Document:

Exhibit 4.1

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY OTHER SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (1)
AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH SECURITIES UNDER THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAWS,
OR (2) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

IN ADDITION, THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING,
SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF SUCH SECURITIES BY
ANY PERSON FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS IMMEDIATELY FOLLOWING THE DATE HEREOF, EXCEPT IN ACCORDANCE WITH FINRA
RULE 5110(G)(2).

 

AQUA METALS, INC.

 

UNDERWRITER WARRANT

 

[●] shares of Common Stock

 

November [●], 2016

 

This UNDERWRITER
WARRANT (this “Warrant”) of Aqua Metals, Inc., a corporation, duly organized and validly existing under
the laws of the State of Delaware (the “Company”), is being issued pursuant to that certain Underwriting Agreement,
dated November 16, 2016 (the “Underwriting Agreement”), between the Company and National Securities Corporation
(the “Underwriter”) relating to a public offering (the “Offering”) of shares of common
stock, $0.001 par value, of the Company (the “Common Stock”) underwritten by the Underwriter.

 

FOR VALUE RECEIVED,
the Company hereby grants to National Securities Corporation and its permitted successors and assigns (collectively, the “Holder”)
the right to purchase from the Company up to [●]1 shares of Common Stock (such shares underlying this Warrant,
the “Warrant Shares”), at a per share purchase price equal to $10.00 (the “Exercise Price”),
subject to the terms, conditions and adjustments set forth below in this Warrant.

 

1.          Date
of Warrant Exercise. This Warrant shall become exercisable one hundred eight (180) days after the date hereof (the “Exercise
Date”). Except as permitted by applicable rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”),
this Warrant and the underlying Warrant Shares shall not be sold, transferred, assigned, pledged or hypothecated prior to the date
that is one hundred eighty (180) days immediately following the date hereof pursuant to FINRA Rule 5110(g)(1), except as permitted
under FINRA Rule 5110(g)(2).

 

2.          Expiration
of Warrant. This Warrant shall expire on the three (3) year anniversary of the date hereof (the “Expiration Date”).

 

 

1 Equal
to 2% of the shares of common stock purchased by the public in the Offering, excluding shares of common stock purchased by four
investors previously identified by the Company.

 

     

     

    

 

3.          Exercise
of Warrant. This Warrant shall be exercisable pursuant to the terms of this Section 3.

 

3.1           Manner
of Exercise.

 

(a)          This
Warrant may only be exercised by the Holder hereof on or after the Exercise Date and on or prior to the Expiration Date, in accordance
with the terms and conditions hereof, in whole or in part (but not as to fractional shares) with respect to any portion of this
Warrant, during the Company’s normal business hours on any day other than a Saturday or a Sunday or a day on which commercial
banking institutions in New York, New York are authorized by law to be closed (a “Business Day”), by
surrender of this Warrant to the Company at its office maintained pursuant to Section 10.2(a) hereof, accompanied by a written
exercise notice in the form attached as Exhibit A to this Warrant (or a reasonable facsimile thereof) duly executed by the
Holder, together with the payment of the aggregate Exercise Price for the number of Warrant Shares purchased upon exercise of this
Warrant. Upon surrender of this Warrant, the Company shall cancel this Warrant document and shall, in the event of partial exercise,
replace it with a new Warrant document in accordance with Section 3.3.

 

(b)          Except
as provided for in Section 3.1(c) below, each exercise of this Warrant must be accompanied by payment in full of the aggregate
Exercise Price in cash by check or wire transfer in immediately available funds for the number of Warrant Shares being purchased
by the Holder upon such exercise.

 

(c)          The
aggregate Exercise Price for the number of Warrant Shares being purchased may also, in the sole discretion of the Holder, be paid
in full or in part on a “cashless basis” at the election of the Holder:

 

(i)          in
the form of Common Stock owned by the Holder (based on the Fair Market Value (as defined below) of such Common Stock on the date
of exercise);

 

(ii)         in
the form of Warrant Shares withheld by the Company from the Warrant Shares otherwise to be received upon exercise of this Warrant
having an aggregate Fair Market Value on the date of exercise equal to the aggregate Exercise Price of the Warrant Shares being
purchased by the Holder; or

 

(iii)        by
a combination of the foregoing, provided that the combined value of all cash and the Fair Market Value of any shares surrendered
to the Company is at least equal to the aggregate Exercise Price for the number of Warrant Shares being purchased by the Holder.

 

For purposes of this
Warrant, the term “Fair Market Value” means with respect to a particular date, the average closing price of
the Common Stock for the five (5) trading days immediately preceding the applicable exercise herein as officially reported by the
principal securities exchange on which the Common Stock is then listed or admitted to trading, or, if the Common Stock is not listed
or admitted to trading on any securities exchange as determined in good faith by resolution of the Board of Directors of the Company,
based on the best information available to it.

 

To illustrate a cashless
exercise of this Warrant under Section 3.1 (c)(ii) (or for a portion thereof for which cashless exercise treatment is requested
as contemplated by Section 3.1(c)(iii) hereof), the calculation of such exercise shall be as follows:

 

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X = Y (A-B)/A

 

where:

 

	X =	the number of Warrant Shares to be issued to the Holder (rounded to the nearest whole share).
	 	 
	Y =	the number of Warrant Shares with respect to which this Warrant is being exercised.
	 	 
	A =	the Fair Market Value of the Common Stock.
	 	 
	B =	the Exercise Price.

 

(d)          For
purposes of Rule 144 and sub-section (d)(3)(ii) thereof, it is intended, understood, and acknowledged that the Common Stock issuable
upon exercise of this Warrant in a cashless exercise transaction as described in Section 3.1(c) above shall be deemed to have been
acquired at the time this Warrant was issued. Moreover, it is intended, understood, and acknowledged that the holding period for
the Common Stock issuable upon exercise of this Warrant in a cashless exercise transaction as described in Section 3.1(c) above
shall be deemed to have commenced on the date this Warrant was issued.

 

3.2           When
Exercise Effective. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business
on the Business Day on which this Warrant shall have been duly surrendered to the Company as provided in Sections 3.1 and 12 hereof,
and, at such time, the Holder in whose name any certificate or certificates for Warrant Shares shall be issuable upon exercise
as provided in Section 3.3 hereof shall be deemed to have become the holder or holders of record thereof of the number of Warrant
Shares purchased upon exercise of this Warrant.

 

3.3           Delivery
of Common Stock Certificates and New Warrant. As soon as reasonably practicable after each exercise of this Warrant, in whole
or in part, and in any event within three (3) Business Days thereafter, the Company, at its expense (including the payment by it
of any applicable issue taxes), will cause to be issued in the name of and delivered to the Holder hereof or, subject to Sections
9 and 10 hereof, as the Holder (upon payment by the Holder of any applicable transfer taxes) may direct:

 

(a)          a
certificate or certificates (with appropriate restrictive legends, as applicable) for the number of duly authorized, validly issued,
fully paid and non-assessable Warrant Shares to which the Holder shall be entitled upon exercise; and

 

(b)          in
case exercise is in part only, a new Warrant document of like tenor, dated the date hereof, for the remaining number of Warrant
Shares issuable upon exercise of this Warrant after giving effect to the partial exercise of this Warrant (including the delivery
of any Warrant Shares as payment of the Exercise Price for such partial exercise of this Warrant).

 

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4.          Certain
Adjustments. For so long as this Warrant is outstanding:

 

4.1           Mergers
or Consolidations. If at any time after the date hereof there shall be a capital reorganization (other than a combination or
subdivision of Common Stock otherwise provided for herein) resulting in a reclassification to or change in the terms of securities
issuable upon exercise of this Warrant (a “Reorganization”), or a merger or consolidation of the Company with
another corporation, association, partnership, organization, business, individual, government or political subdivision thereof
or a governmental agency (a “Person” or the “Persons”) (other than a merger with another
Person in which the Company is a continuing corporation and which does not result in any reclassification or change in the terms
of securities issuable upon exercise of this Warrant or a merger effected exclusively for the purpose of changing the domicile
of the Company) (a “Merger”), then, as a part of such Reorganization or Merger, lawful provision and
adjustment shall be made so that the Holder shall thereafter be entitled to receive, upon exercise of this Warrant, the number
of shares of stock or any other equity or debt securities or property receivable upon such Reorganization or Merger by a holder
of the number of shares of Common Stock which might have been purchased upon exercise of this Warrant immediately prior to such
Reorganization or Merger. In any such case, appropriate adjustment shall be made in the application of the provisions of this Warrant
with respect to the rights and interests of the Holder after the Reorganization or Merger to the end that the provisions of this
Warrant (including adjustment of the Exercise Price then in effect and the number of Warrant Shares) shall be applicable after
that event, as near as reasonably may be, in relation to any shares of stock, securities, property or other assets thereafter deliverable
upon exercise of this Warrant. The provisions of this Section 4.1 shall similarly apply to successive Reorganizations and/or Mergers.

 

4.2           Splits
and Subdivisions; Dividends. In the event the Company should at any time or from time to time effectuate a split or subdivision
of the outstanding shares of Common Stock or pay a dividend in or make a distribution payable in additional shares of Common Stock
or other securities, or rights convertible into, or entitling the holder thereof to receive, directly or indirectly, additional
shares of Common Stock (hereinafter referred to as “Common Stock Equivalents”) without payment of any consideration
by such holder for the additional shares of Common Stock or Common Stock Equivalents (including the additional shares of Common
Stock issuable upon conversion or exercise thereof), then, as of the applicable record date (or the date of such distribution,
split or subdivision if no record date is fixed), the per share Exercise Price shall be appropriately decreased and the number
of Warrant Shares shall be appropriately increased in proportion to such increase (or potential increase) of outstanding shares;
provided, however, that no adjustment shall be made in the event the split, subdivision, dividend or distribution is not effectuated.

 

4.3           Combination
of Shares. If the number of shares of Common Stock outstanding at any time after the date hereof is decreased by a combination
of the outstanding shares of Common Stock, the per share Exercise Price shall be appropriately increased and the number of shares
of Warrant Shares shall be appropriately decreased in proportion to such decrease in outstanding shares.

 

4.4           Adjustments
for Other Distributions. In the event the Company shall declare a distribution payable in securities of other Persons, evidences
of indebtedness issued by the Company or other Persons, assets (excluding cash dividends or distributions to the holders of Common
Stock paid out of current or retained earnings and declared by the Company’s Board of Directors) or options or rights not
referred to in Sections 4.2 or 4.3 then, in each such case for the purpose of this Section 4.4, upon exercise of this Warrant,
the Holder shall be entitled to a proportionate share of any such distribution as though the Holder was the actual record holder
of the number of Warrant Shares as of the record date fixed for the determination of the holders of Common Stock of the Company
entitled to receive such distribution.

 

5.          No
Impairment. The Company will not, by amendment of its certificate of incorporation or by-laws or through any consolidation,
merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying
out of all of the terms and in the taking of all actions necessary or appropriate in order to protect the rights of the Holder
against impairment.

 

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6.          Notice
as to Adjustments. With respect to each adjustment pursuant to Section 4 of this Warrant, the Company, at its expense, will
promptly compute the adjustment or re-adjustment in accordance with the terms of this Warrant and furnish the Holder with a certificate
certified and confirmed by the Secretary or Chief Financial Officer of the Company setting forth, in reasonable detail, the event
requiring the adjustment or re-adjustment and the amount of such adjustment or re-adjustment, the method of calculation thereof
and the facts upon which the adjustment or re-adjustment is based, and the Exercise Price and the number of Warrant Shares or other
securities purchasable hereunder after giving effect to such adjustment or re-adjustment, which report shall be mailed by first
class mail, postage prepaid to the Holder.

 

7.          Reservation
of Shares. The Company shall, solely for the purpose of effecting the exercise of this Warrant, at all times during the term
of this Warrant, reserve and keep available out of its authorized shares of Common Stock, free from all taxes, liens and charges
with respect to the issue thereof and not subject to preemptive rights of shareholders of the Company, such number of its shares
of Common Stock as shall from time to time be sufficient to effect in full the exercise of this Warrant. If at any time the number
of authorized but unissued shares of Common Stock shall not be sufficient to effect in full the exercise of this Warrant, in addition
to such other remedies as shall be available to Holder, the Company will promptly take such corporate action as may, in the opinion
of its counsel, be necessary to increase the number of authorized but unissued shares of Common Stock to such number of shares
as shall be sufficient for such purposes, including without limitation, using its Reasonable Commercial Efforts (as defined in
Section 14 hereof) to obtain the requisite shareholder approval necessary to increase the number of authorized shares of Common
Stock. The Company hereby represents and warrants that all shares of Common Stock issuable upon proper exercise of this Warrant
shall be duly authorized and, when issued and paid for upon proper exercise, shall be validly issued, fully paid and nonassessable.

 

8.          Registration
and Listing.

 

8.1           Definition
of Registrable Securities; Majority. As used herein, the term “Registrable Securities” means any shares
of Common Stock issuable upon the exercise of this Warrant until the date (if any) on which such shares shall have been transferred
or exchanged and new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company
and subsequent disposition of the shares shall not require registration or qualification under the Securities Act or any similar
state law then in force. For purposes of this Warrant, the term “Majority Holders” shall mean in excess of fifty
percent (50%) of the then outstanding Warrant Shares.

 

8.2           Demand
Registration Rights.

 

(a)          The
Company, upon written demand (“Demand Notice”) of the Majority Holders, agrees to register on one occasion all
of the Registrable Securities (a “Demand Right”). On such occasion, the Company will file a registration statement
or a post-effective amendment to the Registration Statement covering the Registrable Securities within forty-five (45) days after
receipt of a Demand Notice and use its Reasonable Commercial Efforts to have such registration statement or post-effective amendment
declared effective as soon as possible thereafter; provided, however, that the Company shall not be required to comply with a Demand
Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration
rights pursuant to Section 8.3 hereof and either: (i) the Holder has elected to participate in the offering covered by such registration
statement or (ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until
the offering covered by such registration statement has been withdrawn or until thirty (30) days after such offering is consummated.
The demand for registration may be made at any time during a period of two and one-half years beginning six (6) months from the
date hereof. The Company covenants and agrees to give written notice of its receipt of any Demand Notice to all other registered
Holders of the Warrants and/or the Registrable Securities within ten days from the date of the receipt of any such Demand Notice.

