Document:

Limited Liability Company Agreement

 Exhibit 10.1 
 LIMITED LIABILITY COMPANY AGREEMENT 
 OF 

UTE ENERGY UPSTREAM HOLDINGS LLC 
 A DELAWARE LIMITED LIABILITY COMPANY 
 April 28, 2008 

PREAMBLE 

Ute Energy Upstream Holdings LLC, a Delaware limited liability company (the “Company”), was formed pursuant to
and in accordance with the Act (defined below) on April 15, 2008. 
 ARTICLE I 

DEFINITIONS AND TERMS 
 1.01 Definitions. Unless the context otherwise requires, the following terms shall have the following meanings for the purposes of this Agreement: 

“Act” means the Delaware Limited Liability Company Act, 6 Del C. §§ 18-101, et seq., as
amended from time to time (or any corresponding provisions of succeeding law). 

“Agreement” means this Limited Liability Company Agreement, as the same may be amended, restated,
supplemented or otherwise modified from time to time. 
 “Assets” means, at any time, any
real property and other assets owned or leased by the Company. 
 “Capital Contribution”
means a capital contribution made by the Member pursuant to Section 3.01 or 3.02. 

“Certificate” means the Certificate of Formation originally filed with the Secretary of State of
Delaware to form the Company pursuant to the Act, as amended, restated, supplemented or otherwise modified from time to time. 
 “Company” is defined in the Preamble. 

“Distributable Cash” means cash (in U.S. dollars) of the Company that the Member determines is
available for distribution. 
 “Interest” means the ownership interest in the Company at
any time, including the right of the Member to any and all benefits to which the Member may be entitled as provided in this Agreement, together with the obligations of the Member to comply with all the terms and provisions of this Agreement.

 “Member” means the undersigned and any other member or members admitted to the Company
in accordance with this Agreement, the interests of each of which are set forth on Exhibit A. 

“Person” has the meaning set forth in the Act. 

1.02 Terms Generally. The definitions in Section 1.01 shall apply equally to both the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. All references herein to Articles, Sections and Exhibits shall be deemed to be references to Articles and Sections of,
and Exhibits to, this Agreement unless the context shall otherwise require. The words “include,” includes” and “including” shall be deemed to be followed by the phrase “without limitation.” 

ARTICLE II 

FORMATION 

2.01 Name. The name of the Company shall be as set forth in the Certificate. All business of the Company shall be conducted
under such name and title to all property, real, personal, or mixed, owned by or leased to the Company shall be held in such name. Notwithstanding the preceding sentence, the Member may change the name of the Company or adopt such trade or
fictitious names as it may determine. 

 2.02 Term. The term of the Company shall continue until terminated as
provided in Article VIII. 
 2.03 Principal Place of Business. The principal place of business of the Company
shall be located at 7074 East 900 South, Ft. Duchense, Utah 84026. The Member may establish other offices at other locations. 
 2.04 Agent for Service of Process. The registered agent of the Company upon whom process against it may be served, and the address of such agent within the State of Delaware, is as set forth
in the Certificate. 
 2.05 Purposes of the Company. The Company has been organized to engage in any lawful act or
activity for which a Delaware limited liability company may be formed. 
 ARTICLE III 

CAPITAL CONTRIBUTIONS 
 3.01 Capital Contribution. The Member may contribute cash or other property to the Company as it shall decide (in its sole discretion), from time to time. 

3.02 Additional Capital Contributions. If at any time the Member shall desire (in its sole discretion) to contribute
additional funds or property to the Company, the Member may make additional Capital Contributions. 
 3.03 Limitation on
Liability. Except as required by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Member shall not
be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a member of the Company. 
 3.04 Withdrawal of Capital; Interest. The Member may not withdraw capital or receive any distributions, except as specifically provided herein. No interest shall be paid by the Company on
any Capital Contributions. 
 ARTICLE IV 
 DISTRIBUTIONS 
 4.01 Distributions. Except as otherwise
provided in the Act, all Distributable Cash shall be distributed to the Member, or distributions in kind may be made to the Member at such times as the Member shall determine. 
 ARTICLE V 
 BOOKS AND RECORDS 

