Document:

Registration Rights Agreement, dated April 23, 2007

 Exhibit 10.2 
 Execution Copy 
 REGISTRATION RIGHTS AGREEMENT 
 BY AND AMONG 
 CONSTELLATION ENERGY
PARTNERS LLC 
 AND 
 THE PURCHASERS NAMED HEREIN 

 Table of Contents 
  

					
	 	  	Page
	ARTICLE I DEFINITIONS	  	1
	 Section 1.01
	    	Definitions	  	1
	 Section 1.02
	    	Registrable Securities	  	2
		
	ARTICLE II REGISTRATION RIGHTS	  	3
	 Section 2.01
	    	Registration	  	3
	 Section 2.02
	    	Piggyback Rights	  	6
	 Section 2.03
	    	Underwritten Offering	  	8
	 Section 2.04
	    	Sale Procedures	  	9
	 Section 2.05
	    	Cooperation by Holders	  	12
	 Section 2.06
	    	Restrictions on Public Sale by Holders of Registrable Securities	  	12
	 Section 2.07
	    	Expenses	  	13
	 Section 2.08
	    	Indemnification	  	13
	 Section 2.09
	    	Rule 144 Reporting	  	16
	 Section 2.10
	    	Transfer or Assignment of Registration Rights	  	16
	 Section 2.11
	    	Limitation on Subsequent Registration Rights	  	16
		
	ARTICLE III MISCELLANEOUS	  	17
	 Section 3.01
	    	Communications	  	17
	 Section 3.02
	    	Successor and Assigns	  	17
	 Section 3.03
	    	Aggregation of Purchased Class E Units and Purchased Common Units	  	17
	 Section 3.04
	    	Recapitalization, Exchanges, Etc. Affecting the Common Units	  	17
	 Section 3.05
	    	Specific Performance	  	17
	 Section 3.06
	    	Counterparts	  	18
	 Section 3.07
	    	Headings	  	18
	 Section 3.08
	    	Governing Law	  	18
	 Section 3.09
	    	Severability of Provisions	  	18
	 Section 3.10
	    	Entire Agreement	  	18
	 Section 3.11
	    	Amendment	  	18
	 Section 3.12
	    	No Presumption	  	18
	 Section 3.13
	    	Obligations Limited to Parties to Agreement	  	18
	 Section 3.14
	    	Interpretation	  	19

 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of April 23, 2007 by and among Constellation
Energy Partners LLC, a Delaware limited liability company (“Constellation Energy”), and GPS Partners LLC, Lehman Brothers MLP Partners, L.P., ZLP Fund, L.P. and Structured Finance Americas LLC (each of GPS Partners LLC, Lehman
Brothers MLP Partners, L.P., ZLP Fund, L.P. and Structured Finance Americas LLC, 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 E Units and the Purchased Common Units pursuant to the Class E Unit and Common Unit Purchase Agreement,
dated as of March 8, 2007, by and among Constellation Energy and the Purchasers (the “Purchase Agreement”); 
 WHEREAS,
Constellation 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 Constellation 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. 
 “Constellation 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. 
 “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 (i) the product of $25.84 times the number of
Class E Units purchased by such Purchaser plus (ii) the product of $26.12 times the number of Common Units purchased by such Purchaser. 
 “Losses” has the meaning specified therefor in Section 2.08(a) 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(o) of this Agreement. 
 “Registrable Securities” means: (i) the Purchased Common Units, (ii) the Common Units issuable upon conversion of the Purchased Class E Units, (iii) any Common Units issued as Liquidated Damages pursuant to
this Agreement and (iv) any Common Units issuable upon conversion of Class E Units issued as Liquidated Damages pursuant to this 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. 
 “Underwritten Offering” means an offering (including an offering pursuant to a Registration Statement) in
which Common 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. 
 Section 1.02 Registrable Securities. Any Registrable Security will cease to be a Registrable Security when: (a) a registration statement
covering such Registrable Security has 
  

