Document:

Form of Class D Unit and Common Unit Purchase Agreement

 Exhibit 10.1 
 FORM OF 
 CLASS D UNIT AND COMMON UNIT PURCHASE AGREEMENT 
 BY AND AMONG 
 ATLAS ENERGY
RESOURCES, LLC 
 AND 
 THE PURCHASERS NAMED HEREIN 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
	 Article I DEFINITIONS
	  	1
				
		  	Section 1.01	  	Definitions	  	1
		  	Section 1.02	  	Accounting Procedures and Interpretation	  	5
		
	 Article II SALE AND PURCHASE
	  	6
				
		  	Section 2.01	  	Sale and Purchase	  	6
		  	Section 2.02	  	Independent Nature of Purchasers’ Obligations	  	6
		  	Section 2.03	  	Purchased Units	  	6
		  	Section 2.04	  	Class D Units	  	7
		  	Section 2.05	  	Consideration	  	7
		  	Section 2.06	  	Funding into Escrow	  	7
		  	Section 2.07	  	Closing	  	7
		
	 Article III REPRESENTATIONS AND WARRANTIES OF ATLAS ENERGY
	  	7
				
		  	Section 3.01	  	Existence	  	7
		  	Section 3.02	  	Capitalization and Valid Issuance of Purchased Class D Units and Purchased Units.	  	8
		  	Section 3.03	  	Atlas Energy SEC Documents	  	9
		  	Section 3.04	  	No Material Adverse Change	  	10
		  	Section 3.05	  	Litigation	  	10
		  	Section 3.06	  	No Breach	  	10
		  	Section 3.07	  	Authority	  	11
		  	Section 3.08	  	Compliance with Laws	  	11
		  	Section 3.09	  	Approvals	  	11
		  	Section 3.10	  	MLP Status	  	12
		  	Section 3.11	  	Investment Company Status	  	12
		  	Section 3.12	  	Offering	  	12
		  	Section 3.13	  	Certain Fees	  	12
		  	Section 3.14	  	Class D Unit Vote	  	12
		  	Section 3.15	  	Internal Accounting Controls	  	12
		  	Section 3.16	  	Insurance	  	13
		  	Section 3.17	  	Registration Rights	  	13
		  	Section 3.18	  	No Side Agreements	  	13
		  	Section 3.19	  	Acknowledgment Regarding Purchase of Purchased Units and Purchased Class D Units	  	13
		
	 Article IV REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER
	  	13
				
		  	Section 4.01	  	Valid Existence	  	13
		  	Section 4.02	  	No Breach	  	14
		  	Section 4.03	  	Investment	  	14
		  	Section 4.04	  	Nature of Purchaser	  	15

  

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		  	Section 4.05	  	Receipt of Information; Authorization	  	15
		  	Section 4.06	  	Restricted Securities	  	15
		  	Section 4.07	  	Certain Fees	  	15
		  	Section 4.08	  	Legend	  	16
		  	Section 4.09	  	Short Selling	  	16
		  	Section 4.10	  	No Side Agreements	  	16
		
	 Article V COVENANTS
	  	16
				
		  	Section 5.01	  	Anti-dilution Protection	  	16
		  	Section 5.02	  	Unitholder Vote With Respect to Conversion	  	17
		  	Section 5.03	  	Purchaser Lock-Up	  	17
		  	Section 5.04	  	Short Selling Acknowledgement and Agreement	  	18
		  	Section 5.05	  	Taking of Necessary Action	  	18
		  	Section 5.06	  	Non-Disclosure; Interim Public Filings	  	19
		  	Section 5.07	  	Use of Proceeds	  	19
		  	Section 5.08	  	Class D Amendment	  	19
		  	Section 5.09	  	Tax Information	  	19
		  	Section 5.10	  	No Other Listed Class of Securities	  	19
		  	Section 5.11	  	NYSE Listing of Common Units	  	19
		
	 Article VI CLOSING CONDITIONS
	  	20
				
		  	Section 6.01	  	Conditions to the Closing.	  	20
		  	Section 6.02	  	Atlas Energy Deliveries	  	22
		  	Section 6.03	  	Purchaser Deliveries	  	22
		
	 Article VII INDEMNIFICATION, COSTS AND EXPENSES
	  	22
				
		  	Section 7.01	  	Indemnification by Atlas Energy	  	22
		  	Section 7.02	  	Indemnification by Purchasers	  	23
		  	Section 7.03	  	Indemnification Procedure	  	23
		
	 Article VIII MISCELLANEOUS
	  	24
				
		  	Section 8.01	  	Interpretation	  	24
		  	Section 8.02	  	Survival of Provisions	  	24
		  	Section 8.03	  	No Waiver; Modifications in Writing.	  	24
		  	Section 8.04	  	Binding Effect; Assignment.	  	25
		  	Section 8.05	  	Aggregation of Purchased Class D Units and Purchased Units	  	25
		  	Section 8.06	  	Confidentiality and Non-Disclosure	  	26
		  	Section 8.07	  	Communications	  	26
		  	Section 8.08	  	Removal of Legend	  	26
		  	Section 8.09	  	Entire Agreement	  	26
		  	Section 8.10	  	Governing Law	  	27
		  	Section 8.11	  	Execution in Counterparts	  	27
		  	Section 8.12	  	Termination.	  	27
		  	Section 8.13	  	Recapitalization, Exchanges, Etc. Affecting the Purchased Common Units and the Purchased Class D Units	  	27
		  	Section 8.14	  	Obligations Limited to Parties to Agreement	  	28

  

 ii 

 Schedules and Exhibits 
 Schedule 2.01 - List of Purchasers and Commitment Amounts 
 Schedule 8.07 - Notice and Contact Information 
  

					
	 Exhibit A
	 	 -
	    	Voting Agreement
			
	 Exhibit B
	 	 -
	    	Amendment No. 1 to the Amended and Restated Operating Agreement of Atlas Energy Resources, LLC
			
	 Exhibit C
	 	 -
	    	Form of Atlas Energy Resources, LLC Officer’s Certificate
			
	 Exhibit D
	 	 -
	    	Form of Legal Opinion
			
	 Exhibit E
	 	 -
	    	Form of Registration Rights Agreement
			
	 Exhibit F
	 	 -
	    	Lock up Agreement for Atlas America Inc.

  

 iii 

 CLASS D UNIT AND COMMON UNIT PURCHASE AGREEMENT 
 This CLASS D UNIT AND COMMON UNIT PURCHASE AGREEMENT, dated as of May 18, 2007 (this “Agreement”), by and among ATLAS ENERGY
RESOURCES, LLC, a Delaware limited liability company (“Atlas Energy”), and each of the Purchasers listed on Schedule 2.01 (each, a “Purchaser” and, collectively, the “Purchasers”). 
 WHEREAS, simultaneously with the execution of this Agreement, Atlas Energy is entering into a definitive stock purchase agreement to acquire all of the
outstanding stock of DTE Oil & Gas Company from MCN Energy Enterprises, Inc. (the “Acquisition”); 
 WHEREAS, Atlas
Energy desires to finance a portion of the Acquisition through the sale of an aggregate of $600 million of Class D Units and Common Units and the Purchasers desire to purchase an aggregate of $600 million of Class D Units and Common Units from Atlas
Energy, each in accordance with the provisions of this Agreement; 
 WHEREAS, it is a condition to the obligations of the Purchasers and
Atlas Energy under this Agreement that the Acquisition be consummated; 
 WHEREAS, Atlas Energy has agreed to provide the Purchasers with
certain registration rights with respect to the Purchased Units, the Class D Units, and the Common Units underlying the Purchased Class D Units acquired pursuant to this Agreement; and 
 WHEREAS, the Voting Agreement in the form attached hereto as Exhibit A (the “Unitholder Voting Agreement”) will be executed and
delivered at Closing by Atlas America, Inc. and Atlas Energy Management, Inc., pursuant to which each such Unitholder of Atlas Energy will unconditionally and irrevocably agree to vote all of the Units owned by them in favor of the conversion of
Class D Units into Common Units as contemplated by Section 5.02 of this Agreement. 
 NOW THEREFORE, in consideration of the mutual
covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Atlas Energy and each of the Purchasers, severally and not jointly, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. As used in this Agreement, and unless the context requires a different meaning, the following terms have the
meanings indicated: 
 “8-K Filing” shall have the meaning specified in Section 5.06. 
 “Acquisition” shall have the meaning specified in the recitals. 
 “Acquisition Agreement” means that certain Stock Purchase Agreement dated May 18, 2007, among MCN Energy Enterprises, Inc., DTE
Energy Company, Atlas Energy and ATN Michigan, LLC in substantially the form provided to the Purchasers. 

 “Acquisition Closing Date” means the date on which the Acquisition is consummated.

 “Acquisition Material Adverse Effect” means any “Material Adverse Effect” as such term is defined in the
Acquisition Agreement. 
 “Action” against a Person means any lawsuit, action, proceeding, investigation or complaint before
any Governmental Authority, mediator or arbitrator. 
 “Affiliate” means, with respect to a specified Person, any other
Person, whether now in existence or hereafter created, directly or indirectly controlling, controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with
correlative meanings, “controlling”, “controlled by” and “under common control with”) means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise. 
 “Agreement” shall have the meaning specified in the
introductory paragraph. 
 “Atlas Energy” shall have the meaning specified in the introductory paragraph. 
 “Atlas Energy Financial Statements” shall have the meaning specified in Section 3.03. 
 “Atlas Energy Material Adverse Effect” means any material and adverse effect on (i) the assets, liabilities, financial condition,
business, operations, prospects or affairs of Atlas Energy and its Subsidiaries, taken as a whole, other than those occurring as a result of general economic or financial conditions or other developments that are not unique to and do not have a
material disproportionate impact on Atlas Energy and its Subsidiaries but also affect other Persons who participate in or are engaged in the lines of business of which Atlas Energy and its Subsidiaries participate or are engaged, (ii) the
ability of Atlas Energy and its Subsidiaries, taken as a whole, to carry out their business as of the date of this Agreement or to meet their obligations under the Basic Documents on a timely basis or (iii) the ability of Atlas Energy to
consummate the transactions under any Basic Document. 
 “Atlas Energy Related Parties” shall have the meaning specified in
Section 7.02. 
 “Atlas Energy SEC Documents” shall have the meaning specified in Section 3.03. 
 “Average Purchase Price” means $25.00. 
 “Basic Documents” means, collectively, the Escrow Agreement, this Agreement, the Registration Rights Agreement, the Unitholder Voting Agreement, the Class D Amendment, the Acquisition Agreement and
any and all other agreements or instruments executed and delivered by the Parties to evidence the execution, delivery and performance of this Agreement, and any amendments, supplements, continuations or modifications thereto. 
 “Board of Directors” means the board of directors of Atlas Energy. 
  

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 “Business Day” means any day other than a Saturday, a Sunday, or a legal holiday for
commercial banks in New York, New York. 
 “Class D Amendment” shall have the meaning specified in Section 2.03.

 “Class D Units” means the Class D Units of Atlas Energy, as established by the Class D Amendment. 
 “Class D Unit Price” shall have the meaning specified in Section 2.05. 
 “Closing” shall have the meaning specified in Section 2.07. 
 “Closing Date” shall have the meaning specified in Section 2.07. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
 “Commission” means the United States Securities and Exchange Commission. 
 “Commitment Amount” means the dollar amount set forth opposite each Purchaser’s name on Schedule 2.01 to this Agreement under the
heading “Purchaser’s Allocated Purchase Price.” 
 “Common Unit Price” shall have the meaning specified in
Section 2.05. 
 “Common Units” means the Common Units of Atlas Energy having the rights, preferences and designations
set forth in the Limited Liability Company Agreement. 
 “Debt Financing” means the financing substantially similar to that
described in the Commitment Letter dated May __, 2007, among Atlas Energy Operating Company LLC, J.P. Morgan Securities Inc. and JPMorgan Chase Bank, N.A., which provides for no less than $625 million of borrowings on the Closing Date. 

“Delaware LLC Act” means the Delaware Limited Liability Company Act, as amended from time to time. 
 “Escrow Agreement” means the escrow agreement to be entered into no less than ten (10) days prior to the Closing Date (or such
other period of time reasonably acceptable to the Purchasers) among Atlas Energy, the Purchasers and an escrow agent, which shall contain reasonable and customary terms to be approved by Atlas Energy and the Purchasers. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission
promulgated thereunder. 
 “GAAP” means generally accepted accounting principles in the United States of America in effect
from time to time. 
 “Governmental Authority” shall include the country, state, county, city and political subdivisions in
which any Person or such Person’s Property is located or that exercises valid jurisdiction over any such Person or such Person’s Property, and any court, agency, department, 

  

 3 

 
commission, board, bureau or instrumentality of any of them and any monetary authorities that exercise valid jurisdiction over any such Person or such
Person’s Property. Unless otherwise specified, all references to Governmental Authority herein shall mean a Governmental Authority having jurisdiction over, where applicable, Atlas Energy, its Subsidiaries or any of their Property or any of the
Purchasers. 
 “Indemnified Party” shall have the meaning specified in Section 7.03. 
 “Indemnifying Party” shall have the meaning specified in Section 7.03. 
 “Law” means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law, rule or
regulation. 
 “Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the
owner of the Property, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent, and including the lien or security interest arising from a mortgage, encumbrance, pledge,
security agreement, conditional sale or trust receipt or a lease, consignment or bailment for security purposes. 
 “Limited
Liability Company Agreement” shall have the meaning specified in Section 2.03. 
 “Lock-Up Date” means six
months from the Closing Date. 
 “New Units” shall have the meaning specified in Section 5.01. 
 “Participating Unit” shall have the meaning specified in Section 4.03. 
 “Party” or “Parties” means Atlas Energy and the Purchasers, individually or collectively, as the case may be.

 “Permitted Amount” shall have the meaning specified in Section 2.03. 
 “Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited liability
company, unincorporated organization or government or any agency, instrumentality or political subdivision thereof, or any other form of entity. 
 “Placement Agent Fees” means the fees that Atlas Energy is obligated to pay to UBS Securities LLC upon the closing of the transactions contemplated by this Agreement. 
 “Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 

“Purchased Class D Units” means the Class D Units to be issued and sold to the Purchasers pursuant to this Agreement. 
 “Purchased Units” means the Common Units to be issued and sold to the Purchasers pursuant to this Agreement. 
  

 4 

 “Purchaser Material Adverse Effect” means any material and adverse effect on
(i) the ability of a Purchaser to meet its obligations under this Agreement or the Registration Rights Agreement on a timely basis or (ii) the ability of a Purchaser to consummate the transactions under this Agreement or the Registration
Rights Agreement. 
 “Purchaser Related Parties” shall have the meaning specified in Section 7.01. 
 “Registration Rights Agreement” means the Registration Rights Agreement, substantially in the form attached to this Agreement as Exhibit
F, to be entered into at the Closing, among Atlas Energy and the Purchasers. 
 “Representatives” of any Person means the
officers, managers, directors, employees, agents, affiliates, control persons, counsel, investment bankers and other representatives of such Person. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder. 
 “Short Sales” means, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the
Exchange Act, whether or not against the box, and forward sale contracts, options, puts, calls, short sales, “put equivalent positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements, and sales and other
transactions through non-U.S. broker dealers or foreign regulated brokers. 
 “Subsidiary” means, as to any Person, any
corporation or other entity of which a majority of the outstanding equity interest having by the terms thereof ordinary voting power to elect a majority of the board of directors of such corporation or other entity (irrespective of whether or not at
the time any equity interest of any other class or classes of such corporation or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such
Person or one or more of its Subsidiaries. 
 “Terminating Breach” shall have the meaning specified in Section 8.12(a).

 “Unitholder Voting Agreement” shall have the meaning specified in the recitals. 
 “Unitholders” means the Unitholders of Atlas Energy (within the meaning of the Limited Liability Company Agreement). 
 “Units” means the Units of Atlas Energy representing limited liability company interests. 
 Section 1.02 Accounting Procedures and Interpretation. Unless otherwise specified in this Agreement, all accounting terms used herein shall be interpreted, all
determinations with respect to accounting matters under this Agreement shall be made, and all financial statements and certificates and reports as to financial matters required to be furnished to the Purchasers under this Agreement shall be
prepared, in accordance with GAAP applied on a consistent basis during the periods involved (except, in the case of unaudited statements, as permitted by Form 10-Q promulgated by the Commission) and in compliance as to form in all material respects
with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto. 
  

 5 

 ARTICLE II 
 SALE AND PURCHASE 
 Section 2.01 Sale and Purchase. Contemporaneously with the consummation of the
Acquisition and subject to the terms and conditions of this Agreement, at the Closing, Atlas Energy hereby agrees to issue and sell to each Purchaser, and each Purchaser hereby agrees, severally and not jointly, to purchase from Atlas Energy,
subject to Section 2.03, the number of Purchased Units and Purchased Class D Units, respectively, set forth opposite its name on Schedule 2.01 hereto. Each Purchaser severally and not jointly agrees to pay Atlas Energy the Common Unit Price for
each Purchased Unit and the Class D Unit Price for each Purchased Class D Unit, in each case, as set forth opposite its name on Schedule 2.01. 
 Section
2.02 Independent Nature of Purchasers’ Obligations. The respective obligations of each Purchaser under this Agreement and the Registration Rights Agreement are several and not joint with the obligations of any other Purchaser, and no
Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under this Agreement or the Registration Rights Agreement. The failure or waiver of performance under this Agreement or the Registration Rights
Agreement by any Purchaser, or on its behalf, does not excuse performance by any other Purchaser. Nothing contained herein or in the Registration Rights Agreement, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute
the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated by this Agreement or the Registration Rights Agreement. Except as otherwise provided in this Agreement or the Registration Rights Agreement, each Purchaser shall be entitled to independently protect and enforce its rights, including the
rights arising out of this Agreement or the Registration Rights Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. 
 Section 2.03 Purchased Units. Each Purchaser (i) acknowledges that in no event shall Atlas Energy issue to the Purchasers an aggregate number of Common Units
in excess of 19.9% of Atlas Energy’s outstanding Common Units immediately prior to such issuance (the “Permitted Amount”) and (ii) agrees that between the date of this Agreement and Closing, the aggregate number of Common
Units to be issued will be decreased and the aggregate number of Class D Units to be issued will be increased to the extent required to cause the number of Common Units issued to be less than the Permitted Amount, such adjustment to be made pro rata
among the Purchasers. The Purchased Units shall have those rights, preferences, privileges and restrictions governing the Common Units as set forth in the Amended and Restated Operating Agreement of Atlas Energy, dated as of December 18, 2006
(the “Limited Liability Company Agreement”), as amended by an amendment to the Limited Liability Company Agreement, in all material respects in the form of Exhibit B to this Agreement, which Atlas Energy will cause to be
adopted immediately prior to the issuance and sale of Class D Units contemplated by this Agreement (the “Class D Amendment”). References herein to the Limited Liability Company Agreement shall include or exclude the Class D
Amendment as the context requires. 
  

 6 

 Section 2.04 Class D Units. The Purchased Class D Units shall have those rights, preferences, privileges and
restrictions governing the Class D Units, which shall be reflected in the Limited Liability Agreement, as amended by the Class D Amendment. 
 Section 2.05
Consideration. The amount per Class D Unit each Purchaser will pay to Atlas Energy to purchase the Class D Units shall be $24.78 (the “Class D Unit Price”) and the amount per Common Unit each Purchaser will pay to Atlas
Energy to purchase the Purchased Units shall be $25.50 (the “Common Unit Price”). 
 Section 2.06 Funding into Escrow. Each Purchaser
shall deposit its Commitment Amount into an escrow account established under the Escrow Agreement no later than two Business Days prior to the Closing Date. On the Closing Date, upon receipt of satisfactory evidence that the conditions set forth in
Article VI have been satisfied or waived, pursuant to Section 2.07, each such Purchaser shall deliver notice to the Escrow Agent (as such term is defined in the Escrow Agreement) to promptly and timely release the funds escrowed under the
Escrow Agreement to Atlas Energy. 
 Section 2.07 Closing. Subject to satisfaction of the conditions set forth in Article VI, the execution and
delivery of the Basic Documents (other than this Agreement and the Acquisition Agreement), the delivery of certificates representing the Purchased Class D Units and the Purchased Units, the release of the funds escrowed under the Escrow Agreement to
Atlas Energy pursuant to the terms of the Escrow Agreement, and the execution and delivery of all other instruments, agreements and other documents required by this Agreement (the “Closing”) shall take place on a date (the
“Closing Date”) concurrent with the Acquisition Closing Date, provided that Atlas Energy shall take reasonable efforts to provide each Purchaser five Business Days (or such shorter period as shall be agreeable to each such Purchaser
but in any event no less than two Business Days) prior written notice of such designated Closing Date. 
 ARTICLE III

 REPRESENTATIONS AND WARRANTIES OF ATLAS ENERGY 
 Atlas Energy represents and warrants to the Purchasers, on and as of the date of this Agreement and on and as of the Closing Date, as follows:

 Section 3.01 Existence. Each of Atlas Energy and its Subsidiaries: (i) is a corporation, limited partnership or limited liability company, as
applicable, duly organized, validly existing and in good standing under the Laws of the state or other jurisdiction of its incorporation or organization; (ii) has all requisite power and authority, and has all material governmental licenses,
authorizations, consents and approvals, necessary to own, lease, use and operate its Properties and carry on its business as its business is now being conducted as described in the Atlas Energy SEC Documents, except where the failure to obtain such
licenses, authorizations, consents and approvals would not reasonably be expected to have an Atlas Energy Material Adverse Effect. Each of Atlas Energy and its Subsidiaries is duly qualified or licensed and in good standing as a foreign limited
partnership, limited liability company or corporation, as applicable, and is authorized to do business in each jurisdiction in which the ownership or leasing of its respective Properties or the character of its respective operations makes such
qualification necessary, except where the failure to obtain such qualification, license, authorization or good standing would not reasonably be expected to have a Atlas Energy Material Adverse Effect. 
  

 7 

 Section 3.02 Capitalization and Valid Issuance of Purchased Class D Units and Purchased
Units. 
 (a) As of the date of this Agreement, and prior to the issuance and sale of the Purchased Class D Units and the Purchased Units,
the issued and outstanding membership interests of Atlas Energy consist of 36,674,365 Common Units and 748,456 Class A Units. All of the outstanding Common Units and Class A Units have been duly authorized and validly issued in accordance
with applicable Law and the Limited Liability Company Agreement and are fully paid (to the extent required under the Limited Liability Company Agreement) and non-assessable (except as such non-assessability may be affected by Section 18-607 of
the Delaware LLC Act). 
 (b) Other than Atlas Energy’s existing Long-Term Incentive Plan, and other existing management compensation
arrangements, Atlas Energy has no equity compensation plans that contemplate the issuance of Common Units (or securities convertible into or exchangeable for Common Units). Atlas Energy has no outstanding indebtedness having the right to vote (or
convertible into or exchangeable for securities having the right to vote) on any matters on which the Unitholders may vote. Except as set forth in the first sentence of this Section 3.02(b), as contemplated by this Agreement or as are contained
in the Limited Liability Company Agreement, there are no outstanding or authorized (i) options, warrants, preemptive rights, subscriptions, calls or other rights, convertible securities, agreements, claims or commitments of any character
obligating Atlas Energy or any of its Subsidiaries to issue, transfer or sell any limited liability company interests or other equity interests in Atlas Energy or any of its Subsidiaries or securities convertible into or exchangeable for such
limited liability company interests or other equity interests, (ii) obligations of Atlas Energy or any of its Subsidiaries to repurchase, redeem or otherwise acquire any limited liability company interests or other equity interests in Atlas
Energy or any of its Subsidiaries or any such securities or agreements listed in clause (i) of this sentence or (iii) voting trusts or similar agreements to which Atlas Energy or any of its Subsidiaries is a party with respect to the
voting of the equity interests of Atlas Energy or any of its Subsidiaries. 
 (c)(i) All of the issued and outstanding equity interests of
each of Atlas Energy’s Subsidiaries are owned, directly or indirectly, by Atlas Energy free and clear of any Liens (except for such restrictions as may exist under applicable Law and except for such Liens as may be imposed under Atlas
Energy’s or its Subsidiaries’ credit facilities filed as exhibits to the Atlas Energy SEC Documents), and all such ownership interests have been duly authorized and validly issued and are fully paid (to the extent required by applicable
Law and the organizational documents of Atlas Energy’s Subsidiaries, as applicable) and non-assessable (except as non-assessability may be affected by Section 18-607 of the Delaware LLC Act or the organizational documents of Atlas
Energy’s Subsidiaries, as applicable) and free of preemptive rights, with no personal liability attaching to the ownership thereof, and (ii) except as disclosed in the Atlas Energy SEC Documents, neither Atlas Energy nor any of its
Subsidiaries owns any shares of capital stock or other securities of, or interest in, any other Person, or is obligated to make any capital contribution to or other investment in any other Person. 
  