5.01 Books and Records. The Company shall keep or cause to be kept complete and accurate books of account and records that
shall reflect all transactions and other matters and include all documents and other materials with respect to the Company’s business that are usually entered into and maintained by Persons engaged in similar businesses. All Company financial
statements shall be accurate in all material respects, shall fairly present the financial position of the Company and the results of its operations and Distributable Cash and transactions in its reserve accounts, and shall be prepared in accordance
with generally accepted accounting principles, subject, in the case of quarterly statements, to year-end adjustments. The books of the Company shall at all times be maintained at the principal office of the Company or at such other location as the
Member decides. 
 ARTICLE VI 
 MANAGEMENT OF THE COMPANY 
 6.01 Management. The management
of the Company shall be under the direction of the Member, who may, from time to time, designate one or more persons to be officers of the Company, with such titles and powers as the Member may determine. 

  
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 ARTICLE VII 
 TRANSFERS OF INTERESTS 
 7.01 Transfers. The Member may,
directly or indirectly, sell, assign, transfer, pledge, hypothecate or otherwise dispose of all or any part of its Interest. Any Person acquiring the Member’s Interest shall be admitted to the Company as a substituted Member with no further
action being required on the part of the Member. 
 ARTICLE VIII 

DISSOLUTION AND TERMINATION 
 8.01 Dissolution. The Company shall be dissolved and its business wound up upon the decision made at any time by the Member to dissolve the Company, or upon the occurrence of any event of
dissolution under the Act. 
 8.02 Liquidation. Upon dissolution, the Company’s business shall be liquidated
in an orderly manner. The Member shall wind up the affairs of the Company pursuant to this Agreement and in accordance with the Act, including, without limitation, Section 18-804 thereof. 

8.03 Distribution of Property. If in the discretion of the Member it becomes necessary to make a distribution of Company
property in kind in connection with the liquidation of the Company, such property shall be transferred and conveyed to the Member. 
 ARTICLE IX 
 INDEMNIFICATION 

9.01 General. Except to the extent expressly prohibited by the Act, the Company shall indemnify each Person made or
threatened to be made a party to any action or proceeding, whether civil or criminal, by reason of the fact that such Person or such Person’s testator or intestate is or was a member or officer of the Company (or a representative thereof),
against judgments, fines (including excise taxes assessed on a Person with respect to an employee benefit plan), penalties, amounts paid in settlement and reasonable expenses, including attorneys’ fees, actually and necessarily incurred in
connection with such action or proceeding, or any appeal therefrom; provided that no such indemnification shall be made if a judgment or other final adjudication adverse to such Person establishes that his conduct did not meet the then
applicable minimum statutory standards of conduct; and provided, further, that no such indemnification shall be required in connection with any settlement or other non-adjudicated disposition of any threatened or pending action or
proceeding unless the Company has given its prior consent to such settlement or such other disposition, which consent shall not be unreasonably withheld. 
 9.02 Reimbursement. The Company shall advance or promptly reimburse, upon request, any Person entitled to indemnification hereunder for all expenses, including attorneys’ fees,
reasonably incurred in defending any action or proceeding in advance of the final disposition thereof upon receipt of an undertaking by or on behalf of such Person (in form and substance satisfactory to the Company) to repay such amount if such
Person is ultimately found not to be entitled to indemnification or, where indemnification is granted, to the extent the expenses so advanced or reimbursed exceed the amount to which such Person is entitled; provided that such Person shall
cooperate in good faith with any request by the Company that common counsel be utilized by the parties to an action or proceeding who are similarly situated unless to do so would be inappropriate due to actual or potential conflicts of interest
between or among such parties; and provided, further, that the Company shall only advance attorneys’ fees in respect of legal counsel approved by the Company, such approval not to be unreasonably withheld. 