 

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(b)          The
Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 8.2(a), but the
Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. The Company agrees to use its Reasonable Commercial Efforts to
qualify or register the Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided,
however, that in no event shall the Company be required to register the Registrable Securities in a state in which such registration
would cause (i) the Company to be obligated to register, license or qualify to do business in such state, submit to general service
of process in such state or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction
or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company
shall cause any registration statement or post-effective amendment filed pursuant to the Demand Right granted under Section 8.2(a)
to remain effective for a period of nine consecutive months from the effective date of such registration statement or post-effective
amendment. The Holders shall only use the prospectuses provided by the Company to sell the Registrable Securities covered by such
registration statement, and will immediately cease to use any prospectus furnished by the Company if the Company advises the Holder
that such prospectus may no longer be used due to a material misstatement or omission.

 

8.3           Incidental
Registration Rights.

 

(a)          If
the Company proposes to register any of its securities under the Securities Act (other than in connection with a transaction contemplated
by Rule 145(a) promulgated under the Securities Act or pursuant to registration on Form S-4 or S-8 or any successor forms) whether
for its own account or for the account of any holder or holders of its shares other than Registrable Securities (any shares of
such holder or holders (but not those of the Company and not Registrable Securities) with respect to any registration are referred
to herein as, “Other Shares”), the Company shall at each such time give prompt (but not less than thirty (30)
days prior to the anticipated effectiveness thereof) written notice to the holders of Registrable Securities of its intention to
do so. The holders of Registrable Securities shall exercise the “piggy-back” rights provided herein by giving written
notice within ten (10) days after the receipt of any such notice (which request shall specify the Registrable Securities intended
to be disposed of by such holder). Except as set forth in Section 8.3(b), the Company will use its Reasonable Commercial Efforts
to effect the registration under the Securities Act of all of the Registrable Securities which the Company has been so requested
to register by such holder, to the extent required to permit the disposition of the Registrable Securities so to be registered,
by inclusion of such Registrable Securities in the registration statement which covers the securities which the Company proposes
to register. The Company will pay all Registration Expenses in connection with each registration of Registrable Securities pursuant
to this Section 8.3.

 

(b)          If
the Company at any time proposes to register any of its securities under the Securities Act as contemplated by this Section 8.3
and such securities are to be distributed by or through one or more underwriters, the Company will, if requested by a holder of
Registrable Securities, use its Reasonable Commercial Efforts to arrange for such underwriters to include all the Registrable Securities
to be offered and sold by such holder among the securities to be distributed by such underwriters, provided that if the managing
underwriter of such underwritten offering shall inform the Company by letter of its belief that inclusion in such registration
statement and/or distribution of all or a specified number of such securities proposed to be distributed by such underwriters would
interfere with the successful marketing of the securities being distributed by such underwriters (such letter to state the basis
of such belief and the approximate number of such Registrable Securities, such Other Shares and shares held by the Company proposed
so to be registered which may be distributed without such effect), then the Company may, upon written notice to such holder, the
other holders of Registrable Securities, and holders of such Other Shares, reduce pro rata in accordance with the number of shares
of Common Stock desired to be included in such registration statement and/or distribution (if and to the extent stated by such
managing underwriter to be necessary to eliminate such effect) the number of such Registrable Securities and Other Shares the registration
and/or distribution of which shall have been requested by each holder thereof so that the resulting aggregate number of such Registrable
Securities and Other Shares so included in such registration and/or distribution, together with the number of securities to be
included in such registration and/or distribution for the account of the Company, shall be equal to the number of shares stated
in such managing underwriter’s letter.

 

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8.4           Registration
Procedures. Whenever the holders of Registrable Securities have properly requested that any Registrable Securities be registered
pursuant to the terms of this Warrant, the Company shall use its Reasonable Commercial Efforts to effect the registration for the
sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company
shall as expeditiously as possible:

 

(a)          prepare
and file with the SEC a registration statement with respect to such Registrable Securities and use its Reasonable Commercial Efforts
to cause such registration statement to become effective;

 

(b)          notify
such holders of the effectiveness of each registration statement filed hereunder and prepare and file with the SEC such amendments
and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to (i) keep
such registration statement effective and the prospectus included therein usable for a period commencing on the date that such
registration statement is initially declared effective by the SEC and ending on the earlier of (A) the date when all Registrable
Securities covered by such registration statement have been sold pursuant to the registration statement or cease to be Registrable
Securities, or (B) nine months from the effective date of the registration statement; and (ii) comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance
with the intended methods of disposition by the sellers thereof set forth in such registration statement;

 

(c)          furnish
to such holders such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included
in such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably request
in order to facilitate the disposition of the Registrable Securities owned by such holders;

 

(d)          use
its Reasonable Commercial Efforts to register or qualify such Registrable Securities under such other securities or blue sky laws
of such jurisdictions as such holders reasonably request and do any and all other acts and things which may be reasonably necessary
or advisable to enable such holders to consummate the disposition in such jurisdictions of the Registrable Securities owned by
such holders; provided, however, that the Company shall not be required to: (i) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subparagraph; (ii) subject itself to taxation in any such jurisdiction;
or (iii) consent to general service of process in any such jurisdiction;

 

(e)          notify
such holders, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening
of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material
fact or omits any material fact necessary to make the statements therein, in light of the circumstances in which they are made,
not materially misleading, and, at the reasonable request of such holders, the Company shall prepare a supplement or amendment
to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not
contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in
light of the circumstances in which they are made, not materially misleading;

 

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(f)          provide
a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement;

 

(g)          make
available for inspection by any underwriter participating in any disposition pursuant to such registration statement, and any attorney,
accountant or other agent retained by any such underwriter, all financial and other records, pertinent corporate documents and
properties of the Company, and cause the Company’s officers, directors, managers, employees and independent accountants to
supply all information reasonably requested by any such underwriter, attorney, accountant or agent in connection with such registration
statement;

 

(h)          otherwise
use its Reasonable Commercial Efforts to comply with all applicable rules and regulations of the SEC, and make available to its
security holders, as soon as reasonably practicable, an earnings statement of the Company, which earnings statement shall satisfy
the provisions of Section 11(a) of the Securities Act and, at the option of the Company, Rule 158 thereunder;

 

(i)          in
the event of the issuance of any stop order suspending the effectiveness of a registration statement, or of any order suspending
or preventing the use of any related prospectus or suspending the qualification of any Registrable Securities included in such
registration statement for sale in any jurisdiction, the Company shall use its Reasonable Commercial Efforts promptly to obtain
the withdrawal of such order; and

 

(j)          if
the offering is underwritten, use its Reasonable Commercial Efforts to furnish on the date that Registrable Securities are delivered
to the underwriters for sale pursuant to such registration, an opinion dated such date of counsel representing the Company for
the purposes of such registration, addressed to the underwriters covering such issues as are reasonably required by such underwriters.

 

8.5           Listing.
The Company shall secure the listing of the Common Stock underlying this Warrant upon each national securities exchange or automated
quotation system upon which shares of Common Stock are then listed or quoted (subject to official notice of issuance) and shall
maintain such listing of shares of Common Stock. The Company shall at all times comply in all material respects with the Company’s
reporting, filing and other obligations under the by-laws or rules of The NASDAQ Stock Market (or such other national securities
exchange or market on which the Common Stock may then be listed, as applicable).

 

8.6           Expenses.
The Company shall pay all Registration Expenses relating to the registration and listing obligations set forth in this Section
8. For purposes of this Warrant, the term “Registration Expenses” means: (a) all registration, filing and FINRA
fees, (b) all reasonable fees and expenses of complying with securities or blue sky laws, (c) all word processing, duplicating
and printing expenses, (d) the fees and disbursements of counsel for the Company and of its independent public accountants, including
the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance,
(e) premiums and other costs of policies of insurance (if any) against liabilities arising out of the public offering of the Registrable
Securities being registered if the Company desires such insurance, if any, and (f) fees and disbursements of one counsel for the
selling holders of Registrable Securities; provided however, that, in any case where Registration Expenses are not to be borne
by the Company, such expenses shall not include (and such expenses shall be borne by the Company): (i) salaries of Company personnel
or general overhead expenses of the Company, (ii) auditing fees, or (iii) other expenses for the preparation of financial statements
or other data, to the extent that any of the foregoing either is normally prepared by the Company in the ordinary course of its
business or would have been incurred by the Company had no public offering taken place. Registration Expenses shall not include
any underwriting discounts and commissions which may be incurred in the sale of any Registrable Securities and transfer taxes of
the selling holders of Registrable Securities.

 

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8.7           Information
Provided by Holders. Any holder of Registrable Securities included in any registration shall furnish to the Company such information
as the Company may reasonably request in writing, including, but not limited to, a completed and executed questionnaire requesting
information customarily sought of selling security holders, to enable the Company to comply with the provisions hereof in connection
with any registration referred to in this Warrant. The Holder agrees to suspend all sales of Registrable Securities pursuant to
a registration statement filed under Section 8.3 in the event the Company notifies Holder pursuant to Section 8.4(e) that the prospectus
relating thereto is no longer current and will not resume sales under such registration statement until advised by the Company
that the prospectus has been appropriately supplemented or amended.

 

8.8           FINRA
Public Offering System Filings. In the event that a registration statement covering the Registrable Securities is filed, within
one (1) Business Day of the filing of such registration statement, the Company will prepare and file the selling stockholder resale
offering described in such registration statement for review by FINRA via the FINRA’s Public Offering System filing system
(“Public Offering System Filing”) for the purpose of having the prospectus contained within such registration
statement treated as a “base prospectus” in connection with such resale offering. The Company will use its Reasonable
Commercial Efforts to have the Public Offering System Filing approved by FINRA within thirty (30) days of such filing date. The
Company shall bear all expenses of the Public Offering System Filing, including fees and expenses of one counsel or other advisor
to the Holder. In all circumstances, the Company shall pay for all FINRA filing fees associated with the Public Offering System
Filing.

 

8.9           Effectiveness
Period. The Company shall use its Reasonable Commercial Efforts to keep each registration statement contemplated hereunder
continuously effective under the Securities Act until the date which is the earlier date of when (i) all Registrable Securities
covered by such Registration Statement have been sold, (ii) all Registrable Securities covered by such Registration Statement may
be sold immediately without registration under the Securities Act and without volume restrictions pursuant to Rule 144 under the
Securities Act, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and
reasonably acceptable to the Company’s transfer agent and the affected holders of Registrable Securities, or (iii) nine months
from the effective date of such registration statement.

 

8.10         Net
Cash Settlement. Notwithstanding anything herein to the contrary, in no event will the Holder hereof be entitled to receive
a net-cash settlement as liquidated damages in lieu of physical settlement in shares of Common Stock, regardless of whether the
Common Stock underlying this Warrant is registered pursuant to an effective registration statement; provided, however, that the
foregoing will not preclude the Holder from seeking other remedies at law or equity for breaches by the Company of its registration
obligations hereunder.

 

9.          Restrictions
on Transfer.

 

9.1           Restrictive
Legends. This Warrant and each Warrant issued upon transfer or in substitution for this Warrant pursuant to Section 10 hereof,
each certificate for Common Stock issued upon the exercise of the Warrant and each certificate issued upon the transfer of any
such Common Stock shall be transferable only upon satisfaction of the conditions specified in this Section 9. Each of the foregoing
securities shall be stamped or otherwise imprinted with a legend reflecting the restrictions on transfer set forth herein and any
restrictions required under the Securities Act or other applicable securities laws.

 

9.2           Notice
of Proposed Transfer. Prior to any transfer of any securities which are not registered under an effective registration statement
under the Securities Act (“Restricted Securities”), which transfer may only occur if there is an exemption
from the registration provisions of the Securities Act and all other applicable securities laws, the Holder will give written notice
to the Company of the Holder’s intention to effect a transfer (and shall describe the manner and circumstances of the proposed
transfer). The following provisions shall apply to any proposed transfer of Restricted Securities:

 

    	 	9	 

     

    

 

(i)          If
in the opinion of counsel for the Holder reasonably satisfactory to the Company the proposed transfer may be effected without registration
of the Restricted Securities under the Securities Act (which opinion shall state in detail the basis of the legal conclusions reached
therein), the Holder shall thereupon be entitled to transfer the Restricted Securities in accordance with the terms of the notice
delivered by the Holder to the Company. Each certificate representing the Restricted Securities issued upon or in connection with
any transfer shall bear the restrictive legends required by Section 9.1 hereof.

 

(ii)         If
the opinion called for in (i) above is not delivered, the Holder shall not be entitled to transfer the Restricted Securities until
either: (x) receipt by the Company of a further notice from such Holder pursuant to the foregoing provisions of this Section 9.2
and fulfillment of the provisions of clause (i) above, or (y) such Restricted Securities have been effectively registered under
the Securities Act.

 

9.3           Certain
Other Transfer Restrictions. Notwithstanding any other provision of this Warrant: (i) prior to the Exercise Date, this Warrant
or the Restricted Securities thereunder may only be transferred or assigned to the persons permitted under FINRA Rule 5110(g),
and (ii) subject at all times to FINRA Rule 5110(g), no opinion of counsel shall be necessary for a transfer of Restricted Securities
by the holder thereof to any Person employed by or owning equity in the Holder, if the transferee agrees in writing to be subject
to the terms hereof to the same extent as if the transferee were the original purchaser hereof and such transfer is permitted under
applicable securities laws.

 

9.4           Termination
of Restrictions. Except as set forth in Section 9.3 hereof and subject at all times to FINRA Rule 5110(g), the restrictions
imposed by this Section 9 upon the transferability of Restricted Securities shall cease and terminate as to any particular Restricted
Securities: (a) which shall have been effectively registered under the Securities Act, or (b) when, in the opinion of counsel for
the Company, such restrictions are no longer required in order to insure compliance with the Securities Act or Section 10 hereof.
Whenever such restrictions shall cease and terminate as to any Restricted Securities, the Holder thereof shall be entitled to receive
from the Company, without expense (other than applicable transfer taxes, if any), new securities of like tenor not bearing the
applicable legends required by Section 9.1 hereof.

