such partnership. 
 3.
Distributions. Commencing on the Distribution Commencement Date, the Holders of the Preferred Units shall be entitled to receive cumulative distributions at the per unit rate of twelve percent (12%) per annum of the Face Value of
each outstanding Preferred Unit. Distributions shall be paid on the same date (a “Distribution Payment Date”) as the distribution payment date for Common Units and the record dates for distributions on the Preferred Units and
Common Units shall be the same. Notwithstanding anything in this Section 3 to the contrary, with respect to Preferred Units which are converted into Common Units, the Holder shall not be entitled to a Preferred Unit distribution and a Common
Unit distribution with respect to the same period, but shall be entitled only to the distribution to be paid based upon the class of equity held on the applicable record date. Thus, if a Holder converts Preferred Units into Common Units prior to a
record date, on the applicable Distribution Payment Date, it shall receive the Common Unit distribution with respect to such units and if the Holder converts Preferred Units after a record date, on the applicable Distribution Payment Date, it shall
receive the Preferred Unit distribution. 
 4. Liquidation Value. In the event of any liquidation, dissolution or winding up of
the Company, either voluntary or involuntary, the Holders of the Preferred Units shall be entitled to receive, out of the assets of the Company available for distribution to unit holders, prior and in preference to any distribution of any assets of
the Company to the holders of any other class or 

  

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series of equity securities (other than the Company’s 6.5% Cumulative Convertible Preferred Units (the “Existing Preferred
Units”), the amount of Face Value per unit plus all accrued but unpaid distributions thereon (collectively, the “Liquidation Value”). The foregoing shall not affect any rights which Holders of Preferred Units may
have with respect to any requirement that the Company repurchase the Preferred Units or for any right to monetary damages. 
 5.
Issuance of Preferred Units. The Preferred Units shall be issued by the Company pursuant to a Purchase Agreement, dated as of December 30, 2008 (the “Purchase Agreement”) between the Company and the initial
subscribers for the Preferred Units thereunder, and Holders shall enjoy the benefits of the Registration Rights Agreement, dated as of December 30, 2008 (the “Registration Rights Agreement”) between such parties in
connection with the Purchase Agreement to the extent set forth therein. 
 6. Conversion. 
 a) Conversion at Option of Holders. Commencing on the Conversion Commencement Date, subject to the terms hereof, each Holder of the Preferred Units
shall have the right at any time and from time to time, at the option of such Holder, to request conversion of any or all Preferred Units held by such Holder for such number of fully paid, validly issued and nonassessable Common Units, free and
clear of any liens, claims or encumbrances, as is determined by dividing (i) the Liquidation Value times the number of Preferred Units being converted, by (ii) the applicable Conversion Price on the Conversion Notice Date (subject to the
limitations set forth in this Section 6). Immediately following such conversion, the rights of the Holders of converted Preferred Units, including without limitation, any accrual of distributions, shall cease and the persons entitled to receive
the Common Units upon the conversion of Preferred Units shall be treated for all purposes as having become the owners of such Common Units. 
 b) Mandatory Conversion. On the Mandatory Conversion Date, all then outstanding Preferred Units shall be automatically converted into Common Units, determined in the manner set forth in paragraph (a) above; provided however,
that the applicable Conversion Price shall be the Conversion Price based on the 10 Trading Days immediately preceding the Mandatory Conversion Date; provided, however, that in lieu of converting the Preferred Units, the Company may
exercise the Currency Conversion Option, provided that it has provided the Holder with written notice of such exercise no later than 10 Trading Days prior to the Mandatory Conversion Date. 
 c) Mechanics of Conversion. To convert Preferred Units into Common Units, the Holder shall give written notice (“Conversion
Notice”) to the Company in the form of page 1 of Exhibit A hereto (which Conversion Notice may be given by facsimile transmission) stating that such Holder elects to convert the same and shall state therein
the number of Preferred Units to be converted; provided that such number must be at least the lesser of 2,500 or the number of outstanding Preferred Units, and the name or names in which such Holder wishes the certificate or certificates for Common
Units to be issued. The date of the Conversion Notice shall be hereinafter be referred to as the “Conversion Notice Date.” The Holder may not submit more than one Conversion Notice during any 30
day period. No later than 5 Trading Days after receipt of the Conversion Notice, the Company shall notify Holder in writing (the “Company 

  