9.03 Availability. The right to indemnification and advancement of expenses under this provision is intended to be
retroactive and shall be available with respect to any action or proceeding which relates to events prior to the effective date of this provision. 
 9.04 Indemnification Agreement. The Company is authorized to enter into agreements with any of its members or officers extending rights to indemnification and advancement of expenses to such
Person to the fullest extent permitted by applicable law, but the failure to enter into any such agreement shall not affect or limit the rights of such Person pursuant to this provision. 

  
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 9.05 Enforceability. In case any provision in this Article IX shall be
determined at any time to be unenforceable in any respect, the other provisions shall not in any way be affected or impaired thereby, and the affected provisions shall be given the fullest possible enforcement in the circumstances, it being the
intention of the Company to provide indemnification and advancement of expenses to its members and officers, acting in such capacities, to the fullest extent permitted by law. 
 9.06 No Amendments. No amendment or repeal of this provision shall apply to or have any effect on the indemnification of, or advancement of expenses to, the Member or any officer of the
Company for, or with respect to, acts or omissions of such Member or officer occurring prior to such amendment or repeal. 

9.07 Not Exclusive. The foregoing shall not be exclusive of any other rights to which the Member or any officer may be
entitled as a matter of law and shall not affect any rights to indemnification to which Company personnel other than the Member or officers may be entitled by contract or otherwise. 

ARTICLE X 

MISCELLANEOUS 
 10.01 Amendments and Consents. This Agreement may be modified or amended only by the Member. 
 10.02 Benefits of Agreement. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or the Member. 

10.03 Integration. This Agreement constitutes the entire agreement pertaining to the subject matter hereof and supersedes
all prior and contemporaneous agreements in connection therewith. No covenant, representation or condition not expressed in this Agreement shall affect, or be effective to interpret, change or restrict, the express provisions of this Agreement.

 10.04 Headings. The titles of Articles and Sections of this Agreement are for convenience only and shall not be
interpreted to limit or amplify the provisions of this Agreement. 
 10.05 Counterparts. This Agreement may be
executed in multiple counterparts, each of which shall be deemed an original and all of which, taken together, shall constitute one and the same instrument, which may be sufficiently evidenced by one counterpart. 

10.06 Severability. Each provision of this Agreement shall be considered separable and, if for any reason any provision or
provisions hereof are determined to be invalid and contrary to any existing or future law, such invalidity shall not impair the operation of or affect those portions of this Agreement which are valid. 

10.07 Applicable Law. This Agreement shall be construed in accordance with, and governed by, the laws of the State of
Delaware, without regard to its conflict of law principles. 
 [The next page is the signature page.] 

  
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 IN WITNESS WHEREOF, this Limited Liability Company Agreement has been duly executed as of
the date first written above. 
  

			
	 Ute Energy LLC

		
	 By:
	 	 /s/ Robert E. Ogle

	Name:	 	 Robert E. Ogle

	Title:	 	 Chief Financial Officer

 LIMITED LIABILITY COMPANY AGREEMENT
OF 
 UTE ENERGY UPSTREAM HOLDINGS LLC 

SIGNATURE PAGE 

  
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 Exhibit A 
 Interests 
  

			
	 Member
	  	 Percentage Interest

	 Ute Energy LLC

PO Box 789
 Ft. Duchense, UT 84026
	  	100%

  
 A-1First Amendment to Limited Liability Company Agreement

 Exhibit 10.2 
 FIRST AMENDMENT TO THE 
 LIMITED LIABILITY COMPANY AGREEMENT OF

 UTE ENERGY UPSTREAM HOLDINGS LLC 
 This FIRST AMENDMENT TO THE LIMITED LIABILITY COMPANY AGREEMENT OF UTE ENERGY UPSTREAM HOLDINGS LLC (this “Amendment”) by Ute Energy LLC, a Delaware limited liability company (the
“Member”), acting as the sole member of Ute Energy Upstream Holdings LLC, a Delaware limited liability company (the “Company”) is dated to be effective as of January 4, 2012. 