 

10.         Ownership,
Transfer, Sale and Substitution of Warrant.

 

10.1         Ownership
of Warrant. The Company may treat any Person in whose name this Warrant is registered in the Warrant Register maintained pursuant
to Section 10.2(b) hereof as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary, except
that, if and when any Warrant is properly assigned in blank, the Company may (but shall not be obligated to) treat the bearer thereof
as the owner of such Warrant for all purposes, notwithstanding any notice to the contrary. Subject to Sections 9 and 10 hereof,
this Warrant, if properly assigned, may be exercised by a new holder without a new Warrant first having been issued.

 

10.2         Office;
Exchange of Warrant.

 

(a)          The
Company will maintain its principal office at the location identified in the prospectus relating to the Offering or at such other
offices as set forth in the Company’s most current filing (as of the date notice is to be given) under the Securities Exchange
Act of 1934, as amended, or as the Company otherwise notifies the Holder.

 

    	 	10	 

     

    

 

(b)          The
Company shall cause to be kept at its office maintained pursuant to Section 10.2(a) hereof a Warrant Register for the registration
and transfer of the Warrant. The name and address of the holder of the Warrant, the transfers thereof and the name and address
of the transferee of the Warrant shall be registered in such Warrant Register. The Person in whose name the Warrant shall be so
registered shall be deemed and treated as the owner and holder thereof for all purposes of this Warrant, and the Company shall
not be affected by any notice or knowledge to the contrary.

 

(c)          Upon
the surrender of this Warrant, properly endorsed, for registration of transfer or for exchange at the office of the Company maintained
pursuant to Section 10.2(a) hereof, the Company at its expense will (subject to compliance with Section 9 hereof, if applicable)
execute and deliver to or upon the order of the Holder thereof a new Warrant of like tenor, in the name of such holder or as such
holder (upon payment by such holder of any applicable transfer taxes) may direct, calling in the aggregate on the face thereof
for the number of shares of Common Stock called for on the face of the Warrant so surrendered (after giving effect to any previous
adjustment(s) to the number of Warrant Shares).

 

10.3         Replacement
of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this Warrant, upon delivery of indemnity reasonably satisfactory
to the Company in form and amount or, in the case of any mutilation, upon surrender of this Warrant for cancellation at the office
of the Company maintained pursuant to Section 10.2(a) hereof, the Company will execute and deliver, in lieu thereof, a new Warrant
of like tenor and dated the date hereof.

 

10.4         Opinions.
In connection with the sale of the Warrant Shares by Holder, the Company agrees to cooperate with the Holder, and at the Company’s
expense, to have its counsel provide any legal opinions required to remove the restrictive legends from the Warrant Shares in connection
with a sale, transfer or legend removal request of Holder.

 

11.         No
Rights or Liabilities as Stockholder. No Holder shall be entitled to vote or be deemed the holder of any equity securities
which may at any time be issuable on the exercise hereof, nor shall anything contained herein be construed to confer upon the Holder,
as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization,
issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive
notice of meetings until the Warrant shall have been exercised and the shares of Common Stock purchasable upon the exercise hereof
shall have become deliverable, as provided herein.

 

12.         Notices.
Any notice or other communication in connection with this Warrant shall be given in writing and directed to the parties hereto
as follows: (a) if to the Holder, at the address of the holder in the warrant register maintained pursuant to Section 10 hereof,
or (b) if to the Company, to the attention of its Chief Executive Officer at its office maintained pursuant to Section 10.2(a)
hereof; provided, that the exercise of the Warrant shall also be effected in the manner provided in Section 3 hereof. Notices
shall be deemed properly delivered and received when delivered to the notice party (i) if personally delivered, upon receipt or
refusal to accept delivery, (ii) if sent via facsimile, upon mechanical confirmation of successful transmission thereof generated
by the sending telecopy machine, (iii) if sent by a commercial overnight courier for delivery on the next Business Day, on the
first Business Day after deposit with such courier service, or (iv) if sent by registered or certified mail, five (5) Business
Days after deposit thereof in the U.S. mail.

 

    	 	11	 

     

    

 

13.         Payment
of Taxes. The Company will pay all documentary stamp taxes attributable to the issuance of shares of Common Stock underlying
this Warrant upon exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax which
may be payable in respect of any transfer involved in the transfer or registration of this Warrant or any certificate for shares
of Common Stock underlying this Warrant in a name other that of the Holder. The Holder is responsible for all other tax liability
that may arise as a result of holding or transferring this Warrant or receiving shares of Common Stock underlying this Warrant
upon exercise hereof.

 

14.         Miscellaneous.
This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of the change, waiver, discharge or termination is sought. This Warrant shall be construed and
enforced in accordance with and governed by the laws of the State of New York. Each of the parties consents to the exclusive jurisdiction
of the Federal or state courts whose districts encompass any part of the County of New York located in the City of New York, New
York in connection with any dispute arising under this Agreement and hereby waives, to the maximum extent permitted by law, any
objection, including any objection based on forum non conveniens, to the bringing of any such proceeding in such jurisdictions.
Each party to this Agreement irrevocably consents to the service of process in any such proceeding by any manner permitted by law.
The section headings in this Warrant are for purposes of convenience only and shall not constitute a part hereof. When used herein,
the term “Reasonable Commercial Efforts” means, with respect to the applicable obligation of the Company, reasonable
commercial efforts for similarly situated, publicly-traded companies.

 

(Signature on Following
Page)

 

    	 	12	 

     

    

 

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

 

	 	AQUA METALS, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	13	 

     

    

 

EXHIBIT A

FORM OF EXERCISE NOTICE

[To be executed
only upon exercise of Warrant]

 

To AQUA METALS, INC.:

 

The undersigned registered holder of the within Warrant hereby
irrevocably exercises the Warrant pursuant to Section 3.1 of the Warrant with respect to [_____] Warrant Shares, at an exercise
price of $[____] per share, and requests that the certificates for such Warrant Shares be issued, subject to Sections 9
and 10, in the name of and delivered to:

 

	 
	 
	 
	 

 

The undersigned is hereby making payment for the Warrant Shares
in the following manner:

[check one]

 

☐     by cash in accordance with Section 3.1(b) of the Warrant

☐     via cashless exercise in accordance
with Section 3.1(c) of the Warrant in the following manner:

 

	 
	 
	 

 

The undersigned hereby represents and warrants that it is,
and has been since its acquisition of the Warrant, the record and beneficial owner of the Warrant.

 

	Dated:	 

 

	Print or Type Name

 

	(Signature must conform in all respects to name of

 holder as specified on the face of Warrant)

 

	(Street Address)	 	 
	 	 	 
	(City)	(State)	(Zip Code)

 

    	 	14	 

     

    

 

EXHIBIT B

FORM OF ASSIGNMENT

[To be executed
only upon transfer of Warrant]

 

For value received, the undersigned registered holder of the
within Warrant hereby sells, assigns and transfers unto______________________[include name and addresses] the rights represented
by the Warrant to

purchase________shares of Common Stock of AQUA METALS, INC.
to which the Warrant relates, and appoints________Attorney to make such transfer on the books of AQUA METALS, INC. maintained
for the purpose, with full power of substitution in the premises.

 

 

	Dated:	 
		(Signature must conform in all 

respects to name of holder as

 specified on the face of Warrant)
	 	 
		(Street Address)
	 	 
		(City) 	(State)	(Zip Code)

 

Signed in the presence of:

 

	 	(Signature of Transferee)
	 	 
		(Street Address)
	 	 
		(City)	(State)	(Zip Code)
	 	 
	Signed in the presence of:	 

 

    	 	15EX-10.1

 Exhibit 10.1 

Execution Version 

CONTRIBUTION AGREEMENT 

by and among 
 CONE
GATHERING LLC 
 CONE MIDSTREAM GP LLC 

CONE MIDSTREAM PARTNERS LP 

CONE MIDSTREAM OPERATING COMPANY LLC 

And 
 Solely for
purposes of Section 5.5 and Article X, 
 CERTAIN OTHER SIGNATORIES HERETO 

dated as of 
 November
15, 2016 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS; RULES OF CONSTRUCTION
	  	 	2	  
			
	 1.1
	 	 Definitions
	  	 	2	  
	 1.2
	 	 References and Rules of Construction
	  	 	2	  
		
	 ARTICLE II. CONTRIBUTION OF SUBJECT INTERESTS; CONSIDERATION;
ACKNOWLEDGEMENTS
	  	 	3	  
			
	 2.1
	 	 Contribution
	  	 	3	  
	 2.2
	 	 Consideration
	  	 	3	  
	 2.3
	 	 [Reserved]
	  	 	3	  
	 2.4
	 	 Assumed Liabilities
	  	 	3	  
	 2.5
	 	 Excluded Liabilities
	  	 	4	  
	 2.6
	 	 Transaction Taxes
	  	 	4	  
		
	 ARTICLE III. REPRESENTATIONS AND WARRANTIES OF CONE GATHERING
	  	 	4	  
			
	 3.1
	 	 Organization and Existence
	  	 	4	  
	 3.2
	 	 Authority and Approval; Enforceability
	  	 	4	  
	 3.3
	 	 No Conflict
	  	 	5	  
	 3.4
	 	 Consents
	  	 	5	  
	 3.5
	 	 Laws and Regulations; Litigation
	  	 	6	  
	 3.6
	 	 Management Projections and Budgets
	  	 	6	  
	 3.7
	 	 Title to Subject Interests
	  	 	6	  
	 3.8
	 	 Brokerage Arrangements
	  	 	7	  
	 3.9
	 	 No Adverse Changes
	  	 	7	  
	 3.10
	 	 No Preferential Rights
	  	 	7	  
	 3.11
	 	 Accredited Investor
	  	 	7	  
	 3.12
	 	 No Other Representations or Warranties
	  	 	7	  
		
	 ARTICLE IV. REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP PARTIES
	  	 	8	  
			
	 4.1
	 	 Organization and Existence
	  	 	8	  
	 4.2
	 	 Authority and Approval; Enforceability
	  	 	8	  
	 4.3
	 	 No Conflict
	  	 	8	  
	 4.4
	 	 Consents
	  	 	9	  
	 4.5
	 	 Laws and Regulations; Litigation
	  	 	9	  
	 4.6
	 	 Delivery of Fairness Opinion
	  	 	10	  
	 4.7
	 	 Issuance of New GP Interest and New Common Units
	  	 	10	  
	 4.8
	 	 Brokerage Arrangements
	  	 	10	  
	 4.9
	 	 No Other Representations or Warranties
	  	 	10	  

  
 -i- 

							
		
	 ARTICLE V. ADDITIONAL COVENANTS AND AGREEMENTS
	  	 	10	  
			
	 5.1
	 	 Conduct of the Business
	  	 	10	  
	 5.2
	 	 Further Assurances
	  	 	11	  
	 5.3
	 	 Financing Cooperation
	  	 	11	  
	 5.4
	 	 Tax Covenants
	  	 	11	  
	 5.5
	 	 Exchange Agreement
	  	 	12	  
		
	 ARTICLE VI. CONDITIONS TO CLOSING
	  	 	13	  
			
	 6.1
	 	 Conditions to the Obligations of Each Party
	  	 	13	  
	 6.2
	 	 Conditions to the Obligations of the Partnership Parties
	  	 	13	  
	 6.3
	 	 Conditions to the Obligations of CONE Gathering
	  	 	14	  
		
	 ARTICLE VII. CLOSING
	  	 	14	  
			
	 7.1
	 	 Closing
	  	 	14	  
	 7.2
	 	 Deliveries by CONE Gathering
	  	 	15	  
	 7.3
	 	 Deliveries by the Partnership Parties
	  	 	15	  
	 7.4
	 	 Distributions by CONE Gathering to CONSOL and NBL at Closing
	  	 	16	  
		
	 ARTICLE VIII. INDEMNIFICATION
	  	 	16	  
			
	 8.1
	 	 Indemnification of CONE Gathering
	  	 	16	  
	 8.2
	 	 Indemnification of the Partnership Parties
	  	 	16	  
	 8.3
	 	 Demands
	  	 	16	  
	 8.4
	 	 Right to Contest and Defend
	  	 	17	  
	 8.5
	 	 Cooperation
	  	 	17	  
	 8.6
	 	 Right to Participate
	  	 	17	  
	 8.7
	 	 Payment of Damages
	  	 	18	  
	 8.8
	 	 Limitations on Indemnification
	  	 	18	  
	 8.9
	 	 Survival
	  	 	18	  
	 8.10
	 	 Sole Remedy
	  	 	19	  
	 8.11
	 	 Express Negligence Rule
	  	 	19	  
	 8.12
	 	 Knowledge
	  	 	19	  
		
	 ARTICLE IX. TERMINATION
	  	 	20	  
			
	 9.1
	 	 Events of Termination
	  	 	20	  
	 9.2
	 	 Effect of Termination
	  	 	20	  
		
	 ARTICLE X. MISCELLANEOUS
	  	 	20	  
			
	 10.1
	 	 Expenses
	  	 	20	  
	 10.2
	 	 Deed; Bill of Sale; Assignment
	  	 	21	  
	 10.3
	 	 Right of Offset
	  	 	21	  
	 10.4
	 	 Notices
	  	 	21	  
	 10.5
	 	 Governing Law
	  	 	22	  
	 10.6
	 	 Public Statements
	  	 	22	  
	 10.7
	 	 Form of Payment
	  	 	22	  

  
 ii 

							
	 10.8
	 	 Entire Agreement; Amendments and Waivers
	  	 	22	  
	 10.9
	 	 Binding Effect and Assignment
	  	 	23	  
	 10.10
	 	 Severability
	  	 	23	  
	 10.11
	 	 Interpretation
	  	 	23	  
	 10.12
	 	 Counterparts
	  	 	23	  

  
 iii 

 APPENDICES AND EXHIBITS 

 

			
	Appendix I	  	Definitions
	Exhibit A	  	Form of Limited Partner Interest Assignment Agreement
	Exhibit B	  	Form of CNX Gas Gathering Agreement
	Exhibit C	  	Form of NBL Gas Gathering Agreement
	Exhibit D	  	Form of First Amended and Restated Operational Services Agreement
	Exhibit E	  	Form of Access Agreement
	Exhibit F	  	Form of CNX Receipt / Delivery Point Letter
	Exhibit G	  	Form of First Amended and Restated Master Cooperation Agreement
	Exhibit H	  	Form of NBL Receipt / Delivery Point Letter

  
 iv 

 CONTRIBUTION AGREEMENT 

This Contribution Agreement (this “Agreement”) is made and entered into as of November 15, 2016 by and among CONE Gathering
LLC, a Delaware limited liability company (“CONE Gathering”), CONE Midstream GP LLC, a Delaware limited liability company (the “General Partner”), CONE Midstream Partners LP, a Delaware limited partnership (the
“Partnership”), and CONE Midstream Operating Company LLC, a Delaware limited liability company (the “Operating Company”), and solely for the purposes of Section 5.5 and Article X, CNX Gas Company LLC,
a Virginia limited liability company (“CNX”), Noble Energy, Inc., a Delaware corporation (“NBL”), CONE Midstream DevCo I LP, a Delaware limited partnership (“DevCo I LP”), CONE Midstream DevCo II
LP, a Delaware limited partnership (“DevCo II LP”), and CONE Midstream DevCo III LP, a Delaware limited partnership (“DevCo III LP”). CONE Gathering, the General Partner and the Partnership are sometimes
referred to in this Agreement individually as a “Party” and collectively as the “Parties.” 