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Notice”) of its option to either (i) issue Common Units to Holder or (ii) pay to Holder the Conversion Value of the Preferred
Units in cash pursuant to the Currency Conversion Option. The Company shall then either issue the Common Units or pay the Conversion Value of the Preferred Units being redeemed, as indicated to the Holder, on a date (the “Conversion
Date”) no later than 30 days after Conversion Notice Date. In the event that the Company shall have elected to issue Common Units, the Company shall, in the Company Notice, indicate its computation of the number of Common Units to be
received by Holder. On the Conversion Date and subject to the book-entry provisions set forth below, such Holder shall surrender the certificate or certificates representing the Preferred Units being converted, duly endorsed, at the office of the
Company or, if identified in writing to Holder by the Company, at the offices of any transfer agent for such units. If the Company shall have elected to pay the Conversion Value to Holders on the Conversion Date, it shall wire Federal Funds in the
amount of the Conversion Value to the account of the Holder specified by Holder to the Company. If the Company has elected to issue Common Units, then on the Conversion Date, the Company shall issue Holder a certificate or certificates for the
number of Common Units to which such Holder shall be entitled (with the number of and denomination of such certificates designated by such Holder), and the Company shall immediately issue and deliver to such Holder a certificate or certificates for
the number of Preferred Units (including any fractional shares) which such Holder has not yet elected to convert hereunder but which are evidenced in part by the certificate(s) delivered to the Company in connection with such Conversion Notice. If
certificates evidencing the Common Units are not received by the Holder within five (5) Trading Days of the Conversion Date, then the Holder will be entitled to: (i) revoke and withdraw its Conversion Notice, in whole or in part, at any
time prior to its receipt of those certificates or (ii) be paid immediately the Conversion Value by the Company instead of receiving Common Units. In lieu of delivering physical certificates representing the Common Units issuable upon
conversion of Preferred Units, provided the Company’s transfer agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of
the Holder, the Company shall use its best efforts to cause its transfer agent to electronically transmit the Common Units issuable upon conversion or distribution payment to the Holder, by crediting the account of the Holder’s prime broker
with DTC through its Deposit Withdrawal Agent Commission (“DWAC”) system. The time periods for delivery described above, shall apply to the electronic transmittals through the DWAC system. The parties agree to coordinate with
DTC to accomplish this objective. The conversion pursuant to this Section 6 shall be deemed to have been made immediately prior to the close of business on the Conversion Date. The person or persons entitled to receive the Common Units issuable
upon such conversion shall be treated for all purposes as the record Holder or Holders of such Common Units at the close of business on the Conversion Date. 
 The Company’s obligation to issue Common Units upon conversion of Preferred Units shall, subject to compliance with this subsection (a) in all material respects, be absolute, is independent of any covenant
of any Holder of Preferred Units, and shall not be subject to: (i) any offset or defense; or (ii) any claims against the Holders of Preferred Units whether pursuant to this Certificate of Designation, the Registration Rights Agreement, or
otherwise. 
 Book-Entry. Notwithstanding anything to the contrary set forth herein, upon conversion of any Preferred Units in
accordance with the terms hereof, the Holder thereof shall not be required to physically surrender such Holder’s certificates for Preferred Units to the 

  

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Company unless such Holder is converting all of the Preferred Units then held by such Holder. The Holders of Preferred Units and the Company shall maintain
records showing the number of Preferred Units so converted hereunder, the number of Common Units received upon conversion and the dates of such conversions, or shall use such other method, reasonably satisfactory to the Holders and the Company, so
as not to require physical surrender of certificates for Preferred Units upon each such conversion. Notwithstanding the foregoing, if any Preferred Units are converted as aforesaid, such Holder of Preferred Units may not transfer its Preferred Units
unless such Holder first physically surrenders to the Company all certificates representing any Preferred Units which have previously been converted in whole or in part, whereupon the Company will forthwith issue and deliver upon the order of such
Holder new certificate(s) evidencing Preferred Units, registered as such Holder may request, representing in the aggregate, together with all other certificates evidencing Preferred Units held by such Holder, the remaining number of Preferred Units
held by such Holder. Each Holder of Preferred Units (and any successor in interest or assignee), by acceptance of Preferred Units, acknowledges that, by reason of the provisions of this paragraph, following conversion of any Preferred Units, the
number of Preferred Units actually owned by such Holder may be less than the number of Preferred Units set forth on the face of the certificates representing Preferred Units and held by such Holder. 
 d) Conversion Adjustments. 
 (i) If the Company or any of its subsidiaries, at any time while the Preferred Units are outstanding (A) shall pay a unit distribution or otherwise make a distribution or distributions on any equity securities (including instruments or
securities convertible into or exchangeable for such equity securities) in Common Units, (B) subdivide outstanding Common Units into a larger number of units, or (C) combine outstanding Common Units into a smaller number of units, then
each Affected Price (as defined below) shall be multiplied by a fraction, the numerator of which shall be the number of Common Units outstanding before such event and the denominator of which shall be the number of Common Units outstanding after
such event. Any adjustment made pursuant to this Section 6(d)(i) shall become effective immediately after the record date for the determination of unit holders entitled to receive such distribution or distribution and shall become effective
immediately after the effective date in the case of a subdivision or combination. 
 As used herein, the Affected Prices (each
an “Affected Price”) shall refer to: (i) the Closing Price and the Call Redemption Price; or, as applicable, (ii) each closing price for Common Units occurring on any Trading Day included in the period used for
determining the Market Price, which Trading Day occurred before the record date in the case of events referred to in clause (A) of this subparagraph 6(d)(i) and before the effective date in the case of the events referred to in clauses
(B) and (C) of this subparagraph 6(d)(i). 
 (ii) If the Company or any of its subsidiaries, at any time while the
Preferred Units are outstanding, shall distribute to all holders of Common Units evidences of its indebtedness or assets or cash (other than the Company’s regularly declared and scheduled distribution) or rights or securities (excluding 

  