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been declared effective by the Commission 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) such Registrable Security can be disposed of pursuant to Rule 144(k) (or any
similar provision then in force) under the Securities Act; (d) such Registrable Security is held by Constellation 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 Go Effective. As soon as practicable following the Closing, but in any event within 75 days of the Closing Date, Constellation 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 under the Securities Act) with respect to all of the
Registrable Securities (the “Registration Statement”). Constellation Energy shall use its commercially reasonable efforts to cause the Registration Statement to become effective no later than 120 days following the Closing Date. A
Registration Statement filed pursuant to this Section 2.01 shall be on such appropriate registration form of the Commission as shall be selected by Constellation Energy. Constellation 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 or (ii) the
date when such Registrable Securities become eligible for resale under Rule 144(k) (or any similar provision then in force) under the Securities Act (the “Effectiveness Period”). The Registration Statement when declared 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 of this Agreement is not declared effective within 150 days after the Closing Date, then each Purchaser shall be entitled to a payment with respect to the Purchased Class
E Units and the Purchased Common Units of each such Purchaser, as liquidated damages and not as a penalty, of 0.25% of the Liquidated Damages Multiplier per 30-day period for the first 90 days following the 150th day after the Closing 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”).
Initially there shall be no limitation on the aggregate amount of the Liquidated Damages payable by Constellation Energy under this Agreement to each Purchaser; provided, 

  

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however, that if there is a change in the Law or accounting principles generally accepted in the United States that would result in the Purchased
Common Units or the Purchased Class E Units being treated as debt securities instead of equity securities for purposes of Constellation Energy’s financial statements, then the aggregate amount of the Liquidated Damages payable by Constellation
Energy under this Agreement to each Purchaser shall not exceed the maximum amount of the Liquidated Damages Multiplier with respect to such Purchaser allowed for the Purchased Common Units not to be treated as debt securities for purposes of
Constellation Energy’s financial statements. 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. Any Liquidated Damages shall be paid to
each Purchaser in cash or immediately available funds; provided, however, if Constellation 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 Constellation Energy’s or Constellation Energy’s Subsidiaries’ credit facilities or other indebtedness filed as exhibits to the Constellation Energy SEC Documents, then Constellation Energy may pay the Liquidated
Damages in kind in the form of the issuance of additional (A) Common Units or (B) Common Units and Class E Units. Class E Units may only be issued as Liquidated Damages if and to the extent required by NYSE Arca or similar regulation. If
Class E Units are issued as Liquidated Damages as a result of a requirement by NYSE Arca or similar regulation, then such Common Units and/or Class E Units will be issued to each Purchaser 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 E Units as Liquidated Damages, Constellation 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 E Units to such Registration Statement as additional Registrable Securities. The determination of the number of Common 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 NYSE Arca) for the ten (10) trading days immediately preceding the date on which the Liquidated Damages payment is due, less a
discount of 1.5%. The determination of the number of Class E 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 NYSE
Arca) for the ten (10) trading days immediately preceding the date on which the Liquidated Damages payment is due, less a discount of 3%. The payment of Liquidated Damages to a Purchaser shall cease at such time as the Purchased Class E Units
and the Purchased Common Units of such Purchaser become eligible for resale under Rule 144(k) under the Securities Act. As soon as practicable following the date that the Registration Statement becomes effective, but in any event within two Business
Days of such date, Constellation Energy shall provide the Purchasers with written notice of the effectiveness of the Registration Statement. 
 (iii) Waiver of Liquidated Damages. If Constellation Energy is unable to cause a Registration Statement to go effective within 150 days following the Closing Date as a result of an acquisition, merger, reorganization,
disposition or other similar transaction, then Constellation Energy may request a waiver of the Liquidated Damages, which may be granted or withheld by the consent of the Holders of a majority of the Purchased Class E Units and the Purchased Common
Units, taken as a whole, in their sole discretion. 
  