RECITALS: 

WHEREAS, CONE Midstream DevCo I GP LLC, a Delaware limited liability company, owns a 75% general partner interest in DevCo I LP, and CONE
Gathering owns a 25% limited partner interest in DevCo I LP; 
 WHEREAS, in connection with the Closing (as defined below), CONE Gathering
desires to contribute, assign, transfer, convey and deliver to the Partnership or its designee(s), and the Partnership desires to receive, accept and acquire (or cause its designee(s) to receive, accept and acquire) from CONE Gathering, a 25%
limited partner interest in DevCo I LP held by CONE Gathering, and, in exchange, the Partnership desires to deliver, or cause to be delivered, to CONE Gathering or its designee(s) the Total Consideration (as defined below), all in accordance with
the terms of this Agreement (the “Transaction”); 
 WHEREAS, 

(a) the Conflicts Committee (the “Conflicts Committee”) of the Board of Directors (the “Board of
Directors”) of the General Partner has previously: 
 (i) received an opinion (the “Fairness
Opinion”) of Evercore Group L.L.C., the financial advisor to the Conflicts Committee (the “Financial Advisor”), that the Total Consideration to be paid by the Partnership pursuant to the Transaction is fair, from a
financial point of view, to the Partnership and its unitholders, other than CONE Gathering, the General Partner and their respective Affiliates (collectively, the “Public Unitholders”); 

(ii) after an evaluation of, among other things, the Transaction, the Fairness Opinion and the proposed terms and conditions of
this Agreement and the other Transaction Documents (as defined below), determined in good faith that the Transaction, including this Agreement and the other Transaction Documents, are fair and reasonable to, and in the best interests of, the
Partnership and the Public Unitholders; 

  
 1 

 (iii) unanimously approved the Transaction, the Transaction Documents and the
transactions contemplated thereby upon the terms and conditions set forth in the Transaction Documents, such approval constituting “Special Approval” for purposes of the Partnership Agreement (as defined below); and 

(iv) unanimously recommended that the Board of Directors (A) approve the Transaction, the Transaction Documents and the
transactions contemplated thereby upon the terms and conditions set forth in the Transaction Documents and (B) cause the Partnership or its designee(s) to enter into the Transaction Documents and consummate the Transaction upon the terms and
conditions set forth in the Transaction Documents; and 
 (b) subsequently, the Board of Directors has approved the
Transaction, the Transaction Documents and the transactions contemplated thereby upon the terms and conditions set forth in the Transaction Documents; and 

WHEREAS, the respective Parties have taken or caused to be taken all limited liability company and limited partnership action, as the case may
be, required to approve the transactions contemplated by this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the
covenants, conditions and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS;
RULES OF CONSTRUCTION 
 1.1 Definitions. For purposes this Agreement, the capitalized terms used herein and not otherwise
defined have the meanings set forth in Appendix I. 
 1.2 References and Rules of Construction. All references in this
Agreement to Appendices, Exhibits, Articles, Sections, subsections and other subdivisions refer to the corresponding Appendices, Exhibits, Articles, Sections, subsections and other subdivisions of or to this Agreement unless expressly provided
otherwise. Titles appearing at the beginning of any Appendices, Exhibits, Articles, Sections, subsections and other subdivisions of this Agreement are for convenience only, do not constitute any part of this Agreement and shall be disregarded
in construing the language hereof. The words “this Agreement,” “herein,” “hereby,” “hereunder” and “hereof,” and words of similar import, refer to this Agreement as a whole and not to any
particular Appendix, Exhibit, Article, Section, subsection or other subdivision unless expressly so limited. The word “including” (in its various forms) means “including without limitation.” All references to “$”
or “dollars” shall be deemed references to United States dollars. Pronouns in masculine, feminine or neuter genders shall be construed to state and include any other gender, and words, terms and titles (including terms defined herein)
in the singular form shall be construed to include the plural and vice versa, unless the context otherwise requires. References to any law means such law as it may be amended from time to time. 

  
 2 

 ARTICLE II. 

CONTRIBUTION OF SUBJECT INTERESTS; CONSIDERATION; 

ACKNOWLEDGEMENTS 
 2.1
Contribution. Upon the terms and subject to the conditions set forth in this Agreement and in the Assignment Agreement, at the Closing: 

(a) CONE Gathering shall contribute, transfer, assign, convey and deliver to the General Partner, as a capital contribution, a limited partner
interest in DevCo I LP with an aggregate value equal to an amount such that, immediately following the consummation of the transactions contemplated by this Agreement, the General Partner will maintain its 2% general partner interest in the
Partnership (the “GP Contribution”), free and clear of all Liens (other than restrictions under applicable federal and state securities laws), and the General Partner shall receive, accept and acquire the GP Contribution; 

(b) the General Partner shall contribute, transfer, assign, convey and deliver the GP Contribution to the Partnership in exchange for the
consideration set forth in Section 2.2, free and clear of all Liens (other than restrictions under applicable federal and state securities laws), and the Partnership shall receive, accept and acquire the GP Contribution; 

(c) CONE Gathering shall contribute, transfer, assign, transfer, convey and deliver the remaining limited partner interests in DevCo I LP held
by CONE Gathering (the “LP Contribution” and, together with the GP Contribution, the “Subject Interests”) to the Partnership, free and clear of all Liens (other than restrictions under applicable federal and state
securities laws), in exchange for the consideration set forth in Section 2.2, and the Partnership shall receive, accept and acquire the Subject Interests from CONE Gathering; and 

(d) the Partnership shall contribute, transfer, assign, transfer, convey and deliver, as a capital contribution, the Subject Interests to the
Operating Company, free and clear of all Liens (other than restrictions under applicable federal and state securities laws), and the Operating Company shall receive, accept and acquire the Subject Interests. 

2.2 Consideration. At the Closing, in consideration (the “Total Consideration”) for the contribution of the
Subject Interests, the Partnership shall: (a) issue to the General Partner the New GP Interests, (b) pay to CONE Gathering (or its designee(s)) an amount of cash equal to the Cash Consideration, a portion of which, to the maximum extent possible, is
to reimburse CONE Gathering for certain capital expenditures incurred by CONE Gathering within the meaning of Treasury Regulation Section 1.707-4(d), and (c) issue to CONE Gathering (or its designee(s)) a number of Common Units equal to 5,288,933
less the number of New GP Interests (the “New Common Units”).
 2.3 [Reserved].

2.4 Assumed Liabilities. Except for Excluded Liabilities as provided in Section 2.5 and subject to the indemnification
rights provided in Section 8.2, at the Effective Time, the Partnership Group agrees to assume and to pay, discharge and perform as and when due, all Liabilities that first accrue, are caused by, arise out of, are associated with, are in
respect of, or are incurred, in each case, at any time prior to, on or after the Effective Time, in connection with the ownership of the Subject Interests or other activities occurring in connection with and attributable to the ownership of the
Subject Interests (collectively, the “Assumed Liabilities”). 

  
 3 

 2.5 Excluded Liabilities. Notwithstanding anything to the contrary contained in
Section 2.4, the Parties agree that any Liabilities arising out of or attributable to the ownership of the Subject Interests or other activities occurring in connection with and attributable to the ownership of the Subject Interests, other
than any Liabilities resulting from the gross negligence or willful misconduct of DevCo I LP, during the period from the closing of the initial public offering of the Partnership to the Effective Time (collectively, the “Excluded
Liabilities”) are not part of the Assumed Liabilities.
 2.6 Transaction Taxes. All sales, use, transfer, filing,
registration, business and occupation and similar Taxes arising from or associated with the transactions contemplated by this Agreement other than Taxes based on income (“Transaction Taxes”) shall be borne fifty percent (50%) by
CONE Gathering and fifty percent (50%) by the Partnership. To the extent under applicable law the transferee is responsible for filing Tax Returns in respect of Transaction Taxes, the Partnership shall prepare and file all such Tax
Returns. The Parties shall provide such certificates and other information and otherwise cooperate to the extent reasonably required to minimize Transaction Taxes. The Party that is not responsible under applicable law for paying the
Transaction Taxes shall pay its share of the Transaction Taxes to the responsible Party prior to the due date of such Taxes.
 ARTICLE
III. 
 REPRESENTATIONS AND WARRANTIES OF CONE GATHERING 

CONE Gathering hereby represents and warrants to the Partnership Parties that, as of the date hereof and as of the Closing: 

3.1 Organization and Existence. CONE Gathering has been duly formed and is validly existing as a limited liability company and is
in good standing under the laws of its state of formation, with full limited liability company power and authority to own, lease and operate its properties and to conduct its business as and where such properties are owned, leased and operated and
such business is conducted as of the date of this Agreement. CONE Gathering is duly qualified as a foreign limited liability company to transact business and is in good standing in each jurisdiction in which such qualification is required,
whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not, individually or in the aggregate, result in a Sponsor Material Adverse Effect.

3.2 Authority and Approval; Enforceability. CONE Gathering has the limited liability company power and authority to execute and
deliver this Agreement and any other Transaction Document to which it is or will be a party, to consummate the transactions contemplated hereby and thereby and to perform all the terms and conditions hereof and thereof to be performed by
it. The execution and delivery by CONE Gathering of this Agreement and any other Transaction Document to which it is or will be a party, the performance by it of all the terms and conditions hereof and thereof to be performed by it and the
consummation of the transactions contemplated hereby and thereby have been duly authorized and approved by all 

  
 4 

 
requisite limited liability company action of CONE Gathering. Each of this Agreement and any other Transaction Document to which CONE Gathering is or will be a party constitutes or will
constitute, upon execution and delivery by CONE Gathering, the valid and binding obligation of CONE Gathering, enforceable against CONE Gathering in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting enforcement of creditors’ rights generally and by general principles of equity (whether applied in a proceeding at law or in equity). 

3.3 No Conflict. Each of this Agreement, the other Transaction Documents to which CONE Gathering is or will be a party and the
execution and delivery hereof and thereof by CONE Gathering do not, and the fulfilment and compliance with the terms and conditions hereof and thereof and the consummation of the transactions contemplated hereby and thereby will not: 

(a) conflict with any of the provisions of the certificate of formation or limited liability company agreement of CONE Gathering; 

(b) conflict with any provision of any law or administrative regulation or any judicial, administrative or arbitration order, award, judgment,
writ, injunction or decree applicable to CONE Gathering; 
 (c) conflict with, result in a breach of, constitute a default under (whether
with notice or the lapse of time or both), or accelerate or permit the acceleration of the performance required by, or require any consent, authorization or approval under, or result in the suspension, termination or cancellation of, or in a right
of suspension, termination or cancellation of, any indenture, mortgage, agreement, contract, commitment, license, concession, permit, lease, joint venture or other instrument to which CONE Gathering is a party or by which it is bound or to which any
of the Subject Interests are subject; 
 (d) result in the creation of, or afford any Person the right to obtain, any Lien on the Subject
Interests under any indenture, mortgage, agreement, contract, commitment, license, concession, permit, lease, joint venture or other instrument to which CONE Gathering is a party or by which it is bound or to which any of the Subject Interests are
subject; or 
 (e) result in the revocation, cancellation, suspension or modification of any Consent possessed by CONE Gathering that is
necessary or desirable for the ownership, lease or operation of its properties and other assets in the conduct of its business as now conducted; 
 except,
in the case of clauses (b), (c), (d) and (e), as would not have, individually or in the aggregate, a Sponsor Material Adverse Effect. 

3.4 Consents. No consent, approval, license, permit, order, waiver, or authorization of, or registration, declaration, or filing
with any Governmental Authority or other Person (each a “Consent”) is required to be obtained or made by or with respect to CONE Gathering or the Subject Interests in connection with: 

(a) the execution, delivery, and performance of this Agreement or the other Transaction Documents, or the consummation of the transactions
contemplated hereby and thereby; or 

  
 5 

 (b) the enforcement against CONE Gathering of its obligations hereunder and thereunder; 

except, in each case, as would not have, individually or in the aggregate, a Sponsor Material Adverse Effect. 

3.5 Laws and Regulations; Litigation. There are no pending or, to the knowledge of CONE Gathering, threatened claims, fines,
actions, suits, demands, investigations or proceedings or any arbitration or binding dispute resolution proceeding (collectively, “Proceedings”) against CONE Gathering or against or affecting the Subject Interests or the ownership
of the Subject Interests that (i) would individually, or in the aggregate, have a Sponsor Material Adverse Effect or (ii) seek any material injunctive relief with respect to the Subject Interests. Except as would not, individually or
in the aggregate, have a Sponsor Material Adverse Effect, (x) CONE Gathering is not the subject of any violation of or default under any law or regulation or under any order of any Governmental Authority and (y) there are no Proceedings pending or,
to the knowledge of CONE Gathering, threatened against or affecting the ownership of the Subject Interests, at law or in equity, by or before any Governmental Authority having jurisdiction over CONE Gathering. Except as would not, individually
or in the aggregate, have a Sponsor Material Adverse Effect, no Proceedings are pending or, to the knowledge of CONE Gathering, threatened to which CONE Gathering is or may become a party that questions or involves the validity or enforceability of
any of its obligations under this Agreement or seeks to prevent or delay, or damages in connection with, the consummation of the transactions contemplated hereby.