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those referred to in Section 6(d)(i) above and 6(d)(iii) below) or warrants to subscribe for or purchase any security of the Company or any of its
subsidiaries (excluding those referred to in Section 6(d)(i) above and 6(d)(iii) below), then each Affected Price shall be adjusted by multiplying the existing Affected Price, by a fraction, (A) the numerator of which is the closing price
per Common Unit immediately prior to the record date fixed for determination of Holders of Common Units entitled to receive the distribution (the “Reference Price”) less the fair market value per Common Unit at such record
date of the distribution as reasonably determined by the General Partner in good faith and (B) the denominator of which is the Reference Price; provided, however, that if the Holder disputes the General Partner’s valuation
above, the Holder and the Company shall select a mutually acceptable appraiser (the “Appraiser”) whose fee shall be borne equally by the Holder and the Company, and the fair market value of such distribution shall be as
determined by the Appraiser. 
 (iii) Prior to the consummation of any recapitalization, reorganization, consolidation,
merger, spin-off or other business combination (other than a Change in Control Transaction) pursuant to which holders of Common Units are entitled to receive securities or other assets with respect to or in exchange for Common Units (a
“Company Event”), the Company shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon a conversion of its Preferred Units at the Conversion Price in lieu of the Common Units
otherwise receivable upon such conversion, such securities or other assets received by the holders of Common Units in connection with the consummation of such Company Event in such amounts as the Holder would have been entitled to receive had the
Preferred Units initially been issued with a conversion rights for the form of such consideration (as opposed to Common Units) at a conversion ratio for such consideration equal to a fraction, the numerator of which is the outstanding Liquidation
Value multiplied by the number of outstanding Preferred Units and the denominator of which is the Conversion Price. Provision made pursuant to the preceding sentence shall be in a form and substance satisfactory to the Holders. 
 (iv) In case of any Change of Control, then without limiting other rights hereunder, the Holder shall have the right thereafter to, at its
option, (A) convert Preferred Units, in whole or in part, at the Conversion Price, into the units and other securities, cash and/or property receivable upon or deemed to be held by holders of Common Units following such Change of Control, and
such conversion shall be effected on the closing of the Change of Control (B) subject to subject to the Senior Notes Restrictions, require the Company or its successor to redeem, within five days of notice to the Company, the Preferred Units,
in whole or in part, at a redemption price equal to the greater of (x) the Liquidation Value of the Preferred Units or (y) the Conversion Value of the Preferred Units. To the extent that Holder does not exercise its option described in the
immediately preceding sentence, the terms of any such Change in Control Transaction shall include such terms so as to continue to give to the Holders the right to receive the amount of securities, cash and/or property upon any conversion or
redemption following 

  

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such Change in Control Transaction to which a holder of the number of Common Units deliverable upon such conversion would have been entitled in such Change
in Control Transaction. This provision shall similarly apply to successive reclassifications, consolidations, mergers, sales, transfers or share exchanges. Holder’s right to convert pursuant to clause (A) above shall be irrespective of
whether it has previously submitted a Conversion Notice within the prior 30 days. 
 e) Notice of Record Date. In the event of any
taking by the Company of a record date of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution, any security or right convertible into or entitling
the holder thereof to receive additional Common Units, or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other right, the Company shall notify each
Holder of Preferred Units at least 15 days prior to the record date, of which any such record is to be taken for the purpose of such dividend, distribution, security or right and the amount and character of such dividend, distribution, security or
right; provided, however, that the foregoing requirement shall be deemed satisfied if at least 15 days prior to record date, the Company shall have issued a press release which shall be posted on the Company’s website and carried
by one or more wire services, containing the required information. 
 f) Issue Taxes. The Company shall pay any and all issue,
documentary, stamp and other taxes, excluding any income, franchise or similar taxes, that may be payable in respect of any issue or delivery of Common Units on conversion of, or payment of distributions on, Preferred Units pursuant hereto. However,
the Holder of any Preferred Units shall pay any tax that is due because the Common Units issuable upon conversion thereof or distribution payment thereon are issued in a name other than such Holder’s name. 
 g) [Intentionally Omitted] 
 h)
Fractional Units. No fractional Common Units shall be issued upon the conversion of any Preferred Units. All Common Units (including fractions thereof) issuable upon conversion of more than one Preferred Unit by a Holder thereof shall be
aggregated for purposes of determining whether the conversion would result in the issuance of any fractional unit. If, after the aforementioned aggregation, the conversion would result in the issuance of a fraction of a Common Unit, the Company
shall, in lieu of issuing any fractional unit, either round up the number of units to the next highest whole number or, at the Company’s option, pay the Holder otherwise entitled to such fraction a sum in cash equal to the fair market value of
such fraction on the Conversion Date (as determined in good faith by the General Partner of the Company). 
 i) Specific Enforcement.
The Company agrees that irreparable damage would occur in the event that any of the provisions of this Certificate of Designation were not performed in accordance with their specific terms or were otherwise breached. Each Holder shall have all
rights and remedies set forth in this Certificate of Designation and all rights and remedies which such Holders have been granted at any time under any other agreement or contract and all of the rights which such Holders have under any law. Any
person having any rights under any provision of this Certificate of Designation shall be entitled to enforce such 

  