WHEREAS, Section 10.01 of the Operating Agreement of the Company dated April 28, 2008 (the
“Agreement”), provides that the Agreement may be modified or amended only by the Member; 
 WHEREAS, the Member
believes it to be in the best interests of the Company for the powers of the company to be exercised by or under the authority of, and the business and affairs of the Company to be managed under the direction of, managers and not by the Member as
provided for in the Agreement; 
 WHEREAS, the Member also believes that the any managers or officers of the Company
shall be entitled to certain indemnification and reimbursement rights upon appointment as managers or officers of the Company; 

WHEREAS, in accordance with Article X of the Agreement and subject to the terms and conditions hereof, the Member desires
to amend the Agreement as herein provided; 
 NOW, THEREFORE, BE IT RESOLVED, the Member agrees as follows: 

 

	 	1.	Article VI of the Agreement is hereby amended in its entirety to read as follows: 

 

	 	a.	“6.01 Management and Committees. 

  

	 	b.	Except for situations in which the approval of the Member is required by this Agreement or by non-waivable provisions of applicable law, the powers of the Company shall
be exercised by or under the authority of, and the business and affairs of the Company shall be managed under the direction of, managers, who shall be referred to herein each as a “Manager” or collectively the
“Managers,” and who shall act as a board (when sitting as a board, the Managers are referred to herein as the “Board of Managers”). The Board of Managers may establish Committees and may delegate powers of the Board
of Managers to such Committees. 

  

	 	c.	There shall be established a Pricing Committee comprised of Joseph N. Jaggers, S. Wil VanLoh, and a manager to be designated by Ute Energy Holdings LLC. The Pricing
Committee shall have the delegated powers and exclusive authority to approve final pricing and to authorize the officers of the Company to effect a closing of an initial public offering. 

“6.02 Number and Designation of Managers.  
 (a) The Board of Managers shall be comprised of eight managers as follows: (i) five independent managers (the “Independent Managers”); (ii) one manager designated by the
managers representing Ute Holdings (as such term is defined in the Ute Energy LLC 

  
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Operating Agreement) (the “Ute Holdings Manager”) to be designated before the effective date of the IPO; (iii) one manager designated by the managers representing
Quantum (as such term is defined in the Ute Energy LLC Operating Agreement), with the initial designated manager being S. Wil VanLoh Jr. (the “Quantum Manager”); and (iv) Joseph N. Jaggers as manager and Chairman. The
Ute Holdings Manager and the Quantum Manager are referred to collectively herein as the “Manager Designees.”  
 (b) With respect to the five Independent Managers: (i) Ute Holdings shall designate two Independent Managers, with one Independent Manager to be designated no later than the 90th day following the
effective date of the IPO, and one Independent Manager to be designated no later than the 365th day deadline for majority independent representation as required by law (the “Ute Holdings Independent Manager Designees”); (ii) Quantum shall designate one Independent
Manager no later than the 90th day following the effective
date of the IPO (the “Quantum Independent Manager Designee”); (iii) Ute Energy LLC’s board of managers shall designate one Independent Manager who is a financial expert before the effective date of the IPO; and
(iv) the board of directors of Ute Energy Upstream’s successor entity shall designate one Independent Manager no later than the 365th day deadline for majority independent representation as required by law. The Ute Holdings Independent Manager
Designees and the Quantum Independent Manger Designee are referred to collectively herein as the “Independent Manager Designees.”  
 (c) Each of Ute Holdings’ and Quantum’s rights to designate Manager Designees and the Independent Manager Designees shall be modified as follows: (i) if a party’s ownership percentage
in Ute Energy Upstream or its successor entity is reduced to less than 25%, but is greater than or equal to 10%, such party’s right to designate Independent Manager Designees shall be reduced by one Independent Manager Designee; (ii) if a
party’s ownership percentage in Ute Energy Upstream or its successor entity is reduced to less than 10%, such party’s right to designate Independent Manager Designees and its Manager Designee shall lapse; (iii) if a party loses its
rights to designate an Independent Manager Designee pursuant to clause (c)(i) or clause (c)(ii) above, the total number of Independent Manager Designees shall be reduced accordingly, provided, however, that in no event shall the total number of
managers be less than seven; and (iv) subject to a reduction in the total number of Independent Manager Designees pursuant to clause (c)(iii) above, if a party loses its rights to designate an Independent Manager Designee or Manager Designee,
the affected manager position shall become an independent manager or manager, respectively, to be selected by the board of managers (or the board of directors of Ute Energy Upstream’s successor entity). 