3.6 Management Projections and Budgets. Over the course of the negotiation and review of the Transaction, CONE Gathering and
representatives of certain of its Affiliates have provided various materials to the Conflicts Committee (including those provided to the Financial Advisor) as part of the Conflicts Committee’s review of the Transaction and the Subject
Interests, including various presentations, budgets and financial models and including all updates and revisions to such materials (all such materials, collectively, the “Conflicts Committee Information”). With respect to the
Conflicts Committee Information: 
 (a) the projections, budgets and other forward-looking information included in the Conflicts Committee
Information, when considering all updates and revisions provided as a part thereof, have a reasonable basis, were prepared in good faith and are consistent with the current expectations of the management of CONE Gathering and its Affiliates; and

 (b) to the knowledge of CONE Gathering, the Conflicts Committee Information (considering all updates and revisions provided as a part
thereof) does not contain any misstatement of a material fact or any omission of a material fact necessary to make the Conflicts Committee Information, taken as a whole and in the light of the circumstances under which it was made, not misleading.

 3.7 Title to Subject Interests.

(a) The Subject Interests (i) represent a 25% limited partner interest in DevCo I LP and (ii) were duly authorized and validly issued and are
fully paid and non-assessable 

  
 6 

 
(except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the DRULPA). The Subject Interests are not subject to and were not issued in violation of any
purchase option, call option, right of first refusal, preemptive right, subscription right or any similar right under any provision of local or state law applicable to the Subject Interests, the DevCo I Partnership Agreement or any contract,
arrangement or agreement to which CONE Gathering or any of its Affiliates is a party or to which it or any of their respective properties or assets is otherwise bound. 

(b) CONE Gathering has good and valid record and beneficial title to the Subject Interests, free and clear of any and all Liens (other than
restrictions on transfer under applicable federal and state securities laws), and, except as provided or created by the DevCo I Partnership Agreement, the Securities Act or applicable securities laws, the Subject Interests are free and clear of any
restrictions on transfer, Taxes or claims. There are no options, warrants, purchase rights, contracts, commitments or other securities exercisable or exchangeable for the Subject Interests, or for the repurchase or redemption of the Subject
Interests. Immediately after the Closing, the Partnership will have good and valid record and beneficial title to the Subject Interests, free and clear of any Liens (other than restrictions on transfer under applicable federal and state
securities laws). 
 3.8 Brokerage Arrangements. None of CONE Gathering or any of its Affiliates has entered, directly or
indirectly, into any agreement with any person, firm or corporation that would obligate any Group Member to pay any commission, brokerage or “finder’s fee” or other fee in connection with this Agreement or the transactions
contemplated hereby. 
 3.9 No Adverse Changes. Since December 31, 2015, there has been no Sponsor Material Adverse Effect with
respect to CONE Gathering.
 3.10 No Preferential Rights. The Subject Interests are not subject to any right or agreement that
enables any Person to purchase or acquire, including by way of a right of first refusal, right of first offer, or similar right, the Subject Interests or any portion of or interest in the Subject Interests as a result of or in connection with (a)
the contribution, assignment or other transfer of the Subject Interests, (b) the execution, delivery or performance of this Agreement or (c) the consummation of the transactions contemplated hereby. 

3.11 Accredited Investor. CONE Gathering (or its designees that receive the New Common Units) is an “accredited
investor,” as such term is defined in Regulation D of the Securities Act, and will acquire the New Common Units for its own account and not with a view to a sale or distribution thereof in violation of the Securities Act, and the rules and
regulations thereunder, any applicable state blue sky laws or any other applicable securities laws. CONE Gathering (or its designees that receive the New Common Units) has such knowledge and experience in financial and business matters that it
is capable of evaluating the merits and risks of an investment in the New Common Units to be acquired hereby. CONE Gathering (or its designees that receive the New Common Units) acknowledges that the New Common Units have not been registered
under applicable federal and state securities laws and that the New Common Units may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of unless such transfer, sale, assignment, pledge, hypothecation or other
disposition is registered under applicable federal and state securities laws or is made pursuant to an exemption from registration under any federal or state securities laws. 

3.12 No Other Representations or Warranties. Except for the representations and warranties made in this Article III, CONE
Gathering makes no other express or implied representation or warranty with respect to the Subject Interests or the transactions contemplated by this Agreement and disclaims any other representations or warranties. 

  
 7 

 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES OF THE PARTNERSHIP PARTIES 

The Partnership Parties hereby, jointly and severally, represent and warrant to CONE Gathering that, as of the date hereof and as of the
Closing: 
 4.1 Organization and Existence. Each Partnership Party has been duly formed and is validly existing as a limited
liability company or limited partnership, as the case may be, and is in good standing under the laws of the State of Delaware, with full limited liability company power or limited partnership power, as the case may be, and authority to own, lease
and operate its properties and to conduct its business as and where such properties are owned, leased and operated and such business is conducted as of the date of this Agreement. Each Partnership Party is duly qualified as a foreign limited
liability company or limited partnership, as the case may be, to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of
business, except where the failure so to qualify or to be in good standing would not, individually or in the aggregate, result in a Partnership Material Adverse Effect. 

4.2 Authority and Approval; Enforceability. Each Partnership Party has the limited liability company power or limited partnership
power, as the case may be, and authority to execute and deliver this Agreement and any other Transaction Document to which it is or will be a party, to consummate the transactions contemplated hereby and thereby and to perform all the terms and
conditions hereof and thereof to be performed by it. The execution and delivery by each Partnership Party of this Agreement and any other Transaction Document to which it is or will be a party, the performance by it of all the terms and
conditions hereof and thereof to be performed by it and the consummation of the transactions contemplated hereby and thereby have been duly authorized and approved by all requisite limited liability company or limited partnership, as the case may
be, action of such Partnership Party. Each of this Agreement and any other Transaction Document to which each Partnership Party is or will be a party constitutes or will constitute, upon execution and delivery by such Partnership Party, the
valid and binding obligation of such Partnership Party, enforceable against such Partnership Party in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting enforcement of creditors’ rights generally and by general principles of equity (whether applied in a proceeding at law or in equity). 

4.3 No Conflict. Each of this Agreement, the other Transaction Documents to which each Partnership Party is or will be a party and
the execution and delivery hereof and thereof by such Partnership Party do not, and the fulfilment and compliance with the terms and conditions hereof and thereof and the consummation of the transactions contemplated hereby and thereby will not:

 (a) conflict with any of the provisions of the certificate of formation, limited liability company agreement, certificate of limited
partnership, partnership agreement or other organizational document of such Partnership Party; 

  
 8 

 (b) conflict with any provision of any law or administrative regulation or any judicial,
administrative or arbitration order, award, judgment, writ, injunction or decree applicable to such Partnership Party; 
 (c) conflict with,
result in a breach of, constitute a default under (whether with notice or the lapse of time or both), or accelerate or permit the acceleration of the performance required by, or require any consent, authorization or approval under, or result in the
suspension, termination or cancellation of, or in a right of suspension, termination or cancellation of, any indenture, mortgage, agreement, contract, commitment, license, concession, permit, lease, joint venture or other instrument to which such
Partnership Party is a party or by which it is bound; or 
 (d) result in the revocation, cancellation, suspension or modification of any
Consent possessed by such Partnership Party that is necessary or desirable for the ownership, lease or operation of its properties and other assets in the conduct of its business as now conducted; 

except, in the case of clauses (b), (c), and (d), as would not have, individually or in the aggregate, a Partnership Material Adverse
Effect. 
 4.4 Consents. No Consent is required to be obtained or made by or with respect to any Partnership Party in connection
with: 
 (a) the execution, delivery, and performance of this Agreement or the other Transaction Documents, or the consummation of the
transactions contemplated hereby and thereby; or 
 (b) the enforcement against such Partnership Party of its obligations hereunder and
thereunder; 
 except, in each case, as would not have, individually or in the aggregate, a Partnership Material Adverse Effect. 

4.5 Laws and Regulations; Litigation. There are no pending or, to the knowledge of the Partnership Parties, threatened Proceedings
against any Partnership Party that would individually, or in the aggregate, have a Partnership Material Adverse Effect. Except as would not, individually or in the aggregate, have a Partnership Material Adverse Effect, no Partnership Party is
the subject of any violation of or default under any law or regulation or under any order of any Governmental Authority. Except as would not, individually or in the aggregate, have a Partnership Material Adverse Effect, no Proceedings are
pending or, to the knowledge of the Partnership Parties, threatened to which any Partnership Party is or may become a party that questions or involves the validity or enforceability of any of its obligations under this Agreement or seeks to prevent
or delay, or damages in connection with, the consummation of the transactions contemplated hereby.

  
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 4.6 Delivery of Fairness Opinion. The Financial Advisor has delivered an opinion to
the Conflicts Committee that the Total Consideration to be paid by the Partnership as consideration for the Subject Interests pursuant to this Agreement is fair to the Public Unitholders from a financial point of view. 

4.7 Issuance of New GP Interest and New Common Units. Prior to Closing, the New GP Interest and the New Common Units to be issued
by the Partnership under this Agreement, and the general partner interests and limited partner interests, respectively, represented thereby, will have been duly authorized for issuance in accordance with this Agreement and the Partnership Agreement
and, when issued and delivered by the Partnership pursuant to this Agreement against payment of the consideration set forth herein, will be validly issued, fully paid (to the extent required under the Partnership Agreement) and non-assessable
(except as such non-assessability may be affected by Sections 17-303, 17-607 or 17-804 of the DRULPA). 
 4.8 Brokerage
Arrangements. None of the Partnership or any of its Affiliates has entered, directly or indirectly, into any agreement with any person, firm or corporation that would obligate CONE Gathering or its Affiliates to pay any commission,
brokerage or “finder’s fee” or other fee in connection with this Agreement or the transactions contemplated hereby. 
 4.9
No Other Representations or Warranties. Except for the representations and warranties made in this Article IV, the Partnership Parties make no other express or implied representation or warranty with respect to the transactions
contemplated by this Agreement and disclaim any other representations or warranties. 
 ARTICLE V. 

ADDITIONAL COVENANTS AND AGREEMENTS 

5.1 Conduct of the Business.

(a) Except as provided by this Agreement or consented to by the Partnership, CONE Gathering covenants and agrees that from and after the
execution of this Agreement and until the Closing: 
 (i) CONE Gathering will not sell, transfer, assign, convey or otherwise
dispose of the Subject Interests; and 
 (ii) CONE Gathering will not permit any Lien to be imposed on the Subject Interests.

 (b) Except as provided by this Agreement or consented to by the Partnership, CONE Gathering shall cause DevCo I LP to: 

(i) conduct its business and operations in the usual and ordinary course thereof; and 

(ii) preserve, maintain and protect the assets and operations of DevCo I LP as are conducted as of the date of this Agreement.

  
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 5.2 Further Assurances. On and after the Closing Date, the Parties shall cooperate
and use their respective commercially reasonable efforts to take or cause to be taken all appropriate actions and do, or cause to be done, all things necessary or appropriate to make effective the transactions contemplated hereby, including the
execution of any additional assignment or similar documents or instruments of transfer of any kind, the obtaining of consents which may be reasonably necessary or appropriate to carry out any of the provisions hereof and the taking of all such other
actions as such Party may reasonably be requested to take by the other Party from to time to time, consistent with the terms of this Agreement, in order to effectuate the provisions and purposes of this Agreement and transactions contemplated
hereby. 
 5.3 Financing Cooperation. From and after the execution of this Agreement, CONE Gathering shall, and shall cause its
Affiliates to, use commercially reasonable efforts to provide all customary cooperation as reasonably requested by the Partnership (including causing its and their representatives and auditors to so cooperate) to assist the Partnership in the
arrangement of any capital markets debt or equity financing, any bank debt, or any other financing arrangement necessary or desirable to fund the Cash Consideration and any other amounts required to be paid in connection with the consummation of the
transactions contemplated by this Agreement, including any necessary offering documents related thereto (the “Financing”). 

5.4 Tax Covenants. 
 (a)
The Parties agree that the income related to the Subject Interests for the period up to and including the Closing Date will be reflected on the federal income Tax Return of CONE Gathering and that the members of CONE Gathering shall bear the
liability for any Taxes associated with such income. The Parties further agree that the income related to the Subject Interests for the period after the Closing Date will be reflected on the federal income Tax Return of the Partnership and that
the partners of the Partnership shall bear the liability for any Taxes associated with such income. 
 (b) The Parties shall cooperate
fully, and cause their Affiliates to cooperate fully, as and to the extent reasonably requested by the other Party, to accomplish the purposes of this Section 5.4, requests for the provision of any information or documentation within the
knowledge or possession of the other Party as reasonably necessary to facilitate compliance with financial reporting obligations arising under ASC 740 (formerly FASB Statement No. 109) (including compliance with FIN 48) promulgated by the Financial
Accounting Standards Board, and any audit, litigation or other proceeding (each a “Tax Proceeding”) with respect to Taxes. Such cooperation shall include access to, the retention and (upon the other Party’s request) the
provision of records and information which are reasonably relevant to any Tax Return or Tax Proceeding, and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided
hereunder. The Partnership and the CONE Gathering will use their respective commercially reasonable efforts to retain all books and records with respect to Tax matters pertinent to the Subject Interests relating to any taxable period beginning
before the Closing Date until the later of six years after the Closing Date or the expiration of the applicable statute of limitations of the respective taxable periods (including any 

  
 11 

 
extensions thereof), and to abide by all record retention agreements entered into with any Tax Authority. The Partnership and CONE Gathering each agree, upon request, to use their respective
commercially reasonable efforts to obtain any certificate or other document from any Tax Authority or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that could be imposed with respect to the transactions contemplated
by this Agreement. 
 (c) To the extent an election under Section 754 of the Internal Revenue Code of 1986, as amended (the
“Code”) is not already in effect for DevCo I LP, the Parties shall provide all necessary consents (and evidence thereof) to cause the election provided by Code Section 754 in accordance with Treasury Regulation Section 1.754-1(b) to
be made effective for the taxable period of DevCo I LP that includes the date of this Agreement. 
 5.5 Exchange Agreement.