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rights specifically or pursue other injunctive relief or other equitable remedies (without posting a bond or other security), to recover damages by reason of
any breach of any provision of this Certificate of Designation and to exercise all other rights granted by law. Each Holder without prejudice may withdraw, revoke or suspend its pursuit of any remedy at any time prior to its complete recovery as a
result of such remedy. 
 j) Conversion Limitations. The Company shall not be obligated to issue any Common Units upon conversion of
the Preferred Units, whether pursuant to this Section 6, or otherwise, if the issuance of such Common Units would exceed that number of units of Common Units which the Company may issue upon conversion of the Preferred Units without breaching
the Company’s obligations under the rules or regulations of the Principal Market (the “Principal Market Cap”). To the extent that the Preferred Units are converted for a number of Common Units that would exceed the
Principal Market Cap, the Company shall pay in cash to Holder an amount equal to the Market Price multiplied by the number of excess Common Units. 
 7. Company Redemption Rights. 
 a) The Company shall have the option (the “Call Option”) at
any time to redeem some or all of the outstanding Preferred Units for cash, for an amount determined by dividing the Liquidation Value of the Preferred Units being redeemed by the Conversion Price and multiplying by the Call Redemption Price;
provided, however, that the foregoing redemption must be exercised for no less than the lesser of: (x) 2,500 Preferred Units, or (y) the number of remaining outstanding Preferred Units. However, the foregoing right shall not
affect the right of the Holder to convert Preferred Units pursuant to the terms of Section 6(a) with respect to any Conversion Notice submitted by Holder prior to a Redemption Date and the conversion of such Preferred Units shall be governed by
the provisions of Section 6(a) and not this Section 7. 
 b) The exercise of the Call Option by the Company shall be subject to:
(i) the transmission of a written notice of the exercise of the Call Option to the Holder (the “Call Option Notice”) no later than 10 Trading Days prior to the applicable Redemption Date which shall specify the amount of
Preferred Units being redeemed; and (ii) the satisfaction of the Call Option Conditions on the 20 Trading Days immediately preceding the Call Option Notice and at all times from the Call Option Notice to the applicable Redemption Date.

 c) With respect to exercises of the Call Option, on the applicable Redemption Date, the Company shall remit the applicable cash
consideration to the Holder. The Holder shall deliver to the Company the certificates representing the Preferred Units as soon as practicable, following the applicable Redemption Date. 
 8. Voting Rights. In addition to all other requirements imposed by Delaware law, and all other voting rights granted under the
Company’s Limited Partnership Agreement, the affirmative vote of a majority of the Company’s outstanding Preferred Units shall be necessary for repeal of this Certificate of Designation or the Certificate of Limited Partnership or Limited
Partnership Agreement or any amendment to the Limited Partnership or Limited Partnership Agreement (including any merger or consolidation) that may materially amend or change or adversely affect any of the rights, preferences, obligations or
privileges of the Preferred Units provided, however, that any Holder of Preferred Units which is a subsidiary of the Company shall not participate in such vote and the Preferred Units of such Holders shall be disregarded and deemed not to be
outstanding for purposes of such vote. 
  

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 9. Notices. The Company shall distribute to the Holders of Preferred Units copies of all
notices, materials, annual and quarterly reports, proxy statements, information statements and any other documents distributed generally to the holders of Common Units of the Company, at such times and by such method as such documents are
distributed to such holders of such Common Units. 
 10. Certificates. 
 a) The certificate(s) representing the Preferred Units held by any Holder of Preferred Units may be exchanged by such Holder at any time and from time to
time for certificates with different denominations representing an equal aggregate number of Preferred Units, as reasonably requested by such Holder, upon surrendering the same. No service charge will be made for such registration or transfer or
exchange. In the event that any Holder of Preferred Units notifies the Company that its certificate(s) therefor have been lost, stolen or destroyed, the Company shall promptly and without charge deliver replacement certificate(s) to such Holder,
provided that such Holder executes and delivers to the Company an agreement reasonably satisfactory to the Company to indemnify the Company from any loss incurred by it in connection with such lost, stolen or destroyed certificate(s). 
 b) The certificate(s) representing the Preferred Units may be imprinted with a legend in substantially the following form: 
 “THIS CERTIFICATE IS NOT REQUIRED TO BE PHYSICALLY SURRENDERED TO THE COMPANY IN THE EVENT THAT THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
CONVERTED OR REDEEMED IN PART. AS A RESULT, FOLLOWING ANY CONVERSION OR REDEMPTION OF ANY PORTION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE LESS THAN THE NUMBER OF UNITS INDICATED ON
THIS CERTIFICATE. IF ANY SECURITIES ARE CONVERTED AS AFORESAID, THE HOLDER OF THIS CERTIFICATE MAY NOT TRANSFER ANY SECURITIES REPRESENTED BY THIS CERTIFICATE UNLESS AND UNTIL SUCH HOLDER FIRST PHYSICALLY SURRENDERS TO ATLAS PIPELINE PARTNERS, L.P.
ALL CERTIFICATES REPRESENTING ANY SUCH SECURITIES WHICH HAVE PREVIOUSLY BEEN CONVERTED IN WHOLE OR IN PART, WHEREUPON ATLAS PIPELINE PARTNERS WILL FORTHWITH ISSUE AND DELIVER UPON THE ORDER OF SUCH HOLDER NEW CERTIFICATE(S) EVIDENCING SUCH
SECURITIES THEN HELD BY SUCH HOLDER.” 
 11. [Intentionally Omitted] 
  

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 12. No Reissuance. No Preferred Units acquired by the Company by reason of redemption,
purchase, conversion or otherwise shall be reissued. 
 13. No Senior Securities; Ranking. So long as any Preferred Units
remain outstanding, the Company and its subsidiaries shall not, without the affirmative vote of the Holders of at least 75% of the outstanding Preferred Units, issue any equity securities ranking senior to the Preferred Units with respect to
liquidation preference, distributions, the timing of redemption or voting rights. The Preferred Units shall rank pari passu with the Existing Preferred Units. 
 14. Severability of Provisions. If any right, preference or limitation of the Preferred Units set forth in this Certificate of Designation (as this Certificate of Designation may be amended from time to
time) is invalid, unlawful or incapable of being enforced by reason of any rule or law or public policy, all other rights, preferences and limitations set forth in this Certificate of Designation, which can be given effect without the invalid,
unlawful or unenforceable right, preference or limitation shall nevertheless remain in full force and effect, and no right, preference or limitation herein set forth be deemed dependent upon any such other right, preference or limitation unless so
expressed herein. 
 *    *    *    *    * 
 [Signature Page Follows] 
  

 12 

 IN WITNESS WHEREOF, this Certificate of Designation has been duly executed this 30th day of
December, 2008. 
  