 8 

 (d) The offer and sale of the Purchased Class D Units and the Purchased Units and the membership
interests represented thereby are duly authorized by Atlas Energy pursuant to the Limited Liability Company Agreement prior to the Closing and, when issued and delivered to the Purchasers against payment therefor in accordance with the terms of this
Agreement, will be validly issued, fully paid (to the extent required by applicable Law and the Limited Liability Company Agreement) and non-assessable (except as such non-assessability may be affected by Section 18-607 of the Delaware LLC Act)
and will be free of any and all Liens and restrictions on transfer, other than restrictions on transfer under the Limited Liability Company Agreement, the Registration Rights Agreement and applicable state and federal securities Laws and other than
such Liens as are created by the Purchasers. 
 (e) The Common Units issuable upon conversion of the Class D Units, and the membership
interests represented thereby, upon issuance in accordance with the terms of the Class D Units as reflected in the Limited Liability Company Agreement, as amended by the Class D Amendment, and upon receipt of the required Unitholder approval, will
be duly authorized by Atlas Energy pursuant to the Limited Liability Company Agreement, and will be validly issued, fully paid (to the extent required by applicable Law and the Limited Liability Company Agreement) and non-assessable (except as such
non-assessability may be affected by Section 18-607 of the Delaware LLC Act) and will be free of any and all Liens and restrictions on transfer, other than restrictions on transfer under the Limited Liability Company Agreement and under
applicable state and federal securities Laws and other than such Liens as are created by the Purchasers. 
 (f) The Purchased Units will be
issued in compliance with all applicable rules of The New York Stock Exchange. Prior to the Closing Date, Atlas Energy will submit an additional listing application to The New York Stock Exchange with respect to the Purchased Units and the Common
Units underlying the Purchased Class D Units. Atlas Energy’s currently outstanding Common Units are quoted on The New York Stock Exchange and Atlas Energy has not received any notice of delisting. 
 (g) The Purchased Units shall have those rights, preferences, privileges and restrictions governing the Common Units as set forth in the Limited
Liability Company Agreement, as amended by the Class D Amendment. The Purchased Class D Units shall have those rights, preferences, privileges and restrictions governing the Class D Units, which shall be reflected in the Limited Liability Company
Agreement, as amended by the Class D Amendment. 
 Section 3.03 Atlas Energy SEC Documents. Atlas Energy has filed with the Commission all forms,
registration statements, reports, schedules and statements required to be filed by it under the Exchange Act or the Securities Act (all such documents filed on or prior to the date of this Agreement, collectively, the “Atlas Energy SEC
Documents”). The Atlas Energy SEC Documents, including any audited or unaudited financial statements and any notes thereto or schedules included therein (the “Atlas Energy Financial Statements”), at the time filed (in the
case of registration statements, solely on the dates of effectiveness) (except to the extent corrected by a subsequently filed Atlas Energy SEC Document filed prior to the date of this Agreement) (i) did not contain any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, (ii) complied in all material 

  

 9 

 
respects with the applicable requirements of the Exchange Act and the Securities Act, as the case may be, (iii) complied as to form in all material
respects with applicable accounting requirements and with the published rules and regulations of the Commission with respect thereto, (iv) were prepared in accordance with GAAP applied on a consistent basis during the periods involved (except
as may be indicated in the notes thereto or, in the case of unaudited statements, as permitted by Form 10-Q of the Commission) and (v) fairly present (subject in the case of unaudited statements to normal, recurring and year-end audit
adjustments) in all material respects the consolidated financial position and status of the business of Atlas Energy as of the dates thereof and the consolidated results of its operations and cash flows for the periods then ended. Grant Thornton LLP
is an independent registered public accounting firm with respect to Atlas Energy and has not resigned or been dismissed as independent registered public accountants of Atlas Energy as a result of or in connection with any disagreement with Atlas
Energy on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures. 
 Section 3.04 No Material
Adverse Change. Except as set forth in or contemplated by the Atlas Energy SEC Documents, and except for matters related to the proposed Acquisition, which has been disclosed to, and discussed with, each of the Purchasers, since
December 31, 2006, Atlas Energy and its Subsidiaries have conducted their business in the ordinary course, consistent with past practice, and there has been no (i) change that has had or would reasonably be expected to have a Atlas Energy
Material Adverse Effect, (ii) acquisition or disposition of any material asset by Atlas Energy or any of its Subsidiaries or any contract or arrangement therefor, otherwise than for fair value in the ordinary course of business,
(iii) material change in Atlas Energy’s accounting principles, practices or methods or (iv) incurrence of material indebtedness (other than the incurrence of such indebtedness as is contemplated in connection with the Acquisition and
has been disclosed to, and discussed with, each of the Purchasers). Except as set forth in or contemplated by the Atlas Energy SEC Documents and except for indebtedness to be incurred in connection with the Acquisition, Atlas Energy has neither
issued any Common Units or other equity securities (other than under its Long-Term Incentive Plan and existing management compensation plans, each as described in the Atlas Energy SEC Documents) nor incurred material indebtedness since
March 31, 2007. 
 Section 3.05 Litigation. Except as set forth in the Atlas Energy SEC Documents, there is no Action pending or, to the
knowledge of Atlas Energy, contemplated or threatened against Atlas Energy or any of its Subsidiaries or any of their respective officers, directors or Properties, which (individually or in the aggregate) reasonably would be expected to have a Atlas
Energy Material Adverse Effect or which challenges the validity of any of the Basic Documents or the consumation of the transactions contemplated hereby and thereby. 
 Section 3.06 No Breach. The execution, delivery and performance by Atlas Energy of the Basic Documents to which it is a party and all other agreements and instruments in connection with the transactions
contemplated by the Basic Documents, and compliance by Atlas Energy with the terms and provisions hereof and thereof, do not and will not (a) violate any provision of any Law, governmental permit, determination or award having applicability to
Atlas Energy or any of its Subsidiaries or any of their respective Properties, (b) conflict with or result in a violation of any provision of the Certificate of Formation of Atlas Energy or the Limited Liability Company Agreement or any
organizational documents of any of Atlas Energy’s 

  

 10 

 
Subsidiaries, (c) require any consent, approval or notice under or result in a violation or breach of or constitute (with or without due notice or lapse
of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under (i) any note, bond, mortgage, license, or loan or credit agreement to which Atlas Energy or any of its Subsidiaries is a party or by which
Atlas Energy or any of its Subsidiaries or any of their respective Properties may be bound or (ii) any other agreement, instrument or obligation, or (d) result in or require the creation or imposition of any Lien upon or with respect to
any of the Properties now owned or hereafter acquired by Atlas Energy or any of its Subsidiaries, except in the cases of clauses (a), (c) and (d) where such violation, default, breach, termination, cancellation, failure to receive consent
or approval, or acceleration with respect to the foregoing provisions of this Section 3.06 would not, individually or in the aggregate, reasonably be expected to have a Atlas Energy Material Adverse Effect. 
 Section 3.07 Authority. Atlas Energy has all necessary limited liability company power and authority to execute, deliver and perform its obligations under the
Basic Documents to which it is a party and to consummate the transactions contemplated thereby; the execution, delivery and performance by Atlas Energy of each of the Basic Documents to which it is a party, and the consummation of the transactions
contemplated thereby, have been duly authorized by all necessary action on its part; and the Basic Documents constitute the legal, valid and binding obligations of Atlas Energy, enforceable in accordance with their terms, except as such
enforceability may be limited by bankruptcy, insolvency, fraudulent transfer and similar Laws affecting creditors’ rights generally or by general principles of equity. Except as contemplated by this Agreement, no approval by the Unitholders is
required as a result of Atlas Energy’s issuance and sale of the Purchased Class D Units or the Purchased Units. 
 Section 3.08 Compliance with
Laws. Neither Atlas Energy nor any of its Subsidiaries is in violation of any judgment, decree or order or any Law applicable to Atlas Energy or its Subsidiaries, except as would not, individually or in the aggregate, have a Atlas Energy
Material Adverse Effect. Atlas Energy and its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess
such certificates, authorizations or permits would not have, individually or in the aggregate, a Atlas Energy Material Adverse Effect, and neither Atlas Energy nor any such Subsidiary has received any notice of proceedings relating to the revocation
or modification of any such certificate, authorization or permit, except where such potential revocation or modification would not have, individually or in the aggregate, a Atlas Energy Material Adverse Effect. Neither Atlas Energy, nor any of its
Subsidiaries, nor any director, officer, agent, employee or other person acting on behalf of Atlas Energy or any of its Subsidiaries has, in the course of its actions for, or on behalf of, Atlas Energy or any of its Subsidiaries (i) used any
corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from
corporate funds; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to
any foreign or domestic government official or employee. 
 Section 3.09 Approvals. Except as contemplated by this Agreement or as required by the
Commission in connection with Atlas Energy’s obligations under the Registration Rights 

  

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Agreement, no authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing, declaration, qualification or
registration with, any Governmental Authority or any other Person is required in connection with the execution, delivery or performance by Atlas Energy of any of the Basic Documents to which it is a party, except where the failure to receive such
authorization, consent, approval, waiver, license, qualification or written exemption or to make such filing, declaration, qualification or registration would not, individually or in the aggregate, reasonably be expected to have a Atlas Energy
Material Adverse Effect. 
 Section 3.10 MLP Status. Atlas Energy met for the taxable year ended December 31, 2006, and Atlas Energy expects to
meet for the taxable year ending December 31, 2007, the gross income requirements of Section 7704(c)(2) of the Code, and accordingly Atlas Energy is not, and does not reasonably expect to be, taxed as a corporation for U.S. federal income
tax purposes or for applicable tax purposes. 
 Section 3.11 Investment Company Status. Atlas Energy is not an “investment company” within
the meaning of the Investment Company Act of 1940, as amended. 
 Section 3.12 Offering. Assuming the accuracy of the representations and warranties
of the Purchasers contained in this Agreement, the sale and issuance of the Purchased Class D Units and the Purchased Units pursuant to this Agreement are exempt from the registration requirements of the Securities Act, and neither Atlas Energy nor
any authorized Representative acting on its behalf has taken or will take any action hereafter that would cause the loss of such exemption. 
 Section 3.13
Certain Fees. Except for the Placement Agent Fees, no fees or commissions will be payable by Atlas Energy to brokers, finders or investment bankers with respect to the sale of any of the Purchased Class D Units or the Purchased Units or the
consummation of the transactions contemplated by this Agreement. The Purchasers shall not be liable for any such fees or commissions. Atlas Energy agrees that it will indemnify and hold harmless each of the Purchasers from and against any and all
claims, demands or liabilities for broker’s, finder’s, placement or other similar fees or commissions incurred by Atlas Energy or alleged to have been incurred by Atlas Energy in connection with the sale of Purchased Class D Units or
Purchased Units or the consummation of the transactions contemplated by this Agreement. 
 Section 3.14 Class D Unit Vote. The affirmative vote of a
majority of the total votes cast by the holders of Units is the only approval required to approve the conversion of Class D Units into Common Units. 
 Section 3.15 Internal Accounting Controls. Except as disclosed in the Atlas Energy SEC Documents, Atlas Energy and its Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset
accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences. 
  

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 Section 3.16 Insurance. Atlas Energy and its Subsidiaries are insured against such losses and risks and in such
amounts as Atlas Energy believes in its sole discretion to be prudent for its businesses. Atlas Energy does not have any reason to believe that it or any Subsidiary will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage from similar insurers as may be necessary to continue its business. 
 Section 3.17 Registration Rights. None of
the execution of this Agreement, the issuance of the Purchased Units or the Purchased Class D Units as contemplated by this Agreement or the conversion of the Class D Units into Common Units gives rise to any rights for or relating to the
registration of any securities of Atlas Energy, other than pursuant to the Registration Rights Agreement. 
 Section 3.18 No Side Agreements. Except
for the confidentiality agreements entered into by and between any Purchaser and Atlas Energy, there are no other agreements by, among or between Atlas Energy or its Affiliates, on the one hand, and such Purchaser or its Affiliates, on the other
hand, with respect to the transactions contemplated hereby nor promises or inducements for future transactions between or among any of such parties. 
 Section 3.19 Acknowledgment Regarding Purchase of Purchased Units and Purchased Class D Units. Atlas Energy acknowledges and agrees that (i) each of the Purchasers is participating in the transactions contemplated by this
Agreement and the other Basic Documents at Atlas Energy’s request and Atlas Energy has concluded that such participation is in Atlas Energy’s best interest and is consistent with Atlas Energy’s objectives and (ii) each of the
Purchasers is acting solely in the capacity of an arm’s length purchaser. Atlas Energy further acknowledges that no Purchaser is acting or has acted as an advisor, agent or fiduciary of Atlas Energy (or in any similar capacity) with respect to
this Agreement or the other Basic Documents and any advice given by any Purchaser or any of its respective Representatives in connection with this Agreement or the other Basic Documents is merely incidental to the Purchasers’ purchase of
Purchased Units and Purchased Class D Units. Atlas Energy further represents to each Purchaser that Atlas Energy’s decision to enter into this Agreement has been based solely on the independent evaluation of the transactions contemplated hereby
by Atlas Energy and its Representatives. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF EACH PURCHASER 
 Each Purchaser,
severally and not jointly, represents and warrants to Atlas Energy with respect to itself, on and as of the date of this Agreement and on and as of the Closing Date, as follows: 
 Section 4.01 Valid Existence. Such Purchaser (i) is duly organized, validly existing and in good standing under the Laws of its respective jurisdiction of organization and (ii) has all requisite
power, and has all material governmental licenses, authorizations, consents and approvals, necessary to own its Properties and carry on its business as its business is now being conducted, except where the failure to obtain such licenses,
authorizations, consents and approvals would not have and would not reasonably be expected to have a Purchaser Material Adverse Effect. 
  

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 Section 4.02 No Breach. The execution, delivery and performance by such Purchaser of the Basic Documents to which
it is a party and all other agreements and instruments in connection with the transactions contemplated by the Basic Documents to which it is a party, and compliance by such Purchaser with the terms and provisions hereof and thereof and the purchase
of the Purchased Class D Units and the Purchased Units by such Purchaser do not and will not (a) violate any provision of any Law, governmental permit, determination or award having applicability to such Purchaser or any of its Properties,
(b) conflict with or result in a violation of any provision of the organizational documents of such Purchaser or (c) require any consent (other than standard internal consents), approval or notice under or result in a violation or breach
of or constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation or acceleration) under (i) any note, bond, mortgage, license, or loan or credit agreement to which such
Purchaser is a party or by which such Purchaser or any of its Properties may be bound or (ii) any other such agreement, instrument or obligation, except in the case of clauses (a) and (c) where such violation, default, breach,
termination, cancellation, failure to receive consent or approval, or acceleration with respect to the foregoing provisions of this Section 4.02 would not, individually or in the aggregate, reasonably be expected to have a Purchaser Material
Adverse Effect. 
 Section 4.03 Investment. The Purchased Class D Units and the Purchased Units are being acquired for such Purchaser’s own
account, or the accounts of clients for whom such Purchaser exercises discretionary investment authority (all of whom such Purchaser represents and warrants are “accredited investors” within the meaning of Rule 501 of Regulation D
promulgated by the Commission pursuant to the Securities Act), not as a nominee or agent, and with no present intention of distributing the Purchased Class D Units or the Purchased Units or any part thereof, and such Purchaser has no present
intention of selling or granting any participation in or otherwise distributing the same in any transaction in violation of the securities Laws of the United States of America or any state, without prejudice, however, to such Purchaser’s right
at all times to sell or otherwise dispose of all or any part of the Purchased Class D Units or the Purchased Units under a registration statement under the Securities Act and applicable state securities Laws or under an exemption from such
registration available thereunder (including, if available, Rule 144 promulgated thereunder). If such Purchaser should in the future decide to dispose of any of the Purchased Class D Units or the Purchased Units, such Purchaser understands and
agrees (a) that it may do so only (i) in compliance with the Securities Act and applicable state securities Law, as then in effect, or pursuant to an exemption therefrom or (ii) in the manner contemplated by any registration statement
pursuant to which such securities are being offered, and (b) that stop-transfer instructions to that effect will be in effect with respect to such securities. Notwithstanding the foregoing, each Purchaser may at any time enter into one or more
total return swaps with respect to such Purchaser’s Purchased Class D Units or Purchased Units with a third party provided that such transactions are exempt from registration under the Securities Act; provided, however, the above shall
not apply, in the case of a Purchaser that is a large multi-unit investment or commercial banking organization, to activities in the normal course of trading of units of such Purchaser other than the other than the unit participating in this
transaction (the “Participating Unit”) so long as such other units are not acting on behalf of the Participating Unit and have not been provided with confidential information regarding Atlas 

  

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Energy by the Participating Unit; provided further, with respect to Goldman, Sachs & Co., the restrictions contained in this
Section 4.03 shall only apply to the Goldman Sachs Principal Strategies Group, as currently configured, and shall not restrict or limit the activities of any area or division of Goldman, Sachs & Co. or any of its Affiliates, other than
Goldman Sachs Principal Strategies Group, as currently configured. 
 Section 4.04 Nature of Purchaser. Such Purchaser represents and warrants to, and
covenants and agrees with, Atlas Energy that (a) it is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated by the Commission pursuant to the Securities Act and (b) by reason of its business and
financial experience it has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Purchased Class D Units and the Purchased Units,
is able to bear the economic risk of such investment and, at the present time, would be able to afford a complete loss of such investment. 
 Section 4.05
Receipt of Information; Authorization. Such Purchaser acknowledges that it has (a) had access to the Atlas Energy SEC Documents, (b) had access to information regarding the Acquisition and its potential effect on Atlas Energy’s
operations and financial results and (c) been provided a reasonable opportunity to ask questions of and receive answers from Representatives of Atlas Energy regarding such matters. 
 Section 4.06 Restricted Securities. Such Purchaser understands that the Purchased Class D Units and the Purchased Units it is purchasing are characterized as “restricted securities” under the federal
securities Laws inasmuch as they are being acquired from Atlas Energy in a transaction not involving a public offering and that under such Laws and applicable regulations such securities may be resold without registration under the Securities Act
only in certain limited circumstances. In this connection, Purchaser represents that it is knowledgeable with respect to Rule 144 of the Commission promulgated under the Securities Act; provided, however, the above shall not apply, in the
case of a Purchaser that is a large multi-unit investment or commercial banking organization, to activities in the normal course of trading of units of such Purchaser other than the Participating Unit so long as such other units are not acting on
behalf of the Participating Unit and have not been provided with confidential information regarding Atlas Energy by the Participating Unit; provided further, with respect to Goldman, Sachs & Co., the restrictions contained in this
Section 4.06 shall only apply to the Goldman Sachs Principal Strategies Group, as currently configured, and shall not restrict or limit the activities of any area or division of Goldman, Sachs & Co. or any of its Affiliates, other than
Goldman Sachs Principal Strategies Group, as currently configured. 
 Section 4.07 Certain Fees. No fees or commissions will be payable by such
Purchaser to brokers, finders or investment bankers with respect to the sale of any of the Purchased Class D Units or the Purchased Units or the consummation of the transactions contemplated by this Agreement. Atlas Energy will not be liable for any
such fees or commissions. Such Purchaser agrees, severally and not jointly with the other Purchasers, that it will indemnify and hold harmless Atlas Energy from and against any and all claims, demands or liabilities for broker’s, finder’s,
placement or other similar fees or commissions incurred by such Purchaser or alleged to have been incurred by such Purchaser in connection with the purchase of Purchased Class D Units or Purchased Units or the consummation of the transactions
contemplated by this Agreement. 
  

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 Section 4.08 Legend. It is understood that the certificates evidencing the Purchased Class D Units and the
Purchased Units and the certificates evidencing the Common Units issuable upon conversion of the Purchased Class D Units initially will bear the following legend: 
 “These securities have not been registered under the Securities Act of 1933, as amended. These securities may not be sold, offered for sale, pledged (except in connection with a bona fide margin account or other
loan or financing arrangement secured by these securities) or hypothecated in the absence of a registration statement in effect with respect to the securities under such Act or pursuant to an exemption from registration thereunder and, in the case
of a transaction exempt from registration, unless sold pursuant to Rule 144 under such Act or the issuer has received documentation reasonably satisfactory to it that such transaction does not require registration under such Act.” For the
avoidance of doubt, the Purchased Units and the Purchased Class D Units may be pledged in connection with a bona fide margin account or other loan or financing arrangement secured by such Purchased Units or Purchased Class D Units and such pledge
shall not be deemed to be a transfer, sale or assignment of such Purchased Units or Purchased Class D Units, and no buyer effecting such a pledge shall be required to provide Atlas Energy with any notice thereof or otherwise make any delivery to
Atlas Energy pursuant to this Agreement or any other Basic Document. 
 Section 4.09 Short Selling. Such Purchaser represents that it has not entered
into any Short Sales of the Common Units owned by it between the time it first began discussions with the Issuer or the Placement Agent about the transactions contemplated by this Agreement and the date hereof; provided, however, the above
shall not apply, in the case of a Purchaser that is a large multi-unit investment or commercial banking organization, to activities in the normal course of trading of units of such Purchaser other than the Participating Unit so long as such other
units are not acting on behalf of the Participating Unit and have not been provided with confidential information regarding Atlas Energy by the Participating Unit; provided further, with respect to Goldman, Sachs & Co., the
restrictions contained in this Section 4.09 shall only apply to the Goldman Sachs Principal Strategies Group, as currently configured, and shall not restrict or limit the activities of any area or division of Goldman, Sachs & Co. or
any of its Affiliates, other than Goldman Sachs Principal Strategies Group, as currently configured. 
 Section 4.10 No Side Agreements. Except for
the confidentiality agreements entered into by and between any Purchaser and Atlas Energy, there are no other agreements by, among or between Atlas Energy or its Affiliates, on the one hand, and such Purchaser or its Affiliates, on the other hand,
with respect to the transactions contemplated hereby nor promises or inducements for future transactions between or among any of such parties. 
 ARTICLE V 
 COVENANTS 
 Section 5.01 Anti-dilution Protection. If Atlas Energy issues additional Common Units (or any security convertible into or exchangeable or exercisable for Common Units (other than pursuant 

  

 16 

 
to its Long Term Incentive Plan or other existing management compensation plans and the conversion of outstanding options)) for an initial purchase price of
less than the Average Purchase Price (the “New Units”) prior to the effective date of the Registration Statement (as defined in the Registration Rights Agreement), Atlas Energy will issue to each Purchaser under this Agreement
additional Common Units or, if unable to issue Common Units due to the shareholder approval requirements of the New York Stock Exchange, Class D Units (rounded up or down to the nearest whole Unit) in an amount equal to the difference between:

 (a) the number of Units obtained by (i) multiplying (A) the Purchased Units plus the Purchased Class D Units by (B) the
Average Purchase Price and (ii) dividing the result by the Weighted Average as determined by the formula listed below, and 
 (b) the
Purchased Units plus the Purchased Class D Units. 
 Weighted Average = (X)(A) + (Y)(B) 
                                    A + B 
 X = Average Purchase Price 
 Y = the initial
purchase price paid per New Unit 
 A = the number of Units issued hereunder 
 B = the number of New Units issued 
 Notwithstanding anything to the contrary herein, if the New Units issued by Atlas Energy are securities convertible into or exchangeable or exercisable for Common Units, then for purpose of this Section 5.01, the “initial purchase
price” per New Unit shall equal to the (i) initial purchase price paid for each such New Unit, plus (ii) the conversion or exercise price for each such New Unit and any additional consideration required to be paid in connection with
the exercise, conversion or exchange of such New Unit into Common Unit. 
 Section 5.02 Unitholder Vote With Respect to Conversion. Atlas Energy
shall, in accordance with applicable Law and the Limited Liability Company Agreement, take all action necessary to obtain the consent of its Unitholders to, or convene a meeting of its Unitholders to consider and vote upon, the conversion of the
Class D Units into Common Units as soon as practicable, but in any event not later than 135 days after the Closing Date. Subject to fiduciary duties under applicable Law, the Board of Directors shall, in connection with such meeting, recommend
approval of the conversion of the Class D Units into Common Units and shall take all other lawful action to solicit the approval of the conversion of the Class D Units into Common Units in accordance with the listing requirements of The New York
Stock Exchange by the Unitholders. 
 Section 5.03 Purchaser Lock-Up. Without the prior written consent of Atlas Energy, each Purchaser severally
agrees that from and after the Closing it will not sell any of its Purchased Class D Units or Purchased Units prior to the Lock-Up Date; provided, however, that each Purchaser may: (i) enter into one or more total return swaps or similar
transactions at any time 

  

 17 

 
with respect to the Purchased Class D Units or the Purchased Units purchased by such Purchaser; or (ii) transfer its Purchased Class D Units or
Purchased Units to an Affiliate of such Purchaser or to any other Purchaser or an Affiliate of such other Purchaser provided that such Affiliate agrees to the restrictions in this Section 5.04; provided, however, the above shall not
apply, in the case of a Purchaser that is a large multi-unit investment or commercial banking organization, to activities in the normal course of trading of units of such Purchaser other than the Participating Unit so long as such other units are
not acting on behalf of the Participating Unit and have not been provided with confidential information regarding Atlas Energy by the Participating Unit; ; provided further, with respect to Goldman, Sachs & Co., the restrictions
contained in this Section 5.03 shall only apply to the Goldman Sachs Principal Strategies Group, as currently configured, and shall not restrict or limit the activities of any area or division of Goldman, Sachs & Co. or any of its
Affiliates, other than Goldman Sachs Principal Strategies Group, as currently configured. 
 Section 5.04 Short Selling Acknowledgement and Agreement.
Each Purchaser understands and acknowledges, severally and not jointly with any other Purchaser, that the Commission currently takes the position that coverage of short sales of securities “against the box” prior to the effective date of a
registration statement is a violation of Section 5 of the Securities Act. Each Purchaser agrees, severally and not jointly, that it will not engage in any Short Sales that result in the disposition of the Common Units acquired hereunder by the
Purchaser until such time as the Registration Statement (as defined in the Registration Rights Agreement) is declared effective (it being understood that the entering into of a total return swap should not be considered a short sale of Common
Units). No Purchaser makes any representation, warranty or covenant hereby that it will not engage in Short Sales in the securities of Atlas Energy otherwise owned by such Purchaser or borrowed from a broker after the date the press release
contemplated by Section 5.06 is issued by Atlas Energy; provided, however, the above shall not apply, in the case of a Purchaser that is a large multi-unit investment or commercial banking organization, to activities in the normal course
of trading of units of such Purchaser other than the Participating Unit so long as such other units are not acting on behalf of the Participating Unit and have not been provided with confidential information regarding Atlas Energy by the
Participating Unit; provided further, with respect to Goldman, Sachs & Co., the restrictions contained in this Section 5.04 shall only apply to the Goldman Sachs Principal Strategies Group, as currently configured, and shall not
restrict or limit the activities of any area or division of Goldman, Sachs & Co. or any of its Affiliates, other than Goldman Sachs Principal Strategies Group, as currently configured. 
 Section 5.05 Taking of Necessary Action. Each of the Parties hereto shall use its commercially reasonable efforts promptly to take or cause to be taken all action
and promptly to do or cause to be done all things necessary, proper or advisable under applicable Law and regulations to consummate and make effective the transactions contemplated by this Agreement. Without limiting the foregoing, Atlas Energy and
each Purchaser will, and Atlas Energy shall cause each of its Subsidiaries to, use its commercially reasonable efforts to make all filings and obtain all consents of Governmental Authorities that may be necessary or, in the reasonable opinion of the
Purchasers or Atlas Energy, as the case may be, advisable for the consummation of the transactions contemplated by this Agreement and the other Basic Documents. 
  

