Document:

Form of Common Unit Purchase Agreement

 Exhibit 10.1 
 COMMON UNIT PURCHASE AGREEMENT 
 BY AND AMONG 
 ATLAS PIPELINE PARTNERS, L.P. 
 AND

 THE PURCHASERS NAMED HEREIN 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	Article I DEFINITIONS	  	1
			
	 Section 1.01
	  	Definitions	  	1
	 Section 1.02
	  	Accounting Procedures and Interpretation	  	5
		
	Article II SALE AND PURCHASE	  	5
			
	 Section 2.01
	  	Sale and Purchase	  	5
	 Section 2.02
	  	Independent Nature of Purchasers’ Obligations	  	5
	 Section 2.03
	  	Purchased Units	  	6
	 Section 2.04
	  	Closing	  	6
		
	Article III REPRESENTATIONS AND WARRANTIES OF ATLAS Pipeline partners	  	6
			
	 Section 3.01
	  	Existence	  	6
	 Section 3.02
	  	Capitalization and Valid Issuance of Purchased Units	  	6
	 Section 3.03
	  	Atlas Pipeline Partners SEC Documents	  	8
	 Section 3.04
	  	Disclosures	  	8
	 Section 3.05
	  	No Material Adverse Change	  	9
	 Section 3.06
	  	Litigation	  	9
	 Section 3.07
	  	No Breach	  	9
	 Section 3.08
	  	Authority	  	10
	 Section 3.09
	  	Compliance with Laws	  	10
	 Section 3.10
	  	Approvals	  	10
	 Section 3.11
	  	MLP Status	  	11
	 Section 3.12
	  	Investment Company Status	  	11
	 Section 3.13
	  	Offering	  	11
	 Section 3.14
	  	Certain Fees	  	11
	 Section 3.15
	  	Internal Accounting Controls	  	11
	 Section 3.16
	  	Insurance	  	11
	 Section 3.17
	  	Registration Rights	  	11
	 Section 3.18
	  	No Side Agreements	  	11
	 Section 3.19
	  	Shell Company Status	  	12
	 Section 3.20
	  	No Default	  	12
		
	Article IV REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER	  	12
			
	 Section 4.01
	  	Valid Existence	  	12
	 Section 4.02
	  	No Breach	  	12
	 Section 4.03
	  	Investment	  	13
	 Section 4.04
	  	Nature of Purchaser	  	13
	 Section 4.05
	  	Restricted Securities	  	13
	 Section 4.06
	  	Certain Fees	  	13
	 Section 4.07
	  	Legend	  	13
	 Section 4.08
	  	Short Selling	  	14
	 Section 4.09
	  	No Side Agreements	  	14
	 Section 4.10
	  	Receipt of Information	  	14

  

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	Article V COVENANTS	  	15
			
	 Section 5.01
	  	Issuer Lock-Up/Subsequent Issuances of Units	  	15
	 Section 5.02
	  	Purchaser Participation	  	15
	 Section 5.03
	  	Excluded Securities Transactions	  	17
	 Section 5.04
	  	Short Selling Acknowledgement and Agreement	  	17
	 Section 5.05
	  	Taking of Necessary Action	  	17
	 Section 5.06
	  	Non-Disclosure; Interim Public Filings	  	17
	 Section 5.07
	  	Tax Information	  	18
	 Section 5.08
	  	No Other Listed Class of Securities	  	18
	 Section 5.09
	  	NYSE Listing of Common Units	  	18
		
	Article VI CLOSING DELIVERIES	  	18
			
	 Section 6.01
	  	Conditions to the Closing	  	18
	 Section 6.02
	  	Atlas Pipeline Partners Deliveries	  	19
	 Section 6.03
	  	Purchaser Deliveries	  	20
		
	Article VII INDEMNIFICATION, COSTS AND EXPENSES	  	20
			
	 Section 7.01
	  	Indemnification by Atlas Pipeline Partners	  	20
	 Section 7.02
	  	Indemnification by Purchasers	  	20
	 Section 7.03
	  	Indemnification Procedure	  	21
		
	Article VIII MISCELLANEOUS	  	21
			
	 Section 8.01
	  	Interpretation	  	21
	 Section 8.02
	  	Survival of Provisions	  	22
	 Section 8.03
	  	No Waiver; Modifications in Writing	  	22
	 Section 8.04
	  	Binding Effect; Assignment	  	23
	 Section 8.05
	  	Communications	  	23
	 Section 8.06
	  	Removal of Legend	  	23
	 Section 8.07
	  	Entire Agreement	  	26
	 Section 8.08
	  	Governing Law	  	26
	 Section 8.09
	  	Execution in Counterparts	  	26
	 Section 8.10
	  	Recapitalization, Exchanges, Etc. Affecting the Purchased Units	  	26
	 Section 8.11
	  	Obligations Limited to Parties to Agreement	  	26

  

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 Schedules and Exhibits 
  

			
	Exhibit A -	  	Form of Registration Rights Agreement
		
	Exhibit B -	  	Form of Legal Opinion
		
	Exhibit C -	  	Form of Atlas Pipeline Partners GP, LLC Officer’s Certificate
		
	Exhibit D -	  	Form of Warrant

  

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 COMMON UNIT PURCHASE AGREEMENT 
 This COMMON UNIT PURCHASE AGREEMENT, dated as of August 17, 2009 (this “Agreement”), by and among Atlas Pipeline Partners, L.P., a
Delaware limited partnership (“Atlas Pipeline Partners”), and each of the Purchasers signatory hereto (each, a “Purchaser” and, collectively, the “Purchasers”). 
 WHEREAS, Atlas Pipeline Partners desires to sell an aggregate of 2,689,765 Common Units and the Purchasers desire to purchase an aggregate of 2,689,765
Common Units from Atlas Pipeline Partners, each in accordance with the provisions of this Agreement; and 
 WHEREAS, Atlas Pipeline Partners
has agreed to provide the Purchasers with certain registration rights with respect to the Purchased Units acquired pursuant to this Agreement; and 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Atlas Pipeline Partners and each of the
Purchasers, severally and not jointly, hereby agree as follows: 
 ARTICLE I  
 DEFINITIONS 
 Section 1.01
Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms have the meanings indicated: 
 “8-K Filing” shall have the meaning specified in Section 5.06. 
 “Action” against a Person means any lawsuit, action, proceeding, investigation or complaint before any Governmental Authority, mediator or arbitrator. 
 “Affiliate” means, with respect to a specified Person, any other Person, whether now in existence or hereafter created, directly or
indirectly controlling, controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, “controlling”, “controlled
by” and “under common control with”) means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.

 “Agreement” shall have the meaning specified in the introductory paragraph. 
 “Atlas Pipeline Partners” shall have the meaning specified in the introductory paragraph. 
 “Atlas Pipeline Partners Financial Statements” shall have the meaning specified in Section 3.03. 
 “Atlas Pipeline Partners Material Adverse Effect” means any material and adverse effect on (i) the assets, liabilities, financial
condition, business, operations, prospects or affairs of Atlas Pipeline Partners and its Subsidiaries, taken as a whole, other than those occurring as a result of 

 
general economic or financial conditions or other developments that are not unique to and do not have a material disproportionate impact on Atlas Pipeline
Partners and its Subsidiaries but also affect other Persons who participate in or are engaged in the lines of business of which Atlas Pipeline Partners and its Subsidiaries participate or are engaged, (ii) the ability of Atlas Pipeline Partners
and its Subsidiaries, taken as a whole, to carry out their business as of the date of this Agreement or to meet their obligations under the Basic Documents on a timely basis or (iii) the ability of Atlas Pipeline Partners to consummate the
transactions under any Basic Document. 
 “Atlas Pipeline Partners Related Parties” shall have the meaning specified in
Section 7.02. 
 “Atlas Pipeline Partners SEC Documents” shall have the meaning specified in Section 3.03.

 “Basic Documents” means, collectively, this Agreement, the Registration Rights Agreement, and any and all other
agreements or instruments executed and delivered by the Parties to evidence the execution, delivery and performance of this Agreement, and any amendments, supplements, continuations or modifications thereto. 
 “Board of Directors” means the board of directors of Atlas Pipeline Partners’ general partner. 
 “Business Day” means any day other than a Saturday, a Sunday, or a legal holiday for commercial banks in New York, New York. 

“Closing” shall have the meaning specified in Section 2.04. 
 “Closing Date” shall have the meaning specified in Section 2.04. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Commission” means the United States Securities and Exchange Commission. 
 “Commitment Amount” means the dollar amount set forth opposite each Purchaser’s signature page to this Agreement opposite the
heading “Commitment Amount.” 
 “Common Unit Price” means $6.35 per Purchased Unit to be paid by each Purchaser to
Atlas Pipeline Partners to purchase the Purchased Units. 
 “Common Units” means the Common Units of Atlas Pipeline Partners
having the rights, preferences and designations set forth in the Limited Partnership Agreement. 
 “Delaware LP Act” means
the Delaware Revised Uniform Limited Partnership Act, as amended from time to time. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder. 
  

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 “Excluded Securities” means Common Units, options and convertible securities issued or
issuable: (i) in connection with the Atlas Pipeline Partners Long-Term Incentive Plan or any other approved employee compensation arrangement, (ii) upon exercise of the Warrants, (iii) upon conversion or exercise of any options or
convertible securities that are outstanding on the day immediately preceding the Closing Date, provided that the terms of such options or convertible securities are not amended, modified or changed on or after the date hereof, (iv) to
consultants, vendors, or service providers of Atlas Pipeline Partners (or any of its subsidiaries) pursuant to contracts or arrangements approved by Atlas Pipeline Partners’ general partner’s Board of Directors after the Closing Date, in
each case in the ordinary course of business consistent with past practices and in each case related to compensation for services (and, with respect to vendors and service providers, not the sole or principal form of compensation for such services)
and not for the purpose of raising capital; (v) in connection with strategic transactions involving Atlas Pipeline Partners (including any of Atlas Pipeline Partners’ subsidiaries) and other entities, including without limitation, joint
venture, licensing, collaboration, manufacturing, development, marketing, co-promotion or distribution arrangements, and (vi) as consideration for assets or equity. 
 “GAAP” means generally accepted accounting principles in the United States of America in effect from time to time. 
 “Governmental Authority” shall include the country, state, county, city and political subdivisions in which any Person or such Person’s Property is located or that exercises valid jurisdiction
over any such Person or such Person’s Property, and any court, agency, department, commission, board, bureau or instrumentality of any of them and any monetary authorities that exercise valid jurisdiction over any such Person or such
Person’s Property. Unless otherwise specified, all references to Governmental Authority herein shall mean a Governmental Authority having jurisdiction over, where applicable, Atlas Pipeline Partners, its Subsidiaries or any of their Property or
any of the Purchasers. 
 “Indemnified Party” shall have the meaning specified in Section 7.03. 
 “Indemnifying Party” shall have the meaning specified in Section 7.03. 
 “Law” means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law, rule or
regulation. 
 “Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the
owner of the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including the lien or security interest arising from a mortgage, encumbrance, pledge,
security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes. 
 “Limited
Partnership Agreement” shall have the meaning specified in Section 2.03. 
 “Participation Date” means the
earlier of (i) 60 days after the date the Registration Statement (as defined in the Registration Rights Agreement) is declared effective or (ii) 240 days after the Closing Date. 
  

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 “Participating Unit” shall have the meaning specified in Section 4.08. 

“Party” or “Parties” means Atlas Pipeline Partners and the Purchasers, individually or collectively, as the case may
be. 
 “Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust,
limited liability company, unincorporated organization or government or any agency, instrumentality or political subdivision thereof, or any other form of entity. 
 “Placement Agent” means Wells Fargo Securities, LLC. 
 “Placement Agent
Fees” means the fees that Atlas Pipeline Partners is obligated to pay to the Placement Agent upon the closing of the transactions contemplated by this Agreement. 
 “Property” or “Properties” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 
 “Purchased Units” means the Common Units to be issued and sold to the Purchasers pursuant to this Agreement. 
 “Purchaser Material Adverse Effect” means any material and adverse effect on (i) the ability of a Purchaser to meet its obligations
under this Agreement or the Registration Rights Agreement on a timely basis or (ii) the ability of a Purchaser to consummate the transactions under this Agreement or the Registration Rights Agreement. 
 “Purchaser Related Parties” shall have the meaning specified in Section 7.01. 
 “Registration Rights Agreement” means the Registration Rights Agreement, substantially in the form attached to this Agreement as Exhibit
A, to be entered into at the Closing, among Atlas Pipeline Partners and the Purchasers. 
 “Representatives” of any Person
means the officers, managers, directors, employees, agents, affiliates, control persons, counsel, investment bankers and other representatives of such Person. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder. 
 “Short Sales” means, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the
Exchange Act, whether or not against the box, and forward sale contracts, options, puts, calls, short sales, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements, and sales and other
transactions through non-U.S. broker dealers or foreign regulated brokers. 
 “Subsidiary” means, as to any Person, any
corporation or other entity of which a majority of the outstanding equity interest having by the terms thereof ordinary voting power to elect a majority of the board of directors of such corporation or other entity (irrespective of whether or not at
the time any equity interest of any other class or classes of such corporation or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such
Person or one or more of its Subsidiaries. 
  