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 (b) Delay Rights. Notwithstanding anything to the contrary contained herein, Constellation Energy
may, upon written notice to any Selling Holder whose Registrable Securities are included in the Registration Statement, suspend such Selling Holder’s use of any prospectus which is a part of the Registration Statement (in which event the
Selling Holder shall discontinue sales of the Registrable Securities pursuant to the Registration Statement, but such Selling Holder may settle any such sales of Registrable Securities) if (i) Constellation Energy is pursuing an acquisition,
merger, reorganization, disposition or other similar transaction and Constellation Energy determines in good faith that Constellation 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) Constellation Energy has experienced some other material non-public event the disclosure of which at such time, in the good faith judgment of Constellation Energy,
would materially adversely affect Constellation Energy; provided, however, in no event shall the Purchasers be suspended for a period that exceeds an aggregate of 30 days in any 90-day period or 90 days in any 365-day period;
provided further, however, that during any period where Registrable Securities are registered on a Form S-1, the failure of the Registration Statement to be effective while updated quarterly or annual financial information is being included
in the Registration Statement shall not result in the accrual of Liquidated Damages if such period is no longer than 30 consecutive days. No additional registration rights may be granted to any other Person that would be superior to the
Purchasers’ registration rights. Upon disclosure of such information or the termination of the condition described above, Constellation Energy shall provide prompt notice to the Selling Holders whose Registrable Securities are included in the
Registration Statement, shall promptly terminate any suspension of sales it has put into effect and shall take such other actions to permit registered 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 declared 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, but not including any day on which a suspension is lifted
or such amendment, supplement or report is filed and declared effective, if applicable, Constellation 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 day 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 is delivered to the Holders pursuant to Section 3.01 of this Agreement. 
 (d) Claw-Back of Purchaser Securities. Constellation Energy may exclude Registrable Securities from the Registration Statement if required by the
Commission in order 

  

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for the Commission to declare the Registration Statement effective; provided, however, that Constellation Energy will use its commercially reasonable
efforts to file and have declared effective a subsequent Registration Statement that includes the Registrable Securities excluded from the initial Registration Statement at such time as it may do so in accordance with the Securities Act as
interpreted by the Commission. With respect to any Registrable Securities that are not included in the initial Registration Statement or a subsequent Registration Statement within 150 days following the Closing Date, Constellation Energy shall be
required to pay the Purchasers the Liquidated Damages in accordance with Section 2.01(a)(ii) of this Agreement. 
 (e) No Obligation
For Primary Offering By Purchasers. If the Commission deems the registration of any Registrable Securities to be a primary offering by Constellation Energy or the Purchasers, and the Commission prohibits the use of Rule 415 under the Securities
Act (or any similar provision then in force) to sell Registrable Securities on a delayed or continuous basis, then the Purchasers shall not be obligated to commit to any such primary offering to allow the Registration Statement to be declared
effective by the Commission. In such event, if the Registration Statement is not declared effective within 150 days following the Closing Date, then Constellation Energy shall be required to pay the Purchasers the Liquidated Damages in accordance
with Section 2.01(a)(ii) of this Agreement. 
 (f) Conversion From Form S-1 to Form S-3. Within 30 days of becoming eligible to
file a registration statement on Form S-3, Constellation Energy agrees to convert any Registration Statement on Form S-1 covering the Purchased Common Units and Common Units underlying the Purchased Class E Units into a registration statement on
Form S-3 such that the Purchased Common Units and the Common Units underlying the Purchased Class E Units may be sold from time-to-time pursuant to Rule 415 under the Securities Act (or any similar provision then in force). 
 Section 2.02 Piggyback Rights. 
 (a)
Participation. If at any time Constellation Energy proposes to file (i) a prospectus supplement to an effective shelf registration statement, other than the Registration Statement contemplated by Section 2.01 of this Agreement, or
(ii) 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 Constellation 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 Registrable Securities (the “Included Registrable
Securities”) as each such Holder may request in writing, which shall not be fewer than 100,000 Registrable Securities; provided, however, that if Constellation 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 