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 Section 5.06 Non-Disclosure; Interim Public Filings. Atlas Energy shall, on or before 8:30 a.m., New York time, on
the first Business Day following execution of this Agreement, issue a press release acceptable to the Purchasers disclosing all material terms of the transactions contemplated herein and in the other Basic Documents. Before 8:30 a.m., New York time,
on the first Business Day following the Closing Date, Atlas Energy shall file a Current Report on Form 8-K with the Commission (the “8-K Filing”) describing the terms of the transactions contemplated by this Agreement and the other
Basic Documents and including as exhibits to such Current Report on Form 8-K this Agreement and the other Basic Documents, in the form required by the Exchange Act. Thereafter, Atlas Energy shall timely file any filings and notices required by the
Commission or applicable Law with respect to the transactions contemplated hereby. Atlas Energy and the Purchasers shall consult with each other in issuing any press releases or otherwise making public statements or filings and other communications
with the Commission or any regulatory agency or The New York Stock Exchange with respect to the transactions contemplated hereby, and neither Party shall issue any such press release or otherwise make any such public statement, filing or other
communication without the prior consent of the other, except if such disclosure is required by Law, in which case the disclosing Party shall promptly provide the other Party with prior notice of such public statement, filing or other communication.
Notwithstanding the foregoing, Atlas Energy shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any press release, without the prior written consent of such Purchaser except to the extent the names of the
Purchasers are included in this Agreement as filed as an exhibit to the 8-K Filing and the press release referred to in the first sentence above. Atlas Energy shall not, and shall cause each of its respective Representatives not to, provide any
Purchaser with any material non-public information regarding Atlas Energy from and after the issuance of the above-referenced press release without the express written consent of such Purchaser. 
 Section 5.07 Use of Proceeds. Atlas Energy shall use the collective proceeds from the sale of the Purchased Class D Units and the Purchased Units to partially
finance the Acquisition. 
 Section 5.08 Class D Amendment. Atlas Energy shall cause the Class D Amendment to be adopted immediately prior to the
issuance and sale of the Class D Units contemplated by this Agreement. 
 Section 5.09 Tax Information. Atlas Energy shall cooperate with the
Purchasers and provide the Purchasers with any reasonably requested tax information related to their ownership of the Purchased Units and the Purchased Class D Units. 
 Section 5.10 No Other Listed Class of Securities. On the Closing Date, Atlas Energy will not have any class of securities that is traded on an exchange or an established securities market other than the Common
Units. 
 Section 5.11 NYSE Listing of Common Units. Atlas Energy will maintain the listing of the Common Units on the New York Stock Exchange.

  

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 ARTICLE VI 
 CLOSING CONDITIONS 
 Section 6.01 Conditions to the Closing. 
 (a) Mutual Conditions. The respective obligation of each Party to consummate the purchase and issuance and sale of the Purchased Units and the
Purchased Class D Units shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a particular Party on behalf of itself in writing, in whole or in part, to the
extent permitted by applicable Law): 
 (i) no Law shall have been enacted or promulgated, and no action shall have been taken, by any
Governmental Authority of competent jurisdiction which temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions
contemplated by this Agreement illegal; 
 (ii) there shall not be pending any Action by any Governmental Authority seeking to restrain,
preclude, enjoin or prohibit the transactions contemplated by this Agreement; and 
 (iii) Atlas Energy shall have consummated the
Acquisition substantially on the terms set forth in the Acquisition Agreement executed on the date hereof (without giving effect to the waiver of any material conditions by Atlas Energy thereunder). 
 (b) Each Purchaser’s Conditions. The respective obligation of each Purchaser to consummate the purchase of its Purchased Units and Purchased
Class D Units shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a particular Purchaser on behalf of itself in writing, in whole or in part, to the extent
permitted by applicable Law): 
 (i) Atlas Energy shall have performed and complied with the covenants and agreements contained in this
Agreement in all material respects that are required to be performed and complied with by Atlas Energy on or prior to the Closing Date; 
 (ii) the representations and warranties of Atlas Energy contained in this Agreement that are qualified by materiality or Atlas Energy Material Adverse Effect shall be true and correct when made and as of the Closing Date and all other
representations and warranties shall be true and correct in all material respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that representations made as of a specific date shall be
required to be true and correct as of such date only); 
 (iii) since the date of this Agreement, no Atlas Energy Material Adverse Effect or
Acquisition Material Adverse Effect shall have occurred and be continuing; 
 (iv) Atlas Energy shall have adopted the Class D Amendment in
all material respects in the form attached as Exhibit B to this Agreement; 
  

 20 

 (v) The New York Stock Exchange shall have approved an additional listing application with respect to
the Purchased Units and no notice of delisting from The New York Stock Exchange shall have been received by Atlas Energy with respect to the Common Units; 
 (vi) Atlas Energy shall have delivered, or caused to be delivered, to the Purchasers at the Closing, Atlas Energy’s closing deliveries described in Section 6.02 of this Agreement; 
 (vii) the Unitholder Voting Agreement shall be in full force and effect; 
 (viii) Atlas Energy shall have received at least $625 million net proceeds from the Debt Financing; 
 (ix)
the employment contract between Atlas America, Inc. and Richard L. Redmond shall have been executed; 
 (x) Atlas Energy shall have entered
into hedging arrangements not less than required by the Debt Financing; and 
 (xi) a minimum of $500 million has been delivered to the
Escrow Account by the Purchasers and not withdrawn and at least such minimum amount has been released to Atlas Energy from the Escrow Account on the Closing Date. 
 (c) Atlas Energy’s Conditions. The obligation of Atlas Energy to consummate the sale of the Purchased Units to each of the Purchasers shall be subject to the satisfaction on or prior to the Closing Date of
the following conditions with respect to each Purchaser individually and not the Purchasers jointly (which may be waived by Atlas Energy in writing, in whole or in part, to the extent permitted by applicable Law): 
 (i) each Purchaser shall have performed and complied with the covenants and agreements contained in this Agreement in all material respects that are
required to be performed and complied with by that Purchaser on or prior to the Closing Date; 
 (ii) the representations and warranties of
each Purchaser contained in this Agreement that are qualified by materiality or Purchaser Material Adverse Effect shall be true and correct when made and as of the Closing Date and all other representations and warranties shall be true and correct
in all material respects when made and as of the Closing Date, in each case as though made at and as of the Closing Date (except that representations made as of a specific date shall be required to be true and correct as of such date only);

 (iii) the funds escrowed pursuant to the Escrow Agreement shall have been released to Atlas Energy; 
 (iv) each Purchaser shall have delivered, or caused to be delivered, to Atlas Energy at the Closing, such Purchaser’s closing deliveries described
in Section 6.03 of this Agreement. 
  

 21 

 Section 6.02 Atlas Energy Deliveries. At the Closing, subject to the terms and conditions of this Agreement, Atlas
Energy will deliver, or cause to be delivered, to each Purchaser: 
 (a) the Purchased Units and the Purchased Class D Units by delivering
certificates (bearing the legend set forth in Section 4.08) evidencing such Purchased Units and such Purchased Class D Units at the Closing, all free and clear of any Liens, encumbrances or interests of any other party; 
 (b) an Officer’s Certificate in substantially the form attached to this Agreement as Exhibit D; 
 (c) opinions addressed to the Purchasers from outside legal counsel to Atlas Energy in substantially the form attached to this Agreement as Exhibit E;

 (d) the Registration Rights Agreement in substantially the form attached to this Agreement as Exhibit F, which shall have been duly
executed by Atlas Energy; 
 (e) a certificate of the Secretary of Atlas Energy, dated as of the Closing Date, as to certain matters; and

 (f) the Lock Up Agreement from Atlas America Inc. in substantially the form attached as Exhibit F. 
 Section 6.03 Purchaser Deliveries. At the Closing, subject to the terms and conditions of this Agreement, each Purchaser will deliver, or cause to be delivered,
to Atlas Energy: 
 (a) notice to the Escrow Agent instructing the Escrow Agent to release the funds escrowed pursuant to the Escrow Agreement
in respect of such Purchaser to the Atlas Energy; 
 (b) the Registration Rights Agreement in substantially the form attached to this
Agreement as Exhibit F, which shall have been duly executed by such Purchaser; and 
 (c) an Officer’s Certificate in form and substance
reasonably satisfactory to Atlas Energy. 
 ARTICLE VII 
 INDEMNIFICATION, COSTS AND EXPENSES 
 Section 7.01 Indemnification by Atlas Energy. Atlas Energy agrees
to indemnify each Purchaser and its Representatives (collectively, “Purchaser Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or
inquiries), demands and causes of action, and, in connection therewith, and promptly upon demand, pay and reimburse each of them for all costs, losses, liabilities, damages or expenses of any kind or nature whatsoever, including the reasonable fees
and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of,
arising out of or in any way related to (i) any actual or proposed use 

  

 22 

 
by Atlas Energy of the proceeds of any sale of the Purchased Class D Units or the Purchased Units or (ii) the breach of any of the representations,
warranties or covenants of Atlas Energy contained herein; provided that such claim for indemnification relating to a breach of a representation or warranty is made prior to the expiration of such representation or warranty. 
 Section 7.02 Indemnification by Purchasers. Each Purchaser agrees, severally and not jointly, to indemnify Atlas Energy and its Representatives (collectively,
“Atlas Energy Related Parties”) from, and hold each of them harmless against, any and all actions, suits, proceedings (including any investigations, litigation or inquiries), demands and causes of action, and, in connection
therewith, and promptly upon demand, pay and reimburse each of them for all costs, losses, liabilities, damages or expenses of any kind or nature whatsoever, including the reasonable fees and disbursements of counsel and all other reasonable
expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them as a result of, arising out of or in any way related to the breach of any of
the covenants of such Purchaser contained herein. 
 Section 7.03 Indemnification Procedure. Promptly after any Atlas Energy Related Party or
Purchaser Related Party (hereinafter, the “Indemnified Party”) has received notice of any indemnifiable claim hereunder, or the commencement of any action or proceeding by a third party, which the Indemnified Party believes in good
faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying Party”) written notice of such claim or the commencement of such action or proceeding, but failure to
so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure. Such notice shall
state the nature and the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own expense and by its own counsel who shall be reasonably acceptable to the Indemnified Party, any such
matter as long as the Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle, it shall promptly notify the Indemnified Party of its intention to do so, and the Indemnified Party
shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such cooperation shall include furnishing the Indemnifying Party with any books, records and other
information reasonably requested by the Indemnifying Party and in the Indemnified Party’s possession or control. Such cooperation of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying Party has notified
the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal
expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; provided, however, that the Indemnified Party shall be entitled (i) at its expense, to participate in the defense of such
asserted liability and the negotiations of the settlement thereof and (ii) if (A) the Indemnifying Party has failed to assume the defense or employ counsel reasonably acceptable to the Indemnified Party or (B) if the defendants in any
such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses available to the Indemnified Party that are different from or in addition to
those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the 

  

 23 

 
Indemnifying Party, then the Indemnified Party shall have the right to select a separate counsel and to assume such legal defense and otherwise to
participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this
Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified Party, unless the settlement thereof imposes no liability or obligation on, involves no admission of wrongdoing or malfeasance by, and
includes a complete release from liability of, the Indemnified Party. 
 ARTICLE VIII 
 MISCELLANEOUS 
 Section 8.01
Interpretation. Article, Section, Schedule and Exhibit references are to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts
and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not limited to.” Whenever Atlas Energy has an obligation
under the Basic Documents, the expense of complying with such obligation shall be an expense of Atlas Energy unless otherwise specified. Whenever any determination, consent or approval is to be made or given by a Purchaser under this Agreement, such
action shall be in such Purchaser’s sole discretion unless otherwise specified. If any provision in the Basic Documents is held to be illegal, invalid, not binding or unenforceable, such provision shall be fully severable and the Basic
Documents shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never comprised a part of the Basic Documents, and the remaining provisions shall remain in full force and effect. The Basic Documents
have been reviewed and negotiated by sophisticated parties with access to legal counsel and shall not be construed against the drafter. 
 Section 8.02
Survival of Provisions. The representations and warranties set forth in this Agreement shall survive the execution and delivery of this Agreement and the issuance and delivery of the Purchased Units and the Purchased Class D Units for a
period of one year, with the exception the that representations and warranties set forth in Sections 3.01, 3.02, 3.06(b), 3.07, 3.12 and Section 4.01 shall survive perpetually. The covenants made in this Agreement or any other Basic Document
shall survive the Closing of the transactions described herein and remain operative and in full force and effect regardless of acceptance of any of the Purchased Class D Units or the Purchased Units and payment therefor and repayment, conversion,
exercise or repurchase thereof. All indemnification obligations of Atlas Energy and the Purchasers pursuant to Section 3.13, Section 4.07 and Article VII of this Agreement shall remain operative and in full force and effect unless such
obligations are expressly terminated in a writing by the Parties referencing the particular Article or Section, regardless of any purported general termination of this Agreement. 
 Section 8.03 No Waiver; Modifications in Writing. 
 (a) Delay. No failure or delay on the
part of any Party in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any
right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to a Party at law or in equity or otherwise. 
  

 24 

 (b) Specific Waiver. Except as otherwise provided in this Agreement or the Registration Rights
Agreement, no amendment, waiver, consent, modification or termination of any provision of this Agreement or any other Basic Document shall be effective unless signed by each of the Parties or each of the original signatories thereto affected by such
amendment, waiver, consent, modification or termination. Any amendment, supplement or modification of or to any provision of this Agreement or any other Basic Document, any waiver of any provision of this Agreement or any other Basic Document and
any consent to any departure by Atlas Energy from the terms of any provision of this Agreement or any other Basic Document shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is
specifically required by this Agreement, no notice to or demand on any Party in any case shall entitle any Party to any other or further notice or demand in similar or other circumstances. 
 Section 8.04 Binding Effect; Assignment. 
 (a)
Binding Effect. This Agreement shall be binding upon Atlas Energy, each Purchaser, and their respective successors and permitted assigns. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer
any right or benefit upon any Person other than the Parties to this Agreement and as provided in Article VII, and their respective successors and permitted assigns. 
 (b) Assignment of Purchased Class D Units and Purchased Units. All or any portion of a Purchaser’s Purchased Class D Units or Purchased Units purchased pursuant to this Agreement may be sold, assigned or
pledged by such Purchaser, subject to compliance with applicable securities Laws and the lock-up contained in Section 5.03. 
 (c)
Assignment of Rights. Each Purchaser may assign all or any portion of its rights, subject to an express assumption of each of the obligations under this Agreement without the consent of Atlas Energy (i) to any Affiliate of such Purchaser
or (ii) in connection with a total return swap or similar transaction with respect to the Purchased Class D Units or the Purchased Units purchased by such Purchaser, and in each case the assignee shall be deemed to be a Purchaser hereunder with
respect to such assigned rights or obligations and shall agree to be bound by the provisions of this Agreement. Except as expressly permitted by this Section 8.04(c), such rights and obligations may not otherwise be transferred except with the
prior written consent of Atlas Energy (which consent shall not be unreasonably withheld), in which case the assignee shall be deemed to be a Purchaser hereunder with respect to such assigned rights or obligations and shall agree to be bound by the
provisions of this Agreement. Schedule 2.01 shall be revised to reflect the actual Purchasers and allocations at the Closing. 
 Section 8.05 Aggregation
of Purchased Class D Units and Purchased Units. All Purchased Class D Units and Purchased Units held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability of any
rights under this Agreement. 
  

 25 

 Section 8.06 Confidentiality and Non-Disclosure. Notwithstanding anything herein to the contrary, each Purchaser
that has executed a confidentiality agreement in favor of Atlas Energy shall continue to be bound by such confidentiality agreement in accordance with the terms thereof until Atlas Energy issues the press release contemplated by Section 5.06.

 Section 8.07 Communications. All notices and demands provided for hereunder shall be in writing and shall be given by regular mail, registered or
certified mail, return receipt requested, facsimile, air courier guaranteeing overnight delivery, electronic mail or personal delivery to the following addresses set forth on the signature pages hereof or to such other address as Atlas Energy or
such Purchaser may designate in writing. All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by registered or certified mail, return receipt
requested, or regular mail, if mailed; when receipt acknowledged, if sent via facsimile; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery or via electronic mail. 
 Section 8.08 Removal of Legend. Atlas Energy shall remove the legend described in Section 4.08 from the certificates evidencing the Purchased Class D Units
or the Purchased Units and the certificates evidencing the Common Units issuable upon the conversion of the Purchased Class D Units at the request of a Purchaser submitting to Atlas Energy such certificates, together with such other documentation as
may be reasonably requested by Atlas Energy or required by its transfer agent, unless Atlas Energy, with the advice of counsel, reasonably determines that such removal is inappropriate; provided that no opinion of counsel shall be required in the
event a Purchaser is effecting a sale of such Purchased Class D Units or Purchased Units pursuant to Rule 144 under the Securities Act or an effective registration statement. Atlas Energy shall cooperate with such Purchaser to effect removal of such
legend. Subject to 4.6(c) and Section 5.10(f) of the Limited Liability Company Agreement, the legend described in Section 4.08 shall be removed and Atlas Energy shall issue a certificate without such legend to the holder of Purchased Class
D Units or Purchased Units upon which it is stamped, if, unless otherwise required by state securities Laws, (i) such Purchased Class D Units or Purchased Units are sold pursuant to an effective registration statement, (ii) in connection
with a sale, assignment or other transfer, such holder provides Atlas Energy with an opinion of a law firm reasonably acceptable to Atlas Energy, in a generally acceptable form, to the effect that such sale, assignment or transfer of such Purchased
Class D Units or Purchased Units may be made without registration under the applicable requirements of the Securities Act, or (iii) such holder provides Atlas Energy with reasonable assurance that such Purchased Class D Units or Purchased Units
can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A under the Securities Act. Atlas Energy shall bear all costs and expenses associated with the removal of a legend pursuant to this Section 8.08. 
 Section 8.09 Entire Agreement. This Agreement and the other Basic Documents are intended by the Parties as a final expression of their agreement and intended to
be a complete and exclusive statement of the agreement and understanding of the Parties hereto and thereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than
those set forth or referred to herein or therein with respect to the rights granted by Atlas Energy or a Purchaser set forth herein or therein. This Agreement and the other Basic Documents supersede all prior agreements and understandings between
the Parties with respect to such subject matter. 
  

 26 

 Section 8.10 Governing Law. This Agreement will be construed in accordance with and governed by the Laws of the
State of New York without regard to principles of conflicts of Laws. 
 Section 8.11 Execution in Counterparts. This Agreement may be executed in any
number of counterparts and by different Parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one
and the same Agreement. 
 Section 8.12 Termination. 
 (a) Notwithstanding anything herein to the contrary, this Agreement may be terminated on or any time prior to the Closing by (i) any Purchaser, with respect to itself or (ii) with the written consent of the
Purchasers entitled to purchase a majority of the Purchased Units and the Purchased Class D Units based on their Commitment Amounts or (iii) by Atlas Energy, (A) if any representation or warranty of the other Party set forth in this
Agreement shall be untrue in any material respect when made, or (B) upon a breach in any material respect of any covenant or agreement on the part of the other party set forth in this Agreement (either (A) or (B) above being a
“Terminating Breach”); provided, that each Terminating Breach would cause the conditions to the non-terminating Party’s obligations not to be satisfied and such Terminating Breach is not cured within 20 days after written
notice from the non-breaching Party. 
 (b) Notwithstanding anything herein to the contrary, this Agreement shall automatically terminate on
or any time prior to the Closing: 
 (i) if the Closing shall not have occurred on or before the outside termination date specified in the
Acquisition Agreement; 
 (ii) if the Acquisition has not closed by August 1, 2007; or 
 (iii) if a Law shall have been enacted or promulgated, or if any Action shall have been taken by any Governmental Authority of competent jurisdiction
which permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated by this Agreement or makes the transactions contemplated by this Agreement illegal. 
 (c) In the event of the termination of this Agreement as provided in Section 8.12(a) or Section 8.12(b), this Agreement shall forthwith become
null and void. In the event of such termination, there shall be no liability on the part of any Party hereto, except as set forth in Article VII of this Agreement and except with respect to the requirement to comply with any confidentiality
agreement in favor of Atlas Energy; provided that nothing herein shall relieve any Party from any liability or obligation with respect to any willful breach of this Agreement. 
 Section 8.13 Recapitalization, Exchanges, Etc. Affecting the Purchased Common Units and the Purchased Class D Units. The provisions of this Agreement shall apply to the full extent set forth herein with respect
to any and all equity interests of Atlas Energy or any successor or assign of Atlas Energy (whether by merger, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for or in substitution of, the Purchased Common
Units or the Purchased Class D Units, and shall be appropriately adjusted for combinations, unit splits, recapitalizations and the like occurring after the date of this Agreement. 
  

 27 

 Section 8.14 Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and
acknowledges that no Person other than the Purchasers (and their permitted assignees) and Atlas Energy shall have any obligation hereunder and that, notwithstanding that one or more of the Purchasers may be a corporation, partnership or limited
liability company, no recourse under this Agreement or the other Basic Documents or under any documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee,
agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or Atlas Energy or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or
Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall
attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or Atlas Energy or any former,
current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of the Purchasers and Atlas Energy under this Agreement or the other
Basic Documents or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such obligation or its creation. 
 [The remainder of this page is intentionally left blank.] 
  

 28 

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

			
	ATLAS ENERGY RESOURCES, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  

					
	   Address for notices:
	  	Atlas Energy Resources, LLC
		  	311 Rouser Road
		  	Moon Township, PA 15108
		  	Fax:	  	412-262-2820
		  	Attn:	  	Matthew A. Jones
		
	   With copies to:
	  	Ledgewood
		  	1900 Market Street, Suite 750
		  	Philadelphia, PA 19103
		  	Fax:	  	215-735-2513
		  	Attn:	  	Lisa A. Ernst

 Signature Page to Purchase Agreement 

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

			
	[Purchaser]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Schedule 2.01 
  

									
	 Fund Name
	 	 Purchaser
	 	 Purchaser’s
 Allocated
 Purchase
Price
	 	 Common Units
	 	 Class D Units

 Schedule 2.01 

 Schedule 8.07 
 Notice and Contact Information 
 Schedule 8.07 

 EXHIBIT A 
 FORM OF VOTING AGREEMENT 
 THIS VOTING AGREEMENT (this “Agreement”) dated as of May
[    ], 2007 is by and among Atlas America, Inc., a Delaware corporation (“Atlas America”), and Atlas Energy Management, a
                             corporation (“Atlas Management”). 
 WHEREAS, reference is made to the Class D Unit and Common Unit Purchase Agreement (the “Purchase Agreement”) relating to the proposed private
placement to certain institutional investors of Class D Units and Common Units of Atlas Energy Resources, LLC (the “Company”); and 
 WHEREAS, reference is made to the Purchase Agreement, whereby the Company will agree to take all action necessary to convene a meeting of its Unitholders to consider and vote upon, or obtain the consent of its Unitholders to, the conversion
of the Purchasers’ Class D Units into Common Units (the “Conversion”) as soon as practicable, but in any event not later than 135 days following the Closing Date; and 
 WHEREAS, each of Atlas America and Atlas Management are record holders of Units (“Voting Units”) representing limited liability company
interests in the Company, and each of them desires to set forth certain agreements and arrangements related to the voting of such Voting Units in respect of the conversion of the Class D Units into Common Units. 
 NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereby agree as follows: 
 1.
Effectiveness. The provisions of this Agreement shall be effective upon the date first written above. 
 2. Definitions.
Capitalized terms used herein without definition shall have the meanings given to them in the Purchase Agreement. 
 3. Agreement to
Vote. At any meeting of the Unitholders convened to consider and vote upon the Conversion or in connection with any solicitation of consents to the conversion, each of Atlas America and Atlas Management unconditionally and irrevocably agrees to
vote all of the Units owned by such person on the record date fixed by the Company’s Board of Directors for any such meeting, or to give its consent in a consent solicitation, in favor of the conversion of the Class D Units into Common Units.

 4. Additional Covenants. As applicable, the parties shall cause their respective officers, employees and agents to take all
requisite action requested by the Company or the Purchasers to carry out their obligations under this Agreement. 
 5. Specific
Enforcement. It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach of this Agreement by any party, that this Agreement shall be specifically enforceable, and that any breach or
threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order without a requirement of posting bond. Further, each party hereto waives any claim or defense that there is an adequate
remedy at law for such breach or threatened breach. 
  

 Ex. A 

 6. Representations and Warranties. Each of Atlas America and Atlas Management hereby represents
and warrants with respect to itself, on and as of the date of this Agreement, as follows: 
 (a) It has full right, power and authority to
vote the Voting Units, held of record by it, in the manner contemplated herein. 
 (b) The Voting Units represent approximately 29,352,996
Common Units and 748,456 Class A Units. 
 (c) It has all requisite power and authority to enter into and perform its obligations under
this Agreement. The execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of such party. This Agreement has been duly executed and delivered by such party. This Agreement constitutes its
legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer and similar laws affecting creditors’ rights generally or by general
principles of equity. 
 (d) The execution, delivery and performance of this Agreement will not, with or without the giving of notice or the
passage of time, (i) violate any judgment, injunction, order or decree of any court, arbitrator or governmental agency applicable to such party, or (ii) conflict with, result in the breach of any provision of, constitute a default under,
or require the consent or approval of any third party under, any agreement or instrument to which such party is a party or by which such party is bound. 
 7. Covenants. 
 (a) Until the termination of this Agreement, such party will not enter into any
transaction, take any action or by inaction permit any event to occur that would result in any of the representations or warranties of such party herein contained not being true and correct or that would prevent or otherwise restrict such party from
performing its obligations under this Agreement. None of the parties to this Agreement shall be subject to any restrictions on transfer as a result of entering into this Agreement, except that in any transfer of all or any portion of any such
party’s Voting Units such transferee shall agree in writing to be bound by the terms of this Agreement. 
 (b) Such party shall execute
and deliver any additional documents reasonably necessary or desirable to evidence the agreement to vote granted herein with respect to the Voting Units or otherwise implement and effect the provisions of this Agreement. 
 8. Third Party Beneficiaries. Each of Atlas America and Atlas Management acknowledges that the beneficiaries of the terms of this Agreement are
the Purchasers who purchase Class D Units pursuant to the Purchase Agreement. Each of Atlas America and Atlas Management acknowledges further and agrees that such Purchasers shall have the right to enforce this Agreement. Nothing in this Agreement
shall be construed to impose any personal liability on any officer, employee, director, incorporator, member, manager, partner or stockholder of any party or any of its affiliates. 
 9. Captions. The captions and headings used in this Agreement are for convenience only and do not in any way limit or amplify the terms and
provisions hereof. 

 10. Manner of Voting. The voting of the Voting Units owned by Atlas America and Atlas Management
may be effected in person, by proxy, by written consent, or in any other manner permitted by applicable law. 
 11. Splits, Dividends,
Etc. If there shall be any issuance of voting securities hereafter to any of the parties hereto (including in connection with any split, dividend, recapitalization, reorganization, or the like), such securities shall become subject to this
Agreement. 
 12. Amendments. This Agreement may not be modified or amended without: (i) the written consent of the Purchasers
entitled to purchase a majority of the Purchased Units and the Purchased Class D Units based on the Common Unit Price and the Class D Unit Purchase Price, as the case may be and (ii) an instrument or instruments in writing signed by each of
Atlas America and Atlas Management. 
 13. Notices. All notices or other communications under this Agreement shall be in writing and
shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by telecopy (with confirmation of receipt), or by registered or certified mail, postage prepaid, return receipt requested, addressed to the notice
address specified on the applicable signature page to this Agreement. 
 14. Entire Agreement. This Agreement is intended to be the
sole agreement of the parties as it relates to this subject matter. 
 15. Severability. If any provision of this Agreement shall be
held invalid, illegal or unenforceable, the validity, legality or enforceability of the other provisions of this Agreement shall not be affected thereby, and there shall be deemed substituted for the provision at issue a valid, legal and enforceable
provision as similar as possible to the provision at issue. 
 16. Governing Law. This Agreement shall be governed by and construed
under the laws of the State of New York, without reference to the principles of conflicts of law. 
 17. Counterparts. This Agreement
may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 18. No Partnership, Agency or Joint Venture. This Agreement is intended to create, and creates, a contractual relationship and is not intended to create, and does not create, any agency, partnership, joint venture or any like
relationship among the parties hereto. 
 19. Termination. This Agreement shall (i) terminate automatically following the
satisfaction by the Company of its obligations under Section 5.03 of the Purchase Agreement and (ii) shall be deemed satisfied in full and terminated upon the consummation of the Conversion. In the event of termination of this Agreement
pursuant to this Section 19, this Agreement shall become void and of no effect with no liability on the part of any party hereto; provided, however, no such termination shall relieve any party hereto from any liability for any breach of this
Agreement occurring prior to such termination. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties have executed this Voting Agreement as of the day and year hereinabove
first written. 
  