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 “Unitholders” means the Unitholders of Atlas Pipeline Partners (within the meaning of
the Limited Partnership Agreement). 
 “Units” means the Units of Atlas Pipeline Partners representing limited partnership
interests. 
 “Warrant” means the Warrant, substantially in the form attached to this Agreement as Exhibit D, to be entered
into at the Closing, between Atlas Pipeline Partners and each Purchaser. 
 Section 1.02 Accounting Procedures and Interpretation. Unless
otherwise specified in this Agreement, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters under this Agreement shall be made, and all financial statements and certificates and reports as to
financial matters required to be furnished to the Purchasers under this Agreement shall be prepared, in accordance with GAAP applied on a consistent basis during the periods involved (except, in the case of unaudited statements, as permitted by Form
10-Q promulgated by the Commission) and in compliance as to form in all material respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto. 
 ARTICLE II 
 SALE AND PURCHASE

 Section 2.01 Sale and Purchase. Subject to the terms and conditions of this Agreement, at the Closing, Atlas Pipeline Partners hereby
agrees to issue and sell to each Purchaser, and each Purchaser hereby agrees, severally and not jointly, to purchase from Atlas Pipeline Partners the number of Purchased Units, respectively, set forth on such Purchaser’s signature page. Each
Purchaser severally and not jointly agrees to pay Atlas Pipeline Partners the Common Unit Price for each Purchased Unit purchased by such Purchaser. 
 Section 2.02 Independent Nature of Purchasers’ Obligations. The respective obligations of each Purchaser under this Agreement and the Registration Rights Agreement are several and not joint with the obligations of any other
Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement or the Registration Rights Agreement. The failure or waiver of performance under this Agreement or the
Registration Rights Agreement by any Purchaser, or on its behalf, does not excuse performance by any other Purchaser. Nothing contained herein or in the Registration Rights Agreement, and no action taken by any Purchaser pursuant thereto, shall be
deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the
transactions contemplated by this Agreement or the Registration Rights Agreement. Except as otherwise provided in this Agreement or the Registration Rights Agreement, each Purchaser shall be entitled to independently protect and enforce its rights,
including the rights arising out of this Agreement or the Registration Rights Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. 
  

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 Section 2.03 Purchased Units. The Purchased Units shall have those rights, preferences, privileges and
restrictions governing the Common Units as set forth in the Second Amended and Restated Agreement of Limited Partnership of Atlas Pipeline Partners, dated as of March 9, 2004, as amended (the “Limited Partnership Agreement”).

 Section 2.04 Closing. Subject to the terms and conditions hereof, the consummation of the purchase and sale of the Purchased Units hereunder
(the “Closing”) shall take place at 9:00 a.m., Central Daylight Time, on August 20, 2009, or at such other time and date not later than five (5) full Business Days thereafter as Atlas Pipeline Partners and the
Purchasers may agree (the “Closing Date”). 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF ATLAS PIPELINE PARTNERS 
 Atlas
Pipeline Partners represents and warrants to the Purchasers, on and as of the date of this Agreement and on and as of the Closing Date, as follows: 
 Section 3.01 Existence. Each of Atlas Pipeline Partners and its Subsidiaries: (i) is a corporation, limited partnership or limited liability company, as applicable, duly organized, validly existing and in good standing
under the Laws of the state or other jurisdiction of its incorporation or organization; (ii) has all requisite power and authority, and has all material governmental licenses, authorizations, consents and approvals, necessary to own, lease, use
and operate its Properties and carry on its business as its business is now being conducted as described in the Atlas Pipeline Partners SEC Documents, except where the failure to obtain such licenses, authorizations, consents and approvals would not
reasonably be expected to have an Atlas Pipeline Partners Material Adverse Effect. Each of Atlas Pipeline Partners and its Subsidiaries is duly qualified or licensed and in good standing as a foreign limited partnership, limited liability company or
corporation, as applicable, and is authorized to do business in each jurisdiction in which the ownership or leasing of its respective Properties or the character of its respective operations makes such qualification necessary, except where the
failure to obtain such qualification, license, authorization or good standing would not reasonably be expected to have an Atlas Pipeline Partners Material Adverse Effect. 
 Section 3.02 Capitalization and Valid Issuance of Purchased Units. 
 (a) As of the date of this
Agreement, and prior to the issuance and sale of the Purchased Units, the issued and outstanding membership interests of Atlas Pipeline Partners consist of 47,809,425 Common Units, 20,000 Class B Preferred Units (as defined in the Limited
Partnership Agreement) and Incentive Distribution Rights (as defined in the Limited Partnership Agreement). All of the outstanding Common Units, Preferred Units and Incentive Distribution Rights have been duly authorized and validly issued in
accordance with applicable Law and the Limited Partnership Agreement and are fully paid (to the extent required under the Limited Partnership Agreement) and non-assessable (except as such non-assessability may be affected by Section 17-607 of
the Delaware LP Act). 
  

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 (b) Other than Atlas Pipeline Partners’ existing Long-Term Incentive Plan, and other existing
management compensation arrangements, Atlas Pipeline Partners has no equity compensation plans that contemplate the issuance of Common Units (or securities convertible into or exchangeable for Common Units). Atlas Pipeline Partners has no
outstanding indebtedness having the right to vote (or convertible into or exchangeable for securities having the right to vote) on any matters on which the Unitholders may vote. Except as set forth in the first sentence of this Section 3.02(b),
as contemplated by this Agreement, disclosed in the Atlas Pipeline Partners SEC Documents or as are contained in the Limited Partnership Agreement, there are no outstanding or authorized (i) options, warrants, preemptive rights, subscriptions,
calls or other rights, convertible securities, agreements, claims or commitments of any character obligating Atlas Pipeline Partners or any of its Subsidiaries to issue, transfer or sell any limited partnership interests or other equity interests in
Atlas Pipeline Partners or any of its Subsidiaries or securities convertible into or exchangeable for such limited partnership interests or other equity interests, (ii) obligations of Atlas Pipeline Partners or any of its Subsidiaries to
repurchase, redeem or otherwise acquire any limited partnership interests or other equity interests in Atlas Pipeline Partners or any of its Subsidiaries or any such securities or agreements listed in clause (i) of this sentence or
(iii) voting trusts or similar agreements to which Atlas Pipeline Partners or any of its Subsidiaries is a party with respect to the voting of the equity interests of Atlas Pipeline Partners or any of its Subsidiaries. 
 (c) (i) All of the issued and outstanding equity interests of each of Atlas Pipeline Partners’ Subsidiaries are owned, directly or indirectly, by
Atlas Pipeline Partners free and clear of any Liens (except for such restrictions as may exist under applicable Law and except for such Liens as may be imposed under Atlas Pipeline Partners’ or its Subsidiaries’ credit facilities filed as
exhibits to the Atlas Pipeline Partners SEC Documents), and all such ownership interests have been duly authorized and validly issued and are fully paid (to the extent required by applicable Law and the organizational documents of Atlas Pipeline
Partners’ Subsidiaries, as applicable) and non-assessable (except as non-assessability may be affected by Section 17-607 of the Delaware LP Act or the organizational documents of Atlas Pipeline Partners’ Subsidiaries, as applicable)
and free of preemptive rights, with no personal liability attaching to the ownership thereof, and (ii) except as disclosed in the Atlas Pipeline Partners SEC Documents, neither Atlas Pipeline Partners nor any of its Subsidiaries owns any shares
of capital stock or other securities of, or interest in, any other Person, or is obligated to make any capital contribution to or other investment in any other Person. 
 (d) The offer and sale of the Purchased Units and the limited partnership interests represented thereby are duly authorized by Atlas Pipeline Partners pursuant to the Limited Partnership Agreement prior to the Closing
and, when issued and delivered to the Purchasers against payment therefor in accordance with the terms of this Agreement, will be validly issued, fully paid (to the extent required by applicable Law and the Limited Partnership Agreement) and
non-assessable (except as such non-assessability may be affected by Section 17-607 of the Delaware LP Act) and will be free of any and all Liens and restrictions on transfer, other than restrictions on transfer under the Limited Partnership
Agreement, the Registration Rights Agreement and applicable state and federal securities Laws and other than such Liens as are created by the Purchasers. 
  

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 (e) The Purchased Units will be issued in compliance with all applicable rules of The New York Stock
Exchange. Prior to the Closing Date, Atlas Pipeline Partners will submit an additional listing application to The New York Stock Exchange with respect to the Purchased Units. Atlas Pipeline Partners’ currently outstanding Common Units are
quoted on The New York Stock Exchange and Atlas Pipeline Partners has not received any notice of delisting. 
 (f) The Purchased Units shall
have those rights, preferences, privileges and restrictions governing the Common Units as set forth in the Limited Partnership Agreement. 
 Section 3.03 Atlas Pipeline Partners SEC Documents. Atlas Pipeline Partners has filed with the Commission all forms, registration statements, reports, schedules and statements required to be filed by it under the Exchange Act
(all such documents filed on or prior to the date of this Agreement, collectively, the “Atlas Pipeline Partners SEC Documents”). The Atlas Pipeline Partners SEC Documents, including any audited or unaudited financial statements and
any notes thereto or schedules included therein (the “Atlas Pipeline Partners Financial Statements”), at the time filed (in the case of registration statements, solely on the dates of effectiveness) (except to the extent corrected
by a subsequently filed Atlas Pipeline Partners SEC Document filed prior to the date of this Agreement) (i) did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which they were made, not misleading, (ii) complied in all material respects with the applicable requirements of the Exchange Act and the Securities Act, as the case may
be, (iii) complied as to form in all material respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto, (iv) were prepared in accordance with GAAP applied on a
consistent basis during the periods involved (except as may be indicated in the notes thereto or, in the case of unaudited statements, as permitted by Form 10-Q of the Commission) and (v) fairly present (subject in the case of unaudited
statements to normal, recurring and year-end audit adjustments) in all material respects the consolidated financial position and status of the business of Atlas Pipeline Partners as of the dates thereof and the consolidated results of its operations
and cash flows for the periods then ended. Grant Thornton LLP is an independent registered public accounting firm with respect to Atlas Pipeline Partners and has not resigned or been dismissed as independent registered public accountants of Atlas
Pipeline Partners as a result of or in connection with any disagreement with Atlas Pipeline Partners on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures. 
 Section 3.04 Disclosures. Atlas Pipeline Partners confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or
their respective agents or counsel with any information that constitutes or could reasonably be expected to constitute material, nonpublic information, other than as shall be made public pursuant to Section 5.06. Atlas Pipeline Partners
understands and confirms that each of the Purchasers will rely on the representations in this Article 3 in effecting transactions in securities of Atlas Pipeline Partners. No event or circumstance has occurred with respect to Atlas Pipeline Partners
or any Subsidiary or either of its or their respective business, properties, prospects, operations or financial conditions, which, under applicable law, rule or regulation, requires public disclosure or announcement by Atlas Pipeline Partners but
which has not been so publicly announced or disclosed. Atlas Pipeline Partners acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby 

  

 8 

 
other than those specifically set forth in this Article 3. All representations contained in this Article 3 are true and correct and do not contain any untrue
statement of a material fact or omit to state any material fact necessary in order to make the statements made herein, in the light of the circumstances under which they were made, not misleading. 
 Section 3.05 No Material Adverse Change. Except as set forth in or contemplated by the Atlas Pipeline Partners SEC Documents, Atlas Pipeline Partners and its
Subsidiaries have conducted their business in the ordinary course, consistent with past practice, and there has been no (i) change that has had or would reasonably be expected to have a Atlas Pipeline Partners Material Adverse Effect,
(ii) acquisition or disposition of any material asset by Atlas Pipeline Partners or any of its Subsidiaries or any contract or arrangement therefor, otherwise than for fair value in the ordinary course of business, (iii) material change in
Atlas Pipeline Partners’ accounting principles, practices or methods or (iv) incurrence of material indebtedness (other than the incurrence of such indebtedness as has been disclosed to, and discussed with, each of the Purchasers). Except
as set forth in or contemplated by the Atlas Pipeline Partners SEC Documents, Atlas Pipeline Partners has neither issued any Common Units or other equity securities (other than under its Long-Term Incentive Plan and existing management compensation
plans, each as described in the Atlas Pipeline Partners SEC Documents) nor incurred material indebtedness since June 30, 2009. 
 Section 3.06
Litigation. Except as set forth in the Atlas Pipeline Partners SEC Documents, there is no Action pending or, to the knowledge of Atlas Pipeline Partners, contemplated or threatened against Atlas Pipeline Partners or any of its Subsidiaries or
any of their respective officers, directors or Properties, which (individually or in the aggregate) reasonably would be expected to have a Atlas Pipeline Partners Material Adverse Effect or which challenges the validity of any of the Basic Documents
or the consummation of the transactions contemplated hereby and thereby. 
 Section 3.07 No Breach. The execution, delivery and performance by
Atlas Pipeline Partners of the Basic Documents to which it is a party and all other agreements and instruments in connection with the transactions contemplated by the Basic Documents, and compliance by Atlas Pipeline Partners with the terms and
provisions hereof and thereof, do not and will not (a) violate any provision of any Law, governmental permit, determination or award having applicability to Atlas Pipeline Partners or any of its Subsidiaries or any of their respective
Properties, (b) conflict with or result in a violation of any provision of the Certificate of Limited Partnership of Atlas Pipeline Partners or the Limited Partnership Agreement or any organizational documents of any of Atlas Pipeline
Partners’ Subsidiaries, (c) require any consent, approval or notice under or result in a violation or breach of or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination,
cancellation or acceleration) under (i) any note, bond, mortgage, license, or loan or credit agreement to which Atlas Pipeline Partners or any of its Subsidiaries is a party or by which Atlas Pipeline Partners or any of its Subsidiaries or any
of their respective Properties may be bound or (ii) any other agreement, instrument or obligation, or (d) result in or require the creation or imposition of any Lien upon or with respect to any of the Properties now owned or hereafter
acquired by Atlas Pipeline Partners or any of its Subsidiaries, except in the cases of clauses (a), (c) and (d) where such violation, default, breach, termination, cancellation, failure to receive consent or approval, or acceleration with
respect to the foregoing provisions of this Section 3.07 would not, individually or in the aggregate, reasonably be expected to have a Atlas Pipeline Partners Material Adverse Effect. 
  