					
	ATLAS PIPELINE PARTNERS, L.P.
		
	 By:
	 	ATLAS PIPELINE PARTNERS GP, LLC
		 	General Partner
			
		 	 By:
	 	  

  

 13 

 EXHIBIT A 
 (To be Executed by Holder 
 in order to Convert Preferred Units) 
 CONVERSION NOTICE 
 FOR

 10% CUMULATIVE CONVERTIBLE CLASS B PREFERRED UNITS 
 The undersigned, as a holder (“Holder”) of 10% Cumulative Convertible Class B Preferred Units (“Preferred Units”) of Atlas Pipeline Partners, L.P. (the “Company”), hereby irrevocably
elects to convert                      Preferred Units for Common Units of the Company according to the terms and conditions of the
Certificate of Designation for the Preferred Units as of the date written below. The undersigned hereby requests that certificates for the Common Units to be issued to the undersigned pursuant to this Conversion Notice be issued in the name of, and
delivered to, the undersigned or its designee as indicated below. No fee will be charged to the Holder of Preferred Units for any conversion. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the
Certificate of Designation. 
  

			
	 Conversion Information:
	 	NAME OF HOLDER:
		
		 	By:
		 	Print Name:
		 	Print Title:
		 	Date:
		
		 	Print Address of Holder:
		 	  

		 	  

							
			
		 	 Issue Common Units to:
	 	  

		 	 at:
	 	  

		 	  

 If Common Units are to be issued to a person other than Holder, 
 Holder’s signature must be guaranteed below: 
 SIGNATURE
GUARANTEED BY: 
 THE COMPUTATION OF NUMBER OF COMMON UNITS TO BE RECEIVED IS SET FORTH ON PAGE 2 OF THE CONVERSION NOTICE. 
 Page 1 of Conversion Notice 
  

 14 

 Page 2 to Conversion Notice dated
                     for:
                                         
                                         
                                       

                                       
                 (Conversion
Date)                                        
        (Name of Holder) 
 COMPUTATION OF NUMBER OF COMMON UNITS TO BE RECEIVED 

 

				
		
	 Number of Preferred Units converted:              units
	  		
		
	 Number of Preferred Units converted x Liquidation Value
	  	$	            
		
	 Total dollar amount converted
	  	$	            
		  	 	 
		
	 Conversion Price
	  	$	            
		
	 Number of Common Units = Total dollar amount converted =
	  		
		  	 	 
	                                         
                Conversion Price
	  		
		
	 Number of Common Units = 
	  		

 If the conversion is not being settled by DTC, please issue and deliver
             certificate(s) for Common Units in the following amount(s): 

	
	  

	  

	  

 If the Holder is receiving certificate(s) for Preferred Units upon the conversion, please issue and deliver
             certificate(s) for Preferred Units in the following amounts:Long-Term Incentive Plan

 EXHIBIT 10.6 
 Effective January 14, 2009 
 ATLAS PIPELINE HOLDINGS 
 LONG-TERM INCENTIVE PLAN 
 Amended and
Restated as of January 14, 2009 
 SECTION 1: PURPOSE OF THE PLAN. 
 The Amended and Restated Atlas Pipeline Holdings Long-Term Incentive Plan (the “Plan”) is intended to promote the interests of Atlas Pipeline Holdings, L.P., a Delaware limited partnership (the
“Partnership”), by providing to officers, employees and managing board members of Atlas Pipeline Holdings GP, LLC, a Delaware limited liability company (the “Company”), and employees of its Affiliates, consultants and joint
venture partners who perform services for the Company or the Partnership incentive awards for superior performance that are based on Units. It is also contemplated that the Plan will enhance the ability of the Company and its Affiliates to attract
and retain the services of individuals who are essential for the growth and profitability of the Company or the Partnership and to encourage them to devote their best efforts to the business of the Company or the Partnership, thereby advancing the
interests of the Company and the Partnership. 
 SECTION 2: DEFINITIONS. 
 As used in the Plan, the following terms shall have the meanings set forth below: 
 “Affiliate” means, with respect
to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession,
direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Award” means an Option or Phantom Unit granted under the Plan, and shall include any tandem DERs granted with respect to a Phantom Unit. 
 “Board” means the Managing Board of the Company. 
 “Change in Control” means the occurrence of any of
the following: 
 (a) the Company, or an Affiliate of the Parent, ceases to be the general partner of the Partnership;