(a) CNX, NBL, DevCo I LP, DevCo II LP, DevCo III LP and the Parties acknowledge that CNX and NBL are parties to that certain Exchange
Agreement, dated as of October 29, 2016 (as amended from time to time, the “Exchange Agreement”), pursuant to which, among other things, CNX and NBL agreed to separate their Marcellus Shale joint venture by creating two separate
operating areas. At the consummation of the transactions contemplated by the Exchange Agreement: 
 (i) each of CNX,
Operating Company, DevCo I LP, DevCo II LP and DevCo III LP, agrees to execute and deliver a counterpart of the CNX GGA to the other parties thereto; 

(ii) each of NBL, Operating Company, DevCo I LP, DevCo II LP and DevCo III LP, agrees to execute and deliver a counterpart of
the NBL GGA to the other parties thereto; 
 (iii) each of NBL and the Partnership agrees to execute and deliver a
counterpart of the Access Agreement to the other parties thereto; 
 (iv) each of NBL, CNX, CONE Gathering, the Partnership,
Operating Company, DevCo I LP, DevCo II LP and DevCo III LP agrees to execute and deliver a counterpart of the MCA to the other parties thereto; 

(v) each of CNX and the Partnership agrees to execute and deliver a counterpart of the Services Agreement to the other parties
thereto; 
 (vi) each of CNX, Operating Company, DevCo I LP, DevCo II LP and DevCo III LP agrees to execute and deliver a
counterpart of the CNX Letter to the other parties thereto; and 
 (vii) each of NBL, Operating Company, DevCo I LP, DevCo II
LP and DevCo III LP agrees to execute and deliver a counterpart of the NBL Letter to the other parties thereto; 

  
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 provided, however, that notwithstanding anything to the contrary contained in this
Section 5.5, (A) prior to the execution of any document or agreement listed in this Section 5.5, CNX and Noble shall provide the Conflicts Committee and the Board of Directors with executed copies of all amendments to the Exchange Agreement that are
entered into following the date hereof and (B) none of the Partnership, the Operating Company, DevCo I LP, DevCo II LP or DevCo III LP shall be obligated to execute any document or agreement pursuant to this Section 5.5 to the extent that the
Exchange Agreement is materially amended after the date hereof, as determined in good faith by the Conflicts Committee. 
 (b)
Notwithstanding anything to the contrary provided in this Agreement, each Party or other Person executing this Agreement shall be entitled to enforce all rights or remedies at law or in equity with respect to any breach of this Section 5.5
including, but not limited to, seeking specific performance thereof. 
 ARTICLE VI. 

CONDITIONS TO CLOSING 
 6.1
Conditions to the Obligations of Each Party. The respective obligation of each Party to proceed with the Closing is subject to the satisfaction or waiver by each of the Parties (subject to applicable laws) on or prior to the Closing Date of
all of the following conditions: 
 (a) all necessary filings with and consents of any Governmental Authority required for the consummation
of the transactions contemplated by this Agreement shall have been made and obtained; provided, however, that, prior to invoking this condition, the invoking Party shall have used commercially reasonable efforts to make or obtain such filings
and consents; and 
 (b) no Party shall be subject to any decree, order or injunction of a court of competent jurisdiction that prohibits
the consummation of the transactions contemplated hereby and no statute, rule, regulation, order, decree or injunction enacted, entered, or issued by any Governmental Authority, or other legal restraint or prohibition preventing the consummation of
the transactions contemplated by this Agreement, shall be in effect. 
 6.2 Conditions to the Obligations of the Partnership
Parties. The obligation of the Partnership Parties to proceed with the Closing is subject to the satisfaction or waiver by the Partnership Parties on or prior to the Closing Date of the following conditions: 

(a) CONE Gathering shall have performed in all material respects the covenants and agreements contained in this Agreement required to be
performed by it on or prior to the Closing Date; 
 (b) (i) the Fundamental Representations shall be true and correct in all respects as of
the Closing Date (except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date), and (ii) the other representations and warranties of CONE Gathering made in this Agreement shall
be true and correct in all respects (without regard to qualifications as to materiality or Sponsor Material Adverse Effect contained therein, except in the case of the representation and warranty contained in Section 3.9) as of the Closing
Date (except to the extent such representations and warranties expressly relate to an earlier date, in which case as of such earlier date), except in the case of clause (ii) where the failure of the representations and warranties to be true
and correct, individually or in the aggregate, has not had a Sponsor Material Adverse Effect; 
 (c) CONE Gathering shall have delivered to
the Partnership a certificate dated the Closing Date and signed by an authorized officer of CONE Gathering confirming the foregoing matters set forth in clauses (a) and (b) of this Section 6.2 (the “CONE Closing
Certificate”); 

  
 13 

 (d) CONE Gathering shall have delivered or caused the delivery of the Closing deliverables set
forth in Section 7.2;
 (e) between the date of this Agreement and the Closing Date, there shall not have been (i) a Sponsor Material
Adverse Effect or (ii) any change, circumstance, effect or condition that is, or could reasonably be expected to be, materially adverse to the business, financial condition, assets, liabilities or results of operations, as applicable, of DevCo I LP;
and 
 (f) the Partnership shall have received sufficient proceeds in the Financing, on terms and conditions that are reasonably
satisfactory to the Partnership, to fulfill its obligations required for funding the Cash Consideration.
 6.3 Conditions to the
Obligations of CONE Gathering. The obligation of CONE Gathering to proceed with the Closing is subject to the satisfaction or waiver by CONE Gathering on or prior to the Closing Date of the following conditions: 

(a) the Partnership Parties shall have performed in all material respects the covenants and agreements contained in this Agreement required to
be performed by them on or prior to the Closing Date; 
 (b) the representations and warranties of the Partnership Parties made in this
Agreement shall be true and correct in all respects (without regard to qualifications as to materiality or Partnership Material Adverse Effect contained therein) as of the Closing Date (except to the extent such representations and warranties
expressly relate to an earlier date, in which case as of such earlier date), except where the failure of the representations and warranties to be true and correct, individually or in the aggregate, has not had a Partnership Material Adverse Effect;

 (c) the Partnership shall have delivered to CONE Gathering a certificate dated the Closing Date and signed by an authorized officer of
the General Partner confirming the foregoing matters set forth in clauses (a) and (b) of this Section 6.3 (the “Partnership Closing Certificate”); 

(d) the Partnership Parties shall have delivered or caused the delivery of the Closing deliverables set forth in Section 7.3; and 

(e) between the date of this Agreement and the Closing Date, there shall not have been a Partnership Material Adverse Effect. 

ARTICLE VII. 
 CLOSING

 7.1 Closing. Subject to the terms and conditions of this Agreement and unless otherwise agreed in writing by the Parties, the
closing (the “Closing”) of the transactions contemplated by this Agreement will be held at the offices of Latham & Watkins LLP, 811 Main Street, 37th Floor, Houston, Texas at 9:00 a.m., Houston, Texas time on the second (2nd)
business day following the satisfaction or waiver of the conditions to Closing set forth in Article VI (other than those conditions that, by their nature, are not capable of being satisfied

  
 14 

 
until the Closing), or such other time and date mutually agreed to by the Parties in writing. The date on which the Closing occurs is referred to as the “Closing Date.” The
Closing will be deemed effective at 12:01 a.m., Houston, Texas time on the Closing Date. 
 7.2 Deliveries by CONE Gathering. At
the Closing, CONE Gathering will deliver (or cause to be delivered) the following: 
 (a) a counterpart to the Assignment Agreement, duly
executed by CONE Gathering; 
 (b) the CONE Closing Certificate, duly executed by an officer of CONE Gathering; and 

(c) such other documents, certificates and other instruments as may be reasonably requested by the Partnership Parties prior to the Closing
Date to carry out the intent and purposes of this Agreement. 
 7.3 Deliveries by the Partnership Parties. At the Closing, the
Partnership Parties will deliver (or cause to be delivered) the following: 
 (a) the Cash Consideration, by wire transfer of immediately
available funds to an account specified by CONE Gathering (or one or more of its designees); 
 (b) the New GP Interest to the General
Partner; 
 (c) the New Common Units to CONE Gathering (or one or more of its designees); 

(d) a counterpart to the Assignment Agreement, duly executed by the Partnership Parties; 

(e) the Partnership Closing Certificate, duly executed by an officer of the General Partner; and 

(f) such other documents, certificates and other instruments as may be reasonably requested by CONE Gathering prior to the Closing Date to
carry out the intent and purposes of this Agreement. 
 7.4 Distributions by CONE Gathering to CONSOL and NBL at Closing. At the
Closing, immediately following the transactions contemplated by Sections 7.1 through 7.3, CONE Gathering will (a) distribute to CONSOL Energy Inc. (or one or more of its wholly owned subsidiaries) approximately $70,000,000 in cash, (b)
distribute to CONSOL Energy Inc. (or one or more of its wholly owned subsidiaries) 50% of the New Common Units, (c) distribute to NBL (or one or more of its wholly owned subsidiaries) approximately $70,000,000 in cash, and (d) distribute to NBL (or
one or more of its wholly owned subsidiaries) 50% of the New Common Units. 

  
 15 

 ARTICLE VIII. 

INDEMNIFICATION 
 8.1
Indemnification of CONE Gathering. Solely for the purpose of indemnification in this Section 8.1, the representations and warranties of the Partnership Parties in this Agreement shall be deemed to have been made without regard to
any materiality or Partnership Material Adverse Effect or knowledge qualifiers. From and after the Closing Date, subject to the other provisions of this Article VIII, the Partnership Parties shall, jointly and severally, indemnify and
hold CONE Gathering and its Affiliates, directors, officers, employees, agents and representatives (together with CONE Gathering, the “CONE Indemnitees”) harmless from and against any and all damages (including exemplary
damages and penalties), losses, deficiencies, costs, expenses, obligations, fines, expenditures, claims and liabilities, including reasonable counsel fees and reasonable expenses of investigation, defending and prosecuting litigation (collectively,
the “Damages”), suffered by the CONE Indemnitees as a result of, caused by, arising out of, or in any way relating to (a) any breach of a representation or warranty of the Partnership Parties contained in this Agreement,
(b) any breach of any agreement or covenant contained in this Agreement on the part of the Partnership Parties or (c) any of the Assumed Liabilities. 

8.2 Indemnification of the Partnership Parties. Solely for the purpose of indemnification in this
Section 8.2, the representations and warranties of CONE Gathering in this Agreement (other than the representation and warranty contained in Section 3.9) shall be deemed to have been made without regard to any
materiality or Sponsor Material Adverse Effect or knowledge qualifiers. From and after the Closing Date, subject to the other provisions of this Article VIII, CONE Gathering shall indemnify and hold the Partnership Parties and their
respective Affiliates, directors, officers, employees, agents and representatives (together with the Partnership Parties, the “Partnership Indemnitees”) harmless from and against any and all Damages suffered by the
Partnership Indemnitees as a result of, caused by, arising out of, or in any way relating to (a) any breach of a representation or warranty of CONE Gathering contained in this Agreement, (b) any breach of any agreement or covenant contained in
this Agreement on the part of CONE Gathering or (c) any of the Excluded Liabilities. 
 8.3 Demands. Each indemnified party
agrees that promptly upon its discovery of facts giving rise to a claim for indemnity under the provisions of this Agreement, including receipt by it of notice of any demand, assertion, claim, action or proceeding, judicial or otherwise, by any
third party (such third party actions being collectively referred to herein as the “Indemnity Claim”), with respect to any matter as to which it claims to be entitled to indemnity under the provisions of this Agreement, it will give
prompt notice thereof in writing to the indemnifying party, together with a statement of such information respecting any of the foregoing as it shall have. Such notice shall include a formal demand for indemnification under this
Agreement. The indemnifying party shall not be obligated to indemnify the indemnified party with respect to any Indemnity Claim if the indemnified party knowingly failed to notify the indemnifying party thereof in accordance with the provisions
of this Agreement to the extent that knowing failure to notify actually results in material prejudice or damage to the indemnifying party. 

  
 16 

 8.4 Right to Contest and Defend. 

(a) The indemnifying party shall be entitled at its cost and expense to contest and defend by all appropriate legal proceedings any Indemnity
Claim with respect to which it is called upon to indemnify the indemnified party under the provisions of this Agreement; provided, however, that notice of the intention to so contest shall be delivered by the indemnifying party to the
indemnified party within 20 days from the date of receipt by the indemnifying party of notice by the indemnified party of the assertion of the Indemnity Claim. Any such contest may be conducted in the name and on behalf of the indemnifying party or
the indemnified party as may be appropriate. Such contest shall be conducted and prosecuted diligently to a final conclusion or settled in accordance with this Section 8.4(a) by reputable counsel employed by the indemnifying party and not
reasonably objected to by the indemnified party, but the indemnified party shall have the right but not the obligation to participate in such proceedings and to be represented by counsel of its own choosing at its sole cost and expense. The
indemnifying party shall have full authority to determine all action to be taken with respect thereto; provided, however, that the indemnifying party will not have the authority to subject the indemnified party to any obligation
whatsoever, other than the performance of purely ministerial tasks or obligations not involving material expense. If the indemnifying party does not elect to contest any such Indemnity Claim or elects to contest such Indemnity Claim but fails
diligently and promptly to prosecute or settle such claim, the indemnifying party shall be bound by the result obtained with respect thereto by the indemnified party. If the indemnifying party shall have assumed the defense of an Indemnity Claim,
the indemnified party shall agree to any settlement, compromise or discharge of an Indemnity Claim that the indemnifying party may recommend and that by its terms obligates the indemnifying party to pay the full amount of the liability in connection
with such Indemnity Claim, which releases the indemnified party completely in connection with such Indemnity Claim and which would not otherwise adversely affect the indemnified party. 