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 Section 3.08 Authority. Atlas Pipeline Partners has all necessary limited partnership power and authority to
execute, deliver and perform its obligations under the Basic Documents to which it is a party and to consummate the transactions contemplated thereby; the execution, delivery and performance by Atlas Pipeline Partners of each of the Basic Documents
to which it is a party, and the consummation of the transactions contemplated thereby, have been duly authorized by all necessary action on its part; and the Basic Documents constitute the legal, valid and binding obligations of Atlas Pipeline
Partners, enforceable in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer and similar Laws affecting creditors’ rights generally or by general principles of equity. Except
as contemplated by this Agreement, no approval by the Unitholders is required as a result of Atlas Pipeline Partners’ issuance and sale of the Purchased Units. 
 Section 3.09 Compliance with Laws. Neither Atlas Pipeline Partners nor any of its Subsidiaries is in violation of any judgment, decree or order or any Law applicable to Atlas Pipeline Partners or its
Subsidiaries, except as would not, individually or in the aggregate, have a Atlas Pipeline Partners Material Adverse Effect. Atlas Pipeline Partners and its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate
regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Atlas Pipeline Partners Material Adverse
Effect, and neither Atlas Pipeline Partners nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit, except where such potential revocation or
modification would not have, individually or in the aggregate, a Atlas Pipeline Partners Material Adverse Effect. Neither Atlas Pipeline Partners, nor any of its Subsidiaries, nor any director, officer, agent, employee or other person acting on
behalf of Atlas Pipeline Partners or any of its Subsidiaries has, in the course of its actions for, or on behalf of, Atlas Pipeline Partners or any of its Subsidiaries (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation
of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 Section 3.10 Approvals. Except as contemplated by this Agreement or as required by the Commission in connection with Atlas Pipeline
Partners’ obligations under the Registration Rights Agreement, no authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing, declaration, qualification or registration with, any Governmental
Authority or any other Person is required in connection with the execution, delivery or performance by Atlas Pipeline Partners of any of the Basic Documents to which it is a party, except where the failure to receive such authorization, consent,
approval, waiver, license, qualification or written exemption or to make such filing, declaration, qualification or registration would not, individually or in the aggregate, reasonably be expected to have a Atlas Pipeline Partners Material Adverse
Effect. 
  

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 Section 3.11 MLP Status. Atlas Pipeline Partners met for the taxable year ended December 31, 2008, and
Atlas Pipeline Partners expects to meet for the taxable year ending December 31, 2009, the gross income requirements of Section 7704(c)(2) of the Code, and accordingly Atlas Pipeline Partners is not, and does not reasonably expect to be,
taxed as a corporation for U.S. federal income tax purposes or for applicable tax purposes. 
 Section 3.12 Investment Company Status. Atlas
Pipeline Partners is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 Section 3.13
Offering. Assuming the accuracy of the representations and warranties of the Purchasers contained in this Agreement, the sale and issuance of the Purchased Units pursuant to this Agreement are exempt from the registration requirements of the
Securities Act, and neither Atlas Pipeline Partners nor any authorized Representative acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption. 
 Section 3.14 Certain Fees. Except for the Placement Agent Fees, no fees or commissions will be payable by Atlas Pipeline Partners to brokers, finders or
investment bankers with respect to the sale of any of the Purchased Units or the consummation of the transactions contemplated by this Agreement. The Purchasers shall not be liable for any such fees or commissions. 
 Section 3.15 Internal Accounting Controls. Except as disclosed in the Atlas Pipeline Partners SEC Documents, Atlas Pipeline Partners and its Subsidiaries
maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as
necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and
(iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
 Section 3.16 Insurance. Atlas Pipeline Partners and its Subsidiaries are insured against such losses and risks and in such amounts as Atlas Pipeline Partners believes in its sole discretion to be prudent
for its businesses. Atlas Pipeline Partners does not have any reason to believe that it or any Subsidiary will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business. 
 Section 3.17 Registration Rights. None of the execution of this Agreement or the issuance of the
Purchased Units as contemplated by this Agreement gives rise to any rights for or relating to the registration of any securities of Atlas Pipeline Partners, other than pursuant to the Registration Rights Agreement. 
 Section 3.18 No Side Agreements. There are no other agreements by, among or between Atlas Pipeline Partners or its Affiliates, on the one hand, and such
Purchaser or its Affiliates, on the other hand, with respect to the transactions contemplated hereby nor promises or inducements for future transactions between or among any of such parties. 
  

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 Section 3.19 Shell Company Status. Atlas Pipeline Partners is not, and has never been, an issuer
identified in Rule 144(i)(1). 
 Section 3.20 No Default. Neither Atlas Pipeline Partners nor any Subsidiary is in violation or default of
(1) any provision of its organizational documents, (2) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which it is a
party or bound or to which its property is subject, or (3) any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction
over Atlas Pipeline Partners or such Subsidiary or any of its properties, as applicable, any of which defaults or violations described in clauses (2) through (3) will have, or after any required notice and passage of any applicable grace
period, is reasonably expected to have an Atlas Pipeline Partners Material Adverse Effect. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER 
 Each Purchaser, severally and not jointly, represents and warrants to Atlas Pipeline Partners with respect to itself, on and as of the date of this Agreement and on and as of the Closing Date, as follows: 

Section 4.01 Valid Existence. Such Purchaser (i) is duly organized, validly existing and in good standing under the Laws of its respective
jurisdiction of organization and (ii) has all requisite power, and has all material governmental licenses, authorizations, consents and approvals, necessary to own its Properties and carry on its business as its business is now being conducted,
except where the failure to obtain such licenses, authorizations, consents and approvals would not have and would not reasonably be expected to have a Purchaser Material Adverse Effect. 
 Section 4.02 No Breach. The execution, delivery and performance by such Purchaser of the Basic Documents to which it is a party and all other agreements and instruments in connection with the transactions
contemplated by the Basic Documents to which it is a party, and compliance by such Purchaser with the terms and provisions hereof and thereof and the purchase of the Purchased Units by such Purchaser do not and will not (a) violate any
provision of any Law, governmental permit, determination or award having applicability to such Purchaser or any of its Properties, (b) conflict with or result in a violation of any provision of the organizational documents of such Purchaser or
(c) require any consent (other than standard internal consents), approval or notice under or result in a violation or breach of or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of
termination, cancellation or acceleration) under (i) any note, bond, mortgage, license, or loan or credit agreement to which such Purchaser is a party or by which such Purchaser or any of its Properties may be bound or (ii) any other such
agreement, instrument or obligation, except in the case of clauses (a) and (c) where such violation, default, breach, termination, cancellation, failure to receive consent or approval, or acceleration with respect to the foregoing
provisions of this Section 4.02 would not, individually or in the aggregate, reasonably be expected to have a Purchaser Material Adverse Effect. 
  

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 Section 4.03 Investment. The Purchased Units are being acquired for such Purchaser’s own account, or the
accounts of clients for whom such Purchaser exercises discretionary investment authority (all of whom such Purchaser represents and warrants are “accredited investors” within the meaning of Rule 501 of Regulation D promulgated by the
Commission pursuant to the Securities Act), not as a nominee or agent, and with no present intention of distributing the Purchased Units or any part thereof, and such Purchaser has no present intention of selling or granting any participation in or
otherwise distributing the same in any transaction in violation of the securities Laws of the United States of America or any state, without prejudice, however, to such Purchaser’s right at all times to sell or otherwise dispose of all or any
part of the Purchased Units under a registration statement under the Securities Act and applicable state securities Laws or under an exemption from such registration available thereunder (including, if available, Rule 144 promulgated thereunder). If
such Purchaser should in the future decide to dispose of any of the Purchased Units, such Purchaser understands and agrees (a) that it may do so only (i) in compliance with the Securities Act and applicable state securities Law, as then in
effect, or pursuant to an exemption therefrom or (ii) in the manner contemplated by any registration statement pursuant to which such securities are being offered, and (b) that stop-transfer instructions to that effect will be in effect
with respect to such securities. Notwithstanding the foregoing, each Purchaser may at any time enter into one or more total return swaps with respect to such Purchaser’s Purchased Units with a third party provided that such transactions are
exempt from registration under the Securities Act. 
 Section 4.04 Nature of Purchaser. Such Purchaser represents and warrants to, and covenants
and agrees with, Atlas Pipeline Partners that (a) it is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated by the Commission pursuant to the Securities Act and (b) by reason of its business and
financial experience it has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Purchased Units, is able to bear the economic
risk of such investment and, at the present time, would be able to afford a complete loss of such investment. 
 Section 4.05 Restricted
Securities. Such Purchaser understands that the Purchased Units it is purchasing are characterized as “restricted securities” under the federal securities Laws inasmuch as they are being acquired from Atlas Pipeline Partners in a
transaction not involving a public offering and that under such Laws and applicable regulations such securities may be resold without registration under the Securities Act only in certain limited circumstances. In this connection, Purchaser
represents that it is knowledgeable with respect to Rule 144 of the Commission promulgated under the Securities Act. 
 Section 4.06 Certain
Fees. No fees or commissions will be payable by such Purchaser to brokers, finders or investment bankers with respect to the sale of any of the Purchased Units or the consummation of the transactions contemplated by this Agreement. Atlas
Pipeline Partners will not be liable for any such fees or commissions. 
 Section 4.07 Legend. It is understood that the certificates evidencing
the Purchased Units initially will bear the following legend: 
 “These securities have not been registered under the Securities Act of
1933, as amended. These securities may not be sold, offered for sale, pledged (except in connection with a 

  

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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 may be pledged in connection with a bona fide margin account or other loan or
financing arrangement secured by such Purchased Units and such pledge shall not be deemed to be a transfer, sale or assignment of such Purchased Units, and no buyer effecting such a pledge shall be required to provide Atlas Pipeline Partners with
any notice thereof or otherwise make any delivery to Atlas Pipeline Partners pursuant to this Agreement or any other Basic Document. 
 Section 4.08
Short Selling. Such Purchaser represents that it has not entered into any Short Sales of the Common Units owned by it between the time it first began discussions with the Issuer or the Placement Agent about the transactions contemplated by
this Agreement and the date hereof; provided, however, the above shall not apply, in the case of a Purchaser that is a large multi-unit investment or commercial banking organization, to activities in the normal course of trading of units of
such Purchaser other than the unit participating in this transaction (the “Participating Unit”) so long as such other units are not acting on behalf of the Participating Unit and have not been provided with confidential information
regarding Atlas Pipeline Partners by the Participating Unit. 
 Section 4.09 No Side Agreements. There are no other agreements by, among or
between Atlas Pipeline Partners or its Affiliates, on the one hand, and such Purchaser or its Affiliates, on the other hand, with respect to the transactions contemplated hereby nor promises or inducements for future transactions between or among
any of such parties. 
 Section 4.10 Receipt of Information. The Purchaser (a) has carefully reviewed the Atlas Pipeline Partners SEC
Documents and has been furnished with all other materials that it considers relevant to an investment in the Purchased Units, has had a full opportunity to ask questions of and receive answers from Atlas Pipeline Partners or any person or persons
acting on behalf of Atlas Pipeline Partners concerning the terms and conditions of an investment in the Purchased Units; (b) has conducted, to the extent it deemed necessary, an independent investigation of such matters as, in its judgment, is
necessary for it to make an informed investment decision with respect to the Purchased Units and Atlas Pipeline Partners; (c) is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, including,
without limitation, the Placement Agent, except for the statements, representations and warranties contained in this Agreement, the Registration Rights Agreement and the Atlas Pipeline Partners SEC Documents and the Purchaser is not relying on, and
has not relied upon, the Placement Agent for any investigation into, assessment of, or evaluation with respect to the Purchased Units and/or Atlas Pipeline Partners; and (d) has made all decisions in connection with the offer and sale of the
Purchased Units as the result of arm’s-length negotiations. 
  

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 ARTICLE V  
 COVENANTS 
 Section 5.01 Issuer Lock-Up/Subsequent Issuances of Units. From the date hereof until
the date that is sixty (60) days from the date hereof, Atlas Pipeline Partners shall not, directly or indirectly, (i) offer, sell, grant any option to purchase, or otherwise dispose of (or announce any offer, sale, grant or any option to
purchase or other disposition of) any of its or its subsidiaries’ equity or equity equivalent securities convertible into or exchangeable or exercisable for Common Units or Common Unit equivalents, including without limitation any debt,
preferred stock or other instrument or security that is, at any time during its life and under any circumstances, convertible into or exchangeable or exercisable for Common Units or Common Unit equivalents (any such offer, sale, grant, disposition
or announcement being referred to as a “Subsequent Placement”) or (ii) file a registration statement under the Securities Act relating to securities that are not the Purchased Units or Warrant Units. Notwithstanding the
foregoing, Atlas Pipeline Partners shall not sell, offer for sale or solicit offers to buy any security (as defined in the Securities Act) that would be integrated with the sale of the Purchased Units in a manner that would require the registration
under the Securities Act of the sale of the Purchased Units to the Purchasers. 
 Section 5.02 Purchaser Participation. From the date hereof
until the Participation Date, Atlas Pipeline Partners shall not conduct any Subsequent Placements, unless Atlas Pipeline Partners shall have first complied with this Section 5.02. Notwithstanding the foregoing, Atlas Pipeline Partners shall not
sell, offer for sale or solicit offers to buy any security (as defined in the Securities Act) that would be integrated with the sale of the Purchased Units in a manner that would require the registration under the Securities Act of the sale of the
Purchased Units to the Purchasers. 
 (a) Atlas Pipeline Partners shall deliver to the Purchaser an irrevocable written notice (the
“Offer Notice”) of any proposed or intended issuance or sale (the “Offer”) of the Common Units or Common Unit equivalent being offered (the “Offered Securities”) in a Subsequent Placement, which
Offer Notice shall (1) identify and describe the Offered Securities, (2) describe the price and other terms upon which they are to be issued or sold or exchanged, and the number or amount of the Offered Securities to be issued or sold or
exchanged, (3) identify the persons or entities (if known) to which or with which the Offered Securities are to be offered, issued or sold and (4) offer to issue and sell to the Purchaser at least its pro rata portion of 35% of the Offered
Securities actually sold in such Subsequent Placement. The Purchaser’s pro rata portion shall be determined based upon the percentage of the total amount of Purchased Units purchased by the Purchaser hereunder. 
 (b) To accept an Offer, in whole or in part, the Purchaser must deliver a written notice to Atlas Pipeline Partners prior to the end of the second
(2nd) Business Day after the Purchaser’s receipt of the Offer Notice (the “Offer Period”), setting forth the portion that the Purchaser elects to purchase (the “Notice of Acceptance”). If no Notice of
Acceptance is received by Atlas Pipeline Partners from the Purchaser during the Offer Period, then the Purchaser shall be deemed to have declined the Offer. 
  