 (b) a merger, consolidation, share exchange, division or other reorganization or transaction of the Partnership, the
general partner of Atlas Pipeline Partners, L.P., Atlas Pipeline Partners, L.P., the Company, the Parent or any Affiliate of the Parent that is a direct or indirect parent of the Company with any entity, other than a transaction which would result
in the voting securities of the Partnership, the general partner of Atlas Pipeline Partners, L.P., Atlas Pipeline Partners, L.P., the Company or Parent, as appropriate, outstanding immediately prior thereto continuing to represent (either by 

 
remaining outstanding or by being converted into voting securities of the surviving entity) at least 60% of the combined voting power immediately after such
transaction of the surviving entity’s outstanding securities or, in the case of a division, the outstanding securities of each entity resulting from the division; 
 (c) the equity holders of the Partnership, the general partner of Atlas Pipeline Partners, L.P., the Parent or any Affiliate of the Parent
that is a direct or indirect parent of the Company approve a plan of complete liquidation or winding-up or an agreement for the sale or disposition (in one transaction or a series of transactions) of all or substantially all of the
Partnership’s, the Parent’s, the general partner of Atlas Pipeline Partners, L.P., or any such Affiliate’s assets; or 
 (d) during any period of 24 consecutive months, individuals who at the beginning of
such period constituted the board of directors of the Company, the Parent or any Affiliate of the Parent that is a direct or indirect parent of the Company (including for this purpose any new director whose election or nomination for election or
appointment was approved by a vote of at least  2/3 of the directors then still in office who were directors at the beginning of
such period) cease for any reason to constitute at least a majority of the board or, in the case of a spin off of the Parent, if Edward E. Cohen and Jonathan Z. Cohen cease to be directors of the Parent. 
 Notwithstanding the foregoing, with respect to any Award that is subject to Section 409A of the Code, Change in Control shall mean a “change of control
event,” as defined in the regulations and guidance issued under Section 409A of the Code. In addition, notwithstanding the foregoing, the Committee may specify a more limited definition of Change in Control for a particular Award, as the
Committee deems appropriate. 
 “Code” means the Internal Revenue Code of 1986, as amended, or any successor thereto. 
 “Committee” means (i) the Board or such committee of the Board or the board of an Affiliate of the Partnership appointed by the Board to administer the
Plan or (ii) with respect to Awards that are intended to be “qualified performance-based compensation” under Section 162(m) of the Code, a committee that consists of two or more persons appointed by the Board, all of whom shall
be “outside directors” as defined under Section 162(m) of the Code and related Treasury regulations. 
 “DER” means a right, granted
in tandem with a specific Phantom Unit, to receive an amount in cash equal to, and at the same time as, the cash distributions made by the Partnership with respect to a Unit during the period such Phantom Unit is outstanding. 
 “Disability” means an illness or injury that lasts at least 6 months, is expected to be permanent and renders the Participant unable to substantially carry out
his or her duties to the Company or any of its Affiliates, as determined by the Committee. 
 “Employee” means any officer or employee of the
Company, its Affiliates, consultants or joint venture partners who performs services for the Company or the Partnership or in furtherance of our or the Partnership’s business. 
  

 2 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” means the closing sales price of a Unit on the applicable date (or if there is no trading in the Units on such date, the closing sales
price on the last date Units were traded). In the event Units are not publicly traded at the time a determination of fair market value is required to be made hereunder, the determination of fair market value shall be made in good faith by the
Committee. 
 “Manager” means a “non-employee director” of the Company as defined in Rule 16b-3 under the Exchange Act. 
 “Option” means an option to purchase Units granted under the Plan. 
 “Parent” means Atlas America, Inc., a Delaware corporation. 
 “Participant” means any Employee or Manager granted an Award
under the Plan. 
 “Partnership Agreement” means the Agreement of Limited Partnership of Atlas Pipeline Holdings, L.P., as amended from time to
time. 
 “Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization,
association, government agency or political subdivision thereof or other entity. 
 “Phantom Unit” means a phantom (notional) unit granted under
the Plan which upon vesting entitles the Participant to receive a Unit or its then Fair Market Value in cash, as determined by the Committee. 
 “Restricted Period” means the period established by the Committee with respect to an Award during which the Award remains subject to forfeiture or is not exercisable by the Participant. 
 “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, or any successor rule or regulation thereto as in effect from time to time.

 “SEC” means the Securities and Exchange Commission, or any successor thereto. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Unit” means a common unit of limited
partner interest of the Partnership. 
 SECTION 3: ADMINISTRATION. 
 The Plan shall be administered by the Committee. A majority of the Committee shall constitute a quorum, and the acts of a majority of the members of the Committee who are present at any meeting thereof at which a
quorum is present, or acts unanimously approved by the members of the Committee in writing, shall be the acts of the Committee. Subject to the following and any applicable law, the Committee, in its sole discretion, may delegate any or all of its
powers and duties under the Plan, including the power to grant Awards under the Plan, to the Chief 

  