  

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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, except that such Holder shall have one Business Day after such Holder confirms receipt of
the notice to request inclusion of Registrable Securities in the Underwritten Offering in the case of a “bought deal” or “overnight transaction” where no preliminary prospectus is used. 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, Constellation Energy shall determine for any reason not to undertake or to delay such Underwritten Offering, Constellation 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 Constellation Energy of such withdrawal up to and including the time of pricing of such offering. No
Holder shall be entitled to participate in any such Underwritten Offering under this Section 2.02(a) unless such Holder (together with any Affiliate of such Holder) participating therein held at least $5,000,000 of Purchased Class E Units and
Purchased Common Units as of the Closing Date. Notwithstanding the foregoing, any Holder may deliver written notice (an “Opt Out Notice”) to Constellation Energy requesting that such Holder not receive notice from Constellation
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 Constellation Energy, or Constellation Energy
reasonably determines, that the total amount of Common Units that the Selling Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering 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 Common Units to be included in such Underwritten Offering shall include the number of Registrable Securities that such Managing
Underwriter or Underwriters advises Constellation Energy, or Constellation Energy reasonably determines, can be sold without having such adverse effect, with such number to be allocated (i) first, to Constellation Energy or, in the case of a
demand by an Affiliate of Constellation Energy, such Affiliate, and (ii) second, to 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 Common Units proposed to be sold by all Selling Holders in such Underwritten Offering multiplied by (b) the fraction derived by 

  

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dividing (x) the number of Common Units owned on the Closing Date by such Selling Holder by (y) the aggregate number of Common Units 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. As
of the date of execution of this Agreement, there are no other Persons with Registration Rights relating to Common Units or Class E Units other than as described in this Section 2.02(b). 
 Section 2.03 Underwritten Offering. 
 (a) Request for Underwritten Offering. Any one or more Holders that collectively hold greater than $5,000,000 of Registrable Securities, based on the purchase price per unit under the Purchase Agreement, may deliver written notice to
Constellation Energy that such Holders wish to dispose of an aggregate of at least $5,000,000 of Registrable Securities, based on the purchase price per unit under the Purchase Agreement, in an Underwritten Offering. Upon receipt of any such written
request, Constellation 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; provided, however, Constellation Energy management will not be required to participate in any roadshow or similar marketing effort on behalf of any such Holder. 
 (b) General Procedures. In connection with any Underwritten Offering under this Agreement, Constellation 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 Constellation 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, Constellation Energy to and 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 Constellation 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 Constellation Energy and the Managing Underwriter; provided, however, 

  

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that such withdrawal must be made up to and including the time of pricing of such Underwritten Offering. No such withdrawal or abandonment shall affect
Constellation Energy’s obligation to pay Registration Expenses. 
 Section 2.04 Sale Procedures. In connection with its
obligations under this Article II, Constellation 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 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) if a
prospectus supplement will be used in connection with the marketing of an Underwritten Offering from the Registration Statement and the Managing Underwriter at any time shall notify Constellation Energy in writing that, in the sole judgment of such
Managing Underwriter, inclusion of detailed information to be used in such prospectus supplement is of material importance to the success of the Underwritten Offering of such Registrable Securities, use its commercially reasonable efforts to include
such information in such prospectus supplement; 
 (c) 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; 
 (d) 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 Constellation 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; 
  

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 (e) 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 or
prospectus supplement 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; 
 (f) 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 Constellation 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, Constellation 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; 
 (g) 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;

 (h) in the case of an Underwritten Offering, furnish upon request, (i) an opinion of counsel for Constellation 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 Constellation Energy’s financial statements included or incorporated by reference into the applicable registration 

  