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 (c) Atlas Pipeline Partners shall have twenty-five (25) Business Days from the expiration of the
Offer Period above, subject to extension at the discretion of Atlas Pipeline Partners with the consent of the Purchaser, such consent not to be unreasonably withheld, to offer, issue or sell all or any part of such Offered Securities as to which a
Notice of Acceptance has not been given by the eligible Purchaser (the “Refused Securities”), but only to the offerees described in the Offer Notice (if so described therein) and only upon terms and conditions (including, without
limitation, Unit prices and interest rates) that are not more favorable to the acquiring person or persons or less favorable to Atlas Pipeline Partners than those set forth in the Offer Notice. 
 (d) Upon the closing of the Subsequent Placement, the Purchaser shall acquire from Atlas Pipeline Partners, and Atlas Pipeline Partners shall issue to
the Purchaser, the number or amount of Offered Securities specified in the Notices of Acceptance upon the terms and conditions specified in the Offer. If Atlas Pipeline Partners does not consummate the closing of the Subsequent Placement within
twenty-five (25) Business Days of the expiration of the Offer Period, Atlas Pipeline Partners shall not be required to issue to the Purchaser any of the Offered Securities. The purchase by the Purchaser of any Offered Securities is subject in
all cases to the preparation, execution and delivery by Atlas Pipeline Partners and the Purchaser of a purchase agreement relating to such Offered Securities reasonably satisfactory in form and substance to the Purchaser and their respective
counsel. Atlas Pipeline Partners and the Purchases agree that if any Purchaser elects to participate in the Offer, neither the Subsequent Placement agreement with respect to such Offer nor any other transaction documents related thereto
(collectively, the “Subsequent Placement Documents”) shall include any term or provisions whereby any Purchaser shall be required to agree to any restrictions in trading as to any securities of the Company owned by such Purchaser
prior to such Subsequent Placement, other than customary restrictions relating to possession of material nonpublic information. 
 (e) Any
Offered Securities not acquired by the Purchaser or other persons in accordance with Section 5.02(c) or Section 5.02(d) above may not be issued, sold or exchanged until they are again offered to the Purchaser under the procedures specified
in this Agreement, provided that, with respect to any such re-offer, in accordance with Section 5.02(c), the Offering Period shall only be one (1) Business Day. 
 (f) Notwithstanding anything to the contrary in this Section 5.02 and unless otherwise agreed to by the Purchaser, Atlas Pipeline Partners shall either confirm in writing to the Purchaser that the transaction
with respect to the Subsequent Placement has been abandoned or shall publicly disclose its intention to issue the Offered Securities, in either case in such a manner such that the Purchaser will not be in possession of material nonpublic information
other than information required to be provided to Purchasers in accordance with this Agreement, by the fifteenth (15th) Business Day, subject to extension at the discretion of Atlas Pipeline Partners with the consent of the Purchaser, such
consent not to be unreasonably withheld following delivery of the Offer Notice; it being understood that, if not then publicly disclosed, the Purchasers agree to keep confidential any non-public information with respect to the Subsequent Placement.
If by the fifteenth (15th) Business Day following delivery of the Offer Notice, or later day if extended as set forth above, no public disclosure regarding a transaction with respect to the Offered Securities has been made, and no notice
regarding the abandonment of such transaction has been received by the Purchaser, such transaction shall be deemed to have been 

  

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abandoned and the Purchaser shall not be deemed to be in possession of any material, non-public information with respect to Atlas Pipeline Partners. Should
Atlas Pipeline Partners decide to pursue such transaction with respect to the Offered Securities, Atlas Pipeline Partners shall provide the Purchaser with another Offer Notice and the Purchaser will again have the right of participation set forth in
this Section 5.02. 
 (g) Subsequent Placements prior to the Participation Date shall not result in aggregate proceeds to Atlas Pipeline
Partners of more than $25,000,000.00. 
 Section 5.03 Excluded Securities Transactions. The restrictions contained in Section 5.01 and
Section 5.02 shall not apply in connection with the issuance of any Excluded Securities. 
 Section 5.04 Short Selling Acknowledgement and
Agreement. Each Purchaser understands and acknowledges, severally and not jointly with any other Purchaser, that the Commission currently takes the position that coverage of Short Sales of securities “against the box” prior to the
effective date of a registration statement is a violation of Section 5 of the Securities Act. Each Purchaser agrees, severally and not jointly, that it will not engage in any Short Sales that result in the disposition of the Purchased Units or
the Warrant Units (as defined in the Warrant) acquired hereunder by the Purchaser until such time as the Registration Statement (as defined in the Registration Rights Agreement) is declared effective or the Purchased Units or the Warrant Units, as
applicable, may be sold pursuant to Rule 144 (it being understood that the entering into of a total return swap should not be considered a short sale of Purchased Units or the Warrant Units). No Purchaser makes any representation, warranty or
covenant hereby that it will not engage in Short Sales in the securities of Atlas Pipeline Partners otherwise owned by such Purchaser or borrowed from a broker after the date the press release contemplated by Section 5.06 is issued by Atlas
Pipeline Partners; provided, however, the above shall not apply, in the case of a Purchaser that is a large multi-unit investment or commercial banking organization, to activities in the normal course of trading of units of such Purchaser
other than the Participating Unit so long as such other units are not acting on behalf of the Participating Unit and have not been provided with confidential information regarding Atlas Energy by the Participating Unit. 
 Section 5.05 Taking of Necessary Action. Each of the Parties hereto shall use its commercially reasonable efforts promptly to take or cause to be taken all
action and promptly to do or cause to be done all things necessary, proper or advisable under applicable Law and regulations to consummate and make effective the transactions contemplated by this Agreement. Without limiting the foregoing, Atlas
Pipeline Partners and each Purchaser will, and Atlas Pipeline Partners shall cause each of its Subsidiaries to, use its commercially reasonable efforts to make all filings and obtain all consents of Governmental Authorities that may be necessary or,
in the reasonable opinion of the Purchasers or Atlas Pipeline Partners, as the case may be, advisable for the consummation of the transactions contemplated by this Agreement and the other Basic Documents. 
 Section 5.06 Non-Disclosure; Interim Public Filings. Atlas Pipeline Partners shall, on or before 8:30 a.m., New York time, on the first Business Day
following execution of this Agreement, issue a press release disclosing all material terms of the transactions contemplated herein and in the other Basic Documents. Before 8:30 a.m., New York time, on the first Business Day following the Closing
Date, Atlas Pipeline Partners shall file a Current Report on 

  

 17 

 
Form 8-K with the Commission (the “8-K Filing”) describing the terms of the transactions contemplated by this Agreement and the other Basic
Documents and including as exhibits to such Current Report on Form 8-K this Agreement and the other Basic Documents, if required by the Exchange Act. Thereafter, Atlas Pipeline Partners shall timely file any filings and notices required by the
Commission or applicable Law with respect to the transactions contemplated hereby. Notwithstanding the foregoing, Atlas Pipeline Partners shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any press
release, without the prior written consent of such Purchaser. From and after the issuance of the above-referenced press release, no Purchaser shall be in possession of any material, non-public information received from Atlas Pipeline Partners, any
Subsidiary or any of their respective officers, directors, employees or agents, that is not disclosed in the above-referenced press release. 
 Section 5.07 Tax Information. Atlas Pipeline Partners shall cooperate with the Purchasers and provide the Purchasers with any reasonably requested tax information related to their ownership of the Purchased Units. 
 Section 5.08 No Other Listed Class of Securities. On the Closing Date, Atlas Pipeline Partners will not have any class of securities that is traded on an
exchange or an established securities market other than the Common Units. 
 Section 5.09 NYSE Listing of Common Units. Atlas Pipeline Partners
will maintain the listing of the Common Units on the New York Stock Exchange. 
 ARTICLE VI  
 CLOSING DELIVERIES 
 Section 6.01
Conditions to the Closing. 
 (a) Mutual Conditions. The respective obligation of each Party to consummate the purchase and
issuance and sale of the Purchased Units shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a particular Party on behalf of itself in writing, in whole or in
part, to the extent permitted by applicable Law): 
 (i) no Law shall have been enacted or promulgated, and no action shall have been taken,
by any Governmental Authority of competent jurisdiction which temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated by this Agreement or makes the
transactions contemplated by this Agreement illegal; and 
 (ii) there shall not be pending any Action by any Governmental Authority seeking
to restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement. 
 (b) Each Purchaser’s Conditions.
The respective obligation of each Purchaser to consummate the purchase of its Purchased Units shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a particular
Purchaser on behalf of itself in writing, in whole or in part, to the extent permitted by applicable Law): 
 (i) the representations and
warranties of Atlas Pipeline Partners contained in this Agreement that are qualified by materiality or Atlas Pipeline Partners Material Adverse Effect shall be true and correct when made and as of the Closing Date and all other representations and
warranties shall be true and correct in all material respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that representations made as of a specific date shall be required to be true and
correct as of such date only); 
  

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 (ii) since the date of this Agreement, no Atlas Pipeline Partners Material Adverse Effect shall have
occurred and be continuing; 
 (iii) no notice of delisting from The New York Stock Exchange shall have been received by Atlas Pipeline
Partners with respect to the Common Units; and 
 (iv) Atlas Pipeline Partners shall have delivered, or caused to be delivered, to the
Purchasers at the Closing, Atlas Pipeline Partners’ closing deliveries described in Section 6.02 of this Agreement. 
 (c) Atlas
Pipeline Partners’ Conditions. The obligation of Atlas Pipeline Partners to consummate the sale of the Purchased Units to each of the Purchasers shall be subject to the satisfaction on or prior to the Closing Date of the following
conditions with respect to each Purchaser individually and not the Purchasers jointly (which may be waived by Atlas Pipeline Partners in writing, in whole or in part, to the extent permitted by applicable Law): the representations and warranties of
each Purchaser contained in this Agreement that are qualified by materiality or Purchaser Material Adverse Effect shall be true and correct when made and as of the Closing Date and all other representations and warranties shall be true and correct
in all material respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that representations made as of a specific date shall be required to be true and correct as of such date only).

 Section 6.02 Atlas Pipeline Partners Deliveries. At the Closing, subject to the terms and conditions of this Agreement, Atlas Pipeline
Partners will deliver, or cause to be delivered, to each Purchaser: 
 (a) the Purchased Units by delivering certificates (bearing the legend
set forth in Section 4.07) evidencing such Purchased Units at the Closing, all free and clear of any Liens, encumbrances or interests of any other party; 
 (b) the Registration Rights Agreement in substantially the form attached to this Agreement as Exhibit A, which shall have been duly executed by Atlas Pipeline Partners; 
 (c) opinions addressed to the Purchasers from outside legal counsel to Atlas Pipeline Partners in substantially the form attached to this Agreement as
Exhibit B; 
  

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 (d) an Officer’s Certificate in substantially the form attached to this Agreement as Exhibit C; and

 (e) a Warrant in substantially the form attached to this Agreement as Exhibit D, which shall have been duly executed by Atlas Pipeline
Partners. 
 Section 6.03 Purchaser Deliveries. At the Closing, subject to the terms and conditions of this Agreement, each Purchaser will
deliver, or cause to be delivered, to Atlas Pipeline Partners: 
 (a) payment to Atlas Pipeline Partners of each Purchaser’s Allocated
Purchase Price by wire transfer of immediately available funds to an account designated by Atlas Pipeline Partners in writing at least two Business Days prior to the Closing Date; and 
 (b) the Registration Rights Agreement in substantially the form attached to this Agreement as Exhibit A, which shall have been duly executed by such
Purchaser; and 
 (c) a Warrant in substantially the form attached to this Agreement as Exhibit A, which shall have been duly executed by
such Purchaser. 
 ARTICLE VII 
 INDEMNIFICATION, COSTS AND EXPENSES 
 Section 7.01 Indemnification by Atlas Pipeline Partners. Atlas Pipeline Partners
agrees to indemnify each Purchaser and its Representatives (collectively, “Purchaser Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation
or inquiries), demands and causes of action, and, in connection therewith, and promptly upon demand, pay and reimburse each of them for all costs, losses, liabilities, damages or expenses of any kind or nature whatsoever, including the reasonable
fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of,
arising out of or in any way related to (i) any actual or proposed use by Atlas Pipeline Partners of the proceeds of any sale of the Purchased Units or (ii) the breach of any of the representations, warranties or covenants of Atlas
Pipeline Partners contained herein; provided that such claim for indemnification relating to a breach of a representation or warranty is made prior to the expiration of such representation or warranty. 
 Section 7.02 Indemnification by Purchasers. Each Purchaser agrees, severally and not jointly, to indemnify Atlas Pipeline Partners and its Representatives
(collectively, “Atlas Pipeline Partners Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands and causes of action,
and, in connection therewith, and promptly upon demand, pay and reimburse each of them for all costs, losses, liabilities, damages or expenses of any kind or nature whatsoever, including the reasonable fees and disbursements of counsel and all other
reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of or in any way related to the
breach of any of the covenants of such Purchaser contained herein. 
  