(d) A party’s ownership percentage for purposes of this Section 6.02 shall be based upon such party’s proportionate
ownership of the Company pursuant to the Operating Agreement (if prior to the IPO), or shall be based upon such party’s proportionate ownership of the outstanding common shares of Ute Energy Upstream’s successor entity (if after the IPO).
The record date for purposes of determining ownership pursuant to this Section 6.02(d) shall be the Corporation’s most recently filed Form 10-Q or 10-K. The members of the Board of Managers of Ute Energy Upstream as appointed pursuant to
this Section 6.02 shall be designated by the board of directors of Ute Energy Upstream’s successor entity to serve in their same capacities as directors and independent directors, and that the Corporation’s Board of Directors shall be
of the same composition and subject to the same rights of designation as resolved above, all subject to the bylaws of the Corporation. 

  
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 6.03 Voting and Action. Except as expressly otherwise provided
in this Agreement, all actions and decisions of the Board of Managers or Committees shall require majority approval of the Board or respective Committee. If there is a tie vote with respect to an action or matter properly before the Board of
Managers, the tie shall be broken: (i) in favor of the majority of Independent Managers present and voting with respect to such matter; then (ii) if there is no majority vote of the Independent Managers present, in favor of the vote of the
Chairman. 
 6.04 Resignation and Removal. Any Manager may resign at any time. Any Manager may be
removed at any time, with or without cause, by a majority vote of the Board of Managers (excluding the manager subject to removal pursuant to such vote). 
 6.05 Vacancies. In the event that a vacancy is created on the Board of Managers at any time by the death, disability, retirement, resignation or removal of a Manager, such vacancy will be
subject to the Member’s rights to designate managers as set forth in Section 6.02. 
 6.06 Powers
of Managers. The Board of Managers shall have the power and authority to manage and control the Company to do all things they deem to be necessary, convenient or advisable in connection with the management of the Company. A Manager, in
performing his obligations under this Agreement, shall be entitled to act or omit to act at the direction of the Member an any action of a Manager or failure to act taken or omitted in good faith reliance on this Section 6.06 shall not
constitute a breach of any duty (including fiduciary duty on the part of the Manager or Member to the Company or any other Manager. 
 6.07 Officers. The following persons shall serve as the initial officers of the Company: Joseph N. Jaggers as President and Chief Executive Officer, Laurie A. Bales as Chief Financial
Officer and Secretary, Greg Hinds as Chief Operating Officer, Todd R. Kalstrom as Vice President Land and Business Development, Cameron J. Cuch as Vice President Governmental Affairs and Corporate Development, Christopher M. Conley as Vice President
Midstream Operations and Facilities, John Martin Jr. as Treasurer, and Mark A. Shelby as General Counsel and Assistant Secretary. The Board of Managers may appoint any officers as the Board of Managers from time to time may determine. Each officer
shall serve until his or her earlier resignation or removal by the Board of Managers and shall have such powers and duties as from time to time may be conferred by the Board of Managers.” 

 

	 	2.	Article IX of the Agreement is hereby amended in its entirety to read as follows: 

 

	 	a.	“9.01 General Indemnification. 