			
	ATLAS AMERICA, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	ATLAS ENERGY MANAGEMENT, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Ex. A 

 EXHIBIT B 
 FORM OF CLASS D AMENDMENT 
 AMENDMENT NO. 1 TO AMENDED AND RESTATED 
 OPERATING AGREEMENT OF 
 ATLAS ENERGY
RESOURCES, LLC 
 THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED OPERATING AGREEMENT OF ATLAS ENERGY RESOURCES, LLC (this
“Amendment”), dated as of                     , 2007, is entered into and effectuated by the Board of Directors (the
“Board”) of Atlas Energy Resources, LLC, a Delaware limited liability company (the “Company”), pursuant to authority granted to it in Sections 5.5 and 11.1 of the Amended and Restated Operating Agreement of the
Company, dated as of December 18, 2006 (the “Limited Liability Company Agreement”). Capitalized terms used but not defined herein are used as defined in the Limited Liability Company Agreement. 
 WHEREAS, Section 5.5(a) of the Limited Liability Company Agreement provides that the Company may issue additional Company Securities for any Company
purpose at any time and from time to time for such consideration and on such terms and conditions as the Board shall determine, all without the approval of any Members (subject to the provisions of Section 5.6 of the Limited Liability Company
Agreement); 
 WHEREAS, Section 5.5(b) of the Limited Liability Company Agreement provides that the Company Securities authorized to be
issued by the Company pursuant to Section 5.5(a) of the Limited Liability Company Agreement may be issued in one or more classes, or one or more series of any such classes, with such designations, preferences, rights, powers and duties (which
may be senior to existing classes and series of Company Securities) as shall be fixed by the Board; 
 WHEREAS, Section 11.1(c)(vii) of
the Limited Liability Company Agreement provides that the Board, without the approval of any Member (subject to the provisions of Section 5.6 of the Limited Liability Company Agreement), may amend any provision of the Limited Liability Company
Agreement that the Board determines to be necessary or appropriate in connection with the authorization of issuance of any class or series of Company Securities pursuant to Section 5.5 of the Limited Liability Company Agreement, and the Board
has determined that the amendments contemplated hereby are necessary or appropriate in connection therewith; 
 WHEREAS, the Board has
determined that the issuance of the Class D Units provided for in this Amendment is permitted by Section 5.6 of the Limited Liability Company Agreement; 
 WHEREAS, Section 11.1(c)(iv) of the Limited Liability Company Agreement provides that the Board, without the approval of any Member, may amend any provision of the Limited Liability Company Agreement to reflect a
change that the Board determines does not adversely affect the Members (including any particular class of Interests as compared to other classes of Interests) in any material respect, and the Board has determined that such amendments contemplated
hereby do not adversely affect the Members in any material respect; and 
  

 Ex. B 

 WHEREAS, the Board deems it in the best interest of the Company to effect this Amendment to provide for
(i) the issuance of the Class D Units, (ii) the conversion of the Class D Units into Common Units in accordance with the terms described herein and (iii) such other matters as are provided herein. 
 NOW, THEREFORE, it is hereby agreed as follows: 
 A.
Amendment. The Limited Liability Company Agreement is hereby amended as follows: 
 1. Section 1.1 of the Limited Liability
Company Agreement is hereby amended to add or amend and restate the following definitions in the appropriate alphabetical order: 
 “Capital Account True-Up Election” has the meaning assigned to such term in Section 6.1(d)(xii)(C). 
 “Class D Distribution Increase Date” has the meaning assigned to such term in Section 5.11(h). 
 “Class D Member Interests” means the Member Interests represented by the Class D Units. 
 “Class D Unit Arrearage” means, with respect to any Class D Unit, whenever issued, as to any Quarter, the amount, if any, by which (a) the Initial Quarterly Distribution in respect of such Quarter (or, for the period
from the Class D Distribution Increase Date through the Conversion Approval, 115% of the Initial Quarterly Distribution) exceeds (b) the sum of all Available Cash distributed with respect to a Class D Unit in respect of such Quarter pursuant to
Sections 6.4(a)(iii)(x) and 6.4(b)(iii)(x). 
 “Class D Unit” means a Unit representing a fractional part of
the Member Interests of all Members and, to the extent they are treated as Members hereunder, Assignees, and having the rights and obligations specified with respect to Class D Units in this Agreement. A “Class D Unit” shall not constitute
a Common Unit until such time as such Class D Unit is converted into a Common Unit pursuant to the terms hereof. 
 “Common Unit Arrearage” means, with respect to any Common Unit, whenever issued, as to any Quarter during which Class D Units are Outstanding, the excess, if any, of (a) the Initial Quarterly Distribution with respect
to a Common Unit in respect of such Quarter over (b) the sum of all Available Cash distributed with respect to a Common Unit in respect of such Quarter pursuant to Sections 6.4(a)(i) and 6.4(b)(i). 
 “Conversion Approval” has the meaning assigned to such term in Section 5.11(d). 
  

 Ex. B 

 “Cumulative Class D Unit Arrearage” means, with respect to any Class D
Unit, whenever issued, as of the end of any Quarter, the excess, if any, by which (a) the sum resulting from adding together the Class D Unit Arrearages for each of the Quarters during which any Class D Unit has been Outstanding exceeds
(b) the sum of any distributions theretofore made to a Class D Unit pursuant to Sections 6.4(a)(iii)(y), 6.4(b)(iii)(y) and 6.6(d) (including any distributions to be made in respect of the last of such Quarters). 
 “Cumulative Common Unit Arrearage” means, with respect to any Common Unit, whenever issued, and as of the end of any
Quarter, the excess, if any, of (a) the sum resulting from adding together the Common Unit Arrearage as to an Initial Common Unit for each of the Quarters during which Class D Units are Outstanding ending on or before the last day of such
Quarter over (b) the sum of any distributions theretofore made pursuant to Sections 6.4(a)(ii), 6.4(b)(ii) and 6.6(b). 
 “Issue Price” means the price at which a Unit is purchased from the Company, after taking into account any sales commission or underwriting discount charged to the Company and after taking into account any other form of
discount with respect to the price at which a Unit is purchased from the Company. In the case of the Class D Units, the Issue Price shall be deemed to be [INSERT CLASS D UNIT PURCHASE PRICE FROM TERM SHEET] per Unit and in the case of the Privately
Placed Common Units, [INSERT PRIVATE UNIT PURCHASE PRICE FROM TERM SHEET] per Unit. 
 “Percentage Interest”
means, as of any date of determination (a) as to any Unitholder holding Class A Units, the product obtained by multiplying (i) 2% by (ii) the quotient obtained by dividing (A) the number of Class A Units held by such
Unitholder by (B) the total number of Outstanding Class A Units; (b) as to any Unitholder holding Common Units or Class D Units, the product obtained by multiplying (i) 98% by (ii) the quotient obtained by dividing
(A) the number of Common Units and/or Class D Units held by such Unitholder by (B) the total number of all Outstanding Common Units and Class D Units, and (c) as to the holders of other Company Securities issued by the Company in
accordance with Section 5.5, the percentage established as a part of such issuance. 
 “Per Unit Capital
Amount” means, as of any date of determination, the Capital Account, stated on a per Unit basis, as the case may be, underlying any Common Unit (other than a Privately Placed Common Unit), Class A Unit, Class D Unit or Privately Placed
Common Unit, as the case may be, held by a Person. 
 “Private Placement Value” means with respect to the
Class D Units and the Privately Placed Common Units, [INSERT CURRENT FAIR MARKET VALUE OF A COMMON UNIT] per Unit. 
  

 Ex. B 

 “Privately Placed Common Units” means the Common Units issued pursuant
to the Unit Purchase Agreement. 
 “Unit” means a Company Security that is designated as a “Unit”
and shall include Class A Units, Class D Units and Common Units, but shall not include the Management Incentive Interests. 
 “Unit Purchase Agreement” means the Class D Unit and Common Unit Purchase Agreement dated as of May __, 2007 between the Company and the purchasers named therein. 
 2. Section 1.1 of the Limited Liability Company Agreement is hereby further amended to add a new sentence at the end of the definition of
“Common Unit” as follows: 
 The term “Common Unit” does not include a Class D Unit prior to its
conversion into a Common Unit pursuant to this Agreement. 
 3. Article IV of the Limited Liability Company Agreement is hereby amended to
add a new Section 4.6(e) as follows: 
 (e) The transfer of (1) a Class D Unit that has been converted into a Common
Unit pursuant to Section 5.11 or (2) a Privately Placed Common Unit shall be subject to the restrictions imposed by Section 6.9. 
 4. Section 5.4(a) of the Limited Liability Company Agreement is hereby amended to add the following at the end of such section: 
 The initial Capital Account balance in respect of each Class D Unit shall be the Private Placement Value for such Class D Unit, and the initial Capital Account balance of each holder of Class D Units in respect of all Class D Units held
shall be the product of such initial balance for a Class D Unit multiplied by the number of Class D Units held by such holder. The initial Capital Account balance in respect of each Privately Placed Common Unit shall be the Private Placement
Value for such Privately Placed Common Unit, and the initial Capital Account balance of each holder of Privately Placed Common Units in respect of all Privately Placed Common Units held shall be the product of such initial balance for a Privately
Placed Common Unit multiplied by the number of Privately Placed Common Units held by such holder. Immediately following the creation of a Capital Account balance in respect of each Class D Unit, each holder acquiring a Class D Unit at original
issuance shall be deemed to have received a cash distribution in respect of such Class D Units in an amount equal to the product of (x) the total number of Class D Units so acquired by such holder multiplied by (y) the difference between
the Private Placement Value and the Issue Price of a Class D Unit. Immediately following the creation of a Capital Account balance in respect of each Privately Placed Common Unit, each Unitholder acquiring a Privately Placed Common Unit at
original issuance shall be deemed to have received a cash distribution in respect of such Privately Placed Common Units in an amount equal to the product of (x) the total number of Privately Placed Common Units so acquired by such Unitholder

  

 Ex. B 

 
multiplied by (y) the difference between the Private Placement Value and the Issue Price of a Privately Placed Common Unit. The purpose of the four
preceding sentences is to provide the initial purchasers of Class D Units and Privately Placed Common Units with a net Capital Account in the Class D Units and Privately Placed Common Units on the date of purchase equal to the Issue Price paid by
those purchasers for the Class D Units and Privately Placed Common Units. 
 5. Section 5.4(c)(i) of the Limited Liability Company
Agreement is hereby amended to add the following at the end of such section: 
 Any adjustments that are made under this paragraph in
connection with the issuance of the Class D Units or the Privately Placed Common Units shall be based on the Private Placement Value of the Class D Units and the Privately Placed Common Units. 
 6. Article V of the Limited Liability Company Agreement is hereby amended to add a new Section 5.11 creating a new series of Company Securities as
follows: 
 Section 5.11 Establishment of Class D Units. 
 (a) General. The Board hereby designates and creates a series of Company Securities to be designated as “Class D
Units” and consisting of a total of                      Class D Units, and fixes the designations, preferences and relative,
participating, optional or other special rights, powers and duties of holders of the Class D Units as set forth in this Section 5.11. A form of Certificate Evidencing Class D Units is attached as Exhibit 4.2. 
 (b) Rights of Class D Units. During the period commencing upon issuance of the Class D Units and ending on the upon Conversion
Approval (or that later time specified in this Section 5.11(b)), unless amended pursuant to Section 5.11(h) hereof: 
 (i) Allocations. Except as otherwise provided in this Agreement, all items of Company income, gain, loss, deduction and credit shall be allocated to the Class D Units to the same extent as such items would be so allocated if such
Class D Units were Common Units (other than Privately Placed Common Units) that were then Outstanding. 
 (ii)
Distributions. Except as otherwise specified in this Agreement, Class D Units shall have the right to the distributions specified in Article VI of this Agreement. 
 (iii) Elimination of Cumulative Class D Unit Arrearages Upon Conversion. If a Cumulative Class D Unit Arrearage exists at the time
of Conversion Approval, Available Cash shall be distributed 98% to the Unitholders holding Class D Units, Pro Rata, and 2% to the holders of Class A Units, Pro Rata, until there has been distributed in respect of each Class D Unit then
Outstanding an amount equal to the Cumulative Class D 

  

 Ex. B 

 
Unit Arrearage as of such date. This distribution shall not be deemed a distribution on a Common Unit, but the satisfaction of prior entitlements of the
holders of Class D Units as of Conversion Approval. For the taxable year in which the distribution is made, if not previously allocated, each Person receiving such distribution shall be allocated items of gross income in an amount equal to such
distribution as provided in Section 6.1(d)(iii)(C). 
 (c) [Reserved] 
 (d) Vote of Unitholders. Except as provided in this Section 5.11, the Class D Units are not convertible into Common
Units. The Board shall, as promptly as practicable following the issuance of the Class D Units, but in any event not later than 135 days after the date hereof, take such actions as may be necessary or appropriate to submit to a vote or
consent of the holders of the Units the approval of a change in the terms of the Class D Units to provide that each Class D Unit will automatically convert into one Common Unit (subject to appropriate adjustment in the event of any split-up,
combination or similar event affecting the Common Units that occurs prior to the conversion of the Class D Units), except that for purposes of this Section 5.11(d) the term “Unitholders” shall not include the holders of Class D Units
(the “Conversion Approval”). Effective immediately upon the Conversion Approval by the Unitholders, the issuance of additional Common Units to be issued upon such automatic conversion shall be approved without any further action by the
holders thereof. The vote or consent required for such approval will be the requisite vote required under this Agreement and under the rules or staff interpretations of the National Securities Exchange on which the Common Units are listed or
admitted to trading for the listing or admission to trading of the Common Units that would be issued upon any such conversion. Upon receipt of such approval and compliance with Section 5.11(f), the terms of the Class D Units will be
changed, automatically and without further action, so that each Class D Unit is converted into one Common Unit and, immediately thereafter, none of the Class D Units shall be Outstanding. 
 (e) Change in Rules of National Securities Exchange. If at any time (i) the rules of the National Securities Exchange on
which the Common Units are listed or admitted to trading or the staff interpretations of such rules are changed or (ii) facts or circumstances arise so that no vote or consent of Unitholders (except that for purposes of this
Section 5.11(e) the term “Unitholders” shall not include the holders of the Class D Units) is required as a condition to the listing or admission to trading of the Common Units that would be issued upon any conversion of any Class D
Units into Common Units as provided in Section 5.11(d), the terms of such Class D Units will be changed so that each Class D Unit is converted (without further action or any vote of any Unitholders other than compliance with
Section 5.11(f)) into one Common Unit (subject to appropriate adjustment in the event of any split-up, combination or similar event affecting the Common Units that occurs prior to the conversion of the Class D Units) and, immediately
thereafter, none of the Class D Units shall be Outstanding. 
 (f) Surrender of Certificates. Upon receipt of the
approval of the holders of the Units (other than holders of the Class D Units, who do not vote as part of the Conversion Approval) to convert the Class D Units into Common Units in accordance with Section 5.11(d) or a change in rules of the
National Securities Exchange or a change in facts and circumstances as described in 

  

 Ex. B 

 
Section 5.11(e), the Board shall give the holders of the Class D Units prompt notice of such approval or change and, subject to Section 6.9, each
holder of Class D Units shall promptly surrender the Class D Unit Certificates therefor, duly endorsed, at the office of the Company or of any transfer agent for the Class D Units. In the case of any such conversion, the Company shall, as soon
as practicable thereafter, issue and deliver at such office to such holder of Class D Units one or more Unit Certificates, registered in the name of such holder, for the number of Common Units to which such holder shall be entitled as
aforesaid. Such conversion shall be deemed to have been made as of the date of the event specified in Section 5.11(d) or Section 5.11(e), as the case may be, and the Person entitled to receive the Common Units issuable upon such
conversion shall be treated for all purposes as the record holder of such Units on said date. 
 (g) Voting
Rights. The Class D Units are non-voting, except that the Class D Units shall be entitled to vote as a separate class on any matter that adversely affects the rights or preferences of the Class D Units in relation to other classes of
Interests (including as a result of a merger or consolidation) or as required by law. The approval of a majority of the Class D Units shall be required to approve any matter for which the holders of the Class D Units are entitled to vote.

 (h) Automatic Provisions. If the Conversion Approval has not occurred within 135 days after the date hereof, then,
effective as of the next succeeding day (the “Class D Distribution Increase Date”) until the Conversion Approval is obtained, Section 5.11(b) will be deemed to be amended in its entirety, automatically and without further action, as
follows: 
 (b) Rights of Class D Units. Prior to the Conversion Approval (or the later date specified in this
Section 5.11(b)): 
 (i) Allocations. Except as otherwise provided in this Agreement, all items of Company
income, gain, loss, deduction and credit shall be allocated to the Class D Units to the same extent as such items would be so allocated if such Class D Units were Common Units (other than Privately Placed Common Units) that were then Outstanding.

 (ii) Distributions. Except as otherwise specified in this Agreement, Class D Units shall have the right to the
distributions specified in Article VI of this Agreement. Notwithstanding the provisions of Article VI: 
 (A) Sections
6.4(a)(iii) and 6.4(b)(iii) shall be applied by substituting “115%” for “100%”. 
 (B) Each Class D Unit
shall be entitled to 115% of the amount distributed per Common Unit pursuant to Sections 6.4(a)(iv), 6.4(b)(iv), 6.4(b)(v) and 6.4(b)(vi). 
 (iii) Elimination of Cumulative Class D Unit Arrearages Upon Conversion. If a Cumulative Class D Unit Arrearage exists at the time of 

  

 Ex. B 

 
Conversion Approval, Available Cash shall be distributed 98% to the Unitholders holding Class D Units, Pro Rata, and 2% to the holders of Class A Units,
Pro Rata, until there has been distributed in respect of each Class D Unit then Outstanding an amount equal to the Cumulative Class D Unit Arrearage as of such date. This distribution shall not be deemed a distribution on a Common Unit, but the
satisfaction of prior entitlements of the holders of Class D Units as of Conversion Approval. For the taxable year in which the distribution is made, if not previously allocated, each Person receiving such distribution shall be allocated items of
gross income in an amount equal to such distribution as provided in Section 6.1(d)(iii)(C). 
 7. Section 6.1(c)(ii) of the Limited
Liability Company Agreement is hereby amended and restated as follows: 
 (ii) If a Net Termination Loss is recognized (or
deemed recognized pursuant to Section 5.4(c)), such Net Termination Loss shall be allocated among the Members in the following manner: 
 (A) First, 2% to the holders of Class A Units, Pro Rata, and 98% to the holders of Class D Units, Pro Rata, until the Capital Account in respect to each Class D Unit then Outstanding has been reduced to zero;

 (B) Second, 2% to the holders of Class A Units, Pro Rata, and 98% to the holders of Common Units, Pro Rata, until the
Capital Account in respect to each Common Unit then Outstanding has been reduced to zero; and 
 (C) Third, the balance, if
any, to all Unitholders in accordance with their respective Percentage Interests. 
 8. Article VI of the Limited Liability Company Agreement
is hereby amended to add a new Section 6.1(d)(iii)(C) as follows: 
 (C) After the application of Sections 6.1(d)(iii)(A)
and (B), if the amount of cash or the Net Agreed Value of any property distributed (except cash or property distributed or deemed distributed pursuant to Section 5.4(a) of this Agreement with respect to Class D Units or Privately Placed Common
Units, or Section 10.3 of this Agreement) to any Unitholder with respect to its Units for a taxable year is greater (on a per Unit basis) than the amount of cash or the Net Agreed Value of property distributed to the other Unitholders with
respect to their Units (on a per Unit basis), then each Unitholder receiving such greater cash or property distribution shall be allocated gross income in an amount equal to the product of (a) the amount by which the distribution (on a per Unit
basis) to such Unitholder exceeds the distribution (on a per Unit basis) to the Unitholders receiving the smallest distribution and (b) the number of Units owned by the Unitholder receiving the greater distribution. 
  

 Ex. B 

 9. Article VI of the Limited Liability Company Agreement is hereby amended to add a new
Section 6.1(d)(xii) as follows: 
 (xii) Allocations for Class D Units and Privately Placed Common Units.

 (A) With respect to any taxable period of the Company ending upon, or after, a Book-Up Event, a Book-Down Event or a sale
of all or substantially all of the assets of the Company occurring after the date of issuance of the Class D Units and the Privately Placed Common Units, Company items of income or gain for such taxable period shall be allocated 100% (1) to the
Members holding Class D Units or converted Class D Units that are Outstanding as of the time of such event in proportion to the number of Class D Units or converted Class D Units held by such Members, until each such Member has been allocated the
amount that increases the Capital Account of such Class D Unit or converted Class D Unit to the Per Unit Capital Amount for a then outstanding Common Unit (other than a converted Class D Unit or a Privately Placed Common Unit) and (2) to the
Members holding Privately Placed Common Units that are Outstanding as of the time of such event in proportion to the number of Privately Placed Common Units held by such Members, until each such Member has been allocated the amount that increases
the Capital Account of such Privately Placed Common Unit to the Per Unit Capital Amount for a then outstanding Common Unit (other than a Privately Placed Common Unit or a Class D Unit). 
 (B) With respect to any taxable period of the Company ending upon, or after, the transfer of converted Class D Units or Privately Placed
Common Units to a Person that is not an Affiliate of the holder, Company items of income or gain for such taxable period shall be allocated 100% (1) to the Members transferring such converted Class D Units in proportion to the number of
converted Class D Units transferred by such Members, until each such Member has been allocated the amount that increases the Capital Account of such converted Class D Unit to the Per Unit Capital Amount for a then outstanding Common Unit (other than
a converted Class D Unit or a Privately Placed Common Unit) and (2) to the Members transferring such Privately Placed Common Units in proportion to the number of Privately Placed Common Units transferred by such Members, until each such Member
has been allocated the amount that increases the Capital Account of such Privately Placed Common Unit to the Per Unit Capital Amount for a then outstanding Common Unit (other than a Privately Placed Common Unit or a converted Class D Unit).

 (C) With respect to the first taxable period of the Company ending upon, or after, the date of issuance of the Class D
Units or the Privately Placed Common Units, at the election of a Member holding Class D Units or Privately Placed Common Units (the “Capital Account True-Up Election”), items of income or gain for such taxable period shall be allocated
100% to the Members making such 

  

 Ex. B 

 
Capital Account True-Up Election with respect to Class D Units or Privately Placed Common Units held by such Members, until each such Member has been
allocated the amount that increases the Capital Account of such Class D Unit or Privately Placed Common Unit to the Per Unit Capital Amount for a then outstanding Common Unit (other than a Class D Unit or a Privately Placed Common Unit). 

10. Section 6.4 of the Limited Liability Company Agreement is amended to read as follows: 
 Section 6.4 Distributions of Available Cash from Operating Surplus. 
 (a) During the MII Vesting Period. Available Cash with respect to any Quarter ending prior to or on the date of the end of the MII
Vesting Period that is deemed to be Operating Surplus pursuant to the provisions of Section 6.3 or Section 6.6 shall, subject to Section 8-607 of the Delaware Act, be distributed, except as otherwise required by Section 5.5(b) in
respect of other Company Securities issued pursuant thereto, as follows: 
 (i) First, (A) 2% to the holder(s) of the
Class A Units, Pro Rata and (B) 98% to the holders of the Common Units, Pro Rata until there has been distributed in respect of each Common Unit then Outstanding an amount equal to the Initial Quarterly Distribution for such Quarter;

 (ii) Second, (A) 2% to the holder(s) of the Class A Units, Pro Rata and (B) 98% to the holders of the Common
Units, Pro Rata until there has been distributed in respect of each Common Unit then Outstanding an amount equal to the Cumulative Common Unit Arrearage existing with respect to such Quarter; 
 (iii) Third, (x) (A) 2% to the holder(s) of the Class A Units, Pro Rata and (B) 98% to the holders of the Class D
Units, Pro Rata, until there has been distributed in respect of each Class D Unit then Outstanding an amount equal to 100% of the Initial Quarterly Distribution for such Quarter; and (y) (A) 2% to the holder(s) of the Class A Units,
Pro Rata and (B) 98% to the holders of the Class D Units, Pro Rata, until there has been distributed in respect of each Class D Unit then Outstanding an amount equal to the Cumulative Class D Unit Arrearage, if any, existing with respect to
such Quarter; 
 (iv) Fourth, (A) 2% to the holder(s) of the Class A Units, Pro Rata and (B) 98% to the holders
of the Common Units and Class D Units, Pro Rata. 
 (b) After the MII Vesting Period. Available Cash with respect to each Quarter
after the MII Vesting Period that is deemed to be Operating Surplus pursuant to the provisions of Section 6.3 or Section 6.6 shall, subject to Section 18-607 of the 

  

 Ex. B 

 
Delaware Act, be distributed, except as otherwise required by Section 5.5(b) in respect of additional Company Securities issued pursuant thereto,
as follows: 
 (i) First, (A) 2% to the holder(s) of the Class A Units, Pro Rata and (B) 98% to the holders of
the Common Units, Pro Rata until there has been distributed in respect of each Common Unit then Outstanding an amount equal to the Initial Quarterly Distribution for such Quarter; 
 (ii) Second, (A) 2% to the holder(s) of the Class A Units, Pro Rata and (B) 98% to the holders of the Common Units, Pro
Rata until there has been distributed in respect of each Common Unit then Outstanding an amount equal to the Cumulative Common Unit Arrearage existing with respect to such Quarter; 
 (iii) Third, (x) (A) 2% to the holder(s) of the Class A Units, Pro Rata and (B) 98% to the holders of the Class D
Units, Pro Rata, until there has been distributed in respect of each Class D Unit then Outstanding an amount equal to 100% of the Initial Quarterly Distribution for such Quarter; and (y) (A) 2% to the holder(s) of the Class A Units,
Pro Rata and (B) 98% to the holders of the Class D Units, Pro Rata, until there has been distributed in respect of each Class D Unit then Outstanding an amount equal to the Cumulative Class D Unit Arrearage, if any, existing with respect to
such Quarter; 
 (iv) Fourth, (A) 2% to the holders of Class A Units, Pro Rata, and (B) 98% to the holders of
Common Units and Class D Units, Pro Rata, until there has been distributed in respect of each Class A Unit, each Class D Unit and each Common Unit then Outstanding an amount equal to the Initial Quarterly Distribution for such Quarter plus
$0.06 (the “First Target Distribution”); 
 (v) Fifth, (A) 2% to the holders of the Class A Units,
Pro Rata, (B) 83% to the holders of the Common Units and Class D Units, Pro Rata, and (C) 15% to the holders of the Management Incentive Interests, Pro Rata, until there has been distributed in respect of each Class A Unit, each Class
D Unit and each Common Unit then Outstanding an amount equal to the Initial Quarterly Distribution for such Quarter plus $0.17 (the “Second Target Distribution); and 
 (vi) Thereafter, (A) 2% to the holders of the Class A Units, Pro Rata, (B) 73% to the holders of the Common Units and Class
D Units, Pro Rata, and (C) 25% to the holders of the Management Incentive Interests, Pro Rata. 
  