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 Section 7.03 Indemnification Procedure. Promptly after any Atlas Pipeline Partners Related Party or Purchaser
Related Party (hereinafter, the “Indemnified Party”) has received notice of any indemnifiable claim hereunder, or the commencement of any action or proceeding by a third party, which the Indemnified Party believes in good faith is
an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying Party”) written notice of such claim or the commencement of such action or proceeding, but failure to so
notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure. Such notice shall
state the nature and the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own expense and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such
matter as long as the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall promptly notify the Indemnified Party of its intention to do so, and the Indemnified Party
shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation shall include furnishing the Indemnifying Party with any books, records and other
information reasonably requested by the Indemnifying Party and in the Indemnified Party’s possession or control. Such cooperation of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying Party has notified
the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal
expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; provided, however, that the Indemnified Party shall be entitled (i) at its expense, to participate in the defense of such
asserted liability and the negotiations of the settlement thereof and (ii) if (A) the Indemnifying Party has failed to assume the defense or employ counsel reasonably acceptable to the Indemnified Party or (B) if the defendants in any
such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses available to the Indemnified Party that are different from or in addition to
those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying Party, then the Indemnified Party shall have the right to select a separate counsel
and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred.
Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified Party, unless the settlement thereof imposes no liability or obligation on, involves no
admission of wrongdoing or malfeasance by, and includes a complete release from liability of, the Indemnified Party. 
 ARTICLE VIII 

 MISCELLANEOUS 
 Section 8.01
Interpretation. Article, Section, Schedule and Exhibit references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts
and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise 

  

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specified. The word “including” shall mean “including but not limited to.” Whenever Atlas Pipeline Partners has an obligation under the
Basic Documents, the expense of complying with such obligation shall be an expense of Atlas Pipeline Partners unless otherwise specified. Whenever any determination, consent or approval is to be made or given by a Purchaser under this Agreement,
such action shall be in such Purchaser’s sole discretion unless otherwise specified. If any provision in the Basic Documents is held to be illegal, invalid, not binding or unenforceable, such provision shall be fully severable and the Basic
Documents shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never comprised a part of the Basic Documents, and the remaining provisions shall remain in full force and effect. The Basic Documents
have been reviewed and negotiated by sophisticated parties with access to legal counsel and shall not be construed against the drafter. 
 Section 8.02
Survival of Provisions. The representations and warranties set forth in this Agreement shall survive the execution and delivery of this Agreement and the issuance and delivery of the Purchased Units for a period of one year, with the
exception that representations and warranties set forth in Sections 3.01, 3.02(d), 3.07(b), 3.08, 3.13 and Section 4.01 shall survive perpetually. The covenants made in this Agreement or any other Basic Document shall survive the Closing of the
transactions described herein and remain operative and in full force and effect regardless of acceptance of any of the Purchased Units and payment therefor and repayment, conversion, exercise or repurchase thereof. All indemnification obligations of
Atlas Pipeline Partners and the Purchasers pursuant to Article VII of this Agreement shall remain operative and in full force and effect unless such obligations are expressly terminated in a writing by the Parties referencing the particular Article
or Section, regardless of any purported general termination of this Agreement. 
 Section 8.03 No Waiver; Modifications in Writing. 

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

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 Section 8.04 Binding Effect; Assignment. 
 (a) Binding Effect. This Agreement shall be binding upon Atlas Pipeline Partners, each Purchaser, and their respective successors and permitted
assigns. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the Parties to this Agreement and as provided in Article VII, and their respective
successors and permitted assigns; provided that the Placement Agent shall be a third party beneficiary of, and entitled to rely upon, the representations, warranties, covenants and agreements of Atlas Pipeline Partners and the Purchasers made in
this Agreement and the other Basic Documents. 
 (b) Assignment of Purchased Units. All or any portion of a Purchaser’s Purchased
Units purchased pursuant to this Agreement may be sold, assigned or pledged by such Purchaser, subject to compliance with applicable securities Laws. 
 (c) Assignment of Rights. Each Purchaser may assign all or any portion of its rights, subject to an express assumption of each of the obligations under this Agreement without the consent of Atlas Pipeline
Partners (i) to any Affiliate of such Purchaser or (ii) in connection with a total return swap or similar transaction with respect to the Purchased Units purchased by such Purchaser, and in each case the assignee shall be deemed to be a
Purchaser hereunder with respect to such assigned rights or obligations and shall agree to be bound by the provisions of this Agreement. Except as expressly permitted by this Section 8.04(c), such rights and obligations may not otherwise be
transferred except with the prior written consent of Atlas Pipeline Partners (which consent shall not be unreasonably withheld), in which case the assignee shall be deemed to be a Purchaser hereunder with respect to such assigned rights or
obligations and shall agree to be bound by the provisions of this Agreement. Each affected Purchaser’s signature page shall be revised to reflect any assignments after the Closing. 
 Section 8.05 Communications. All notices and demands provided for hereunder shall be in writing and shall be given by regular mail, registered or certified mail, return receipt requested, facsimile, air
courier guaranteeing overnight delivery, electronic mail or personal delivery to the following addresses set forth on the signature pages hereof or to such other address as Atlas Pipeline Partners or such Purchaser may designate in writing. All
notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by registered or certified mail, return receipt requested, or regular mail, if mailed; when
receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery or via electronic mail. 
 Section 8.06 Removal of Legend. Atlas Pipeline Partners shall remove the legend described in Section 4.07 from the certificates evidencing the Purchased Units and the Warrant Units at the request of a Purchaser submitting
to Atlas Pipeline Partners such certificates, together with such other documentation as may be reasonably requested by Atlas Pipeline Partners or required by its transfer agent, subject to the conditions in this Section 8.06. Atlas Pipeline
Partners shall cooperate with such Purchaser to effect removal of such legend. Subject to Section 4.5 and Section 5.6 of the Limited Partnership Agreement, the legend described in Section 4.07 shall be removed from the certificate
upon which it is stamped and Atlas Pipeline Partners shall issue a certificate without such legend to the holder of Purchased Units or Warrant Units, as applicable, unless otherwise required by the securities Laws, 
  

 23 

 (i) if a registration statement covering such Purchased Units or Warrant Units, as applicable, is
declared effective, 
 (ii) with respect to the Purchase Units, at any time on or after one year from the Closing Date, 
 (iii) if the Warrant or any portion thereof is exercised using the net issue method, then, with respect to the applicable Warrant Units, at any time on
or after one year from the Closing Date, and if the Warrant or any portion thereof is exercised for cash consideration, then, with respect to the applicable Warrant Units, at any time on or after one year from the date the applicable Warrant Units
are first delivered to the Purchaser, or 
 (iv) if, at any time on or after (A) six months from the Closing Date with respect to the
Purchased Units and Warrant Units resulting from a net issue method of exercise of the Warrant or any portion thereof, or (B) six months from the date the applicable Warrant Units are first delivered to the Purchaser with respect to Warrant
Units resulting from a cash exercise of the Warrant or any portion thereof, and, in the case of both (A) and (B), so long as the Purchaser provides Atlas Pipeline Partners with reasonable assurance that such Purchased Units or Warrant Units, as
applicable, can be sold, assigned or transferred pursuant to Rule 144 or a similar rule under the Securities Act. 
 Atlas Pipeline Partners shall bear all
costs and expenses associated with the removal of a legend pursuant to this Section 8.06. Each Purchaser acknowledges that Atlas Pipeline Partners’ agreement hereunder to remove all legends from the Purchased Units or Warrant Units, as
applicable, is not an affirmative statement or representation that such Purchased Units or Warrant Units, as applicable, are freely tradable. Each Purchaser agrees that the removal of the restrictive legend from certificates evidencing the Purchased
Units or Warrant Units, as applicable, as set forth in this Section 8.06 is predicated upon Atlas Pipeline Partners’ reliance that the Purchaser will sell the Purchased Units or Warrant Units, as applicable, pursuant to either the
registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and each Purchaser covenants and agrees that 
 (a) if Purchased Units or Warrant Units, as applicable, are sold pursuant to a Registration Statement, they will be sold in compliance with the plan of
distribution set forth therein, 
 (b) with respect to the Purchased Units, at any time prior to one year from the Closing Date, such
Purchaser will not sell Purchased Units under Rule 144 or a similar rule under the Securities Act if it has been notified by Atlas Pipeline Partners that Atlas Pipeline Partners is not current in its reporting obligations thereunder, and 

(c) if the Warrant or any portion thereof is exercised using the net issue method, then, with respect to the applicable Warrant Units, at any time
prior to one year from the Closing Date, and if the Warrant or any portion thereof is exercised for cash consideration, then, with respect to the applicable Warrant Units, at any time prior to one year from the date the applicable Warrant Units are
first delivered to the Purchaser, such Purchaser will not sell Purchased Units or Warrant Units, as applicable, under Rule 144 or a similar rule under the Securities Act if it has been notified by Atlas Pipeline Partners that Atlas Pipeline Partners
is not current in its reporting obligations thereunder. 
  

 24 

 When Atlas Pipeline Partners is required to cause issuance of unlegended certificates to replace previously issued
legended certificates, certificates for such Purchased Units or Warrant Units, as applicable, shall be transmitted by Atlas Pipeline Partners’ transfer agent by crediting the account of the Purchaser’s prime broker with The Depository
Trust Company (“DTC”) through its Deposit / Withdrawal At Custodian system if Atlas Pipeline Partners is a participant in such system, and otherwise by physical delivery to the address specified by the Purchaser, within a reasonable
time, not exceeding three (3) Business Days after submission by that Purchaser of legended certificate(s) to Atlas Pipeline Partners’ transfer agent together with a representation letter in customary form (the “Purchased Unit
Delivery Date”). The certificates so delivered shall be in such denominations as may be requested by the Purchaser and shall be registered in the name of the Purchaser or such other name as shall be designated by the Purchaser. In addition
to any other rights available to the Purchaser, if Atlas Pipeline Partners fails to deliver to the Purchaser a certificate or certificates representing the Purchased Units or Warrant Units, as applicable, pursuant to an exercise on or before this
Purchased Unit Delivery Date, and if after such date the Purchaser is required by its broker to purchase (in an open market transaction or otherwise) Common Units to deliver in satisfaction of a sale by the Purchaser of the Purchased Units or
Warrant Units, as applicable, which the Purchaser anticipated receiving upon such exercise (a “Buy-In”), then Atlas Pipeline Partners shall either, at such Purchaser’s option, (i) pay cash to the Purchaser in an amount
equal to the Purchaser’s total purchase price (including brokerage commissions, if any) for the Common Units so purchased (the “Buy-In Price”), at which point Atlas Pipeline Partners’ obligation to deliver such certificate
(and to issue such Common Units) or credit such Purchaser’s balance account with DTC shall terminate, or (ii) promptly honor its obligation to deliver to the Purchaser a certificate or certificates representing such Common Units or credit
such Purchaser’s balance account with DTC and pay cash to the Purchaser in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of Common Units, times (B) the closing bid price on the date of
exercise. Purchaser shall provide Atlas Pipeline Partners written notice indicating the amounts payable to the Purchaser in respect to the Buy-In, together with applicable confirmations and other evidence reasonably requested by Atlas Pipeline
Partners. Nothing herein shall limit a Purchaser’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to Atlas
Pipeline Partners’ failure to timely deliver certificates representing Common Units or Warrant Units upon exercise of the Warrant as required pursuant to the terms hereof. 
  

 25 

 Section 8.07 Entire Agreement. This Agreement and the other Basic Documents are intended by the Parties as a
final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the Parties hereto and thereto in respect of the subject matter contained herein and therein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein or therein with respect to the rights granted by Atlas Pipeline Partners or a Purchaser set forth herein or therein. This Agreement and the other Basic Documents
supersede all prior agreements and understandings between the Parties with respect to such subject matter. 
 Section 8.08 Governing Law. This
Agreement will be construed in accordance with and governed by the Laws of the State of New York without regard to principles of conflicts of Laws. 
 Section 8.09 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different Parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be
deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 
 Section 8.10
Recapitalization, Exchanges, Etc. Affecting the Purchased Units. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all equity interests of Atlas Pipeline Partners or any successor or
assign of Atlas Pipeline Partners (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of the Purchased Units, and shall be appropriately adjusted for combinations, unit
splits, recapitalizations and the like occurring after the date of this Agreement. 
 Section 8.11 Obligations Limited to Parties to Agreement.
Each of the parties hereto covenants, agrees and acknowledges that no Person other than the Purchasers (and their permitted assignees) and Atlas Pipeline Partners shall have any obligation hereunder and that, notwithstanding that one or more of the
Purchasers may be a corporation, partnership or limited liability company, no recourse under this Agreement or the other Basic Documents or under any documents or instruments delivered in connection herewith or therewith shall be had against any
former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or Atlas Pipeline Partners or any former, current or future director, officer, employee,
agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed
and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate
of any of the Purchasers or Atlas Pipeline Partners or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of
the Purchasers and Atlas Pipeline Partners under this Agreement or the other Basic Documents or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or
its creation. 
  

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

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

							
		 		 	ATLAS PIPELINE PARTNERS, L.P.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
	Address for notices:	 		 	Atlas Pipeline Partners, L.P.
		 		 	West Pointe Corporate Center I
		 		 	1550 Coraopolis Heights Road, Second Floor
		 		 	Moon Township, PA 15108
		 		 	Fax:	 	412-262-2820
		 		 	Attn:	 	Eugene N. Dubay
			
	With copies to:	 		 	Ledgewood
		 		 	1900 Market Street, Suite 750
		 		 	Philadelphia, PA 19103
		 		 	Fax:	 	215-735-2513
		 		 	Attn:	 	Lisa A. Ernst

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

							
		 		 	  

				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
	Number of Purchased Units:	 		 	  

			
	Commitment Amount:	 		 	  

			
	Name to be used on certificates:	 		 	  

			
	Address for delivery of certificates:	 		 	  

		 		 	  

		 		 	  

		 		 	Fax:	 	  

		 		 	Attn:	 	  

			
	Tax I.D. Number:	 		 	  

			
	Address for notices:	 		 	  

		 		 	  

		 		 	  

		 		 	Fax:	 	  

		 		 	Attn:Form of Warrant to Purchase Common Units

 Exhibit 10.2 
 THE SECURITIES REPRESENTED HEREBY MAY NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144 WITHOUT
RESTRICTION, OR (III) THE PARTNERSHIP HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933 OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES
LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES; PROVIDED THAT SUCH PLEDGE DOES NOT CONSTITUTE OR RESULT IN A TRANSFER
OF THE SECURITIES UNDER ANY APPLICABLE LAWS, RULES OR REGULATIONS. 
  