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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 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; 
 (i) 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; 
 (j) make available to the appropriate
representatives of the Managing Underwriter and Selling Holders access to such information and Constellation Energy personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act;
provided, however, that Constellation 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
Constellation Energy satisfactory to Constellation Energy (including any confidentiality agreement referenced in Section 8.06 of the Purchase Agreement); 
 (k) 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 Constellation
Energy are then listed; 
 (l) 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 Constellation Energy to enable the Selling Holders to consummate the disposition of such Registrable Securities; 
 (m) 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; 
 (n) 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; and 
 (o) 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 Constellation Energy’s securities
of any Purchaser pursuant to this Agreement, and any amendment or supplement thereof (any such registration statement or amendment or supplement a “Purchaser Underwriter Registration Statement”), cooperate with such Purchaser in
allowing such Purchaser to conduct customary “underwriter’s due diligence” with respect to Constellation Energy and satisfy its obligations in respect thereof. In addition, at any Purchaser’s request, Constellation Energy will
furnish to such Purchaser, on the date of the effectiveness of any Purchaser Underwriter Registration Statement and thereafter from time to 

  

 11 

 
time on such dates as such Purchaser may reasonably request, (i) a letter, dated such date, from Constellation 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, addressed to such Purchaser, and (ii) an opinion, dated as of such date, of counsel
representing Constellation 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. Constellation Energy will also permit legal counsel to such Purchaser 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. 
 Each Selling Holder, upon
receipt of notice from Constellation Energy of the happening of any event of the kind described in Section 2.04(f) 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(f) of this Agreement or until it is advised in writing by Constellation 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 Constellation Energy, such Selling Holder will, or will request the managing underwriter or underwriters, if any, to deliver to Constellation
Energy (at Constellation 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. 
 If requested by a Purchaser, Constellation 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. 
 Section 2.05 Cooperation by Holders. Constellation Energy shall have no obligation to include in the
Registration Statement Common Units of a Holder, or in an Underwritten Offering pursuant to Section 2.02 of this Agreement Common Units of a Selling Holder, who has failed to timely furnish such information that, in the opinion of counsel to
Constellation Energy, is reasonably required 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 who is included 
  

 12 

 
in the Registration Statement agrees not to effect any public sale or distribution of the Registrable Securities during the 30-day period following
completion of an Underwritten Offering of equity securities by Constellation 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 Constellation 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 $5,000,000 of Purchased Class E Units and Purchased Common Units, based on the purchase price per unit under the Purchase Agreement, (B) has delivered
an Opt Out Notice to Constellation Energy pursuant to Section 2.02 hereof or (C) has submitted a notice requesting the inclusion of Registrable Securities in an Underwritten Offering pursuant to Section 2.02 or Section 2.03(a)
hereof but is unable to do so as a result of the priority provisions contained in Section 2.02(b) hereof. 
 Section 2.07
Expenses. 
 (a) Certain Definitions. “Registration Expenses” means all expenses incident to Constellation
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 NYSE Arca 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 processing, duplicating and printing expenses and the fees and disbursements of counsel and independent public
accountants for Constellation 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. Constellation 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, Constellation 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 all Selling Expenses in connection with
any sale of its Registrable Securities hereunder. 
 Section 2.08 Indemnification. 
 (a) By Constellation Energy. In the event of an offering of any Registrable Securities under the Securities Act pursuant to this Agreement,
Constellation Energy will indemnify and hold harmless each Selling Holder thereunder, its 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 

  

 13 

 
officers, against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and expenses) (collectively,
“Losses”), joint or several, to which such Selling Holder, director, officer, underwriter or controlling 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, or 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, and will reimburse each such Selling Holder, its
directors and officers, each such underwriter and each such controlling 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 Constellation 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, its directors or officers or any underwriter or controlling 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. 
 (b) By Each Selling Holder. Each Selling Holder
agrees severally and not jointly to indemnify and hold harmless Constellation Energy, its directors and officers, and each Person, if any, who controls Constellation 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 Constellation 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 

  

 14 

 
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 indemnifying party shall settle any action brought against an indemnified party with respect to which it is entitled to indemnification hereunder without the consent of the indemnified party, unless the settlement
thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnified party. 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 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 