 Ex. B 

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

 Section 6.6 Distributions of Available Cash from Capital Surplus 
 Available Cash that is deemed to be Capital Surplus pursuant to the provisions of Section 6.3(a) shall, subject to Section 18-607 of the
Delaware Act, be distributed, unless the provisions of Section 6.3 require otherwise, be distributed as follows: 
 (a) 100% to the holders of Common Units, Pro Rata, until a hypothetical holder of a Common Unit acquired on the Closing Date has received with respect to such Common Unit, during the period since the Closing Date through such date,
distributions of Available Cash that are deemed to be Capital Surplus in an aggregate amount equal to the Initial Unit Price; 
 (b) 100% to the holders of Common Units, Pro Rata, until there has been distributed in respect of each Common Unit then Outstanding an amount equal to the Cumulative Common Unit Arrearage. Thereafter, all Available Cash shall be distributed
as if it were Operating Surplus and shall be distributed in accordance with Section 6.4. 
 (c) 100% to the holders of
Class D Units, Pro Rata, until a hypothetical holder of a Class D Unit acquired on the Closing Date has received with respect to such Class D Unit, during the period since the date Class D Units were originally issued through such date,
distributions of Available Cash that are deemed to be Capital Surplus in an aggregate amount equal to the Initial Unit Price; 
 (d) 100% to the holders of Class D Units, Pro Rata, until there has been distributed in respect of each Class D Unit then Outstanding an amount equal to the Cumulative Class D Unit Arrearage; and 
 (e) Thereafter, all Available Cash shall be distributed as if it were Operating Surplus and shall be distributed in accordance with
Section 6.4. 
 12. Article VI is hereby amended to add a new Section 6.9 as follows: 
 Section 6.9 Special Provisions Relating to Holders of Converted Class D Units and Privately Placed Common Units. A holder of
(1) a Privately Placed Common Unit or (2) a Class D Unit that has converted into a Common Unit pursuant to Section 5.11 shall be required to provide notice to the Board of the number of Privately Placed Common Units or converted Class
D Units transferred by such holder no later than the last Business Day of the calendar year during which such transfer occurred, unless (x) the transfer is to an Affiliate of the holder or (y) by virtue of the application of
Section 6.1(d)(xii)(B) to a prior transfer of the Common Unit or the application of Section 6.1(d)(xii)(A) or Section 6.1(d)(xii)(C), the Board has previously determined, based on advice of counsel, that the 

  

 Ex. B 

 
Privately Placed Common Unit or converted Class D Unit should have, as a substantive matter, like intrinsic economic and federal income tax characteristics
of an Initial Common Unit; provided, that such holder may cure any failure to provide such notice by providing such notice within 20 days of the last Business Day of such calendar year. The sole and exclusive remedy for any holder’s
failure to provide any such notice shall be the enforcement of the remedy of specific performance against such holder and there will be no monetary damages. In connection with the condition imposed by this Section 6.9, the Board shall take
whatever steps are required to provide economic uniformity to the Privately Placed Common Units and converted Class D Units in preparation for a transfer thereof, including the application of Section 6.1(d)(xii)(B); provided, however,
that no such steps may be taken that would have a material adverse effect on the Unitholders holding Common Units represented by Certificates. 
 B.
Agreement in Effect. Except as hereby amended, the Limited Liability Company Agreement shall remain in full force and effect. 
 C. Applicable
Law. This Amendment shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to principles of conflicts of laws. 
 D. Invalidity of Provisions. If any provision of this Amendment is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions
contained herein shall not be affected thereby. 
  

 Ex. B 

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

			
	ATLAS ENERGY RESOURCES, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Form of Class D Amendment] 
  

 Ex. B 

 Exhibit 4.2 
  

					
		  	Certificate Evidencing Class D Units	  	
	Certificate No.        	  	Representing Limited Liability Company Interests in	  	Class D Units
		  	Atlas Energy Resources, LLC	  	

 In accordance with Section 4.1 of the Amended and Restated Operating Agreement of Atlas
Energy Resources, LLC, as amended, supplemented or restated from time to time (the “Company Agreement”), Atlas Energy Resources, LLC, a Delaware limited liability company (the “Company”), hereby certifies that
                                        
                                        
     (the “Holder”) is the registered owner of
                                 CLASS D UNITS representing limited
liability company interests in the Company (the “Class D Units”) transferable on the books of the Company, in person or by duly authorized attorney, upon surrender of this Certificate properly endorsed. The rights, preferences
and limitations of the Class D Units are set forth in, and this Certificate and the Class D Units represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Company Agreement. Copies of the Company
Agreement are on file at, and will be furnished without charge on delivery of written request to the Company at, the principal office of the Company located at 311 Rouser Road, Moon Township, PA 15108. Capitalized terms used herein but not
defined shall have the meanings given them in the Company Agreement. 
 The Holder, by accepting this Certificate, is deemed to have
(i) requested admission as, and agreed to become, a Member and to have agreed to comply with and be bound by and to have executed the Company Agreement, (ii) represented and warranted that the Holder has all right, power and authority and,
if an individual, the capacity necessary to enter into the Company Agreement, (iii) granted the powers of attorney provided for in the Company Agreement and (iv) made the waivers and given the consents and approvals contained in the
Company Agreement. 
 This Certificate shall not be valid for any purpose unless it has been signed by duly authorized officers of the Company. 

 

					
	Dated:                     , 2007	 	ATLAS ENERGY RESOURCES, LLC
			
		 	By:	 	  

		 		 	Chairman, President and Chief Executive Officer
			
		 	By:	 	  

		 		 	Secretary

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

 Ex. B 

							
	Atlas	 	Energy	 	Resources,	 	LLC
	[Reverse of Certificate]	 		 		 	

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

													
	TEN COM	  	–	 	as tenants in common	  	UNIF GIFT MIN ACT–	 	  	 	Custodian	 	  
	TEN ENT	  	–	 	as tenants by the entireties	  		 	(Cust)	 		 	(Minor)
	JT TEN	  	–	 	as joint tenants with right of	  	under Uniform Gifts to Minors	 		 	
		  		 	survivorship and not as tenants in	  	Act	 	  	 	
		  		 	common	  		 	(State)	 		 	

 Additional abbreviations, though not in the above list, may also be used. 
 ASSIGNMENT OF CLASS D UNITS 
 In

 Atlas Energy Resources, LLC 
  

					
	FOR VALUE RECEIVED,	  	  	 	hereby assigns, conveys, sells and transfers unto

  

	
	  
	 (Please print or typewrite name and address of Assignee)

  

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

                                       
   Class D Units representing limited liability company interests evidenced by this Certificate, subject to the Company Agreement, and does hereby irrevocably constitute and appoint
                                     as its attorney-in-fact
with full power of substitution to transfer the same on the books of Atlas Energy Resources, LLC. 
  

					
	Date:
                                	 		 	NOTE: The signature to any endorsement hereon must correspond with the name as written upon the face of this Certificate in every particular, without alteration, enlargement or
change.
			
	  
 The signature(s) should be guaranteed by an “eligible guarantor
institution” as defined in Rule 17Ad-15 under the Securities and Exchange Act of 1934, as amended
	 		 	  

	 		 	(Signature)
			
		 		 	  

		 		 	(Signature)

 SIGNATURE(S) GUARANTEED: 
 No assignment or transfer of the Class D Units evidenced hereby will be registered on the books of the Company unless the Certificate evidencing theClass D Units to be transferred is surrendered for registration or transfer. 
  

 Ex. B 

 EXHIBIT C 
 FORM OF OFFICER’S CERTIFICATE 
 ATLAS ENERGY RESOURCES, LLC 
 Officer’s Certificate 
 Pursuant
to Section 6.02(b) of the Class D Unit and Common Unit Purchase Agreement, dated as of May __, 2007 (the “Agreement”), by and among Atlas Energy Resources, LLC, a Delaware limited liability company (“Atlas
Energy”), and each of the purchasers listed on Schedule 2.01 to the Agreement (a “Purchaser” and, collectively, the “Purchasers”), the undersigned hereby certifies on behalf of Atlas Energy, as follows
(capitalized terms used but not defined herein have the meaning assigned to them in the Agreement): 
 (A) Atlas Energy has
performed and complied with the covenants and agreements contained in the Agreement that are required to be performed and complied with by Atlas Energy on or prior to the date hereof. 
 (B) The representations and warranties of Atlas Energy contained in the Agreement that are qualified by materiality or Atlas Energy
Material Adverse Effect are true and correct as of the date of the Agreement and as of the date hereof and all other representations and warranties are true and correct in all material respects as of the date of the Agreement and as of the date
hereof, except that representations made as of a specific date are true and correct as of such date only. 
 (C) Since the
date of the Agreement, no Atlas Energy Material Adverse Effect has occurred and is continuing. 
  

					
	Dated: May     , 2007	 	ATLAS ENERGY RESOURCES, LLC
			
		 	By:	 	  

			
		 	Name:	 	  

			
		 	Title:	 	  

  

 Ex. C 

 Exhibit D 
 Capitalized terms used but not defined herein have the meaning assigned to such terms in the Class D Unit and Common Unit Purchase Agreement dated as of May 18, 2007 (the “Agreement”). Atlas
Energy shall furnish to the Purchasers at the Closing an opinion of Ledgewood Law Firm, counsel for Atlas Energy, addressed to the Purchasers and dated the Closing Date in form satisfactory to Vinson & Elkins L.L.P., counsel for the
Purchasers, stating that: 
 (i) Each of Atlas Energy and its Subsidiaries (i) is a corporation, limited partnership or limited
liability company, as applicable, duly organized, validly existing and in good standing under the Laws of the state or other jurisdiction of organization; (ii) has all requisite power and authority, and has all governmental licenses,
authorizations, consents and approvals, necessary to own, lease, use and operate its Properties and carry on its business as its business is now being conducted as described in the Atlas Energy SEC Documents, except where the failure to obtain such
licenses, authorizations, consents and approvals would not reasonably be expected to have a Atlas Energy Material Adverse Effect; and (iii) Each of Atlas Energy and its Subsidiaries is duly qualified or licensed and in good standing as a
foreign limited partnership, limited liability company or corporation, as applicable, and is authorized to do business in the jurisdictions listed in Annex A hereto. 
 (ii) As of the date hereof, and prior to the sale and issuance of the Purchased Class D Units and the Purchased Units, the issued and outstanding membership interests of Atlas Energy consist of 36,674,365 Common Units
and 748,456 Class A Units. All of the outstanding Common Units and Class A Units have been duly authorized and validly issued in accordance with applicable Law and the Limited Liability Company Agreement and are fully paid (to the extent
required by the Limited Liability Company Agreement) and non-assessable (except as such non-assessability may be affected by Section 18-607 of the Delaware LLC Act ). 
 (iii) To our knowledge, except as described in the Atlas Energy SEC Documents filed prior to the date hereof, for options granted pursuant to Atlas
Energy’s existing Long-Term Incentive Plan or other existing compensation arrangements, or as contemplated by the Purchase Agreement, Atlas Energy has no outstanding or authorized (i) options, warrants, preemptive rights, subscriptions,
calls or other rights, convertible securities, agreements, claims or commitments of any character obligating Atlas Energy or any of its Subsidiaries to issue, transfer or sell any limited liability company interests or other equity interests in
Atlas Energy or any of its Subsidiaries or securities convertible into or exchangeable for such limited liability company interests or other equity interests, (ii) obligations of Atlas Energy or any of its Subsidiaries to repurchase, redeem or
otherwise acquire any limited liability company interests or other equity interests in Atlas Energy or any of its Subsidiaries or any such securities or agreements listed in clause (i) of this sentence or (iii) voting trusts or similar
agreements to which Atlas Energy or any of its Subsidiaries is a party with respect to the voting of the equity interests of Atlas Energy or any of its Subsidiaries. 
  

 Ex. D 

 (iv) All of the issued and outstanding equity interests of each of Atlas Energy’s Subsidiaries are
owned, directly or indirectly, by Atlas Energy free and clear of any Liens (A) in respect of which a financing statement under the Uniform Commercial Code naming Atlas Energy or any of its Subsidiaries as debtors is on file in the office of the
Secretary of State of the State of Delaware, (B) otherwise known to such counsel without independent investigation, other than those created under applicable Law and (C) except for such Liens as may be imposed under Atlas Energy’s or
its Subsidiaries’ credit facilities, and all such ownership interests have been duly authorized and validly issued and are fully paid (to the extent required by the organizational documents of Atlas Energy’s Subsidiaries, as applicable)
and nonassessable (except as non-assessability may be affected by matters described in Section 18-607 of the Delaware LLC Act or the organizational documents of Atlas Energy’s Subsidiaries, as applicable) and free of preemptive rights,
and, to our knowledge, except as disclosed in the Atlas Energy SEC Documents, neither Atlas Energy nor any of its Subsidiaries owns any shares of capital stock or other securities of, or interests in, any other Person or is obligated to make any
capital contribution to or other investment in any other Person. 
 (v) The Purchased Class D Units and the Purchased Units and the
membership interests represented thereby have been duly authorized by Atlas Energy pursuant to the Limited Liability Company Agreement and, when issued and delivered to the Purchasers against payment therefor in accordance with the terms of the
Purchase Agreement, will be validly issued, fully paid (to the extent required by the Limited Liability Company Agreement) and non-assessable (except as such non-assessability may be affected by Section 18-607 of the Delaware LLC Act) and will
be free of any and all Liens and restriction on transfer, other than restrictions on transfer under the Limited Liability Company Agreement, the Registration Rights Agreement and applicable state and federal securities Laws and other than such Liens
as are created by the Purchasers. 
 (vi) The Common Units issuable upon conversion of the Class D Units, and the membership interests
represented thereby, upon issuance in accordance with the terms of the Class D Units as reflected in the Limited Liability Company Agreement (as amended by the Class D Amendment), and upon receipt of the required Unitholder Approval, will be duly
authorized by Atlas Energy pursuant to the Limited Liability Company Agreement and will be fully paid (to the extent required by the Limited Liability Company Agreement) and non-assessable (except as such non-assessability may be affected by
Section 18- 607 of the Delaware LLC Act) and will be free of any and all Liens and restriction on transfer, other than restrictions on transfer under the Limited Liability Company Agreement, the Registration Rights Agreement and applicable
state and federal securities Laws and other than such Liens as are created by the Purchasers. 
 (vii) None of the offering, issuance and
sale by Atlas Energy of the Purchased Class D Units or the Purchased Units or the execution, delivery and performance of the Basic Documents by Atlas Energy (A) constitutes or will constitute a violation of Atlas Energy’s Certificate of
Formation or Limited Liability Company Agreement, or any organizational documents of any of Atlas Energy’s Subsidiaries, (B) without duplication of clause (A), constitutes or will constitute a breach or violation of, or a default under (or
an event which, with notice or lapse of time or both, would constitute such an event), any agreement filed as an exhibit to the Atlas Energy SEC Documents, or (C) will result in a breach or violation (and, to such 

  

 Ex. D 

 
counsel’s knowledge, no event has occurred that, with notice or lapse of time or otherwise, would constitute such an event) or imposition of any Lien
upon any Property of the Atlas Energy or its Subsidiaries pursuant to (i) any agreement, lease or other instrument known to such counsel (excluding any agreement filed as an exhibit to the Atlas Energy SEC Documents) or (ii) to the
knowledge of such counsel, any order, judgment, decree or injunction of any federal or Delaware court or government agency or body directed to any of Atlas Energy or its Subsidiaries or any of its respective Properties in a proceeding to which any
of them or such Property is a party, or (D) results or will result in any violation of the Delaware LLC Act, the Laws of the State of New York or U.S. federal Law, which in the case of clause (B), (C) or (D) of this paragraph
(vii) would be reasonably expected to have a Atlas Energy Material Adverse Effect; provided, however, that no opinion is expressed pursuant to this paragraph (vii) with respect to federal or state securities or anti-fraud statutes, rules
or regulations. 
 (viii) Each of the Basic Documents to which Atlas Energy is a party has been duly authorized and validly executed and
delivered on behalf of Atlas Energy, and is enforceable against Atlas Energy in accordance with its respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer and similar Laws affecting
creditors’ rights generally and by general principles of equity. 
 (ix) Except as contemplated in the Agreement or as required by the
Commission in connection with Atlas Energy’s obligations under the Registration Rights Agreement, no authorization, consent, approval, waiver, license, qualification or written exemption from, nor any filing, declaration, qualification or
registration with, any Governmental Authority or any other Person is required in connection with the execution, delivery or performance by Atlas Energy of any of the Basic Documents to which it is a party, except where the failure to receive such
authorization, consent, approval, waiver, license, qualification or written exemption or to make such filing, declaration, qualification or registration would not individually or in the aggregate, reasonably be expected to have an Atlas Energy
Material Adverse Effect or those that have been obtained or may be required under the state securities or “blue sky” laws, as to which we do not express any opinion. 
 (x) Atlas Energy is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 (xi) Assuming the accuracy of the representations and warranties of each Purchaser contained in the Purchase Agreement, the issuance and sale of the
Purchased Class D Units and the Purchased Units pursuant to the Purchase Agreement are exempt from registration requirements of the Securities Act of 1933, as amended. 
 (xii) Atlas Energy is treated as a partnership for federal income tax purposes. 
 (xiii) None of the
offering, issuance and sale by Atlas Energy of the Purchased Class D Units or the Purchased Units or the execution, delivery and performance of the Basic Documents by Atlas Energy gives rise to any rights for or relating to the registration of any
securities of Atlas Energy, other than pursuant to the Registration Rights Agreement. 
  

 Ex. D 

 EXHIBIT E 
 FORM OF REGISTRATION RIGHTS AGREEMENT 
 REGISTRATION RIGHTS AGREEMENT 
 by and among 
 ATLAS ENERGY
RESOURCES, LLC 
 and 
 THE PURCHASERS NAMED HEREIN 
  

 Ex. E 

 TABLE OF CONTENTS 
  

							
	 	 	 	    	 	  	Page
	Article I DEFINITIONS	  	1
				
		 	 Section 1.01
	    	Definitions.	  	1
		 	 Section 1.02
	    	Registrable Securities.	  	3
		
	Article II REGISTRATION RIGHTS	  	3
				
		 	 Section 2.01
	    	Registration.	  	3
		 	 Section 2.02
	    	Piggyback Rights.	  	5
		 	 Section 2.03
	    	Underwritten Offering.	  	7
		 	 Section 2.04
	    	Sale Procedures.	  	8
		 	 Section 2.05
	    	Cooperation by Holders.	  	12
		 	 Section 2.06
	    	Restrictions on Public Sale by Holders of Registrable Securities.	  	12
		 	 Section 2.07
	    	Expenses.	  	12
		 	 Section 2.08
	    	Indemnification.	  	13
		 	 Section 2.09
	    	Rule 144 Reporting.	  	15
		 	 Section 2.10
	    	Transfer or Assignment of Registration Rights.	  	15
		 	 Section 2.11
	    	Limitation on Subsequent Registration Rights.	  	16
		
	Article III MISCELLANEOUS	  	16
				
		 	 Section 3.01
	    	Communications.	  	16
		 	 Section 3.02
	    	Successor and Assigns.	  	16
		 	 Section 3.03
	    	Aggregation of Purchased Class D Units and Purchased Units.	  	16
		 	 Section 3.04
	    	Recapitalization, Exchanges, Etc. Affecting the Units.	  	16
		 	 Section 3.05
	    	Change of Control	  	17
		 	 Section 3.06
	    	Specific Performance.	  	17
		 	 Section 3.07
	    	Counterparts.	  	17
		 	 Section 3.08
	    	Headings.	  	17
		 	 Section 3.09
	    	Governing Law.	  	17
		 	 Section 3.10
	    	Severability of Provisions.	  	17
		 	 Section 3.11
	    	Entire Agreement.	  	17
		 	 Section 3.12
	    	Amendment.	  	17
		 	 Section 3.13
	    	No Presumption.	  	18
		 	 Section 3.14
	    	Obligations Limited to Parties to Agreement.	  	18

 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of May 18, 2007 by and among Atlas Energy
Resources, LLC, a Delaware limited liability company (“Atlas Energy”), and each of the Purchasers set forth in Exhibit A (each, a “Purchaser” and, collectively, the “Purchasers”). 

WHEREAS, this Agreement is made in connection with the Closing of the issuance and sale of the Purchased Class D Units and the Purchased Units
pursuant to the Class D Unit and Common Unit Purchase Agreement, dated as of May 18, 2007, by and among Atlas Energy and the Purchasers (the “Purchase Agreement”); 
 WHEREAS, Atlas Energy has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Purchasers pursuant to
the Purchase Agreement; and 
 WHEREAS, it is a condition to the obligations of each Purchaser and Atlas Energy under the Purchase Agreement
that this Agreement be executed and delivered. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions. Capitalized terms used herein without definition shall have the meanings given to them in the Purchase
Agreement. The terms set forth below are used herein as so defined: 
 “Agreement” has the meaning specified therefor in
the introductory paragraph. 
 “Atlas Energy” has the meaning specified therefor in the introductory paragraph. 

“Effectiveness Period” has the meaning specified therefor in Section 2.01(a)(i) of this Agreement. 
 “File Date” has the meaning specified therefor in Section 2.01(a)(i) of this Agreement. 
 “Holder” means the record holder of any Registrable Securities. 
 “Included Registrable Securities” has the meaning specified therefor in Section 2.02(a) of this Agreement. 
 “Liquidated Damages” has the meaning specified therefor in Section 2.01(a)(ii) of this Agreement. 

 “Liquidated Damages Multiplier” means the product of $25.00 times the number of Class D
Units and Purchased Units purchased by such Purchaser. 
 “Losses” has the meaning specified therefor in Section 2.08
of this Agreement. 
 “Managing Underwriter” means, with respect to any Underwritten Offering, the book-running lead manager
of such Underwritten Offering. 
 “Opt Out Notice” has the meaning specified therefor in Section 2.02(a) of this
Agreement. 
 “Purchase Agreement” has the meaning specified therefor in the recitals of this Agreement. 
 “Purchaser” and “Purchasers” have the meanings specified therefor in the introductory paragraph of this Agreement.

 “Purchaser Underwriter Registration Statement” has the meaning specified therefor in Section 2.04(n) of this
Agreement. 
 “Registrable Securities” means: (i) the Purchased Units, (ii) Purchased Class D Units,
(iii) the Common Units issuable upon conversion of the Purchased Class D Units, (iii) any Common Units or Class D Units issued as Liquidated Damages pursuant to this Agreement, (iv) any Common Units issuable upon conversion of Class D
Units issued as Liquidated Damages pursuant to this Agreement, (v) any Common Units or Class D Units issuable pursuant to Section 5.02 of the Purchase Agreement, and (vi) any Common Units issuable upon conversion of Class D Units
issuable pursuant to Section 5.02 of the Purchase Agreement, all of which Registrable Securities are subject to the rights provided herein until such rights terminate pursuant to the provisions hereof. 
 “Registration Expenses” has the meaning specified therefor in Section 2.07(a) of this Agreement. 
 “Registration Statement” has the meaning specified therefor in Section 2.01(a)(i) of this Agreement. 
 “Selling Expenses” has the meaning specified therefor in Section 2.07(a) of this Agreement. 
 “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement. 
 “Target Effective Date” has the meaning specified therefor in Section 2.01(a)(i) of this Agreement. 
 “Underwritten Offering” means an offering (including an offering pursuant to a Registration Statement) in which Units are sold to an
underwriter on a firm commitment basis for reoffering to the public or an offering that is a “bought deal” with one or more investment banks. 
  