			
	No.                    	  	August 20, 2009

 ATLAS PIPELINE PARTNERS, L.P. 
 WARRANT TO PURCHASE             COMMON UNITS 
 For VALUE RECEIVED,             (“Warrantholder”), is entitled to purchase, subject to the provisions of this Warrant, from ATLAS
PIPELINE PARTNERS, L.P., a Delaware limited partnership (“Partnership”), at any time after the date hereof (the “Initial Exercise Date”) and not later than 5:00 P.M., Eastern time, on the second anniversary of
the date hereof (the “Expiration Date”), at an exercise price per unit equal to $6.35 (the “Exercise Price”),             units (“Warrant
Units”) of the Partnership’s Common Units (“Common Units”). The number of Warrant Units purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as described
herein. 
 Section 1. Registration. The Partnership shall maintain books for the transfer and registration of this Warrant. Upon
the initial issuance of this Warrant, the Partnership shall issue and register this Warrant in the name of the Warrantholder. 
 Section 2. Transfers. As provided herein, this Warrant may be transferred only pursuant to a registration statement filed under the Securities Act of 1933, as amended (the “Securities Act”), or an exemption from
such registration. Subject to such restrictions, the Partnership shall transfer this Warrant from time to time upon the books to be maintained by the Partnership for that purpose, upon surrender thereof for transfer, properly endorsed or accompanied
by appropriate instructions for transfer and such other documents as may be reasonably required by the Partnership, including, if required by the Partnership, an opinion of its counsel to the effect that such transfer is exempt from the registration
requirements of the Securities Act, to establish that such transfer is being made in accordance with the terms hereof, and a new Warrant shall be issued to the transferee and the surrendered Warrant shall be canceled by the Partnership. 

Section 3. Exercise of Warrant. 
 (a) This Warrant may be exercised in whole or in part at any time on or after the Initial Exercise Date and prior to the Expiration Date upon delivery of the notice of exercise 

 
form attached hereto as Appendix A (the “Notice of Exercise”) and payment by cash, certified check or wire transfer (or, in
certain circumstances, by net issuance exercise as provided in Section 3(h)) for the aggregate Exercise Price for that number of Warrant Units then being purchased, to the Partnership during normal business hours on any day other than a
Saturday or Sunday on which banks are open for business in New York City (a “Business Day”) at the Partnership’s principal executive offices (or such other office or agency of the Partnership as the Partnership may designate by
notice to the Warrantholder; provided that any Notice of Exercise delivered after 12:00 noon EST will be deemed delivered the next Trading Day). The Warrant Units so purchased shall be deemed to be issued to the Warrantholder or the
Warrantholder’s designee, as the record owner of such units, as of 5:00 P.M. New York City time on the date on which the aggregate Exercise Price shall have been paid and the completed Notice of Exercise shall have been delivered. Certificates
for the Warrant Units so purchased, representing the aggregate number of units specified in the Notice of Exercise, shall be transmitted by the Partnership’s transfer agent by crediting the account of the Warrantholder’s prime broker with
The Depository Trust Company (“DTC”) through its Deposit / Withdrawal At Custodian system if the Partnership is a participant in such system, and otherwise by physical delivery to the address specified by the Warrantholder in the
Notice of Exercise, within a reasonable time, not exceeding three (3) Trading Days (as defined below) after this Warrant shall have been so exercised, including payment of the aggregate Exercise Price and the delivery of a completed Notice of
Exercise (the “Warrant Unit Delivery Date”). The certificates so delivered shall be in such denominations as may be requested by the Warrantholder and shall be registered in the name of the Warrantholder or such other name as shall
be designated by the Warrantholder in the Notice of Exercise. 
 (b) Notwithstanding anything herein to the contrary, the Warrantholder shall
not be required to physically surrender this Warrant to the Partnership until the Warrantholder has purchased all of the Warrant Units available hereunder and this Warrant has been exercised in full, in which case, the Warrantholder shall surrender
this Warrant to the Partnership for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Partnership. Partial exercises of this Warrant resulting in purchases of a portion of the total number
of Warrant Units available hereunder shall have the effect of lowering the outstanding number of Warrant Units purchasable hereunder in an amount equal to the applicable number of Warrant Units purchased. The Warrantholder and the Partnership shall
maintain records showing the number of Warrant Units purchased and the date of such purchases. The Partnership shall deliver any objection to any Notice of Exercise Form within one Business Day of receipt of such notice. In the event of any dispute
or discrepancy, the records of the Partnership’s transfer agent shall be controlling and determinative in the absence of manifest error. The Warrantholder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of
the provisions of this paragraph, following the purchase of a portion of the Warrant Units hereunder, the number of Warrant Units available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

(c) If this Warrant shall have been exercised in part and surrendered, the Partnership shall, at its own expense and at the time of delivery of the
certificate or certificates representing Warrant Units, deliver to the Warrantholder a new Warrant evidencing the rights of the Warrantholder to purchase the unpurchased Warrant Units called for by this Warrant, which new Warrant shall in all other
respects be identical to this Warrant. 
  

 2 

 (d) In addition to any other rights available to the Warrantholder, if the Partnership fails to deliver
to the Warrantholder a certificate or certificates representing the Warrant Units pursuant to an exercise on or before the applicable Warrant Unit Delivery Date, and if after such date the Warrantholder is required by its broker to purchase (in an
open market transaction or otherwise) Common Units to deliver in satisfaction of a sale by the Warrantholder of the Warrant Units which the Warrantholder anticipated receiving upon such exercise (a “Buy-In”), then the Partnership
shall, at the Warrantholder’s option, either (i) pay cash to the Warrantholder in an amount equal to the Warrantholder’s total purchase price (including brokerage commissions, if any) for the Common Units so purchased (the
“Buy-In Price”), at which point the Partnership’s obligation to deliver such certificate (and to issue such Common Units) or credit such Warrantholder’s balance account with DTC shall terminate, or (ii) promptly honor
its obligation to deliver to the Warrantholder a certificate or certificates representing such Common Units or credit such Warrantholder’s balance account with DTC and pay cash to the Warrantholder in an amount equal to the excess (if any) of
the Buy-In Price over the product of (A) such number of Common Units, times (B) the closing bid price on the date of exercise. Warrantholder shall provide the Partnership written notice indicating the amounts payable to the Warrantholder
in respect to the Buy-In, together with applicable confirmations and other evidence reasonably requested by the Partnership. Nothing herein shall limit a Warrantholder’s right to pursue any other remedies available to it hereunder, at law or in
equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Partnership’s failure to timely deliver certificates representing Common Units upon exercise of this Warrant as required
pursuant to the terms hereof. 
 (e) For purposes of this Warrant (i) a “Trading Day” means (A) a day on which the
Common Units are traded on a Trading Market (as defined below), or (B) if the Common Units are not listed on a Trading Market, a day on which the Common Units are traded on the over the counter market, as reported by the National Association of
Securities Dealers, Inc. OTC Bulletin Board (the “Bulletin Board”), or (C) if the Common Units are not quoted on the Bulletin Board, a day on which prices for the Common Units are reported in the Pink Sheets published by Pink
Sheets LLC (or any similar organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common Units are not listed, quoted or reported as set forth in (A), (B) and (C) hereof, then Trading
Day shall mean a Business Day and (ii) “Trading Market” means the following markets or exchanges on which the Common Units are listed or quoted for trading on the date in question: the NASDAQ Global Select Market, the NASDAQ
Global Market, The NASDAQ Capital Market, the American Stock Exchange or the New York Stock Exchange. 
 (f) If and only if the remedy in
Section 3(d) is not utilized by the Warrantholder, then if the Partnership fails to deliver to the Warrantholder a certificate or certificates representing the Warrant Units pursuant to an exercise on or before the Warrant Unit Delivery Date,
the Partnership shall be liable to the Warrantholder for liquidated damages in an amount equal to 1.0% of the aggregate Exercise Price of the Warrant Units issuable pursuant to such exercise for each thirty (30) day period (or pro rata
for any portion thereof) beyond the Warrant Unit Delivery Date. 
 (g) Notwithstanding anything to the contrary herein, the Warrantholder
shall not have the right to exercise any portion of this Warrant, pursuant to Section 3 or otherwise, to 

  

 3 

 
the extent that after giving effect to such issuance after exercise, the Warrantholder (together with the Warrantholder’s affiliates), as set forth on
the applicable Notice of Exercise, would beneficially own in excess of 4.99% of the number of Common Units outstanding immediately after giving effect to such issuance; provided that this limitation shall not apply to Morgan Stanley Strategic
Investments, Inc. For purposes of the foregoing sentence, the number of Common Units beneficially owned by the Warrantholder and its affiliates shall include the number of Common Units issuable upon exercise of this Warrant with respect to which the
determination of such sentence is being made, but shall exclude the number of Common Units which would be issuable upon (A) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Warrantholder or any of its
affiliates and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Partnership (including, without limitation, any other Common Units or Warrants) subject to a limitation on conversion or
exercise analogous to the limitation contained herein beneficially owned by the Warrantholder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section 3(g), beneficial ownership shall be
calculated in accordance with Section 13(d) of the Exchange Act, it being acknowledged by the Warrantholder that the Partnership is not representing to the Warrantholder that such calculation is in compliance with Section 13(d) of the
Exchange Act and the Warrantholder is solely responsible for any schedules required to be filed in accordance therewith. For purposes of this Section 3(g), in determining the number of outstanding Common Units, the Warrantholder may rely
on the number of outstanding Common Units as reflected in the latest of (x) the Partnership’s most recent Form 10-Q or Form 10-K, as the case may be, (y) a more recent public announcement by the Partnership or (z) any other
notice by the Partnership or the Partnership’s transfer agent setting forth the number of Common Units outstanding. Following the written or oral request of the Warrantholder, the Partnership shall, or shall cause its transfer agent to, within
two Trading Days confirm orally and in writing to the Warrantholder the number of Common Units then outstanding. In any case, the number of outstanding Common Units shall be determined after giving effect to the conversion or exercise of securities
of the Partnership, including this Warrant, by the Warrantholder or its affiliates since the date as of which such number of outstanding Common Units was reported. The provisions of this Section 3(g) may be waived by the Warrantholder,
at the election of the Warrantholder, upon not less than 61 days’ prior notice to the Partnership, and the provisions of this Section 3(g) shall continue to apply until such 61st day (or such later date, as determined by the
Warrantholder, as may be specified in such notice of waiver). 
 (h) Notwithstanding any other provision contained herein to the contrary,
if, after the Target Effective Date (as such term is defined in the Registration Rights Agreement of even date herewith (the “Registration Rights Agreement”)), the Warrant Units may not be freely sold to the public for any reason
(including, but not limited to, the failure of the Partnership to have effected the registration of the Warrant Units, or the failure to have a current prospectus available for delivery or otherwise), the Warrantholder may elect to receive, without
the payment by the Warrantholder of the aggregate Exercise Price in respect of the Common Units to be acquired, Common Units equal to the value of this Warrant or any portion hereof by the surrender of this Warrant (or such portion of this Warrant
being so exercised) together with the Net Issue Election Notice annexed hereto as Appendix B duly executed, at the office of the Partnership. Thereupon, the Partnership shall issue to the Warrantholder such number of fully paid, validly
issued and non-assessable (except as such non-assessability may be affected by Section 17-607 of the Delaware LP Act) Common Units as is computed using the following formula: 
 X = Y (A - B) 
 A 
  

 4 

 where 
 X =
the number of Common Units which the Warrantholder has then requested be issued to the Warrantholder; 
 Y = the number of Warrant Units
covered by this Warrant that the Warrantholder is surrendering at such time for net issuance exercise (including both units to be issued to the Warrantholder and units to be canceled as payment therefor); 
 A = the Market Price (as defined below) of one Common Unit as at the time the net issue election is made; and 
 B = the Exercise Price in effect under this Warrant at the time the net issue election is made. 
 Section 4. Compliance with the Securities Act of 1933. Unless (i) the Registration Statement (as such term is defined in the
Registration Rights Agreement), is effective at any time that this Warrant is exercised or (ii) this Warrant is exercised pursuant to Section 3(h) more than six months after the date hereof and the Warrantholder provides the Partnership
with reasonable assurance that the Warrant Units can be sold, assigned or transferred pursuant to Rule 144 or a similar rule under the Securities Act; the certificate evidencing the Warrant Units shall bear a restrictive legend set forth on the
first page of this Warrant. In addition, as a condition precedent to the issuance of the Warrant Units upon such exercise, the Warrantholder shall be required to covenant and agree that (a) if Warrant Units are sold pursuant to a Registration
Statement, they will be sold in compliance with the plan of distribution set forth therein, (b) if this Warrant or any portion hereof is exercised pursuant to the net issue election provided for in Section 3(h) within a year of the date
this Warrant was first issued, such Warrantholder will not sell such Warrant Units under Rule 144 or a similar rule under the Securities Act if it has been notified by the Partnership that the Partnership is not current in its reporting obligations
thereunder, and (c) if this Warrant or any portion hereof is exercised for cash consideration, until the date that is one year from the date the applicable Warrant Units are first delivered to the Warrantholder, such Warrantholder will not sell
such Warrant Units under Rule 144 or a similar rule under the Securities Act if it has been notified by the Partnership that the Partnership is not current in its reporting obligations thereunder. 
 Section 5. Payment of Taxes. The Partnership will pay any documentary stamp taxes attributable to the initial issuance of Warrant Units
issuable upon the exercise of this Warrant; provided, however, that the Partnership shall not be required to pay any tax or taxes which may be payable in respect of any transfer involved in the issuance or delivery of any certificates for Warrant
Units in a name other than that of the Warrantholder in respect of which such units are issued, and in such case, the Partnership shall not be required to issue or deliver any certificate 

  