 3 

 
Executive Officer of the Company, subject to such limitations on such delegated powers and duties as the Committee may impose, if any; provided, however,
that such delegation shall not limit the Chief Executive Officer’s right to receive Awards under the Plan. Notwithstanding the foregoing, the Chief Executive Officer may not grant Awards to, or take any action with respect to any Award
previously granted to, himself or a Person who is an Employee or Manager subject to Rule 16b-3. Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan,
the Committee shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the terms and conditions of any Award; (iv) determine
whether, to what extent, and under what circumstances Awards may be settled, exercised, canceled, or forfeited; (v) interpret and administer the Plan and any instrument or agreement relating to an Award made under the Plan; (vi) establish,
amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (vii) make any other determination and take any other action that the Committee deems
necessary or desirable for the administration of the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the
sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons, including the Company, the Partnership, any Affiliate, any Participant, and any beneficiary of any Award. All Awards under the
Plan shall be made conditional upon the Participant’s acknowledgement, in writing or by acceptance of the Award, that all decisions and determinations of the Committee shall be final and binding on the Participant, his or her beneficiaries and
any other person having or claiming an interest in such Award. Awards made under a particular Section of the Plan need not be uniform as among Participants. 
 SECTION 4: UNITS. 
 (a) Units Available. Subject to adjustment as provided in Section 4(c), the number of
Units with respect to which Phantom Units and Options may be granted under the Plan is 2,100,000. If any Option or Phantom Unit is forfeited or otherwise terminates or is canceled or paid without the delivery of Units, then the Units covered by such
Award, to the extent of such forfeiture, termination, payment or cancellation, shall again be Units with respect to which Awards may be granted. 
 (b) Sources of Units Deliverable under Awards. Any Units delivered pursuant to an Award shall consist, in whole or in part, of Units newly issued by the Partnership, Units acquired in the open market or from any Affiliate of the
Partnership or the Company, or any other Person, or any combination of the foregoing, as determined by the Committee in its discretion. 
 (c) Adjustments. In the event that any distribution (whether in the form of cash, Units, other securities or other property), recapitalization, split, reverse split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Units or other securities of the Partnership, issuance of warrants or other rights to purchase Units or other securities of the Partnership, or other similar transaction or event affects the Units such that an
adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall equitably adjust (i) the number and type of Units (or other
securities or property) with respect to which Awards may be granted, (ii)

  

 4 

 
the number and type of Units (or other securities or property) subject to outstanding Awards, and (iii) the grant or exercise price with respect to any
Award; provided, however, that the number of Units subject to any Award shall always be a whole number. The Committee may make provision for a cash payment to the holder of an outstanding Award. 
 SECTION 5: ELIGIBILITY. 
 Any Employee or Manager shall be
eligible to be designated a Participant and receive an Award under the Plan. 
 SECTION 6: AWARDS. 
 (a) Options. The Committee shall have the authority to determine the Employees and Managers to whom Options shall be granted, the number of Units
to be covered by each Option, the exercise price therefor, the Restricted Period and the conditions and limitations applicable to the exercise of the Option, as the Committee shall determine, that are not inconsistent with the provisions of the
Plan. 
 (i) Exercise Price. The exercise price per Unit purchasable under an Option shall be determined by the Committee at the time
the Option is granted and may be more or less than its Fair Market Value as of the date of grant. 
 (ii) Time and Method of Exercise.
The Committee shall determine the Restricted Period and the method or methods by which payment of the exercise price may be made or deemed to have been made, which may include, without limitation, cash, check acceptable to the Board, a
“cashless-broker” exercise through procedures approved by the Board, a recourse note from the Participant in a form acceptable to the Board, or any combination thereof, having a fair market value on the exercise date equal to the relevant
exercise price. 
 (b) Phantom Units. The Committee shall have the authority to determine the Employees and Managers to whom Phantom
Units shall be granted, the number of Phantom Units to be granted to each such Participant, the Restricted Period, the conditions under which the Phantom Units may become vested or forfeited, whether DERs are granted with respect to an Award and
such other terms and conditions, as the Committee may determine, that are not inconsistent with the provisions of the Plan. 
 (c)
General. 
 (i) Forfeiture. Except as otherwise provided in the terms of the Award, upon termination of a Participant’s
employment with the Company or its Affiliates or membership on the Board during the applicable Restricted Period, all Options and unvested Phantom Units shall be forfeited by the Participant; provided, however, that if the reason for the termination
is the Participant’s death or Disability, all Options awarded to the Participant shall become exercisable and all Phantom Units shall vest automatically. The Committee may, in its discretion, waive in whole or in part any forfeiture.

 (ii) Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone or in
addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Company or any Affiliate. 
  

 5 

 (iii) Limits on Transfer of Awards. 
 (A) Except as provided in (C) below, each Option shall be exercisable only by the Participant during the Participant’s lifetime, or by the
person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. 
 (B) Except as provided in
(C) below, no Award and no right under any such Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer
or encumbrance shall be void and unenforceable against the Partnership, the Company or any Affiliate thereof. 
 (C) To the extent
specifically provided by the Committee with respect to an Option grant, an Option may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities or on such
terms and conditions as the Committee may from time to time establish. In addition, Awards may be transferred by will and the laws of descent and distribution. 
 (iv) Unit Certificates. All certificates for Units or other securities of the Partnership delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and
other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Units or other securities are then listed, and any applicable federal or state
laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 
 (v) Delivery of Units or Other Securities and Payment by Participant of Consideration. Notwithstanding anything in the Plan or any grant agreement to the contrary, delivery of Units pursuant to the exercise or vesting of an Award may
be deferred for any period during which, in the good faith determination of the Committee, the Partnership is not reasonably able to obtain or issue Units pursuant to such Award without violating the rules or regulations of any applicable law or
securities exchange. No Units or other securities shall be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award grant agreement (including, without limitation, any
exercise price or tax withholding) is received by the Partnership. 
 (vi) Rule 16b-3. It is intended that the Plan and any Award made
to a Participant subject to Section 16 of the Exchange Act meet all of the requirements of Rule 16b-3. If any provision of the Plan or any such Award would disqualify the Plan or such Award under, or would otherwise not comply with Rule 16b-3,
such provision or Award shall be construed or deemed amended to conform to Rule 16b-3. 
 (vii) Status of Original Issue Units. The
Partnership intends, but shall not be obligated, to register for sale under the Securities Act the Units acquirable pursuant to Awards, and to keep such registration effective throughout the period any Awards are in effect. In the 