 2 

 Section 1.02 Registrable Securities. Any Registrable Security will cease to be a
Registrable Security when: (a) a registration statement covering such Registrable Security is effective and such Registrable Security has been sold or disposed of pursuant to such effective registration statement; (b) such Registrable
Security has been disposed of pursuant to any section of Rule 144 (or any similar provision then in force) under the Securities Act; (c) two years after the Closing Date; (d) such Registrable Security is held by Atlas Energy or one of its
Subsidiaries; or (e) such Registrable Security has been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of such securities. 
 ARTICLE II  
 REGISTRATION
RIGHTS  
 Section 2.01 Registration. 
 (a) Registration. 
 (i) Deadline To File and Go Effective. As soon as practicable
following January 1, 2008, but in any event prior to January 31, 2008 (the “File Date”), Atlas Energy shall prepare and file a registration statement under the Securities Act to permit the resale of the Registrable
Securities from time to time, including as permitted by Rule 415 under the Securities Act (or any similar provision then in force), with respect to all of the Registrable Securities (the “Registration Statement”). Atlas Energy
shall use its commercially reasonable efforts to cause the Registration Statement to become effective no later than May 30, 2008 (the “Target Effective Date”). A Registration Statement filed pursuant to this
Section 2.01 shall be on Form S-3 under the Securities Act. Atlas Energy will use its commercially reasonable efforts to cause the Registration Statement filed pursuant to this Section 2.01 to be continuously effective under the
Securities Act until the earlier of (i) the date as of which all such Registrable Securities are sold by the Purchasers and (ii) two years following the Closing Date (the “Effectiveness Period”). The Registration
Statement when effective (including the documents incorporated therein by reference) shall comply as to form with all applicable requirements of the Securities Act and the Exchange Act and shall not contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 
 (ii) Failure
To Go Effective. If the Registration Statement required by Section 2.01 is not effective by the Target Effective Date, then each Purchaser shall be entitled to a payment with respect to such Purchaser’s Registrable Securities, as
liquidated damages and not as a penalty, of 0.25% of the Liquidated Damages Multiplier per 30-day period for the first 30 days following the Target Effective Date, increasing by an additional 0.25% of the Liquidated Damages Multiplier per 30-day
period for each subsequent 30 days, up to a maximum of 1.00% of the Liquidated Damages Multiplier per 30-day period (the “Liquidated Damages”). The Liquidated Damages payable pursuant to the immediately preceding sentence shall
be payable within ten Business Days of the end of each such 30-day period. Liquidated Damages for any period of less than 30-days shall be prorated by multiplying Liquidated Damages to be paid in a 

  

 3 

 
full 30-day period by a fraction, the numerator of which is the number of days for which Liquidated Damages are owed, and the denominator of which is 30. Any
Liquidated Damages shall be paid to each Purchaser in cash or immediately available funds; provided, however, if Atlas Energy certifies that it is unable to pay Liquidated Damages in cash or immediately available funds because such
payment would result in a breach under any of Atlas Energy’s or Atlas Energy’s Subsidiaries’ credit facilities or other indebtedness filed as exhibits to the Atlas Energy SEC Documents, then Atlas Energy may pay the Liquidated Damages
in kind in the form of the issuance of additional (A) Common Units or (B) Common Units or Class D Units. Class D Units may only be issued as Liquidated Damages if and to the extent Atlas Energy is restricted from issuing Common Units
pursuant to the rules of The New York Stock Exchange or similar regulation. If Class D Units are issued as Liquidated Damages as a result of a requirement by The New York Stock Exchange or similar regulation, then such Common Units and/or Class
D Units will be issued to each Purchaser on a pro rata basis in such a manner as to maximize the number of Common Units issued to each such Purchaser. Upon any issuance of Common Units and/or Class D Units as Liquidated Damages, Atlas Energy
shall promptly prepare and file an amendment to the Registration Statement prior to its effectiveness adding such Common Units and/or Common Units issuable upon conversion of Class D Units to such Registration Statement as additional Registrable
Securities. The determination of the number of Common Units and Class D Units to be issued as Liquidated Damages shall be equal to the amount of Liquidated Damages divided by the volume weighted average closing price of the Common Units (as
reported by The New York Stock Exchange) for the ten trading days immediately preceding the date on which the Liquidated Damages payment is due, less a discount of 2%. Any obligation of Atlas Energy to pay Liquidated Damages (other than
Liquidated Damages owing but not yet paid) to a Purchaser shall cease two years following the Closing Date. As soon as practicable following the date that the Registration Statement or any post-effective amendment thereto becomes effective, but
in any event within two Business Days of such date, Atlas Energy shall provide the Purchasers with written notice of the effectiveness of the Registration Statement. 
 (iii) Waiver of Liquidated Damages. If Atlas Energy is unable to cause a Registration Statement to become effective by the Target Effective Date as a result of an acquisition, merger, reorganization,
disposition or other similar transaction, then Atlas Energy may request a waiver of the Liquidated Damages, which may be granted or withheld by the consent of the Holders of two-thirds of the aggregate of the Purchased Class D Units and the
Purchased Units, voting as a single class, in their sole discretion.
 (b) Delay Rights. Notwithstanding anything to the contrary
contained herein, Atlas Energy may, upon written notice to all of the Selling Holders whose Registrable Securities are included in the Registration Statement, suspend such Selling Holders’ use of any prospectus which is a part of the
Registration Statement (in which event each such Selling Holder shall discontinue sales of the Registrable Securities pursuant to the Registration Statement) but such Selling Holder may settle any sales of Registrable Securities, if (i) Atlas
Energy is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and Atlas Energy determines in good faith that Atlas Energy’s ability to pursue or consummate such a transaction would be materially adversely
affected by any required disclosure of such transaction in the Registration Statement or (ii) Atlas Energy has experienced some other material non-public event, the disclosure of which at such time, in the good faith judgment of Atlas Energy,
would materially adversely affect Atlas Energy; provided, however, in no event shall such Selling 

  

 4 

 
Holders be suspended from selling Registrable Securities pursuant to the Registration Statement for a period that exceeds an aggregate of 30 days in any
90-day period or 90 days in any 365-day period. Upon disclosure of such information or the termination of the condition described above, Atlas Energy shall (i) provide prompt notice to the Selling Holders whose Registrable Securities are
included in the Registration Statement, (ii) promptly terminate any suspension of sales it has put into effect and (iii) take such other actions to permit sales of Registrable Securities as contemplated in this Agreement. 
 (c) Additional Rights to Liquidated Damages. If (i) the Holders shall be prohibited from selling their Registrable Securities under the
Registration Statement as a result of a suspension pursuant to Section 2.01(b) of this Agreement in excess of the periods permitted therein or (ii) the Registration Statement is filed and effective but, during the Effectiveness Period,
shall thereafter cease to be effective or fail to be usable for its intended purpose without being succeeded by a post-effective amendment to the Registration Statement, a supplement to the prospectus or a report filed with the Commission pursuant
to Section 13(a), 13(c), 14 or l5(d) of the Exchange Act, then, until the suspension is lifted or a post-effective amendment, supplement or report is filed with the Commission and effective, but not including any day on which a suspension is
lifted or such amendment, supplement or report is filed and effective, if applicable, Atlas Energy shall owe the Holders an amount equal to the Liquidated Damages, following (x) the date on which the suspension period exceeded the permitted
period under Section 2.01(b) of this Agreement or (y) the date after the Registration Statement ceased to be effective or failed to be useable for its intended purposes, as liquidated damages and not as a penalty. For purposes of this
Section 2.01(c), a suspension shall be deemed lifted on the date that notice that the suspension has been lifted or that a post-effective amendment is effective is delivered to the Holders pursuant to Section 3.01 of this Agreement.

 (d) S-1 Filing. In addition to the rights provided in Section 2.01(a), if Atlas Energy is not eligible to file a shelf
registration statement on Form S-3 on the File Date, one or more Holders collectively holding greater than $25 million of Registrable Securities, based on the Average Purchase Price, may thereafter deliver written notice to Atlas Energy that such
Holders wish to register under the Securities Act an aggregate of at least $25 million of Registrable Securities, based on the Average Purchase Price specifying the amount and intended method of disposition of such Registrable Securities. Atlas
Energy will promptly give written notice of such requested registration to all other Holders, and thereupon will, as expeditiously as possible, use its reasonable best efforts to effect the registration under the Securities Act of (i) such
Registrable Securities which the Company has been so requested to register by the such Holders; and (ii) all other Registrable Securities which Atlas Energy has been requested to register by any other Holder (which request shall specify the
amount and intended method of disposition of such Registrable Securities, including an Underwritten Offering) to the extent necessary to permit the disposition (in accordance with the intended method thereof as aforesaid) of the Registrable
Securities so to be registered. 
 Section 2.02 Piggyback Rights. 
 (a) Participation. If at any time Atlas Energy proposes to file (i) a shelf registration statement other than the Registration Statement
(in which event Atlas Energy covenants and agrees to include thereon a description of the transaction under which the 

  

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Purchasers acquired the Registrable Securities), (ii) a prospectus supplement to an effective shelf registration statement, other than the Registration
Statement contemplated by Section 2.01 of this Agreement and Holders may be included without the filing of a post-effective amendment thereto, or (iii) a registration statement, other than a shelf registration statement, in either case,
for the sale of Common Units in an Underwritten Offering for its own account and/or another Person, then as soon as practicable but not less than three Business Days prior to the filing of (x) any preliminary prospectus supplement relating to
such Underwritten Offering pursuant to Rule 424(b) under the Securities Act, (y) the prospectus supplement relating to such Underwritten Offering pursuant to Rule 424(b) under the Securities Act (if no preliminary prospectus supplement is used)
or (z) such registration statement, as the case may be, then Atlas Energy shall give notice (including, but not limited to, notification by electronic mail) of such proposed Underwritten Offering to the Holders and such notice shall offer the
Holders the opportunity to include in such Underwritten Offering such number of Common Units (the “Included Registrable Securities”) as each such Holder may request in writing; provided, however, that if Atlas Energy
has been advised by the Managing Underwriter that the inclusion of Registrable Securities for sale for the benefit of the Holders will have a material adverse effect on the price, timing or distribution of the Common Units in the Underwritten
Offering, then the amount of Registrable Securities to be offered for the accounts of Holders shall be determined based on the provisions of Section 2.02(b) of this Agreement. The notice required to be provided in this Section 2.02(a)
to Holders shall be provided on a Business Day pursuant to Section 3.01 hereof and receipt of such notice shall be confirmed by such Holder. Each such Holder shall then have three Business Days after receiving such notice to request
inclusion of Registrable Securities in the Underwritten Offering. If no request for inclusion from a Holder is received within the specified time, such Holder shall have no further right to participate in such Underwritten Offering. If, at
any time after giving written notice of its intention to undertake an Underwritten Offering and prior to the closing of such Underwritten Offering, Atlas Energy shall determine for any reason not to undertake or to delay such Underwritten Offering,
Atlas Energy may, at its election, give written notice of such determination to the Selling Holders and, (x) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of its obligation to sell any Included
Registrable Securities in connection with such terminated Underwritten Offering, and (y) in the case of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities for the same
period as the delay in the Underwritten Offering. Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in such offering by giving written
notice to Atlas Energy of such withdrawal up to and including the time of pricing of such offering. Each Holder’s rights under this Section 2.02(a) shall terminate when such Holder (together with any Affiliates of such Holder) holds
less than $15 million, in aggregate, of Registrable Securities, based on the Average Purchase Price. Notwithstanding the foregoing, any Holder may deliver written notice (an “Opt Out Notice”) to Atlas Energy requesting that
such Holder not receive notice from Atlas Energy of any proposed Underwritten Offering; provided, that such Holder may later revoke any such notice. 
 (b) Priority of Rights. If the Managing Underwriter or Underwriters of any proposed Underwritten Offering of Common Units included in an Underwritten Offering involving Included Registrable Securities
advises Atlas Energy, or Atlas Energy reasonably determines, that the total amount of Registrable Securities that the Selling Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering

  

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without being likely to have a material adverse effect on the price, timing or distribution of the Common Units offered or the market for the Common Units,
then the Registrable Securities to be included in such Underwritten Offering shall include the number of Registrable Securities that such Managing Underwriter or Underwriters advises Atlas Energy, or Atlas Energy reasonably determines, can be sold
without having such adverse effect, with such number to be allocated (i) first, to Atlas Energy, and (ii) second, pro rata among the Selling Holders who have requested participation in such Underwritten Offering. The pro rata
allocations for each such Selling Holder shall be the product of (a) the aggregate number of Registrable Securities proposed to be sold by all Selling Holders in such Underwritten Offering multiplied by (b) the fraction derived by dividing
(x) the number of Registrable Securities owned on the Closing Date by such Selling Holder by (y) the aggregate number of Registrable Securities owned on the Closing Date by all Selling Holders participating in the Underwritten
Offering. All participating Selling Holders shall have the opportunity to share pro rata that portion of such priority allocable to any Selling Holder(s) not so participating. 
 Section 2.03 Underwritten Offering. 
 (a) Request for Underwritten Offering. In the event that one or more Holders collectively holding greater than $75 million of Registrable Securities, based on the Average Purchase Price, elect to dispose of Registrable Securities
under the Registration Statement (including a registration statement pursuant to Section 2.01(d)) pursuant to an Underwritten Offering, Atlas Energy shall retain underwriters, effect such sale though an Underwritten Offering, including entering
into an underwriting agreement in customary form with the Managing Underwriter or Underwriters, which shall include, among other provisions, indemnities to the effect and to the extent provided in Section 2.08 and take all reasonable actions as
are requested by the Managing Underwriter or Underwriters to expedite or facilitate the disposition of such Registrable Securities. Atlas Energy management shall participate in a roadshow or similar marketing effort on behalf of any such Holder or
Holders if gross proceeds from such Underwritten Offering are reasonably expected to exceed $75 million. 
 (b) Limitation on Underwritten
Offerings. In connection with any and all rights granted hereunder to the Holders to cause Atlas Energy to engage underwriters to conduct an Underwritten Offering on behalf of the Holders, in no event shall Atlas Energy be required to do more
than aggregate of four such Underwritten Offerings. 
 (c) General Procedures. In connection with any Underwritten Offering under
this Agreement, Atlas Energy shall be entitled to select the Managing Underwriter or Underwriters. In connection with an Underwritten Offering contemplated by this Agreement in which a Selling Holder participates, each Selling Holder and Atlas
Energy shall be obligated to enter into an underwriting agreement that contains such representations, covenants, indemnities and other rights and obligations as are customary in underwriting agreements for firm commitment offerings of
securities. No Selling Holder may participate in such Underwritten Offering unless such Selling Holder agrees to sell its Registrable Securities on the basis provided in such underwriting agreement and completes and executes all questionnaires,
powers of attorney, indemnities and other documents reasonably required under the terms of such underwriting agreement. Each Selling Holder may, at its option, require that any or all of the representations and warranties by, and the other
agreements on the part of, Atlas Energy to and 

  

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for the benefit of such underwriters also be made to and for such Selling Holder’s benefit and that any or all of the conditions precedent to the
obligations of such underwriters under such underwriting agreement also be conditions precedent to its obligations. No Selling Holder shall be required to make any representations or warranties to or agreements with Atlas Energy or the
underwriters other than representations, warranties or agreements regarding such Selling Holder and its ownership of the securities being registered on its behalf, its intended method of distribution and any other representation required by
Law. If any Selling Holder disapproves of the terms of an underwriting, such Selling Holder may elect to withdraw therefrom by notice to Atlas Energy and the Managing Underwriter; provided, however, that such withdrawal must be
made at a time up to and including the time of pricing of such Underwritten Offering. No such withdrawal or abandonment shall affect Atlas Energy’s obligation to pay Registration Expenses. 
 Section 2.04 Sale Procedures. In connection with its obligations under this Article II, Atlas Energy will, as expeditiously as possible:

 (a) prepare and file with the Commission such amendments and supplements to the Registration Statement and the prospectus used in
connection therewith as may be necessary to cause the Registration Statement to be effective and to keep the Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act
with respect to the disposition of all securities covered by the Registration Statement; 
 (b) furnish to each Selling Holder (i) as
far in advance as reasonably practicable before filing the Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all
such documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object
to any information pertaining to such Selling Holder and its plan of distribution that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing the Registration
Statement or such other registration statement or supplement or amendment thereto, and (ii) such number of copies of the Registration Statement or such other registration statement and the prospectus included therein and any supplements and
amendments thereto as such Persons may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement or other registration statement; 
 (c) if applicable, use its commercially reasonable efforts to register or qualify the Registrable Securities covered by the Registration Statement or any
other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders or, in the case of an Underwritten Offering, the Managing Underwriter, shall reasonably request;
provided, however, that Atlas Energy will not be required to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action which would subject it to general service of
process in any such jurisdiction where it is not then so subject; 
  

 8 

 (d) promptly notify each Selling Holder and each underwriter of Registrable Securities, at any time when
a prospectus relating thereto is required to be delivered by any of them under the Securities Act, of (i) the filing of the Registration Statement or any other registration statement contemplated by this Agreement or any prospectus to be used
in connection therewith, or any amendment or supplement thereto, and, with respect to such Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become effective; and (ii) any
written comments from the Commission with respect to any filing referred to in clause (i) and any written request by the Commission for amendments or supplements to the Registration Statement or any other registration statement or any
prospectus or prospectus supplement thereto; 
 (e) immediately notify each Selling Holder and each underwriter of Registrable Securities, at
any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the happening of any event as a result of which the prospectus or prospectus supplement contained in the Registration Statement or any
other registration statement contemplated by this Agreement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing; (ii) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any other registration statement contemplated
by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by Atlas Energy of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable
securities or blue sky laws of any jurisdiction. Following the provision of such notice, Atlas Energy agrees to as promptly as practicable amend or supplement the prospectus or prospectus supplement or take other appropriate action so that the
prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances
then existing and to take such other action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 
 (f) upon request and subject to appropriate confidentiality obligations, furnish to each Selling Holder copies of any and all transmittal letters or other correspondence with the Commission or any other governmental agency or
self-regulatory body or other body having jurisdiction (including any domestic or foreign securities exchange) relating to such offering of Registrable Securities; 
 (g) in the case of an Underwritten Offering, furnish upon request, (i) an opinion of counsel for Atlas Energy dated the effective date of the applicable registration statement or the date of any amendment or
supplement thereto, and a letter of like kind dated the date of the closing under the underwriting agreement, and (ii) a “cold comfort” letter, dated the date of the applicable registration statement or the date of any amendment or
supplement thereto and a letter of like kind dated the date of the closing under the underwriting agreement, in each case, signed by the independent public accountants who have certified Atlas Energy’s financial statements included or
incorporated by reference into the applicable registration statement, and each of the opinion and the “cold comfort” letter shall be in customary form and covering substantially the same matters with respect to such registration statement
(and the prospectus and 

  

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any prospectus supplement included therein) as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the
underwriters in Underwritten Offerings of securities and such other matters as such underwriters or Selling Holders may reasonably request; 
 (h) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement, which
earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 
 (i) make
available to the appropriate representatives of the Managing Underwriter and Selling Holders access to such information and Atlas Energy personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the
Securities Act; provided, however, that Atlas Energy need not disclose any such information to any such representative unless and until such representative has entered into or is otherwise subject to a confidentiality agreement with
Atlas Energy satisfactory to Atlas Energy (including any confidentiality agreement referenced in Section 8.06 of the Purchase Agreement); 
 (j) cause all such Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange or nationally recognized quotation system on which similar securities issued by Atlas Energy are then listed;

 (k) use its commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by such other
governmental agencies or authorities as may be necessary by virtue of the business and operations of Atlas Energy to enable the Selling Holders to consummate the disposition of such Registrable Securities; 
 (l) provide a transfer agent and registrar for all Registrable Securities covered by such registration statement not later than the effective date of
such registration statement; 
 (m) enter into customary agreements and take such other actions as are reasonably requested by the Selling
Holders or the underwriters, if any, in order to expedite or facilitate the disposition of such Registrable Securities; 
 (n) If any
Purchaser could reasonably be deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in connection with the registration statement in respect of any registration of Registrable Securities of such
Purchaser pursuant to this Agreement, and any amendment or supplement thereof (any such registration statement or amendment or supplement, a “Purchaser Underwriter Registration Statement”), then for a period of two years following
the File Date, Atlas Energy will cooperate with such Purchaser in allowing such Purchaser to conduct customary “underwriter’s due diligence” with respect to Atlas Energy and satisfy its obligations in respect thereof. In
addition, for a period of one year following the File Date at any Purchaser’s request, Atlas Energy will furnish to such Purchaser, on the date of the effectiveness of any Purchaser Underwriter Registration Statement and thereafter no more
often than on a quarterly basis, (i) a letter, dated such date, from Atlas Energy’s independent certified public accountants in form and substance as is customarily given by independent certified public accountants to underwriters in an
underwritten public offering, 

  

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addressed to such Purchaser, (ii) an opinion, dated as of such date, of counsel representing Atlas Energy for purposes of such Purchaser Underwriter
Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, including a standard “10b-5” opinion for such offering, addressed to such Purchaser and (iii) a standard officer’s
certificate from the Chief Executive Officer and Chief Financial Officer of Atlas Energy addressed to such Purchaser. Atlas Energy will also permit one legal counsel to such Purchaser(s) to review and comment upon any such Purchaser Underwriter
Registration Statement at least five Business Days prior to its filing with the Commission and all amendments and supplements to any such Purchaser Underwriter Registration Statement within a reasonable number of days prior to their filing with the
Commission and not file any Purchaser Underwriter Registration Statement or amendment or supplement thereto in a form to which such Purchaser’s legal counsel reasonably objects; 
 (o) Each Selling Holder, upon receipt of notice from Atlas Energy of the happening of any event of the kind described in Section 2.04(e) of this
Agreement, shall forthwith discontinue disposition of the Registrable Securities until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 2.04(e) of this Agreement or until it is
advised in writing by Atlas Energy that the use of the prospectus may be resumed and has received copies of any additional or supplemental filings incorporated by reference in the prospectus, and, if so directed by Atlas Energy, such Selling Holder
will, or will request the managing underwriter or underwriters, if any, to deliver to Atlas Energy (at Atlas Energy’s expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s
possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice; 
 (p) If requested by a
Purchaser, Atlas Energy shall: (i) as soon as practicable incorporate in a prospectus supplement or post-effective amendment such information as such Purchaser reasonably requests to be included therein relating to the sale and distribution of
Registrable Securities, including information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such
offering; (ii) as soon as practicable make all required filings of such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; and
(iii) as soon as practicable, supplement or make amendments to any Registration Statement; and 
 (q) Include in the plan of
distribution section of a registrations statement the following language with respect to the selling unitholders: 
 “The selling
unitholders may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with
those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, 

  

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the third party may use securities pledged by the selling unitholders or borrowed from the selling unitholders or others to settle those sales or to close
out any related open borrowings of Units, and may use securities received from the selling unitholders in settlement of those derivatives to close out any related open borrowings of Units.” 
 Section 2.05 Cooperation by Holders. Atlas Energy shall have no obligation to include in the Registration Statement Registrable
Securities of a Holder, or in an Underwritten Offering pursuant to Section 2.02 Registrable Securities of a Selling Holder, who has failed to timely furnish such information that Atlas Energy determines, after consultation with counsel, is
reasonably required to be furnished or conformed in order for the registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 
 Section 2.06 Restrictions on Public Sale by Holders of Registrable Securities. For a period of 365 days from the Closing Date, each Holder of Registrable Securities agrees not to effect any public sale or
distribution of the Registrable Securities for a period of up to 30 days following completion of an Underwritten Offering of equity securities by Atlas Energy (except as provided in this Section 2.06); provided, however, that the
duration of the foregoing restrictions shall be no longer than the duration of the shortest restriction generally imposed by the underwriters on the officers or directors or any other Unitholder of Atlas Energy on whom a restriction is imposed in
connection with such public offering. In addition, the provisions of this Section 2.06 shall not apply with respect to a Holder that (A) owns less than $25 million, in aggregate, of Registrable Securities based on the Average Purchase
Price or (B) has delivered an Opt Out Notice to Atlas Energy pursuant to Section 2.02(a) hereof; provided, however, the above shall not apply, in the case of a Purchaser that is a large multi-unit investment or commercial banking
organization, to activities in the normal course of trading of units of such Purchaser other than the unit participating in this transaction so long as such other units are not acting on behalf of the unit participating in this transaction and have
not been provided with confidential information regarding Atlas Energy by the unit participating in this transaction; provided further, with respect to Goldman, Sachs & Co., the restrictions contained in this Section 2.06 shall
only apply to the Goldman Sachs Principal Strategies Group, as currently configured, and shall not restrict or limit the activities of any area or division of Goldman, Sachs & Co. or any of its Affiliates, other than Goldman Sachs Principal
Strategies Group, as currently configured. 
 Section 2.07 Expenses. 
 (a) Certain Definitions. “Registration Expenses” means all expenses incident to Atlas Energy’s performance under or
compliance with this Agreement to effect the registration of Registrable Securities on the Registration Statement pursuant to Section 2.01 hereof or an Underwritten Offering covered under this Agreement, and the disposition of such securities,
including, without limitation, all registration, filing, securities exchange listing and The New York Stock Exchange fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the
National Association of Securities Dealers, Inc., transfer taxes and fees of transfer agents and registrars, all word 

  

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processing, duplicating and printing expenses and the fees and disbursements of one counsel to the Holders and independent public accountants for Atlas
Energy, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance. “Selling Expenses” means all underwriting fees, discounts and selling
commissions allocable to the sale of the Registrable Securities. 
 (b) Expenses. Atlas Energy will pay all reasonable
Registration Expenses as determined in good faith, including, in the case of an Underwritten Offering, whether or not any sale is made pursuant to such Underwritten Offering. In addition, except as otherwise provided in Section 2.08
hereof, Atlas Energy shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder. Each Selling Holder shall pay its pro rata share of all Selling Expenses in connection with
any sale of its Registrable Securities hereunder. 
 Section 2.08 Indemnification. 
 (a) By Atlas Energy. In the event of an offering of any Registrable Securities under the Securities Act pursuant to this Agreement, Atlas
Energy will indemnify and hold harmless each Selling Holder thereunder, its Affiliates that own Registrable Securities and their respective directors and officers, and each underwriter, pursuant to the applicable underwriting agreement with such
underwriter, of Registrable Securities thereunder and each Person, if any, who controls such Selling Holder or underwriter within the meaning of the Securities Act and the Exchange Act, and its directors and officers (collectively, the
“Selling Holder Indemnified Persons”), against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively, “Losses”), joint or several, to which such
Selling Holder Indemnified Person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any
untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus, free writing prospectus or final prospectus
contained therein, or any amendment or supplement thereof, arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a
prospectus, in light of the circumstances under which they were made) not misleading or arise out of or are based upon a Selling Holder being deemed to be an “underwriter,” as defined in Section 2(a)(11) of the Securities Act, in
connection with the registration statement in respect of any registration of Atlas Energy’s securities, and will reimburse each such Selling Holder Indemnified Person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such Loss or actions or proceedings; provided, however, that Atlas Energy will not be liable in any such case if and to the extent that any such Loss arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission so made in strict conformity with information furnished by such Selling Holder Indemnified Person in writing specifically for use in the Registration Statement or such other
registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Selling Holder or any such Selling Holder, its directors or
officers or any underwriter or controlling Person, and shall survive the transfer of such securities by such Selling Holder. 
  