 5 

 
for Warrant Units or any Warrant until the person requesting the same has paid to the Partnership the amount of such tax or has established to the
Partnership’s reasonable satisfaction that such tax has been paid. The Warrantholder shall be responsible for income taxes due under federal, state or other law, if any such tax is due. 
 Section 6. Mutilated or Missing Warrants. In case this Warrant shall be mutilated, lost, stolen, or destroyed, the Partnership shall issue in
exchange and substitution of and upon cancellation of the mutilated Warrant, or in lieu of and substitution for this Warrant lost, stolen or destroyed, a new Warrant of like tenor and for the purchase of a like number of Warrant Units, but only upon
receipt of evidence reasonably satisfactory to the Partnership of such loss, theft or destruction of this Warrant, and with respect to a lost, stolen or destroyed Warrant, reasonable indemnity or bond with respect thereto, if requested by the
Partnership. 
 Section 7. Adjustments. The Exercise Price and number of Warrant Units subject to this Warrant shall be subject
to adjustment from time to time as set forth in this Section 7. 
 (a) If the Partnership shall, at any time or from time to time
while this Warrant is outstanding, pay a dividend or make a distribution on its Common Units in Common Units, subdivide its outstanding Common Units into a greater number of units or combine its outstanding Common Units into a smaller number of
units or issue by reclassification of its outstanding Common Units any units of its capital stock (including any such reclassification in connection with a consolidation or merger in which the Partnership is the continuing corporation), then the
number of Warrant Units purchasable upon exercise of this Warrant and the Exercise Price in effect immediately prior to the date upon which such change shall become effective, shall be adjusted by the Partnership so that the Warrantholder thereafter
exercising this Warrant shall be entitled to receive the number of Common Units or other capital stock which the Warrantholder would have received if this Warrant had been exercised immediately prior to such event upon payment of an Exercise Price
that has been adjusted to reflect the economics of such event to the Warrantholder. Such adjustments shall be made successively whenever any event listed above shall occur. 
 (b) If any capital reorganization, reclassification of the capital stock of the Partnership, consolidation or merger of the Partnership with another
corporation in which the Partnership is not the survivor, or sale, transfer or other disposition of all or substantially all of the Partnership’s assets to another corporation shall be effected (each, a “Fundamental
Transaction”), then, as a condition of such Fundamental Transaction, lawful and adequate provision shall be made whereby each Warrantholder shall thereafter have the right to exercise this Warrant and receive upon the basis and upon the
terms and conditions herein specified and in lieu of the Warrant Units immediately theretofore issuable upon exercise of this Warrant, such units of stock, securities or assets as would have been issuable or payable with respect to or in exchange
for a number of Warrant Units equal to the number of Warrant Units immediately theretofore issuable upon exercise of this Warrant, had this Warrant been exercised in full immediately prior to such Fundamental Transaction (the “Transaction
Consideration”), and in any such case appropriate provision (as determined in good faith by the Board of Directors of the general partner of the Partnership) shall be made with respect to the rights and interests of each Warrantholder to
the end that the provisions hereof (including, without limitation, provision for adjustment of the Exercise Price) shall thereafter be applicable, as nearly equivalent as may be 

  

 6 

 
practicable in relation to any Transaction Consideration deliverable upon the exercise hereof. The Partnership shall not effect any such Fundamental
Transaction unless prior to or simultaneously with the consummation thereof the successor corporation or entity (if other than the Partnership) resulting from such consolidation or merger, or the corporation or entity purchasing or otherwise
acquiring such assets or other appropriate corporation or entity shall assume the obligation to deliver to the Warrantholder, at the last address of the Warrantholder appearing on the books of the Partnership, such Transaction Consideration as, in
accordance with the foregoing provisions, the Warrantholder may be entitled to receive upon exercise hereof, and the other obligations under this Warrant. Without limiting the generality of the foregoing, the terms of any agreement pursuant to which
a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this Section 7(b) and insuring that this Warrant (or any such replacement security) will be
similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. The aggregate Exercise Price for this Warrant will not be affected by any such Fundamental Transaction, but the Partnership shall apportion such aggregate
Exercise Price among the Transaction Consideration in a reasonable manner reflecting the relative value of any different components of the Transaction Consideration, if applicable. If holders of Common Units are given any choice as to the
securities, cash or property to be received in a Fundamental Transaction, then the Warrantholder shall be given the same choice as to the Transaction Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.
At the Warrantholder’s request, any successor to the Partnership or surviving entity in such Fundamental Transaction shall issue to the Warrantholder a new Warrant consistent with the foregoing provisions and evidencing the Warrantholder’s
right to purchase the Transaction Consideration for the aggregate Exercise Price upon exercise thereof. Notwithstanding the foregoing provisions of this Section 7(b), in the event of a Fundamental Transaction, other than a Fundamental
Transaction in which the successor corporation is a publicly traded corporation whose Common Units are quoted or listed for trading on a Trading Market assumes this Warrant such that this Warrant or any Warrant issued in substitution herefor shall
be exercisable for the publicly traded common stock of such successor corporation, then the Partnership or any successor entity shall pay at the Warrantholder’s option, exercisable at any time concurrently with or within 30 days after the
consummation of the Fundamental Transaction, an amount of cash equal to the value of this Warrant as determined in accordance with the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg L.P. using (i) a
price per Common Unit equal to the VWAP (as defined below) of the Common Units for the Trading Day immediately preceding the date of consummation of the applicable Fundamental Transaction, (ii) a risk-free interest rate corresponding to the
U.S. Treasury rate for a period equal to the remaining term of this Warrant as of the date of consummation of the applicable Fundamental Transaction and (iii) an expected volatility equal to the 100 day volatility obtained from the
“HVT” function on Bloomberg L.P. determined as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction. The provisions of this Section 7(b) shall similarly apply to successive
Fundamental Transactions. For purposes of this Warrant “VWAP” means for any date, the price determined by the first of the following clauses that applies: (a) if the Common Units are then listed or quoted on a Trading Market,
the volume weighted average of the prices per Common Unit traded on such date (or the nearest preceding date) on the Trading Market on which the Common Units are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
A.M. New York City time to 4:00 P.M. New 

  

 7 

 
York City time); (b) if the Common Units are not then listed or quoted on a Trading Market and if prices for the Common Units are then quoted on the
Bulletin Board, the volume weighted average of the prices per Common Unit traded on such date (or the nearest preceding date) on the Bulletin Board; (c) if the Common Units are not then listed or quoted on the Bulletin Board and if prices for
the Common Units are then reported in the Pink Sheets published by Pink Sheets LLC (or a similar organization or agency succeeding to its functions of reporting prices), the last bid price per Common Unit so reported on such date (or the most recent
bid price if none is reported for such date); or (d) in all other cases, the fair market value of a Common Unit as determined by an independent appraiser selected in good faith by the Board of Directors of the general partner of the
Partnership. 
 (c) In case the Partnership shall fix a payment date for the making of a distribution to all holders of Common Units
(including any such distribution made in connection with a consolidation or merger in which the Partnership is the continuing corporation) of evidences of indebtedness or assets (other than regular cash dividends or regular cash distributions
payable out of consolidated earnings or earned surplus or dividends or distributions referred to in Section 7(a)), or subscription rights or warrants, the Exercise Price to be in effect after such payment date shall be determined by
multiplying the Exercise Price in effect immediately prior to such payment date by a fraction, the numerator of which shall be the total number of Common Units outstanding multiplied by the Market Price (as defined below) per Common Unit immediately
prior to such payment date, less the fair market value (as determined by the Board of Directors of the general partner of the Partnership in good faith) of said assets or evidences of indebtedness so distributed, or of such subscription rights or
warrants, and the denominator of which shall be the total number of Common Units outstanding multiplied by such Market Price per Common Unit immediately prior to such payment date. “Market Price” as of a particular date (the
“Valuation Date”) shall mean the following: (i) if the Common Units are then listed on a national stock exchange, the closing sale price of one Common Unit on such exchange on the last trading day prior to the Valuation Date;
(ii) if the Common Units are then quoted on The Nasdaq Stock Market, Inc. (“Nasdaq”), the Bulletin Board or such similar exchange or association, the closing sale price of one Common Unit on Nasdaq, the Bulletin Board or such
other exchange or association on the last trading day prior to the Valuation Date or, if no such closing sale price is available, the average of the high bid and the low asked price quoted thereon on the last trading day prior to the Valuation Date;
or (iii) if the Common Units are not then listed on a national stock exchange or quoted on Nasdaq, the Bulletin Board or such other exchange or association, the fair market value of one Common Unit as of the Valuation Date, shall be determined
in good faith by the Board of Directors of the general partner of the Partnership and the Warrantholder. If the Common Units are not then listed on a national securities exchange or quoted on Nasdaq, the Bulletin Board or such other exchange or
association, the Board of Directors of the general partner of the Partnership shall respond promptly, in writing, to an inquiry by the Warrantholder prior to the exercise hereunder as to the fair market value of a Common Unit as determined by the
Board of Directors of the general partner of the Partnership. In the event that the Board of Directors of the general partner of the Partnership and the Warrantholder are unable to agree upon the fair market value in respect of this
Section 7(c), the Partnership and the Warrantholder shall jointly select an appraiser, who is experienced in such matters. The decision of such appraiser shall be final and conclusive, and the cost of such appraiser shall be borne
equally by the Partnership and the Warrantholder. Such adjustment shall be made successively whenever such a payment date is fixed. 
  

 8 

 (d) An adjustment to the Exercise Price shall become effective immediately after the payment date in the
case of each dividend or distribution and immediately after the effective date of each other event which requires an adjustment. 
 (e) In
the event that, as a result of an adjustment made pursuant to this Section 7, the Warrantholder shall become entitled to receive any units of capital stock of the Partnership other than Common Units, the number of such other units so
receivable upon exercise of this Warrant shall be subject thereafter to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Warrant Units contained in this Warrant.

 (f) Except as provided in Section 8(g), if and whenever the Partnership shall issue or sell, or is, in accordance with any of
Sections 8(f)(1) - (7), deemed to have issued or sold, any Common Units for no consideration or for a consideration per unit less than the Exercise Price in effect immediately prior to the time of such issue or sale, then and in each such
case (a “Trigger Issuance”) the then-existing Exercise Price, shall be reduced, as of the close of business on the effective date of the Trigger Issuance, to a price determined as follows: 
  

									
	Adjusted Exercise Price	 	=	 	(A x B) + D	 	
		  		 		 	A+C	 	

 where 
 “A” equals the number of Common Units outstanding, including Additional Common Units (as defined below) deemed to be issued hereunder, immediately preceding such Trigger Issuance; 
 “B” equals the Exercise Price in effect immediately preceding such Trigger Issuance; 
 “C” equals the number of Additional Common Units issued or deemed issued hereunder as a result of the Trigger Issuance; and 
 “D” equals the aggregate consideration, if any, received or deemed to be received by the Partnership upon such Trigger Issuance; 

provided, however, that in no event shall the Exercise Price after giving effect to such Trigger Issuance be greater than the Exercise Price in effect prior to such
Trigger Issuance. 
 For purposes of this Section 8(f), “Additional Common Units” shall mean all Common Units
issued by the Partnership or deemed to be issued pursuant to this Section 8(f), other than Excluded Issuances (as defined in Section 8(g)). 
 For purposes of this Section 8(f), the following Sections 8(f)(1) - (f)(7) shall also be applicable: 
 (1) Issuance of Rights or Options. In case at any time the Partnership shall in any manner grant (directly and not by assumption in a merger or otherwise) any warrants or other rights to subscribe for or to
purchase, or any options for the 

  

 9 

 
purchase of, Common Units or any stock or security convertible into or exchangeable for Common Units (such warrants, rights or options being called
“Options” and such convertible or exchangeable stock or securities being called “Convertible Securities”) whether or not such Options or the right to convert or exchange any such Convertible Securities are
immediately exercisable, and the price per unit for which Common Units are issuable upon the exercise of such Options or upon the conversion or exchange of such Convertible Securities (determined by dividing (i) the sum (which sum shall
constitute the applicable consideration) of (x) the total amount, if any, received or receivable by the Partnership as consideration for the granting of such Options, plus (y) the aggregate amount of additional consideration payable to the
Partnership upon the exercise of all such Options, plus (z), in the case of such Options which relate to Convertible Securities, the aggregate amount of additional consideration, if any, payable upon the issue or sale of such Convertible Securities
and upon the conversion or exchange thereof, by (ii) the total maximum number of Common Units issuable upon the exercise of such Options or upon the conversion or exchange of all such Convertible Securities issuable upon the exercise of such
Options) shall be less than the Exercise Price in effect immediately prior to the time of the granting of such Options, then the total number of Common Units issuable upon the exercise of such Options or upon conversion or exchange of the total
amount of such Convertible Securities issuable upon the exercise of such Options shall be deemed to have been issued for such price per unit as of the date of granting of such Options or the issuance of such Convertible Securities and thereafter
shall be deemed to be outstanding for purposes of adjusting the Exercise Price. Except as otherwise provided in Section 8(f)(3), no adjustment of the Exercise Price shall be made upon the actual issue of such Common Units or of such
Convertible Securities upon exercise of such Options or upon the actual issue of such Common Units upon conversion or exchange of such Convertible Securities. 
 (2) Issuance of Convertible Securities. In case the Partnership shall in any manner issue (directly and not by assumption in a
merger or otherwise) or sell any Convertible Securities, whether or not the rights to exchange or convert any such Convertible Securities are immediately exercisable, and the price per unit for which Common Units are issuable upon such conversion or
exchange (determined by dividing (i) the sum (which sum shall constitute the applicable consideration) of (x) the total amount received or receivable by the Partnership as consideration for the issue or sale of such Convertible Securities,
plus (y) the aggregate amount of additional consideration, if any, payable to the Partnership upon the conversion or exchange thereof, by (ii) the total number of Common Units issuable upon the conversion or exchange of all such
Convertible Securities) shall be less than the Exercise Price in effect immediately prior to the time of such issue or sale, then the total maximum number of Common Units issuable upon conversion or exchange of all such Convertible Securities shall
be deemed to have been issued for such price per unit as of the date of the issue or sale of such Convertible Securities and thereafter shall be deemed to be outstanding for purposes of adjusting the Exercise Price, provided that (a) except as
otherwise provided in 