(b) Notwithstanding the foregoing, the indemnifying party shall not be entitled to assume the defense of any Indemnity Claim (and shall be
liable for the reasonable fees and expenses of counsel incurred by the indemnified party in defending such Indemnity Claim) if the Indemnity Claim seeks an order, injunction or other equitable relief or relief for other than money damages against
the indemnified party which the indemnified party reasonably determines, after conferring with its outside counsel, cannot be separated from any related claim for money damages. If such equitable relief or other relief portion of the Indemnity
Claim can be so separated from that for money damages, the indemnifying party shall be entitled to assume the defense of the portion relating to money damages. 

8.5 Cooperation. If requested by the indemnifying party, the indemnified party agrees to cooperate with the indemnifying party and
its counsel in contesting any Indemnity Claim that the indemnifying party elects to contest or, if appropriate, in making any counterclaim against the person asserting the Indemnity Claim, or any cross-complaint against any person, and the
indemnifying party will reimburse the indemnified party for any expenses incurred by it in so cooperating. At no cost or expense to the indemnified party, the indemnifying party shall cooperate with the indemnified party and its counsel in
contesting any Indemnity Claim. 
 8.6 Right to Participate. The indemnified party agrees to afford the indemnifying party and
its counsel the opportunity to be present at, and to participate in, conferences with all persons, including Governmental Authorities, asserting any Indemnity Claim against the indemnified party or conferences with representatives of or counsel for
such persons. 

  
 17 

 8.7 Payment of Damages. The indemnification required hereunder shall be made by
periodic payments of the amount thereof during the course of the investigation or defense, within 10 days as and when reasonably specific bills are received or loss, liability, claim, damage or expense is incurred and reasonable evidence thereof is
delivered. In calculating any amount to be paid by an indemnifying party by reason of the provisions of this Agreement, the amount shall be reduced by all reimbursements (including, without limitation, insurance proceeds) credited to or
received by the other party related to the Damages. 
 8.8 Limitations on Indemnification.

(a) To the extent the Partnership Indemnitees are entitled to indemnification for Damages pursuant to Section 8.2(a) (but not including
Damages for breaches of Fundamental Representations), CONE Gathering shall not be liable for those Damages unless the aggregate amount of Damages exceeds $2,480,000 (the “Deductible”), and then only to the extent of any such
excess; provided, however, that CONE Gathering shall not be liable for Damages pursuant to Section 8.2(a) (but not including Damages for breaches of Fundamental Representations) that exceed, in the aggregate, $37,200,000
(the “Cap”) less the Deductible. 
 (b) Notwithstanding clause (a) above, to the extent the Partnership
Indemnitees are entitled to indemnification for Damages for claims arising from fraud or related to or arising from Taxes, CONE Gathering shall be fully liable for such Damages without regard to the Deductible or the Cap. For the avoidance of
doubt, CONE Gathering shall be fully liable for Damages pursuant to Section 8.2(b) or Section 8.2(c) and for breaches of Fundamental Representations without regard to the Deductible or the Cap. 

(c) To the extent the CONE Indemnitees are entitled to indemnification for Damages pursuant to Section 8.1(a), the
Partnership Parties shall not be liable for those Damages unless the aggregate amount of Damages exceeds, in the aggregate, the Deductible, and then only to the extent of any such excess; provided, however, that the Partnership Parties
shall not be liable for Damages that exceed, in the aggregate, the Cap less the Deductible. 
 (d) Notwithstanding clause (c) above,
to the extent the CONE Indemnitees are entitled to indemnification for Damages for claims arising from fraud, the Partnership Parties shall be fully liable for such Damages without regard to the Deductible or the Cap. For the avoidance of
doubt, the Partnership Parties shall be fully liable for Damages pursuant to Section 8.1(b) or Section 8.1(c) without regard to the Deductible or the Cap. 

8.9 Survival. 
 (a) The
liability of CONE Gathering for the breach of any of the representations and warranties of CONE Gathering set forth in Section 3.1, Section 3.2, Section 3.3(a) and (d), Section 3.7, Section
3.8 and Section 3.10 (the “Fundamental Representations”) and for Damages pursuant to Section 8.2(c) shall be limited to claims for which the Partnership Parties deliver written notice to CONE Gathering on or
before the date that is three (3) years after the Closing Date. The liability of CONE Gathering for the breach of 

  
 18 

 
any of the representations and warranties of CONE Gathering set forth in Article III other than the Fundamental Representations shall be limited to claims for which the Partnership Parties
deliver written notice to CONE Gathering on or before the date that is eighteen (18) months after the Closing Date. The liability of CONE Gathering for Damages for claims related to or arising from Taxes shall be limited to claims for
which the Partnership Parties deliver written notice to CONE Gathering on or before the date that is ninety (90) days after the expiration of the applicable statute of limitations for assessment of the applicable Tax.

(b) The liability of the Partnership Parties for the breach of any of the representations and warranties of the Partnership Parties set forth
in Section 4.1, Section 4.2, Section 4.3(a), Section 4.7 and Section 4.8 shall be limited to claims for which CONE Gathering delivers written notice to the Partnership Parties on or before the date that is three
(3) years after the Closing Date. The liability of the Partnership Parties for the breach of any of the representations and warranties of the Partnership Parties set forth in Article IV other than the representations and warranties set
forth in Section 4.1 and Section 4.2 shall be limited to claims for which CONE Gathering delivers written notice to the Partnership Parties on or before the date that is eighteen (18) months after the Closing
Date.
 8.10 Sole Remedy. After the Closing, no Party shall have liability under this Agreement or the transactions contemplated
hereby except as is provided in this Article VIII (other than claims or causes of action arising from fraud, and other than claims for specific performance or claims arising under any Transaction Documents (which claims shall be subject to
the liability provisions of such Transaction Documents)).
 8.11 Express Negligence Rule. THE INDEMNIFICATION AND ASSUMPTION
PROVISIONS PROVIDED FOR IN THIS AGREEMENT HAVE BEEN EXPRESSLY NEGOTIATED IN EVERY DETAIL, ARE INTENDED TO BE GIVEN FULL AND LITERAL EFFECT, AND SHALL BE APPLICABLE WHETHER OR NOT THE LIABILITIES, OBLIGATIONS, CLAIMS, JUDGMENTS, LOSSES, COSTS,
EXPENSES OR DAMAGES IN QUESTION ARISE OR AROSE SOLELY OR IN PART FROM THE GROSS, ACTIVE, PASSIVE OR CONCURRENT NEGLIGENCE, STRICT LIABILITY OR OTHER FAULT OF ANY INDEMNIFIED PARTY. THE PARTIES ACKNOWLEDGE THAT THIS STATEMENT COMPLIES WITH THE
EXPRESS NEGLIGENCE RULE AND CONSTITUTES CONSPICUOUS NOTICE. NOTICE IN THIS CONSPICUOUS NOTICE IS NOT INTENDED TO PROVIDE OR ALTER THE RIGHTS AND OBLIGATIONS OF THE PARTIES, ALL OF WHICH ARE SPECIFIED ELSEWHERE IN THIS AGREEMENT. 

8.12 Knowledge. The Partnership Indemnitees’ and the CONE Indemnitees’ rights under this Agreement or otherwise shall
not be diminished by any investigation performed or knowledge acquired or capable of being acquired, whether before or after the date of this Agreement, regarding the accuracy or inaccuracy of any representation or warranty or the performance or
non-performance of any covenant. 

  
 19 

 ARTICLE IX. 

TERMINATION 
 9.1 Events
of Termination. This Agreement may be terminated at any time prior to the Closing Date: 
 (a) by mutual written consent of both
CONE Gathering and the Partnership; 
 (b) by either CONE Gathering or the Partnership in writing after December 31, 2016, if the Closing
has not occurred by that date, provided that as of such date the terminating Party is not in default under this Agreement; 
 (c) by either
CONE Gathering or the Partnership in writing without prejudice to other rights and remedies the terminating Party or its Affiliates may have (provided the terminating Party and its Affiliates are not otherwise in material default or breach of this
Agreement, or have not failed or refused to close without justification hereunder), if the other Party or its Affiliates shall have (i) materially failed to perform its covenants or agreements contained herein required to be performed by such
Party or its Affiliates on or prior to the Closing Date or (ii) materially breached any of its representations or warranties contained herein; provided, however, that in the case of clauses (i) or (ii), the
defaulting Party shall have a period of thirty (30) days following written notice from the non-defaulting Party to cure any breach of this Agreement if the breach is curable; or 

(d) by either CONE Gathering or the Partnership in writing, without liability, if there shall be any order, writ, injunction or decree of any
Governmental Authority binding on the Parties that prohibits or restrains any Party from consummating the transactions contemplated hereby; provided, however, that the applicable Party shall have used its reasonable best efforts to
have any such order, writ, injunction or decree removed but it shall not have been removed within thirty (30) days after entry by the Governmental Authority. 

9.2 Effect of Termination. In the event of the termination of this Agreement by a Party as provided in Section 9.1, this
Agreement shall thereafter become void except for this Section 9.2, Section 10.1, Section 10.4 and Section 10.5. Nothing in this Section 9.2 shall be deemed to release any Party from any liability for any
breach by such Party of the terms and provisions of this Agreement or to impair any rights of any Party under this Agreement. If this Agreement is terminated by a Party pursuant to Section 9.1(c), then the other Party shall reimburse
such Party for its out-of-pocket expenses incurred in connection with the negotiation, execution and performance of this Agreement (including legal fees and fees paid to the Financial Advisor, in either case incurred by the Partnership or the
Conflicts Committee). 
 ARTICLE X. 

MISCELLANEOUS 
 10.1
Expenses. Unless otherwise specifically provided in this Agreement, each of the Parties, CNX, NBL, DevCo I LP, DevCo II LP and DevCo III LP shall pay its own expenses incident to (a) this Agreement and the other Transaction Documents and
(b) all action taken in preparation for effecting the provisions of this Agreement and the other Transaction Documents. 

  
 20 

 10.2 Deed; Bill of Sale; Assignment. To the extent required and permitted by
applicable law, this Agreement shall also constitute a “deed,” “bill of sale” or “assignment” of the assets and the liabilities referenced herein. 

10.3 Right of Offset. Each Party agrees that, in addition to, and without limitation of, any right of set-off, lien or
counterclaim a Party may otherwise have, each Party shall have the right and be entitled, at its option, to offset (a) balances held by it or by any of its Affiliates for the account of any other Party at any of its offices and (b) other obligations
at any time owing by such Party in connection with any obligations to or for the credit or account of the other Party, against any principal of or interest on any of such other Party’s indebtedness or any other amount due and payable to such
other Party hereunder that is not paid when due. 
 10.4 Notices. Unless otherwise specifically provided in this Agreement, any
notice, request, instruction, correspondence or other document to be given under or in relation to this Agreement shall be made in writing and shall be deemed to have been properly given if: (i) personally delivered (with written
confirmation of receipt), (ii) delivered by a recognized overnight delivery service (delivery fees prepaid) or (iii) sent by electronic mail with a PDF of the notice or other communication attached (provided that any such electronic mail is
confirmed by written confirmation), in each case to the appropriate address set forth below: 
 If to CONE Gathering, addressed to:

 CONE Gathering LLC 

1000 CONSOL Energy Drive 

Canonsburg, Pennsylvania 15317 

Attention: General Counsel 

with copies (which shall not constitute notice) to: 

CONSOL Energy Inc. 
 1000 CONSOL
Energy Drive 
 Canonsburg, Pennsylvania 15317 

Attention: General Counsel 

Noble Energy, Inc. 
 1001 Noble
Energy Way 
 Houston, Texas 77070 

Attention: General Counsel 

If to any of the Partnership Parties, addressed to: 

CONE Midstream Partners LP 
 c/o
CONE Midstream GP LLC 
 1000 CONSOL Energy Drive 

Canonsburg, Pennsylvania 15317 

Attention: General Counsel 

  
 21 

 Any Party may change any address to which notice is to be given to it by giving notice as provided above of such
change of address. 
 10.5 Governing Law. This Agreement shall be subject to and governed by the laws of the State of Delaware,
excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Agreement to the laws of another state. EACH OF THE PARTIES HERETO AGREES THAT THIS AGREEMENT INVOLVES AT LEAST U.S. $100,000.00 AND THAT
THIS AGREEMENT HAS BEEN ENTERED INTO IN EXPRESS RELIANCE UPON 6 Del. C. § 2708. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES (i) TO BE SUBJECT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND OF THE FEDERAL
COURTS SITTING IN THE STATE OF DELAWARE AND (ii) TO THE EXTENT SUCH PARTY IS NOT OTHERWISE SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE, TO APPOINT AND MAINTAIN AN AGENT IN THE STATE OF DELAWARE AS SUCH PARTY’S AGENT FOR ACCEPTANCE OF
LEGAL PROCESS AND TO NOTIFY THE OTHER PARTIES OF THE NAME AND ADDRESS OF SUCH AGENT. EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 10.6 Public Statements. The Parties
shall consult with each other with respect to public announcements or statements, and no Party shall issue any public announcement or statement with respect to the transactions contemplated hereby without the consent of the other Parties, which
shall not be unreasonably withheld or delayed, unless the Party desiring to make such announcement or statement, after seeking such consent from the other Parties, obtains advice from legal counsel that a public announcement or statement is required
by applicable law or securities exchange regulations. 
 10.7 Form of Payment. All payments hereunder shall be made in United
States dollars and, unless the Parties making and receiving such payments shall agree otherwise or the provisions hereof provide otherwise, shall be made by wire or interbank transfer of immediately available funds on the date such payment is due to
such account as the Party receiving payment may designate at least three business days prior to the proposed date of payment. 
 10.8
Entire Agreement; Amendments and Waivers. This Agreement and the documents and instruments and other agreements specifically referred to herein or delivered pursuant hereto, including the exhibits hereto, (a) constitute the entire
agreement among the Parties, CNX, NBL, DevCo I LP, DevCo II LP and DevCo III LP with respect to the subject matter hereof and supersede all prior agreements and understandings, both written and oral, among the Parties, CNX, NBL, DevCo I LP, DevCo II
LP and DevCo III LP with respect to the subject matter hereof and (b) are not intended to confer upon any other Person or entity any rights or remedies hereunder except as Article VIII or Article X contemplates or except as otherwise
expressly provided herein or therein. Each Party agrees that (i) no other Party (including its agents and representatives) has made any representation, warranty, covenant or agreement to or with such Party relating to this Agreement or the
transactions contemplated 

  
 22 

 
hereby, other than those expressly set forth in the documents and instruments and other agreements specifically referred to herein or delivered pursuant hereto, including the exhibits hereto, and
(ii) such Party has not relied upon any representation, warranty, covenant or agreement relating to this Agreement or the transactions contemplated hereby other than those referred to in clause (i) above. No supplement, modification or
waiver of this Agreement shall be binding unless executed in writing by all of the Parties or if such supplement, modification or waiver is with respect to Section 5.5, executed in writing by all of the Parties, CNX, NBL, DevCo I LP, DevCo II
LP and DevCo III LP. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (regardless of whether similar), nor shall any such waiver constitute a continuing waiver
unless otherwise expressly provided. Any amendment or waiver of this Agreement by the Partnership Parties made prior to the Closing shall be approved in advance by the Conflicts Committee.