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 (b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify
and hold harmless Atlas Energy, its directors and officers, and each Person, if any, who controls Atlas Energy within the meaning of the Securities Act or of the Exchange Act, and its directors and officers, to the same extent as the foregoing
indemnity from Atlas Energy to the Selling Holders, but only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in the Registration Statement or any
preliminary prospectus or final prospectus included therein, or any amendment or supplement thereto; provided, however, that the liability of each Selling Holder shall not be greater in amount than the dollar amount of the proceeds
(net of any Selling Expenses) received by such Selling Holder from the sale of the Registrable Securities giving rise to such indemnification. 
 (c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party
hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party other than under this Section 2.08. In any
action brought against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense
thereof with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable
to such indemnified party under this Section 2.08 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with counsel so
selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense or employ counsel reasonably acceptable to the indemnified party or (ii) if the defendants in any such action include both the
indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the
indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, then the indemnified party shall have the right to select a separate counsel and to assume such legal
defense and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as
incurred. Notwithstanding any other provision of this Agreement, no indemnified party shall settle any action brought against it with respect to which it is entitled to indemnification hereunder without the consent of the indemnifying party,
unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnifying party. 
 (d) Contribution. If the indemnification provided for in this Section 2.08 is held by a court or government agency of competent jurisdiction to be unavailable to any indemnified party or is
insufficient to hold them harmless in respect of any Losses, then each such indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such Loss in such
proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of such indemnified party on the other in connection with the statements or omissions which resulted in 

  

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such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall such Selling Holder be required
to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification. The relative fault of the
indemnifying party on the one hand and the indemnified party on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact has been made by, or relates to, information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto
agree that it would not be just and equitable if contributions pursuant to this paragraph were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to
herein. The amount paid by an indemnified party as a result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any Loss which is the subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person
who is not guilty of such fraudulent misrepresentation. 
 (e) Other Indemnification. The provisions of this Section 2.08
shall be in addition to any other rights to indemnification or contribution which an indemnified party may have pursuant to law, equity, contract or otherwise. 
 Section 2.09 Rule 144 Reporting. With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Registrable Securities to the public
without registration, Atlas Energy agrees to use its commercially reasonable efforts to: 
 (a) make and keep public information regarding
Atlas Energy available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times from and after the date hereof; 
 (b) file with the Commission in a timely manner all reports and other documents required of Atlas Energy under the Securities Act and the Exchange Act at all times from and after the date hereof; and 
 (c) so long as a Holder owns any Registrable Securities, furnish, unless otherwise not available at no charge by access electronically to the
Commission’s EDGAR filing system, to such Holder forthwith upon request a copy of the most recent annual or quarterly report of Atlas Energy, and such other reports and documents so filed as such Holder may reasonably request in availing itself
of any rule or regulation of the Commission allowing such Holder to sell any such securities without registration. 
 Section 2.10
Transfer or Assignment of Registration Rights. The rights to cause Atlas Energy to register Registrable Securities granted to the Purchasers by Atlas Energy under this Article II may be transferred or assigned by any Purchaser to one or
more transferee(s) or assignee(s) of such Registrable Securities or by total return swap; provided, however, that, except 

  

 15 

 
with respect to a total return swap, (a) unless such transferee is an Affiliate of such Purchaser or another Purchaser, each such transferee or assignee
holds Registrable Securities in the amount of $10 million, based on the Average Purchase Price, (b) Atlas Energy is given written notice prior to any said transfer or assignment, stating the name and address of each such transferee and
identifying the securities with respect to which such registration rights are being transferred or assigned, and (c) each such transferee assumes in writing responsibility for its portion of the obligations of such Purchaser under this
Agreement. 
 Section 2.11 Limitation on Subsequent Registration Rights. From and after the date hereof, Atlas Energy shall
not, without the prior written consent of the Holders of Registrable Securities, (i) enter into any agreement with any current or future holder of any securities of Atlas Energy that would allow such current or future holder to require Atlas
Energy to include securities in any registration statement filed by Atlas Energy on a basis that is superior in any way to the piggyback rights granted to the Purchasers hereunder or (ii) grant registration rights to any other Person that would
be superior to the Purchasers’ registration rights hereunder. 
 ARTICLE III 
 MISCELLANEOUS  
 Section 3.01 Communications. All notices and other communications provided for or permitted hereunder shall be made in writing by facsimile, electronic mail, courier service or personal delivery: 
  

	 	(a)	if to Atlas Energy, to the address set forth on its signature page; 

  

	 	(b)	if to a Purchaser, to the address set forth on Exhibit A; and 

  

	 	(c)	if to a transferee of Purchaser, to such Holder at the address provided pursuant to Section 2.10 hereof. 

 All such notices and communications shall be deemed to have been received: at the time delivered by hand, if personally delivered; when receipt
acknowledged, if sent via facsimile or electronic mail; and when actually received, if sent by courier service or any other means. 
 Section 3.02 Successor and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including subsequent Holders of Registrable Securities to the extent
permitted herein. 
 Section 3.03 Aggregation of Purchased Class D Units and Purchased Units. All Purchased Class D Units
and Purchased Units held or acquired by Persons who are Affiliates of one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 
 Section 3.04 Recapitalization, Exchanges, Etc. Affecting the Units. The provisions of this Agreement shall apply to the full extent set
forth herein with respect to any and all units of Atlas Energy or any successor or assign of Atlas Energy (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange for or in substitution of, the
Registrable Securities, and shall be appropriately adjusted for combinations, unit splits, recapitalizations and the like occurring after the date of this Agreement, including any issuance pursuant to Section 5.02 of the Purchase Agreement.

  

 16 

 Section 3.05 Change of Control. Atlas Energy shall not merge, consolidate or combine with
any other Person unless the agreement providing for such merger, consolidation or combination expressly provides for the continuation of the registration rights specified in this Agreement with respect to the Registrable Securities or other equity
securities issued pursuant to such merger, consolidation or combination. 
 Section 3.06 Specific Performance. Damages in
the event of breach of this Agreement by a party hereto may be difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the
right to an injunction or other equitable relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives any and all defenses it may
have on the ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in
equity which such Person may have. 
 Section 3.07 Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same
Agreement. 
 Section 3.08 Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
 Section 3.09 Governing Law. The Laws of the State of New York shall govern
this Agreement without regard to principles of conflict of Laws. 
 Section 3.10 Severability of Provisions. Any provision
of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or
impairing the validity or enforceability of such provision in any other jurisdiction. 
 Section 3.11 Entire Agreement. This
Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained
herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by Atlas Energy set forth herein. This Agreement and the Purchase Agreement
supersede all prior agreements and understandings between the parties with respect to such subject matter. 
 Section 3.12
Amendment. This Agreement may be amended only by means of a written amendment signed by Atlas Energy and the Holders of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment
shall materially and adversely affect the rights of any Holder hereunder without the consent of such Holder. 
  

 17 

 Section 3.13 No Presumption. If any claim is made by a party relating to any conflict,
omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 
 Section 3.14 Obligations Limited to Parties to Agreement. Each of the Parties hereto covenants, agrees and acknowledges that no Person
other than the Purchasers (and their permitted assignees) and Atlas Energy shall have any obligation hereunder and that, notwithstanding that one or more of the Purchasers may be a corporation, partnership or limited liability company, no recourse
under this Agreement or the Purchase Agreement or under any documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited partner,
manager, member, stockholder or Affiliate of any of the Purchasers or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, whether by the
enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by
any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the Purchasers or any former, current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of the Purchasers under this Agreement or the Purchase Agreement or any documents or instruments delivered in connection herewith or therewith
or for any claim based on, in respect of or by reason of such obligation or its creation. 
 [The remainder of this page is intentionally
left blank] 
  

 18 

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

							
	 	 	 	 	ATLAS ENERGY RESOURCES, LLC
				
		 		 	By:	 	  

		 		 	Name:	 	Matthew A. Jones
		 		 	Title:	 	Chief Financial Officer
			
		 	                                       
             Address for notices:	 	Atlas Energy Resources, LLC
		 		 	311 Rouser Road
		 		 	Moon Township, PA 15108
		 		 	Fax: 412-262-2820
		 		 	Attn: Matthew A. Jones
			
		 	                                       
             With copies to:	 	Ledgewood
		 		 	1900 Market Street, Suite 750
		 		 	Philadelphia, PA 19103
		 		 	Fax: 215-735-2513
		 		 	Attn: Lisa A. Ernst

 Signature Page to Registration Rights Agreement 

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

			
	[Purchaser]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Signature Page to Registration Rights Agreement 

 EXHIBIT A 
 [PURCHASERS] 
  

 Ex. A 

 EXHIBIT F 
 FORM OF LOCK-UP LETTER 
 May     , 2007 
 [PURCHASERS] 
 Ladies and Gentlemen: 
 This letter is being delivered to pursuant to Section 6.02(f) of the Class D Unit and Common Unit Purchase Agreement dated as of May
    , 2007 (the “Agreement”), by and among Atlas Energy Resources, LLC, a Delaware limited liability company (“Atlas Energy”), and each of you as the purchasers listed on Schedule 2.01 to
the Agreement (the “Purchasers”) relating to the issuance and sale of the Purchased Units and the Purchased Class D Units in Atlas Energy. Capitalized terms used but not defined herein have the meaning assigned to them in the
Agreement. 
 In order to induce you to enter into the Agreement, the undersigned will not, without the prior written consent of the
Purchasers, offer, sell, contract to sell, pledge or otherwise dispose of (or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic
disposition due to cash settlement or otherwise) by the undersigned or any affiliate of the undersigned or any person in privity with the undersigned or any affiliate of the undersigned), directly or indirectly, including the filing (or
participation in the filing) of a registration statement with the Securities and Exchange Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of
Section 16 of the Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect to, any Common Units of Atlas Energy or any securities convertible into, or
exercisable or exchangeable for such Common Units, or publicly announce an intention to effect any such transaction, for a period beginning on the date hereof until 90 days after the date the registration statement becomes effective as set forth in
Section 2.01 of that certain Registration Rights Agreement dated May     , 2007 by and among Atlas Energy and the Purchasers. 
 Notwithstanding the foregoing paragraph, if (i) during the last 17 days of the lock-up period set forth above (the “Lock-up Period”), Atlas Energy issues an earnings release or announces material
news or a material event; or (ii) prior to the expiration of the Lock-up Period, Atlas Energy announces that it will release earnings results during the 16-day period beginning on the last day of the Lock-up Period, then the restrictions
described in the preceding paragraph will continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the announcement of the material news or material event; provided, however, that
the extension provided for by this sentence shall no longer apply when Atlas Energy is eligible to use Form S-3 and meets the definition of “actively traded securities” in Regulation M. 
  

 Ex. F 

 If for any reason the Agreement shall be terminated prior to the Closing Date, the agreement set forth
above shall likewise be terminated. 
  

			
	Yours very truly,
	
	ATLAS AMERICA INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  

 Ex. F$850,000,000 Senior Secured Revolving Facility Commitment Letter

 Exhibit 10.2 
 May 18, 2007 
 Atlas Energy Resources, LLC 
 311 Rouser Road 
 Moon Township, Pennsylvania 15108 

			
	Attention:	 	Edward E. Cohen
		 	Chief Executive Officer

 $850,000,000 Senior Secured Revolving Facility  
 Commitment Letter 
 Ladies and Gentlemen: 

Atlas Energy Resources, LLC (the “Parent” or “you”) has advised J.P. Morgan Securities Inc.
(“JPMorgan”) and JPMorgan Chase Bank, N.A. (“JPMorgan Chase Bank”; together with JPMorgan, the “Commitment Parties”) that the Parent, together with Atlas Energy Operating Company, LLC (the
“Borrower”), its direct wholly owned subsidiary, intends to consummate the transactions described in Exhibit A hereto (the “Transaction Description”). Capitalized terms used but not defined herein are used with the
meanings assigned to them in the Transaction Description. 
 JPMorgan is pleased to advise you that it is willing to act as the sole lead
arranger and sole bookrunner for the Revolving Facility. JPMorgan Chase Bank is pleased to advise you of its commitment to provide 100% of the Revolving Facility. This Commitment Letter and the Summary of Terms and Conditions attached as Exhibit B
hereto (the “Term Sheet”) set forth the principal terms and conditions on and subject to which JPMorgan Chase Bank is willing to make available the Revolving Facility. 
 It is agreed that JPMorgan will act as the sole lead arranger and sole bookrunner in respect of the Revolving Facility (in such capacities, the
“Lead Arranger”), and that JPMorgan Chase Bank will act as the sole administrative agent in respect of the Revolving Facility. You agree that, as a condition to the commitments and agreements hereunder, no other agents, co-agents or
arrangers will be appointed, no other titles will be awarded and no compensation (other than that expressly contemplated by the Term Sheet and the Fee Letter referred to below) will be paid in connection with the Revolving Facility unless you and we
shall so agree. 
 We intend to syndicate the Revolving Facility to a group of lenders (together with JPMorgan Chase Bank, the
“Lenders”) identified by us in consultation with you, and you agree actively to assist us in completing a syndication satisfactory to us. Such assistance shall include (a) your using commercially reasonable efforts to ensure
that the syndication efforts benefit materially from the existing banking relationships of the Parent and the Borrower, (b) direct contact between senior management and advisors of the Parent, the Borrower and the proposed Lenders, (c) as
set forth in the next paragraph, assistance from the Parent and the Borrower and its subsidiaries in the preparation of materials to be used in connection with the syndication (collectively, with the Term Sheets, the “Information
Materials”) and (d) the hosting, with us and senior management of the Parent and the Borrower, of one or more meetings of prospective Lenders. We acknowledge and agree that our commitment is not conditioned upon a successful
syndication. 

 You will assist us in preparing Information Materials, including Confidential Information Memoranda, for
distribution to prospective Lenders. If requested, you also will assist us in preparing an additional version of the Information Materials (the “Public-Side Version”) to be used by prospective Lenders’ public-side employees and
representatives (“Public-Siders”) who do not wish to receive material non-public information (within the meaning of United States federal securities laws) with respect to the Parent, the Assets, the Parent’s affiliates and any
of their respective securities (“MNPI”) and who may be engaged in investment and other market related activities with respect to any such entity’s securities or loans. Before distribution of any Information Materials, you agree
to execute and deliver to us (i) a letter in which you authorize distribution of the Information Materials to a prospective Lender’s employees willing to receive MNPI (“Private-Siders”) and (ii) a separate letter in
which you authorize distribution of the Public-Side Version to Public-Siders and represent that no MNPI is contained therein. 
 The Parent
agrees that the following documents may be distributed to both Private-Siders and Public-Siders, unless the Parent advises the Lead Arranger in writing (including by email) within a reasonable time prior to their intended distribution that such
materials should only be distributed to Private-Siders: (a) administrative materials prepared by the Commitment Parties for prospective Lenders (such as a lender meeting invitation, lender allocation, if any, and funding and closing memoranda),
(b) notification of changes in the terms of the Revolving Facility and (c) other materials intended for prospective Lenders after the initial distribution of Information Materials. If you advise us that any of the foregoing should be
distributed only to Private-Siders, then Public-Siders will not receive such materials without further discussions with you. 
 The Parent
hereby authorizes the Commitment Parties to distribute drafts of definitive documentation with respect to the Revolving Facility to Private-Siders and Public-Siders. 
 JPMorgan, in its capacity as Lead Arranger, will manage, in consultation with you, all aspects of the syndication, including decisions as to the selection of institutions to be approached and when they will be
approached, when their commitments will be accepted, which institutions will participate, the allocation of the commitments among the Lenders and the amount and distribution of fees among the Lenders. In its capacity as Lead Arranger, JPMorgan will
have no responsibility other than to arrange the syndication as set forth herein and in no event shall be subject to any fiduciary or other implied duties. Additionally, the Parent acknowledges and agrees that, as Lead Arranger, JPMorgan is not
advising the Parent as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Parent shall consult with its own advisors concerning any such matters and shall be responsible for making its own independent
investigation and appraisal of the transactions contemplated hereby, and the Lead Arranger shall have no responsibility or liability to the Parent with respect thereto. From the date hereof and through the completion of the syndication of the
Revolving Facility, you shall take all necessary steps so that there are no competing offers, placements or arrangements 

  

 -2- 

 
of any debt securities or bank financings by or on behalf of the Parent or any of its affiliates. The agreement in the immediately proceeding sentence shall
survive the termination of this Commitment Letter if the Revolving Facility shall have been entered into but syndication is not completed. 
 To assist us in our syndication efforts, you agree promptly to prepare and provide to us all information with respect to the Parent and its subsidiaries, the Assets, the Transaction and the other transactions contemplated hereby, including
all financial information and projections (the “Projections”), as we may reasonably request in connection with the arrangement and syndication of the Revolving Facility. You hereby represent and covenant that (a) all
information other than the Projections (the “Information”) that has been or will be made available to us by you or any of your representatives is or will be, when furnished, complete and correct in all material respects and does not
or will not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such
statements are made and (b) the Projections that have been or will be made available to us by you or any of your representatives have been or will be prepared in good faith based upon reasonable assumptions. You understand that in arranging and
syndicating the Revolving Facility we may use and rely on the Information and Projections without independent verification thereof. It is understood that your representations regarding Information and Projections in each case, with respect to the
Assets, shall be limited to the best of your knowledge. 
 As consideration for the commitments and agreements of the Commitment Parties
hereunder, you agree to cause to be paid the fees described in the Fee Letter dated the date hereof and delivered herewith (the “Fee Letter”). 
 Each Commitment Party’s commitments and agreements hereunder are subject to (a) there not having occurred since December 31, 2006 any event, development or circumstance that would constitute a
“Material Adverse Effect” as defined in the Transaction Agreement (as defined in Exhibit A hereto) (any such event, development or circumstance described in this clause (a) being referred to herein as a “Material Adverse
Effect”), (b) there not having occurred since December 31, 2006 any event, development or circumstance that has had or could reasonably be expected to have a material adverse effect on the business, operations, property or
financial condition of the Parent and its subsidiaries, taken as a whole (without giving effect to the Transaction), (c) such Commitment Party’s completion of and satisfaction in all respects with its confirmatory title and environmental
due diligence investigations of the Assets, (d) JPMorgan having been afforded a reasonable period of time after completion of the Confidential Information Memoranda to syndicate the Revolving Facility, which in no event shall be less than 30
days, (e) the closing of the Revolving Facility on or before August 1, 2007, and (f) the other conditions set forth or referred to in the Term Sheets; provided that, notwithstanding anything in this Commitment Letter, the Fee
Letter, the documentation with respect to the Revolving Facility (the “Revolving Facility Documentation”) or any other letter agreement or other undertaking concerning the financing of the Transaction to the contrary, (i) the
only representations (and related defaults) relating to the Assets the making of which shall be a condition to the availability of the Revolving Facility on the Closing Date shall be (a) such of the representations made by or 

  

 -3- 

 
in respect of the Assets in the Transaction Agreement and (b) the Specified Representations (as defined below). For purposes hereof, “Specified
Representations” means the representations and warranties relating to corporate existence, power and authority, the execution, delivery and enforceability of the Revolving Facility Documentation, no violation of law, no conflict with
existing agreements, Federal Reserve margin regulations and the Investment Company Act. 
 You agree (a) to indemnify and hold harmless
the Commitment Parties, their affiliates and their respective directors, employees, advisors, and agents (each, an “indemnified person”) from and against any and all losses, claims, damages and liabilities to which any such
indemnified person may become subject arising out of or in connection with this Commitment Letter, the Revolving Facility, the use of the proceeds thereof, the Transaction or any related transaction or any claim, litigation, investigation or
proceeding relating to any of the foregoing, regardless of whether any indemnified person is a party thereto, and to promptly reimburse each indemnified person following written demand for any reasonable and documented legal or other expenses
incurred in connection with investigating or defending any of the foregoing, provided that the foregoing indemnity will not, as to any indemnified person, apply to losses, claims, damages, liabilities or related expenses to the extent they are found
by a final, non-appealable judgment of a court to arise from the willful misconduct or gross negligence of such indemnified person, any of its affiliates or any of their respective directors and employees, and (b) to reimburse each Commitment
Party and its affiliates on demand for all reasonable and documented out-of-pocket expenses (including reasonable due diligence expenses, syndication expenses, consultant’s fees and expenses, travel expenses, and reasonable fees, charges and
disbursements of counsel) incurred in connection with the Revolving Facility and any related documentation (including this Commitment Letter and the definitive financing documentation) or the administration, amendment, modification or waiver
thereof. No indemnified person shall be liable for any damages arising from the use by others of Information or other materials obtained through electronic, telecommunications or other information transmission systems or for any special, indirect,
consequential or punitive damages in connection with the Revolving Facility except to the extent any such damages are found by a final, non-appealable judgment of a court to arise from the gross negligence or willful misconduct of such indemnified
person, any of its affiliates or any of their respective directors and employees. 
 You acknowledge that each Commitment Party and its
affiliates (the term “Commitment Party” as used below in this paragraph being understood to include such affiliates) may be providing debt financing, equity capital or other services (including financial advisory services) to other
companies in respect of which you may have conflicting interests regarding the transactions described herein and otherwise. No Commitment Party will use confidential information obtained from you by virtue of the transactions contemplated hereby or
its other relationships with you in connection with the performance by such Commitment Party of services for other companies, and no Commitment Party will furnish any such information to other companies. You also acknowledge that no Commitment Party
has any obligation to use in connection with the transactions contemplated hereby, or to furnish to you, confidential information obtained from other companies. You further acknowledge that certain of the Commitment Parties are full service
securities firms and each such Commitment Party may from time to time effect transactions, for its own or its affiliates’ account or the account of customers, 

  

 -4- 

 
and hold positions in loans, securities or options on loans or securities of the Parent and its affiliates and of other companies that may be the subject of
the transactions contemplated by this Commitment Letter. The Commitment Party recognizes its responsibility for compliance with federal securities laws in connection with such activities. 
 Each Commitment Party may employ the services of its affiliates in providing certain services hereunder and, in connection with the provision of such
services, may exchange with such affiliates information concerning you and the other companies that may be the subject of the transactions contemplated by this Commitment Letter, and, to the extent so employed, such affiliates shall be entitled to
the benefits afforded such Commitment Party hereunder. 
 This Commitment Letter shall not be assignable by you without the prior written
consent of each Commitment Party (and any purported assignment without such consent shall be null and void), is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in
favor of, any person other than the parties hereto and the indemnified persons. This Commitment Letter may not be amended or waived except by an instrument in writing signed by you and each Commitment Party. This Commitment Letter may be executed in
any number of counterparts, each of which shall be an original, and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this Commitment Letter by facsimile transmission shall be effective as
delivery of a manually executed counterpart hereof. This Commitment Letter and the Fee Letter are the only agreements that have been entered into among us with respect to the Revolving Facility and set forth the entire understanding of the parties
with respect thereto. 
 This Commitment Letter shall be governed by, and construed and interpreted in accordance with, the laws of the State
of New York. The Parent consents to the nonexclusive jurisdiction and venue of the state or federal courts located in the City of New York. Each party hereto irrevocably waives, to the fullest extent permitted by applicable law, (a) any
objection that it may now or hereafter have to the laying of venue of any such legal proceeding in the state or federal courts located in the City of New York and (b) any right it may have to a trial by jury in any suit, action, proceeding,
claim or counterclaim brought by or on behalf of any party related to or arising out of this Commitment Letter, the Term Sheets, the transactions contemplated hereby or the performance of services hereunder 
 This Commitment Letter is delivered to you on the understanding that neither this Commitment Letter, the Term Sheets or the Fee Letter nor any of their
terms or substance shall be disclosed, directly or indirectly, to any other person (including, without limitation, other potential providers or arrangers of financing) except (a) to your directors, officers, agents and advisors and, on a
confidential basis, those of the Seller who are directly involved in the consideration of this matter (except that the Fee Letter may not be disclosed to the Seller) or (b) as may be compelled in a judicial or administrative proceeding or as
otherwise required by law (in which case you agree to inform us promptly thereof), provided, that the foregoing restrictions shall cease to apply (except in respect of the Fee Letter and their terms and substance) after this Commitment Letter
has been accepted by you. 
  

 -5- 

 Each of the Commitment Parties hereby notifies you that, pursuant to the requirements of the USA Patriot
Act, Title III of Pub. L. 107-56 (signed into law on October 26, 2001) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the Borrower, the Parent and each Guarantor (as defined in the
Term Sheets), which information includes names and addresses and other information that will allow such Commitment Party to identify the Borrower, the Parent and each Guarantor in accordance with the Patriot Act. 
 The compensation, reimbursement, indemnification and confidentiality provisions contained herein and in the Fee Letter and any other provision herein or
therein which by its terms expressly survives the termination of this Commitment Letter shall remain in full force and effect regardless of whether definitive financing documentation shall be executed and delivered and notwithstanding the
termination of this Commitment Letter or the commitments hereunder. 
 If the foregoing correctly sets forth our agreement, please indicate
your acceptance of the terms hereof and of the Term Sheets and the Fee Letter by returning to the Commitment Parties executed counterparts hereof and of the Fee Letter not later than 5:00 p.m., New York City time, on May 19, 2007. This offer
will automatically expire at such time if we have not received such executed counterparts in accordance with the preceding sentence. 
  

 -6- 

 We are pleased to have been given the opportunity to assist you in connection with this important
financing. 
  

			
	Very truly yours,
	
	J.P. MORGAN SECURITIES INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	  

	Name:	 	
	Title:	 	

 Accepted and agreed to as of 
 the date first above written: 
  

			
	ATLAS ENERGY OPERATING COMPANY, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO COMMITMENT LETTER] 

 EXHIBIT A 
 $850,000,000 Senior Secured Revolving Facility 
 Transaction Description 
 Capitalized terms used but not defined in this Exhibit A shall have the meanings set forth in the Commitment Letter to which this Exhibit A is attached
and the other Exhibits thereto (the “Commitment Letter”). 
 Atlas Energy Resources, LLC (the “Parent”)
wishes to acquire (the “Transaction”), from MCN Energy Enterprises, Inc., a wholly owned subsidiary of DTE Energy Company (the “Seller”) the business comprised of (i) working interests in certain oil and gas
reserves located in Michigan and (ii) any other assets and entities associated with such oil and gas properties (collectively, the “Assets”). The definitive documentation for the Transaction is referred to herein as the
“Transaction Agreement”. The sources and uses of funding for the Transaction are described in the Sources and Uses Table (the “Table”) attached hereto as Schedule I. 
 In connection therewith: 
 (a) The Parent will establish ATN Michigan, LLC to be the acquisition vehicle (“AcquisitionCo”). 
 (b) AcquisitionCo will purchase the Assets from the Seller for a cash purchase price of $1,225,000,000. 
 (c) Atlas
Energy Operating Company, LLC (the “Borrower”), a wholly-owned subsidiary of Parent, will obtain a senior secured revolving credit facility in the amount of $850,000,000 (the “Revolving Facility”), of which
$650,000,000 (which may be increased to up to $700,000,000 at the Borrower’s request) is currently expected to be borrowed to effect the purchase of the Assets, subject to the terms and conditions set forth in the Commitment Letter and the
attachments thereto. 
 (d) The Borrower will terminate the Borrower’s existing revolving facility (the “Existing
Revolving Facility”), pursuant to which there will be no borrowings or letters of credit outstanding immediately prior to such termination. 
  

 A-1 

 Schedule I 
 SOURCES AND USES TABLE 
  

							
	 Sources:
	  		  			
		  	Senior Secured Revolving Facility	  	$	650,000,000	1
		  	Equity Commitment	  	$	600,000,000	 
		  	 Total Sources
	  	$	1,250,000,000	 
			
	 Uses:
	  		  			
		  	Purchase Price	  	$	1,225,000,000	 
		  	Payment of Fees and Expenses	  	$	25,000,000	 
		  	 Total Uses
	  	$	1,250,000,000	 

	 1
	 May be increased to up to $700,000,000 at the Borrower’s request. 

  

 Sch. I-1 

 EXHIBIT B 
 ATLAS ENERGY OPERATING COMPANY, LLC 
 $850,000,000 SENIOR SECURED REVOLVING FACILITY 
 Summary of Terms and Conditions 
  

					
	I.	  	Parties
			
		  	Borrower:	  	Atlas Energy Operating Company, LLC, a Delaware limited liability company (the “Borrower”).
			
		  	Guarantors:	  	Atlas Energy Resources, LLC (the “Parent”) and all existing or future direct or indirect material domestic subsidiaries of the Parent, other than the Borrower and Anthem Securities,
Inc. (collectively, the “Guarantors”). The Borrower and the Guarantors are from time to time referred to collectively as the “Credit Parties” and each individually, as a “Credit
Party”.
			