  

 10 

 
Section 8(f)(3), no adjustment of the Exercise Price shall be made upon the actual issuance of such Common Units upon conversion or exchange of
such Convertible Securities and (b) no further adjustment of the Exercise Price shall be made by reason of the issue or sale of Convertible Securities upon exercise of any Options to purchase any such Convertible Securities for which
adjustments of the Exercise Price have been made pursuant to the other provisions of Section 8(f). 
 (3)
Change in Option Price or Conversion Rate. Upon the happening of any of the following events, namely, if the purchase price provided for in any Option referred to in Section 8(f)(l), the additional consideration, if any, payable
upon the conversion or exchange of any Convertible Securities referred to in Section 8(f)(1) or Section 8(f)(2), or the rate at which Convertible Securities referred to in Section 8(f)(1) or
Section 8(f)(2) are convertible into or exchangeable for Common Units shall change at any time (including, but not limited to, changes under or by reason of provisions designed to protect against dilution), the Exercise Price in effect
at the time of such event shall forthwith be readjusted to the Exercise Price which would have been in effect at such time had such Options or Convertible Securities still outstanding provided for such changed purchase price, additional
consideration or conversion rate, as the case may be, at the time initially granted, issued or sold. 
 (4) Stock
Dividends. Subject to the provisions of this Section 8(f), in case the Partnership shall declare a dividend or make any other distribution upon any stock of the Partnership (other than the Common Units) payable in Common Units,
Options or Convertible Securities, then any Common Units, Options or Convertible Securities, as the case may be, issuable in payment of such dividend or distribution shall be deemed to have been issued or sold without consideration. 
 (5) Consideration for Stock. In case any Common Units, Options or Convertible Securities shall be issued or sold for cash, the
consideration received therefor shall be deemed to be the net amount received by the Partnership therefor, after deduction therefrom of any expenses incurred or any underwriting commissions or concessions paid or allowed by the Partnership in
connection therewith. In case any Common Units, Options or Convertible Securities shall be issued or sold for a consideration other than cash, the amount of the consideration other than cash received by the Partnership shall be deemed to be the fair
value of such consideration as determined in good faith by the Board of Directors of the general partner of the Partnership, after deduction of any expenses incurred or any underwriting commissions or concessions paid or allowed by the Partnership
in connection therewith. In case any Options shall be issued in connection with the issue and sale of other securities of the Partnership, together comprising one integral transaction in which no specific consideration is allocated to such Options
by the parties thereto, such Options shall be deemed to have been issued for such consideration as determined in good faith by the Board of Directors of the general partner of the Partnership. If Common Units, Options or Convertible Securities shall
be issued or sold by the Partnership and, in connection therewith, other Options or Convertible Securities (the “Additional Rights”) are issued, then the 

  

 11 

 
consideration received or deemed to be received by the Partnership shall be reduced by the fair market value of the Additional Rights (as determined using
the Black-Scholes Option Pricing Model or another method mutually agreed to by the Partnership and the Warrantholder). The Board of Directors of the general partner of the Partnership shall respond promptly, in writing, to an inquiry by the
Warrantholder as to the fair market value of the Additional Rights. In the event that the Board of Directors of the general partner of the Partnership and the Warrantholder are unable to agree upon the fair market value of the Additional Rights, the
Partnership and the Warrantholder shall jointly select an appraiser, who is experienced in such matters. The decision of such appraiser shall be final and conclusive, and the cost of such appraiser shall be borne evenly by the Partnership and the
Warrantholder. 
 (6) Record Date. In case the Partnership shall take a record of the holders of its Common Units for
the purpose of entitling them (i) to receive a dividend or other distribution payable in Common Units, Options or Convertible Securities or (ii) to subscribe for or purchase Common Units, Options or Convertible Securities, then such record
date shall be deemed to be the date of the issue or sale of the Common Units deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription
or purchase, as the case may be. 
 (7) Treasury Units. The number of Common Units outstanding at any given time shall
not include units owned or held by or for the account of the Partnership or any of its wholly-owned subsidiaries, and the disposition of any such units (other than the cancellation or retirement thereof) shall be considered an issue or sale of
Common Units for the purpose of this Section 8(f). 
 (g) Anything herein to the contrary notwithstanding, the Partnership shall
not be required to make any adjustment of the Exercise Price in the case of the issuance of (A) capital stock, Options or Convertible Securities issued to directors, officers, employees or consultants of the Partnership in connection with their
service as directors of the general partner of Partnership, their employment by the Partnership or their retention as consultants by the Partnership pursuant to an equity compensation program approved by the Board of Directors of the general partner
of the Partnership or the compensation committee of the Board of Directors of the general partner of the Partnership, (B) Common Units issued upon the conversion or exercise of Options or Convertible Securities issued prior to the date hereof;
provided that neither the conversion price or exercise price nor number of units issuable under such Options or Convertible Securities is amended, modified or changed after the date hereto other than pursuant to the provisions of such Options or
Convertible Securities as they exist as of the date hereof, (C) securities issued pursuant to that certain Purchase Agreement dated August 17, 2009, among the Partnership and the Investors named therein (the “Purchase
Agreement”) and securities issued upon the exercise or conversion of those securities, (D) Common Units issued or issuable by reason of a dividend, stock split or other distribution on Common Units (but only to the extent that such a
dividend, split or distribution results in an adjustment in the Exercise Price pursuant to the other provisions of this Warrant); and (E) securities issued as consideration for assets or equity (collectively, “Excluded
Issuances”). 
  

 12 

 (h) Upon any adjustment to the Exercise Price pursuant to Section 8(f), the number of Warrant
Units purchasable hereunder shall be adjusted by multiplying such number by a fraction, the numerator of which shall be the Exercise Price in effect immediately prior to such adjustment and the denominator of which shall be the Exercise Price in
effect immediately thereafter. 
 Section 8. Fractional Interest. The Partnership shall not be required to issue fractions of
Warrant Units upon the exercise of this Warrant. If any fractional Common Unit would, except for the provisions of the first sentence of this Section 8, be deliverable upon such exercise, the Partnership, in lieu of delivering such
fractional unit, shall pay to the exercising Warrantholder an amount in cash equal to the Market Price of such fractional Common Unit on the date of exercise. 
 Section 9. Benefits. Nothing in this Warrant shall be construed to give any person, firm or corporation (other than the Partnership and the Warrantholder) any legal or equitable right, remedy or claim, it
being agreed that this Warrant shall be for the sole and exclusive benefit of the Partnership and the Warrantholder. 
 Section 10.
Notices to Warrantholder. Upon the happening of any event requiring an adjustment of the Exercise Price, the Partnership shall promptly give written notice thereof to the Warrantholder at the address appearing in the records of the
Partnership, stating the adjusted Exercise Price and the adjusted number of Warrant Units resulting from such event and setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Failure to give
such notice to the Warrantholder or any defect therein shall not affect the legality or validity of the subject adjustment. 
 Section 11. Identity of Transfer Agent. The Transfer Agent for the Common Units is American Stock Transfer and Trust Company. Upon the appointment of any subsequent transfer agent for the Common Units or other units of the
Partnership’s capital securities issuable upon the exercise of the rights of purchase represented by this Warrant, the Partnership will mail to the Warrantholder a statement setting forth the name and address of such transfer agent. 

Section 12. Notices. Unless otherwise provided, any notice required or permitted under this Warrant shall be given in writing and shall be
deemed effectively given as hereinafter described (i) if given by personal delivery, then such notice shall be deemed given upon such delivery, (ii) if given by telex or facsimile, then such notice shall be deemed given upon receipt of
confirmation of complete transmittal, (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such notice by the recipient or (B) three days after such notice is deposited in first class mail,
postage prepaid, and (iv) if given by an internationally recognized overnight air courier, then such notice shall be deemed given one business day after delivery to such carrier. All notices shall be addressed as follows: if to the
Warrantholder, at its address as set forth in the Partnership’s books and records and, if to the Partnership, at the address as follows, or at such other address as the Warrantholder or the Partnership may designate by ten days’ advance
written notice to the other: 
  

 13 

 If to the Partnership: 
 Atlas Pipeline Partners, L.P. 
 West Pointe Corporate Center I 
 1550 Coraopolis Heights Road, Second Floor 
 Moon Township, PA 15108 
 Fax:  412-262-2820 
 Attn: Eugene N. Dubay 
 With a copy to: 
 Ledgewood 
 1900 Market Street, Suite 750 
 Philadelphia, PA 19103 
 Fax:  215-735-2513 
 Attn: Lisa A. Ernst 
 Section 13. Registration Rights. The initial Warrantholder is entitled to the benefit of certain registration rights with respect to the
Common Units issuable upon the exercise of this Warrant as provided in the Registration Rights Agreement, and any subsequent Warrantholder may be entitled to such rights. 
 Section 14. Successors. All the covenants and provisions hereof by or for the benefit of the Warrantholder shall bind and inure to the benefit of its respective successors and assigns hereunder.

 Section 15. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Warrant shall be governed by, and construed in
accordance with, the internal laws of the State of New York, without reference to the choice of law provisions thereof. The Partnership and, by accepting this Warrant, the Warrantholder, each irrevocably submits to the non-exclusive jurisdiction of
the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Warrant and the
transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Warrant.
The Partnership and, by accepting this Warrant, the Warrantholder, each irrevocably consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. The Partnership and, by accepting
this Warrant, the Warrantholder, each irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. EACH OF THE PARTNERSHIP AND, BY ITS ACCEPTANCE HEREOF, THE WARRANTHOLDER HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS WARRANT AND REPRESENTS THAT
COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER. 
  

 14 

 Section 16. No Rights as Limited Partner. Prior to the exercise of this Warrant, the
Warrantholder shall not have or exercise any rights as a limited partner of the Partnership by virtue of its ownership of this Warrant. 
 Section 17. Amendment; Waiver. This Warrant is one of a series of Warrants of like tenor issued by the Partnership pursuant to the Purchase Agreement and initially covering an aggregate of 2,689,765 Common Units (collectively,
the “Partnership Warrants”). Any term of this Warrant may be amended or waived (including the adjustment provisions included in Section 7 of this Warrant) only upon the written consent of the Partnership and the
Warrantholder; provided, that nothing herein shall preclude the Partnership from lowering the Exercise Price. 
 Section 18.
Section Headings. The section headings in this Warrant are for the convenience of the Partnership and the Warrantholder and in no way alter, modify, amend, limit or restrict the provisions hereof. 
 [Signature Page Follows] 
  

 15 

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

			
	ATLAS PIPELINE PARTNERS, L.P.
		
	By:	 	  

	Name:	 	
	Title:	 	

 APPENDIX A 
 ATLAS PIPELINE PARTNERS, L.P. 
 WARRANT EXERCISE FORM 
 To [Name]: 
 The undersigned hereby irrevocably elects to
exercise the right of purchase represented by the within Warrant (“Warrant”) for, and to purchase thereunder by the payment of the Exercise Price and surrender of this Warrant, Common Units (“Warrant Units”) provided for therein,
and requests that certificates for the Warrant Units be issued as follows: 
  

			
	  
	  	
	 Name
	  	
	Address	  	
		
	  
	  	
	  
	  	
	Federal Tax ID or Social Security No.	  	

  

					
		 	and delivered by	    	(certified mail to the above address, or
		 		    	(electronically            (provide DWAC Instructions:
		 		    	                                ), or
		 		    	 (other

	                                       
                     ) (specify):.

 and, if the number of Warrant Units shall not be all the Warrant Units purchasable upon exercise of this Warrant,
that a new Warrant for the balance of the Warrant Units purchasable upon exercise of this Warrant be registered in the name of the undersigned Warrantholder or the undersigned’s Assignee as below indicated and delivered to the address stated
below. 
 Notwithstanding anything to the contrary contained herein, this Exercise Notice shall constitute a representation by the Warrantholder of the
Warrant submitting this Exercise Notice that, after giving effect to the exercise provided for in this Exercise Notice, the Warrantholder (together with its affiliates) will not have beneficial ownership (together with the beneficial ownership of
such Person’s affiliates) of a number of Common Units which exceeds 4.99% of the total outstanding Common Units as determined pursuant to the provisions of Section 3(g) of this Warrant; provided that this provision shall not apply to
Morgan Stanley Strategic Investments, Inc. In determining whether the Warrantholder (together with its affiliates) will not have beneficial ownership (together with the beneficial ownership of the Warrantholder’s affiliates) of a number of
Common Units which exceeds 4.99%, the Partnership may rely on the above representation and warranty of the Warrantholder. 
  

 A-1 

 Dated:
                                ,
             
  

									
	Note:	 	The signature must correspond with	 		 	
		 	Signature:	 	  
	 		 	  

	the name of the Warrantholder as written on the first page of this Warrant in every particular, without alteration or enlargement or any change whatever, unless this
Warrant has been assigned.	 	 	Name (please print)
	 	 	  

	 	 	  

		 		 		 		 	Address
		 		 		 		 	  

		 		 		 		 	Federal Identification or
		 		 		 		 	Social Security No.
					
		 		 		 		 	Assignee:
		 		 		 		 	  

		 		 		 		 	  

		 		 		 		 	  

  

 2 

 APPENDIX B 
 ATLAS PIPELINE PARTNERS, L.P. 
 NET ISSUE ELECTION NOTICE 
 To: [Name] 
 Date:
[                        ] 
 The undersigned hereby elects under Section 3(g) of this Warrant to surrender the right to purchase
[                        ] Common Units pursuant to this Warrant and hereby requests the issuance of
[                        ] Common Units. The certificate(s) for the units issuable upon such net issue election shall be issued
in the name of the undersigned or as otherwise indicated below. 
  

	
	  

	Signature
	
	  

	Name for Registration
	
	  

	Mailing Address

  

 B-1

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