10.9 Binding Effect and Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties, CNX, NBL, DevCo
I LP, DevCo II LP and DevCo III LP and their respective permitted successors and assigns, but neither this Agreement nor any of the rights, benefits or obligations hereunder shall be assigned, by operation of law or otherwise, by any Party or any of
CNX, NBL, DevCo I LP, DevCo II LP or DevCo III LP without the prior written consent of the other parties hereto. 
 10.10
Severability. If any provision of the Agreement is rendered or declared illegal or unenforceable by reason of any existing or subsequently enacted legislation or by decree of a court of last resort, the Parties (or to the extent
applicable to Section 5.5, the Parties, CNX, NBL, DevCo I LP, DevCo II LP and DevCo III LP) shall meet promptly and negotiate substitute provisions for those rendered or declared illegal or unenforceable, but all of the remaining provisions
of this Agreement shall remain in full force and effect and will not be affected or impaired in any way thereby. 
 10.11
Interpretation. The Parties, CNX, NBL, DevCo I LP, DevCo II LP and DevCo III LP agree that they have been represented by counsel during the negotiation and execution of this Agreement and, therefore waive the application of any law,
regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. 

10.12 Counterparts. This Agreement may be executed in one or more counterparts, including electronic, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature
shall create a valid and binding obligation of the Party or other Person executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

[Signature page follows] 

  
 23 

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

									
	CONE GATHERING LLC	 		 	CONE MIDSTREAM GP LLC
					
	By:	 	 /s/ Donald G. Moore
	 		 	By:	 	 /s/ David M. Khani

	Name:	 	Donald G. Moore	 		 	Name:	 	David M. Khani
	Title:	 	Authorized Person	 		 	Title:	 	Chief Financial Officer
			
	CONE MIDSTREAM PARTNERS LP	 		 	 CONE MIDSTREAM OPERATING

COMPANY LLC

	By:	 	CONE Midstream GP LLC,	 		 		 	
		 	its general partner	 		 	By:	 	 /s/ David M. Khani

		 		 		 	Name:	 	David M. Khani
	By:	 	 /s/ David M. Khani
	 		 	Title:	 	Chief Financial Officer
	Name:	 	David M. Khani	 		 		 	
	Title:	 	Chief Financial Officer	 		 		 	

 ACKNOWLEDGMENT AND AGREEMENT (for the sole purpose of Section 5.5 and Article X): 

 

									
	CNX GAS COMPANY LLC	 		 	NOBLE ENERGY, INC.
					
	By:	 	 /s/ David M. Khani
	 		 	By:	 	 /s/ Kenneth M. Fisher

	Name:	 	David M. Khani	 		 	Name:	 	Kenneth M. Fisher
	Title:	 	Senior Vice President and Chief Financial Officer	 		 	Title:	 	Chief Financial Officer
			
	 CONE MIDSTREAM DEVCO I LP
	 		 	CONE MIDSTREAM DEVCO II LP
					
	By:	 	CONE Midstream DevCo I GP LLC,	 		 	By:	 	CONE Midstream DevCo II GP LLC,
		 	its general partner	 		 		 	its general partner
					
	By:	 	 /s/ David M. Khani
	 		 	By:	 	 /s/ David M. Khani

	Name:	 	David M. Khani	 		 	Name:	 	David M. Khani
	Title:	 	Chief Financial Officer	 		 	Title:	 	Chief Financial Officer

 Signature Page to Contribution Agreement 

			
	CONE MIDSTREAM DEVCO III LP
		
	By:	 	CONE Midstream DevCo III GP LLC,
		 	its general partner
		
	By:	 	 /s/ David M. Khani

	Name:	 	David M. Khani
	Title:	 	Chief Financial Officer

  
 2 

 APPENDIX I 

“Access Agreement” means that certain Access, Observation and Audit Agreement by and between NBL and the Partnership,
substantially in the form attached as Exhibit E. 
 “Affiliate” means, with respect to any Person, any other Person
that, directly or indirectly, Controls, is Controlled by or is under common Control with such specified Person through one or more intermediaries or otherwise; provided, however, that (a) with respect to CONE Gathering and the General
Partner, the term “Affiliate” shall not include any Group Member and (b) with respect to the Partnership Group, the term “Affiliate” shall not include CONE Gathering, the General Partner or any of their Subsidiaries (other than a
Group Member). 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 

“Assignment Agreement” means that certain Limited Partner Interest Assignment Agreement in the form attached as Exhibit
A hereto. 
 “Assumed Liabilities” has the meaning set forth in Section 2.4. 

“Board of Directors” has the meaning set forth in the recitals to this Agreement. 

“Cap” has the meaning set forth in Section 8.8(a). 

“Cash Consideration” means an amount of cash equal to One Hundred Forty Million United States Dollars ($140,000,000). 

“Closing” has the meaning set forth in Section 7.1. 

“Closing Date” has the meaning set forth in Section 7.1. 

“CNX” has the meaning set forth in the preamble to this Agreement. 

“CNX GGA” means that certain First Amended and Restated Gathering Agreement, by and among CNX, Operating Company, DevCo I LP,
DevCo II LP and DevCo III LP, substantially in the form attached as Exhibit B. 
 “CNX Letter” means that certain
Receipt / Delivery Point Letter by and among CNX, Operating Company, DevCo I LP, DevCo II LP and DevCo III LP, substantially in the form attached as Exhibit F. 

“Code” has the meaning set forth in Section 5.4(c). 

“Common Unit” has the meaning set forth in the Partnership Agreement. 

“CONE Closing Certificate” has the meaning set forth in Section 6.2(c). 

“CONE Gathering” has the meaning set forth in the preamble to this Agreement. 

“CONE Indemnitees” has the meaning set forth in Section 8.1. 

 “Conflicts Committee” has the meaning set forth in the recitals to this
Agreement. 
 “Conflicts Committee Information” has the meaning set forth in Section 3.6. 

“Consent” has the meaning set forth in Section 3.4. 

“Control” means, where used with respect to any Person, the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” have correlative meanings. 

“Damages” has the meaning set forth in Section 8.1. 

“Deductible” has the meaning set forth in Section 8.8(a). 

“DevCo I LP” has the meaning set forth in the preamble to this Agreement. 

“DevCo I Partnership Agreement” means that certain Agreement of Limited Partnership of DevCo I LP, dated effective as of July
11, 2014, as the same may be amended from time to time. 
 “DevCo II LP” has the meaning set forth in the preamble to this
Agreement. 
 “DevCo III LP” has the meaning set forth in the preamble to this Agreement. 

“DRULPA” means the Delaware Revised Uniform Limited Partnership Act, 6 Del C. Section 17-101, et seq., as amended,
supplemented or restated from time to time, and any successor to such statute. 
 “Effective Time” means 12:01 a.m. local
time in Houston, Texas on the Closing Date, or such other time and date mutually agreed to by the Parties in writing. 
 “Exchange
Agreement” has the meaning set forth in Section 5.5. 
 “Excluded Liabilities” has the meaning set forth in
Section 2.5. 
 “Fairness Opinion” has the meaning set forth in the recitals to this Agreement. 

“Financial Advisor” has the meaning set forth in the recitals to this Agreement. 

“Financing” has the meaning set forth in Section 5.3. 

“Fundamental Representations” has the meaning set forth in Section 8.9(a). 

“General Partner” has the meaning set forth in the preamble to this Agreement. 

“General Partner Interest” has the meaning set forth in the Partnership Agreement. 

  
 Appendix I (Page 2)

 “Governmental Authority” means (a) the United States of America or any state or
political subdivision thereof within the United States of America and (b) any court or any governmental or administrative department, commission, board, bureau or agency of the United States of America or of any state or political subdivision
thereof within the United States of America. 
 “GP Contribution” has the meaning set forth in Section 2.1(a). 

“Group Member” has the meaning set forth in the Partnership Agreement. 

“Indemnity Claim” has the meaning set forth in Section 8.3. 

“Liability” or “Liabilities” means any direct or indirect liability, indebtedness, obligation, cost,
expense, claim, loss, damage, deficiency, guaranty or endorsement of or by any Person, absolute or contingent, matured or unmatured, asserted or unasserted, accrued or unaccrued, due or to become due, liquidated or unliquidated. 

“Lien” means any security interest, lien, deed of trust, mortgage, pledge, charge, claim, restriction, easement, encumbrance
or other similar interest or right. 
 “LP Contribution” has the meaning set forth in Section 2.1(c). 

“MCA” means that certain First Amended and Restated Master Cooperation Agreement, by and among CNX, NBL, the Partnership,
CONE Gathering, Operating Company, DevCo I LP, DevCo II LP and DevCo III LP, substantially in the form attached as Exhibit G. 

“NBL” has the meaning set forth in the preamble to this Agreement. 

“NBL GGA” means that certain First Amended and Restated Gathering Agreement, by and among NBL, Operating Company, DevCo I LP,
DevCo II LP and DevCo III LP, substantially in the form attached as Exhibit C. 
 “NBL Letter” means that certain
Receipt / Delivery Point Letter by and among NBL, Operating Company, DevCo I LP, DevCo II LP and DevCo III LP, substantially in the form attached as Exhibit H. 

“New Common Units” has the meaning set forth in Section 2.2. 

“New GP Interest” means 105,779 hypothetical limited partner units in the Partnership represented by the General Partner
Interest, which number of hypothetical limited partner units is equal to the number required for the General Partner to maintain its two percent (2%) Percentage Interest attributable to the General Partner Interest as of the Closing after giving
effect to the Transaction. 
 “Operating Company” has the meaning set forth in the preamble to this Agreement. 

“Partnership” has the meaning set forth in the preamble to this Agreement. 

  
 Appendix I (Page 3)

 “Partnership Agreement” means that certain First Amended and Restated Agreement
of Limited Partnership of the Partnership, dated as of September 30, 2014, as the same may be amended from time to time. 

“Partnership Closing Certificate” has the meaning set forth in Section 6.3(c). 

“Partnership Group” has the meaning set forth in the Partnership Agreement. 

“Partnership Indemnitees” has the meaning set forth in Section 8.2. 

“Partnership Material Adverse Effect” means any change, circumstance, effect or condition that materially adversely affects,
delays or prohibits, or could reasonably be expected to materially adversely affect, delay or prohibit, (a) the business, financial condition, assets, liabilities or results of operations of the Partnership Group, taken as a whole, or (b) a
Partnership Party’s ability to satisfy its obligations under the Transaction Documents or to consummate the transactions contemplated by the Transaction Documents. 

“Partnership Parties” means the General Partner, the Partnership and the Operating Company. 

“Party” and “Parties” have the meanings set forth in the preamble to this Agreement. 

“Percentage Interest” has the meaning set forth in the Partnership Agreement. 

“Person” means an individual or a corporation, firm, limited liability company, partnership, joint venture, trust,
unincorporated organization, association, government agency or political subdivision thereof or other entity. 

“Proceedings” has the meaning set forth in Section 3.5. 

“Public Unitholders” has the meaning set forth in the recitals to this Agreement. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Services Agreement” means that certain First Amended and Restated Operational Services Agreement, by and between CNX and the
Partnership, substantially in the form attached as Exhibit D. 
 “Sponsor Material Adverse Effect” means any change,
circumstance, effect or condition that materially adversely affects, delays or prohibits, or could reasonably be expected to materially adversely affect, delay or prohibit, CONE Gathering’s ability to satisfy its obligations under the
Transaction Documents or to consummate the transactions contemplated by the Transaction Documents. 
 “Subject Interests”
has the meaning set forth in Section 2.1(c). 
 “Tax” or “Taxes” means any federal, state, local or
foreign income tax, ad valorem tax, excise tax, sales tax, use tax, franchise tax, real or personal property tax, transfer tax, gross 

  
 Appendix I (Page 4)

 
receipts tax or other tax, assessment, duty, fee, levy or other governmental charge, together with and including, any and all interest, fines, penalties, assessments, and additions to Tax
resulting from, relating to, or incurred in connection with any of those or any contest or dispute thereof. 
 “Tax
Authority” means any Governmental Authority having jurisdiction over the payment or reporting of any Tax. 
 “Tax
Proceeding” has the meaning set forth in Section 5.4(b). 
 “Tax Return” means any report, statement, form,
return or other document or information required to be supplied to a Tax Authority in connection with Taxes. 
 “Total
Consideration” has the meaning set forth in Section 2.2. 
 “Transaction” has the meaning set forth in the
recitals to this Agreement. 
 “Transaction Documents” means this Agreement, the Assignment Agreement and any other
document delivered pursuant to Section 7.2 or Section 7.3 of this Agreement.
 “Transaction Taxes” has the
meaning set forth in Section 2.6. 

  
 Appendix I (Page 5)

 EXHIBIT A 

Form of Limited Partner Interest Assignment Agreement 

 EXHIBIT B 

Form of CNX Gas Gathering Agreement 

 EXHIBIT C 

Form of NBL Gas Gathering Agreement 

 EXHIBIT D 

Form of First Amended and Restated Operational Services Agreement 

 EXHIBIT E 

Form of Access Agreement 

 EXHIBIT F 

Form of CNX Receipt / Delivery Point Letter 

 EXHIBIT G 

Form of First Amended and Restated Master Cooperation Agreement 

 EXHIBIT H 

Form of NBL Receipt / Delivery Point Letter

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