  

 6 

 
absence of such effective registration or an available exemption from registration under the Securities Act, delivery of Units acquirable pursuant to Awards
shall be delayed until registration of such Units is effective or an exemption from registration under the Securities Act is available. In the event exemption from registration under the Securities Act is available, a Participant (or a
Participant’s estate or personal representative in the event of the Participant’s death or incapacity), if requested by the Partnership to do so, will execute and deliver to the Partnership in writing an agreement containing such
provisions as the Partnership may require to assure compliance with applicable securities laws. No sale or disposition of Units acquired pursuant to an Award by a Participant shall be made in the absence of an effective registration statement under
the Securities Act with respect to such Units unless an opinion of counsel satisfactory to the Partnership that such sale or disposition will not constitute a violation of the Securities Act or any other applicable securities laws is first obtained.

 (viii) Change in Control. Upon a Change in Control, unless the Committee determines otherwise in the terms of the Award, all Awards
shall automatically vest and become payable or exercisable, as the case may be, in full. In the event of a Change in Control, unless the Committee determines otherwise in the terms of the Award, all Restricted Periods shall terminate and all
performance criteria, if any, shall be deemed to have been achieved at the maximum level. To the extent an Option that has become fully vested and exercisable is not exercised upon a Change in Control, the Committee may, in its discretion, cancel
such Award without payment. The Committee may also, in its discretion, provide for a replacement grant with respect to such property and on such terms as it deems appropriate. 
 SECTION 7: AMENDMENT AND TERMINATION. 
 Except to the extent prohibited by applicable law: 
 (a) Amendments to the Plan. Except as required by the rules of the principal securities exchange on which the Units are traded and subject to
Section 7(b) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner without the consent of any partner, Participant, other holder or beneficiary of an Award, or other Person. 
 (b) Amendments to Awards. Subject to Section 7(a), the Committee may waive any conditions or rights under, amend any terms of, or alter any
Award theretofore granted, provided no change, other than pursuant to Section 7(c), in any Award shall materially reduce the benefit to a Participant without the consent of such Participant. 
 (c) Adjustment of Awards upon the Occurrence of Certain Unusual or Nonrecurring Events. The Committee is hereby authorized to make adjustments in
the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4(c) of the Plan) affecting the Partnership or the financial
statements of the Partnership, or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan. 
  

 7 

 SECTION 8: GENERAL PROVISIONS. 
 (a) No Rights to Award. No Person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of
treatment of Participants. The terms and conditions of Awards need not be the same with respect to each Participant. 
 (b)
Withholding. The Company or any Affiliate is authorized to withhold from any Award, from any payment due or transfer made under any Award or from any compensation or other amount owing to a Participant the amount (in cash, Units, other
securities. Units that would otherwise be issued pursuant to such Award or other property) of any applicable taxes payable in respect of the grant of an Award, its exercise, the lapse of restrictions thereon, or any payment or transfer under an
Award or under the Plan and to take such other action as may be necessary in the opinion of the Company or Affiliate to satisfy its withholding obligations for the payment of such taxes. 
 (c) No Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the
Company or any Affiliate or to remain on the Board. Further, the Company or an Affiliate may at any time dismiss a Participant from employment, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or
in any Award agreement. 
 (d) Governing Law. The validity, construction, and effect of the Plan and any rules and regulations
relating to the Plan shall be determined in accordance with the laws of the State of Delaware and applicable federal law. 
 (e)
Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed
applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the
Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
 (f) Compliance with Other Laws. The Committee may refuse to issue or transfer any Units or other consideration under an Award if, in its sole
discretion, it determines that the issuance or transfer or such Units or such other consideration might violate any applicable law or regulation, the rules of the principal securities exchange on which the Units are then traded, or entitle the
Partnership or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Partnership by a Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly
refunded to the relevant Participant, holder or beneficiary. It is intended that, to the extent applicable, Awards made under the Plan comply with the requirements of section 409A of the Code and the regulations thereunder. To the extent that any
legal requirement of section 409A of the Code as set forth in the Plan ceases to be required under section 409A of the Code, that Plan provision shall cease to apply. 
  

 8 

 (g) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to
create a trust or separate fund of any kind or a fiduciary relationship between the Partnership, the Company or any participating Affiliate and a Participant or any other Person. 
 (h) No Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine
whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated. 
 (i) Headings. Headings are given to the sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall
not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 
 (j) Facility
Payment. Any amounts payable hereunder to any Person under legal disability or who, in the judgment of the Committee, is unable to properly manage his financial affairs, may be paid to the legal representative of such Person, or may be applied
for the benefit of such Person in any manner which the Committee may select, and the Company shall be relieved of any further liability for payment of such amounts. 
 SECTION 9: TERM OF THE PLAN. 
 The Plan shall be effective on the date of its approval by the Unit holders and
shall continue until the date terminated by the Board or Units are no longer available for the grant of Awards under the Plan, whichever occurs first. However, unless otherwise expressly provided in the Plan or in an applicable Award agreement, any
Award granted prior to such termination, and the authority of the Board or the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award, shall extend beyond such
termination date. 
  

 9

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