 (a) Except as limited by the provisions of this Section 9.01(a), applicable law, each Manager and Officer of the Company (each an “Indemnitee”) shall be entitled to be
indemnified and held harmless against all losses, liability and expenses, including reasonable attorneys’ fees, arising from proceedings in which such Indemnitee may be involved, as a party or otherwise, by reason of its being a Manager, Member
or Officer of the Company, or by reason of its involvement in the management or affairs of the Company, whether or not it continues to be such at the time any such loss, liability or expense is paid or incurred; provided that no Indemnitee shall be
indemnified under this Section 9.01(a) for any losses, liabilities, or expenses arising out of the fraud, intentional 

  
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misconduct, or gross negligence of such Indemnitee. The rights of indemnification provided in this Section 9.01(a) shall be in addition to any rights which an Indemnitee may otherwise
be entitled by contract or as a matter of law and shall extend to such Indemnitee’s successors and assigns. In particular, and without limitation of the foregoing, an Indemnitee shall be entitled to indemnification by the Company against
reasonable expenses (as incurred), including attorneys’ fees, incurred by the Indemnitee in connection with the defense of any action to which the Indemnitee may be made a party (without regard to the success of such defense), to the fullest
extent permitted under the provisions of the Act or any applicable statute. 
 (b) Except as limited by
applicable law, expenses incurred by an Indemnitee in defending any proceedings, including a proceeding by or in the right of the Company (except a proceeding by or in the right of the Company against such Indemnitee), shall be paid by the Company
in advance of the final disposition of the proceeding upon receipt of a written undertaking by or on behalf of such Indemnitee to repay such amount if such Indemnitee is determined pursuant to this Section 9.01 or adjudicated to be
ineligible for indemnification, which undertaking shall be an unlimited general obligation of the Indemnitee but need not be secured and shall be accepted without regard to the financial ability of the Indemnitee to make repayment. 

(c) The indemnification provided by this Section 9.01 shall inure to the benefit of the heirs and personal
representatives of each Indemnitee. 
 (d) No amendment or repeal of the provisions of this
Section 9.01 which adversely affects the rights of any Indemnitee under this Section 9.01 with respect to the acts or omissions of such Indemnitee at any time prior to such amendment or repeal shall apply to such Indemnitee
without the written consent of such Indemnitee. 
 (e) Any indemnification pursuant to this
Section 9.01 shall be made only out of the assets of the Company and shall in no event cause the Member to incur any personal liability or shall it results in any liability of the Member to any third party. 

(f) No Manager or Officer of the Company who is or was serving at the request of the Company as a member, manager,
director, officer, partner, venturer, proprietor, trustee, employee, authorized person, agent, or similar functionary of another foreign or domestic limited liability company, corporation, partnership, joint venture, sole proprietorship, trust,
employee benefit plan or other enterprise shall be liable to the Company or the Member for monetary damages arising from actions taken, or actions failed to be taken, in his or her capacity as such except for (i) liability for acts that involve
a knowing violation of Law, (ii) liability with respect to any transaction from which such Person derived an improper personal benefit and (iii) liability from any breach of such Person’s duty of loyalty to the Company, in each case
described in clauses (i), (ii) and (iii) preceding, as determined by a final, nonappealable order of a court of competent jurisdiction. Notwithstanding anything to the contrary in this Agreement, to the maximum extent permitted by Law, the
Company or any Member, as applicable, shall bear the burden of establishing a prima facie case that the Manager or any of the affiliate of the manager breached the standard of care set forth above in this Section 9.01(f). In addition, by
resolution of the Board of Managers, the Company, may but is not obligated to, exculpate any employee or agent of the Company to the same degree that a Manager or officer is exculpated under this Section 9.01(f). 

  
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	 	3.	Except as herein expressly amended and revised, the Agreement shall continue in full force and effect without revision. 

IN WITNESS WHEREOF, the undersigned, acting as the sole Member of the Company, has caused this FIRST AMENDMENT TO THE LIMITED
LIABILITY COMPANY AGREEMENT OF UTE ENERGY UPSTREAM HOLDINGS LLC to be duly executed as of the date first set forth above. 
  

			
	UTE ENERGY LLC
		
	 By:
	 	/s/ Joseph N. Jaggers
		 	 Joseph N. Jaggers

President and Chief Executive Officer

  
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