		  	Sole Bookrunner and Lead Arranger:	  	J.P. Morgan Securities Inc. (“JPMorgan” and in such capacity, the “Lead Arranger”).
			
		  	Administrative Agent:	  	JPMorgan Chase Bank, N.A. (“JPMCB” and, in such capacity, the “Administrative Agent”).
			
		  	Lenders:	  	A syndicate of banks, financial institutions and other entities, including JPMCB, arranged by the Lead Arranger (collectively, the “Lenders”).
		
	II.	  	Senior Secured Revolving Facility
			
		  	Type and Amount of Facility:	  	Five-year revolving credit facility (the “Revolving Facility”) in the amount of $850,000,000 (the loans thereunder, the “Revolving Credit
Loans”).
			
		  	Availability:	  	The Revolving Facility shall be available in an amount of up to $650,000,000 (which may be increased to up to $700,000,000 at the Borrower’s request) on the Closing Date, and thereafter on
a revolving basis during the period commencing on the Closing Date and ending on the fifth anniversary thereof (the “Revolving Credit Termination Date”) subject to the Borrowing Base or the Conforming Borrowing Base (each as defined
below) as applicable. Prior to the Borrowing Base Equalization Date (as defined below), availability will be based on the Borrowing Base then in effect. On and after the Borrowing Base Equalization Date, availability will be based on and subject to
the Conforming Borrowing Base then in effect.

  

 B-1 

					
		 		  	Revolving Credit Loans will not be permitted for the purposes of making distributions, dividends and other payments in respect of equity interests if, after giving pro forma effect thereto, the
aggregate amount of the Revolving Credit Loans, Letters of Credit (as defined below) and unreimbursed disbursements under Letters of Credit would exceed 90% of (x) the Borrowing Base (if prior to the Borrowing Base Equalization Date) or (y) the
Conforming Borrowing Base (if on or after the Borrowing Base Equalization Date).
			
		 		  	The Borrower will have the option to increase commitments under the Revolving Facility by up to $200,000,000 (the “Incremental Revolving Commitment”), (a) provided that
no default or event of default exists immediately prior to or after giving effect to such increase and (b) subject to the consent of the Administrative Agent and receipt of additional commitments from one or more Lenders.
			
		 	Letters of Credit:	  	A portion of the Revolving Facility not in excess of $50.0 million shall be available for the issuance of letters of credit the “Letters of Credit”) by JPMCB (in such capacity,
the “Issuing Bank”). No Letter of Credit shall have an expiration date after the earlier of (a) one year after the date of issuance and (b) five business days prior to the Revolving Credit Termination Date, provided that
any Letter of Credit with a one-year tenor may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (b) above).
			
		 		  	Drawings under any Letter of Credit shall be reimbursed by the Borrower (whether with its own funds or with the proceeds of Revolving Credit Loans) on the same business day. To the extent that
the Borrower does not so reimburse the Issuing Bank, the Lenders under the Revolving Facility shall be irrevocably and unconditionally obligated to reimburse the Issuing Bank on a pro rata basis.
			
		 	Borrowing Base:	  	The borrowing base (the “Borrowing Base”) and the conforming borrowing base (the “Conforming Borrowing Base”) for the Revolving Facility, at any time, shall be
based on the loan values assigned by the Lenders to the

  

 B-2 

					
		 		 	Credit Parties’ proved oil and gas reserves. The initial Borrowing Base will be $850,000,000 and the initial Conforming Borrowing Base will be $685,000,000. Upon the earlier of (x) the
first anniversary of the closing of the Revolving Facility and (y) the issuance by the Borrower after the Transaction of equity or debt securities in an aggregate amount of net cash proceeds at least equal to $200,000,000 (such date, the
“Borrowing Base Equalization Date”), the Borrowing Base shall be reduced to the Conforming Borrowing Base. The Conforming Borrowing Base will be reduced by 25% of the principal amount of any permitted debt issued or borrowed (other
than borrowings under the Revolving Facility) from time to time, including in any transaction referred to in clause (y) of the second preceding sentence.
			
		 		 	The Borrowing Base and the Conforming Borrowing Base shall be redetermined on a semi-annual basis, with the Borrower and the Lenders having the right to interim unscheduled redeterminations as
described below. Scheduled redeterminations will be made on or about April 1 and October 1 of each year, beginning October 1, 2007, based upon a reserve report prepared as of the immediately preceding December 31 and
June 30, respectively (each a “Reserve Report”) and other related information, if any, required to be delivered by the Administrative Agent. Each Reserve Report shall be in a form reasonably acceptable to the Administrative
Agent and prepared or audited by one or more independent petroleum engineering firms reasonably acceptable to the Administrative Agent or, with respect to the Reserve Report prepared as of June 30 of each year, prepared internally by petroleum
engineers who are employees of the Parent or the Borrower. Each redetermination of the Borrowing Base and the Conforming Borrowing Base shall be made by the Lenders in their sole discretion but based on such Lenders’ usual and customary
procedures for evaluating the collateral value of oil and gas interests and including adjustments to reflect the effect of the Parent’s or the Borrower’s hedging activities as they exist at the time of redetermination. Unscheduled
redeterminations of the Borrowing Base and the Conforming Borrowing Base may be made by either the Borrower or the Supermajority Lenders (as defined below) up to one time by each between scheduled redeterminations. To the extent any redetermination
represents an increase in the Borrowing Base or the Con

  

 B-3 

					
		  		  	forming Borrowing Base in effect prior to such redetermination, such Borrowing Base or Conforming Borrowing Base must be approved by all Lenders and to the extent any redetermination represents
a decrease in, or reaffirmation of, the Borrowing Base or Conforming Borrowing Base in effect prior to such redetermination, such Borrowing Base or Conforming Borrowing Base must be approved by the Supermajority Lenders. In addition to such
redeterminations, the Borrowing Base and the Conforming Borrowing Base will also be subject to adjustments between redeterminations in connection with title defects and the Credit Parties’ sales of oil and gas interests, including sales or
other dispositions of Borrowing Base Properties (as defined below), with an aggregate value exceeding ten percent (10%) of the Borrowing Base or Conforming Borrowing Base then in effect between scheduled redeterminations.
			
		  	Maturity:	  	The Revolving Credit Termination Date.
			
		  	Purpose:	  	The proceeds of the Revolving Credit Loans made on the Closing Date may be used to finance a portion of the Transaction and to repay indebtedness under the Existing Revolving Facility. All other
proceeds of the Revolving Credit Loans shall be used to finance working capital needs and for general corporate purposes of the Credit Parties in the ordinary course of business, including the exploration, acquisition and development of oil and gas
properties.
		
	III.	  	Certain Payment Provisions
			
		  	Fees and Interest Rates:	  	As set forth on Annex I to this Exhibit B and in the Fee Letter between JPMCB and the Parent.
			
		  	Optional Prepayments:	  	Revolving Credit Loans may be prepaid by the Borrower in minimum principal amounts of $1,000,000 or increments of $1,000,000 in excess thereof, without premium or penalty, subject to
reimbursement of the Lenders’ redeployment costs in the case of a prepayment of Eurodollar Loans (as defined in Annex I to this Exhibit B) other than on the last day of the relevant interest period.
			
		  	Mandatory Prepayments:	  	At any time when the aggregate amount of the outstanding Revolving Credit Loans and Letters of Credit under the Revolving Facility exceed 100% of the Borrowing Base (if prior to the Borrowing
Base Equalization Date) or the Conforming Borrowing Base (if on or after the Borrowing Base

  

 B-4 

					
		 		  	Equalization Date) (each, a “Borrowing Base Deficiency”), the Borrower shall repay such excess in six equal monthly installments with interest, unless such Borrowing Base
Deficiency arises as a result of a sale of Borrowing Base Properties in which event the Borrower must immediately prepay the Revolving Credit Loans to the extent necessary to eliminate such Borrowing Base Deficiency.
			
		 		  	There will be no prepayment penalties (except Eurodollar breakage costs) for mandatory prepayments.
			
	IV.	 	Conditions	  	
			
		 	Conditions Precedent:	  	The availability of the Revolving Facility shall be conditioned upon satisfaction of the conditions set forth in the Commitment Letter, including the conditions set forth on Exhibit C (the
date of satisfaction of such conditions, the “Closing Date”).
			
		 	On-Going Conditions:	  	The making of each extension of credit shall be conditioned upon (a) the accuracy in all material respects of all representations and warranties in the Revolving Facility Documentation (as
defined below), including, without limitation, the material adverse change and litigation representations, and (b) there being no default or event of default in existence at the time of, or after giving effect to the making of, such extension of
credit. As used herein and in the Revolving Facility Documentation a “material adverse change” shall mean any event, development or circumstance that has had or could reasonably be expected to have a material adverse effect on (a) the
assets or properties, financial condition, businesses, or operations of the Credit Parties taken as a whole, (b) the ability of any Credit Party to carry out its business as of the Closing Date or as proposed to be conducted on the Closing Date, or
(c) the validity or enforceability of any of the Revolving Facility Documentation or the rights or remedies of the Administrative Agent and the Lenders thereunder.
			
	V.	 	Documentation	  	
			
		 		  	Usual for facilities and transactions of a type similar to the Revolving Facility as may be reasonably agreed by the Lead Arranger and the Lenders (such documentation, collectively, the
“Revolving Facility Documentation”).

  

 B-5 

					
		 	Representations and Warranties:	  	Usual for facilities of this type and others as may be reasonably agreed by the Lead Arranger, the Lenders and the Borrower, including, without limitation: financial statements; absence of
undisclosed liabilities; no material adverse change; corporate, partnership or limited liability company existence; compliance with law; corporate, partnership or limited liability company power and authority; enforceability of Revolving Facility
Documentation; no conflict with law or contractual obligations; no material litigation; no default; ownership of property; liens; intellectual property; no burdensome restrictions; taxes; Federal Reserve regulations; ERISA; Investment Company Act;
subsidiaries; environmental matters; accuracy of disclosure; title to, costs, and production from oil and gas interests; prepayments; gas imbalances; marketing of production and marketing activities; capitalization; insurance; and
solvency.
			
		 	Affirmative Covenants:	  	Usual for facilities of this type and others as may be reasonably agreed by the Lead Arranger, the Lenders and the Borrower, including, without limitation: delivery of financial statements,
reserve and other reports, accountants’ letters, projections, officers’ certificates and other information requested by the Lenders; payment of other obligations; continuation of business and maintenance of existence, material rights and
privileges; compliance with laws and material contractual obligations; further assurances; performance of material obligations; maintenance of material property and customary insurance; maintenance of books and records; right of the Lenders to
inspect property and books and records; notices of defaults, litigation and other material events; ERISA; compliance with environmental laws; security and title data with respect to the Credit Parties’ including the requirement that the
Revolving Facility be, at all times, secured by (a) a first priority lien and security interest on not less than 80% of the engineered value of the oil and gas interests included in the determination of the Borrowing Base (the “Borrowing
Base Properties”) and title information reasonably satisfactory to the Administrative Agent and its counsel confirming the title of the Credit Parties in 75% of the engineered value of the Borrowing Base Properties and (b) a first priority
lien and security interest on all of the equity interests of each Credit Party (other than the Parent) and all of the other material assets of the Parent and its subsidiaries, wherever located, now or

  

 B-6 

					
		 		  	hereafter owned as reasonably determined by the Lead Arranger; use of proceeds; maintenance of the Parent’s swap and price protection agreements and the Hedge (as defined in Exhibit C);
operation of oil and gas properties; and marketing of production and marketing activities.
			
		 	Financial Covenants:	  	Minimum current ratio of 1.0 to 1.0; and a maximum ratio of total debt to trailing four quarter EBITDA as of the last day of the most recently completed fiscal quarter (a) for the period
beginning on the Closing Date through December 31, 2008, less than or equal to 4.0:1, (b) for the period beginning after December 31, 2008 through December 31, 2009, less than or equal to 3.75:1, and (c) thereafter, less than or equal to 3.5:1.
Financial covenants shall be calculated on a consolidated basis for the Parent and its subsidiaries in a manner reasonably consistent with the Borrower’s current practices as evidenced by the calculations separately provided to the Lead
Arranger on the date hereof with such additional adjustments as may be mutually agreed.
			
		 	Negative Covenants:	  	Usual for facilities of this type and others as may be reasonably agreed by the Lead Arranger, the Lenders and the Borrower, including, without limitation, limitations on: indebtedness and
preferred stock; liens; guarantee obligations; mergers, consolidations, liquidations and dissolutions; sales of assets, but permitting sales of Borrowing Base Properties with a value not to exceed ten percent (10%) of the Borrowing Base (if prior to
the Borrowing Base Equalization Date) or the Conforming Borrowing Base (if on or after the Borrowing Base Equalization Date), in each case then in effect between scheduled redeterminations of the Borrowing Base or the Conforming Borrowing Base;
distributions, dividends and other payments in respect of equity interests, including a prohibition on distributions, dividends and other payments following the occurrence and during the continuation of a Borrowing Base Deficiency; investments,
loans and advances; discounting of receivables and payables; optional payments and modifications of subordinated and other debt instruments; amendments to organizational documents of the Credit Parties; transactions with affiliates; swap and price
protection agreements not to exceed at any date (a) for the 24 month period immediately following such date the lesser of (i) 100% of the Borrower’s (including the Assets) forecasted

  

 B-7 

					
		 		  	production from its proved developed producing oil and gas interests and (ii) 90% of the Borrower’s (including the Assets) forecasted production from its proved oil and gas interests plus
(b) for any period immediately following the period described in clause (a), 85% of the Borrower’s (including the Assets) forecasted production from its proved developed producing oil and gas interests, in each case based upon the Reserve
Report then most recently provided to the Administrative Agent in accordance with the terms of the Revolving Facility Documentation; sale and leasebacks; changes in fiscal year; negative pledge clauses; tax status as a partnership; and changes in
lines of business.
			
		 	Events of Default:	  	Usual for facilities of this type and others as may be reasonably agreed by the Lead Arranger, the Lenders and the Borrower, including, without limitation: nonpayment of principal when due;
nonpayment of interest, fees or other amounts after a grace period to be agreed upon; material inaccuracy of representations and warranties; violation of covenants (subject, in the case of certain affirmative covenants, to a grace period to be
agreed upon); cross-default; bankruptcy events; certain ERISA events; material judgments; failure to cure a Borrowing Base Deficiency in the manner required; and change of control.
			
		 	Voting:	  	Amendments and waivers with respect to the Revolving Facility Documentation shall require the approval of Lenders holding more than 50% of the aggregate amount of the Revolving Credit Loans,
participations in Letters of Credit and unused commitments under the Revolving Facility (the “Required Lenders”), except that the approval of (i) each Lender affected thereby shall be required with respect to (a) reductions in
the amount or extensions of the scheduled date of final maturity of any Revolving Credit Loan (b) reductions in the rate of interest or any fee or extensions of any due date thereof, and (c) increases in the amount or extensions of the expiry
date of any Lender’s commitment, (ii) the approval of Lenders holding at least 66-2/3% of the aggregate amount of the Revolving Credit Loans, participations in Letters of Credit and unused commitments under the Revolving Facility (the
“Supermajority Lenders”) will be required for certain matters referred to under “Borrowing Base” above and (iii) 100% of the Lenders shall be required with respect to (a) increases in the Borrowing Base or the
Conforming Borrowing Base, (b) modifications to

  

 B-8 

					
		 		  	the Borrowing Base Equalization Date, (c) modifications to any of the voting percentages and (d) releases of all or substantially all the collateral or the guarantees.
			
		 		  	The Revolving Facility Documentation will contain customary provisions for replacing non-consenting Lenders in connection with amendments or waivers (including with respect to the Borrowing Base
or the Conforming Borrowing Base), so long as relevant Lenders holding at least 75% of the aggregate amount of the Revolving Credit Loans, participations in Letters of Credit and unused commitments under the Revolving Facility have consented
thereto.
			
		 	Assignments and Participations:	  	The Lenders shall be permitted to assign all or a portion of their loans and commitments with the consent, not to be unreasonably withheld, of (a) the Borrower, unless (i) the assignee is a
Lender, an affiliate of a Lender or an investment fund administered or managed by a Lender or an affiliate of a Lender (an “Approved Fund”) or (ii) an event of default has occurred and is continuing, (b) the Administrative Agent and
(c) the Issuing Bank. In the case of partial assignments (other than to another Lender, to an affiliate of a Lender or an Approved Fund), the minimum assignment amount shall be $5,000,000 for assignments of the Revolving Facility, unless
otherwise permitted by the Borrower and the Administrative Agent.
			
		 		  	The Lenders shall also be permitted to sell participations in their Revolving Credit Loans. Participants shall have the same benefits as the Lenders with respect to yield protection and
increased cost provisions. Voting rights of participants shall be limited to those matters with respect to which the affirmative vote of the Lender from which it purchased its participation would be required as described under “Voting”
above. Pledges of Revolving Credit Loans in accordance with applicable law shall be permitted without restriction. Promissory notes shall be issued under the Revolving Facility only upon request.
			
		 	Yield Protection:	  	The Revolving Facility Documentation shall contain customary provisions (a) protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, tax, capital
adequacy and other requirements of law and from the imposition of or changes in withholding or other taxes and (b) indemnifying the Lenders for “breakage costs” incurred in connection with, among other things, any prepayment of a
Eurodollar Loan (as defined in Annex I) on a day other than the last day of an interest period with respect thereto.

  

 B-9 

					
		 	Expenses and Indemnification:	  	The Borrower shall pay (a) all reasonable and documented out-of-pocket expenses of the Administrative Agent and the Lead Arranger associated with the syndication of the Revolving Facility and
the preparation, execution, delivery and administration of the Revolving Facility Documentation and any amendment or waiver with respect thereto (including the reasonable fees, disbursements and other charges of counsel) and (b) all reasonable and
documented out-of-pocket expenses of the Administrative Agent and the Lenders (including the fees, disbursements and other charges of counsel) in connection with the enforcement of the Revolving Facility Documentation.
			
		 		  	The Administrative Agent, the Lead Arranger and the Lenders (and their affiliates and their respective officers, directors, employees, advisors and agents) will have no liability for, and will
be indemnified and held harmless against, any loss, liability, cost or expense incurred in respect of the financing contemplated hereby or the use or the proposed use of proceeds thereof (except to the extent resulting from the gross negligence or
willful misconduct of such indemnified person, any of its affiliates or any of their respective directors and employees).
			
		 	Governing Law and Forum:	  	State of New York.
			
		 	 Counsel to the
 Administrative Agent and the Lead
Arranger:
	  	Cahill Gordon & Reindel LLP.

  

 B-10 

 Annex I to Exhibit B 
 Interest and Certain Fees 
  

			
	Interest Rate Options:	  	The Borrower may elect that the Revolving Credit Loans shall bear interest at a rate per annum equal to: (a) the ABR plus the Applicable Margin or (b) the Adjusted LIBO Rate plus the
Applicable Margin.
		
		  	As used herein:
		
		  	“ABR” means the higher of (i) the rate of interest publicly announced by JPMCB as its prime rate in effect at its principal office in New York City (the “Prime
Rate”) and (ii) the federal funds effective rate from time to time plus 0.5%.
		
		  	“Adjusted LIBO Rate” means the LIBO Rate, as adjusted for actual statutory reserve requirements for eurocurrency liabilities.
		
		  	“Applicable Margin” means for any day, with respect to any Revolving Credit Loan that is a Eurodollar Loan or ABR Loan or with respect to any Unused Commitment Fee, the
applicable rate per annum set forth below based on Borrowing Base Usage of the Conforming Borrowing Base on such day:

  

							
	 Borrowing
 Base Usage
	 	 Revolving
 Eurodollar
 Loans
	 	 Revolving
 ABR
 Loans
	 	 Unused
 Commitment
 Fee

	> 110% and < 125%	 	225 b.p.	 	125 b.p.	 	37.5 b.p.
	> 100% and < 110%	 	200 b.p.	 	100 b.p.	 	37.5 b.p.
	> 90% and < 100%	 	175 b.p.	 	75 b.p.	 	37.5 b.p.
	> 75% and < 90%	 	150 b.p.	 	50 b.p.	 	35 b.p.
	> 50% and < 75%	 	125 b.p.	 	25 b.p.	 	30 b.p.
	< 50%	 	100 b.p.	 	0 b.p.	 	25 b.p.

  

			
		 	“Borrowing Base Usage” means, as of any date and for all purposes, the quotient, expressed as a percentage, of (i) the aggregate

  

 B-I-1 

			
		  	principal amount outstanding on the Revolving Credit Loans plus the aggregate amount of all outstanding Letters of Credit and, without duplication, all unreimbursed disbursements on any Letter
of Credit, divided by (ii) the Conforming Borrowing Base.
		
		  	“LIBO Rate” means the rate at which eurodollar deposits in the London interbank market for one, two, three or six months (as selected by the Borrower) are quoted on the Telerate
screen (or any successor screen).
		
	Interest Payment Dates:	  	In the case of Loans bearing interest based upon the ABR (“ABR Loans”), quarterly in arrears.
		
		  	In the case of Loans bearing interest based upon the Adjusted LIBO Rate (“Eurodollar Loans”), on the last day of each relevant interest period and, in the case of any interest
period longer than three months, on each successive date three months after the first day of such interest period.
		
	Unused Commitment Fees:	  	The Borrower shall pay quarterly, in arrears, an unused commitment fee equivalent to the Applicable Margin times the daily average of the lesser of the total commitments of the Lenders and the
Borrowing Base (if prior to the Borrowing Base Equalization Date) or the Conforming Borrowing Base (if on or after the Borrowing Base Equalization Date) in each case then in effect minus the sum of (i) the aggregate principal amount outstanding on
all Revolving Credit Loans plus (ii) the aggregate amount of all outstanding Letters of Credit and all unreimbursed disbursements on any Letter of Credit.
		
	Letter of Credit Fees:	  	The Borrower shall pay a commission on all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin then in effect for Revolving Credit Loans that are Eurodollar Loans on
the face amount of each such Letter of Credit. Such commission shall be shared ratably among the Lenders and shall be payable quarterly in arrears.
		
		  	A fronting fee at the rate of 0.125% per annum shall be payable quarterly in arrears to the Issuing Bank for its own account. In addition, customary administrative, issuance, amendment, payment
and negotiation charges shall be payable to the Issuing Bank for its own account.
		
	Default Rate:	  	At any time when the Borrower is in default in the payment of any amount of principal due under the Revolving Facility, such amount shall bear interest at 2% above the rate otherwise applicable
thereto. Overdue interest, fees and other amounts shall bear interest at 2% above the rate applicable to ABR Loans.

  

 B-I-2 

			
	Rate and Fee Basis:	  	All per annum rates shall be calculated on the basis of a year of 360 days (or 365/366 days, in the case of ABR Loans the interest rate payable on which is then based on the Prime Rate) for
actual days elapsed.

  

 B-I-3 

 EXHIBIT C 
 The availability of the Revolving Facility, in addition to the conditions set forth in Exhibit B, shall be subject to the satisfaction of the following conditions. Capitalized terms used but not defined herein have
the meanings given in Exhibit B. 
 (a) The Credit Parties shall have executed and delivered Revolving Facility Documentation
consistent with the Term Sheet and otherwise satisfactory to the Lead Arranger. 
 (b) The Transaction shall have been
consummated in accordance with the Transaction Agreement and applicable law. The sources and uses of funding for the Transaction shall be substantially consistent with the Table and the terms of such funding sources shall be consistent with the
terms hereof or the Transaction Agreement, as applicable. No provision of the Transaction Agreement shall have been unenforced, waived, amended, supplemented or otherwise modified in any respect materially adverse to the Borrower or the Lenders
without the prior consent of the Lead Arranger. Immediately after giving effect to the Transaction, the Parent and its subsidiaries will have no indebtedness or preferred stock outstanding other than the Revolving Facility and such other
indebtedness reasonably satisfactory to the Lead Arranger. 
 (c) The Lenders, the Administrative Agent and the Lead Arranger
shall have received all fees and reasonable invoiced expenses required to be paid on or before the effectiveness of the Revolving Facility. 
 (d) All governmental and third party approvals necessary in connection with the Transaction, the financing thereof and the continuing operations of the Parent shall have been obtained on satisfactory terms. There
shall not exist any action, investigation, litigation or proceeding pending or threatened in any court or before any arbitrator or governmental authority that could reasonably be expected to have a material adverse effect on the Parent, the
Transaction, the financing thereof or any of the other transactions contemplated hereby. 
 (e) The Lenders shall have
received (i) unaudited consolidated financial statements of the Parent for each fiscal quarter ended after December 31, 2006 on or prior to the date such financial statements are required to be filed with the Securities and Exchange
Commission and (ii) unaudited financial statements for the Assets prepared in accordance with GAAP (except for the absence of footnotes and subject to normal recurring year-end adjustments) for the fiscal quarter ended after March 31, 2007
at least 30 days prior to the Closing Date. 
 (f) The Lenders shall have received satisfactory reserve reports covering the
Assets, dated as of December 31, 2006 from one or more independent petroleum engineering firms reasonably satisfactory to the Lead Arranger. 
  

 C-1 

 (g) The Lenders shall have received satisfactory projections of the Parent through 2012.

 (h) The Parent shall have entered into hedge agreements (collectively, the “Hedge”) relating to the Assets
which cover at least: (i) during the 24-month period immediately following the Closing Date, the lesser of (A) 90% of the forecasted production from the proved oil and gas interests of the Assets, and (B) 100% of the forecasted
production from the proved developed producing oil and gas interests of the Assets; (ii) during the 18-month period immediately following the period described in clause (i), 80% of the forecasted production from the proved developed producing
oil and gas interests of the Assets; and (iii) during the 18-month period immediately following the period described in clause (ii), 50% of the forecasted production from the proved developed producing oil and gas interests of the Assets, in
each case calculated separately for each of oil and gas, and otherwise on terms and conditions reasonably acceptable to the Administrative Agent. 
 (i) The Administrative Agent shall have received such legal opinions (including opinions (x) from counsel to the Credit Parties and (y) if agreed by opining counsel, delivered pursuant to the Transaction
Agreement, accompanied by reliance letters in favor of the Lenders), certificates (including a chief financial officer’s solvency certificate), documents and other instruments as are customary for transactions of this type or as they may
reasonably request. As a condition to the funding of the Revolving Facility, the Administrative Agent shall have received all mortgages, pledge agreements and other collateral documents and guarantees necessary to grant and perfect the first
priority liens and security interests required pursuant to “Security” and “Affirmative Covenants” contained in Exhibit B and to provide all required Guarantees. 
 (j) Parent shall have invested, as an equity contribution in AcquisitionCo, cash in an amount of not less than 25% of the total purchase
price to be paid for the Assets in connection with the Transaction. 
  

 C-2

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