  

 15 

 
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, Constellation Energy agrees to use its commercially reasonable efforts to: 
 (a) make and keep public information regarding Constellation 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 Constellation 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 Constellation 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 Constellation Energy to register Registrable
Securities granted to the Purchasers by Constellation 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 with respect to a total return swap, (a) unless such transferee is an Affiliate of such Purchaser, each such transferee or assignee holds Registrable Securities representing at least $5,000,000 of the Purchased
Class E Units and the Purchased Common Units, based on the purchase price per unit under the Purchase Agreement, (b) Constellation 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, Constellation
Energy shall not, without the prior written consent of the Holders of a majority of the outstanding Registrable Securities, (i) enter into any agreement with any current or future holder of any securities of Constellation Energy that would
allow such current or future 
  

 16 

 
holder to require Constellation Energy to include securities in any registration statement filed by Constellation 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 a Purchaser, to the address set forth in Section 8.07
of the Purchase Agreement in accordance with the provisions of this Section 3.01; 
 (b) if to a transferee of a Purchaser, to such
Holder at the address provided pursuant to Section 2.10 hereof; and 
 (c) if to Constellation Energy, at 111 Market Place, Baltimore,
Maryland 21202 (facsimile: 410.468.3500), notice of which is given in accordance with the provisions of this Section 3.01. 
 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 E Units and Purchased Common Units. All Purchased Class E Units and Purchased Common 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 Common Units. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all units of Constellation Energy or any successor or assign of Constellation 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. 
 Section 3.05 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 
  

 17 

 
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 3.06 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 3.07 Headings. The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 Section 3.08
Governing Law. The Laws of the State of New York shall govern this Agreement without regard to principles of conflict of Laws. 
 Section 3.09 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 3.10 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 Constellation 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 3.11 Amendment. This Agreement may be amended only by means of a written amendment signed by Constellation 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. 
 Section 3.12 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 3.13 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 Constellation Energy shall have any obligation hereunder and that, notwithstanding
that one or more of the Purchasers may be a corporation, partnership or limited 
  

 18 

 
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. 
 Section 3.14 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 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. 
 [The remainder of this page is intentionally left blank] 
  

 19 

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

  

			
	CONSTELLATION ENERGY PARTNERS LLC
		
	By:	 	 /s/ Angela A. Minas

		 	Angela A. Minas
		 	Treasurer Chief Financial Officer

			
	GPS PARTNERS LLC
		
	By:	 	 /s/ Steven Sugarman

	Name:	 	 Steven Sugarman

	Title:	 	Partner

			
	LEHMAN BROTHERS MLP PARTNERS, L.P.
		
	By:	 	 /s/ Michael J. Cannon

	Name:	 	 Michael J. Cannon

	Title:	 	 Managing Director

  

			
	ZLP FUND, L.P.
		
	By:	 	 /s/ Craig M. Lucas

	Name:	 	Craig M. Lucas
	Title:	 	Managing Member

  

			
	STRUCTURED FINANCE AMERICAS LLC
		
	By:	 	 /s/ Sunil Hariani

	Name:	 	Sunil Hariani
	Title:	 	

  

			
	
		
	By:	 	/s/ Andrea Leung
	Name:	 	Andrea Leung
	Title:Specimen certificate for shares of common stock

 EXHIBIT 4.1 
  

			
	 COMMON STOCK
	  	COMMON STOCK
		
	PAR VALUE $.001	  	 THIS CERTIFICATE IS TRANSFERABLE IN
 CANTON, MA AND JERSEY CITY, NJ

		
	 Certificate
 Number
	  	Shares

 [Pharmasset logo] 
 PHARMASSET, INC. 
 INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

 CUSIP 71715N 10 6 
 SEE REVERSE
SIDE FOR CERTAIN DEFINITIONS 
 THIS CERTIFIES THAT 
 is the
owner of 
 FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF 
 Pharmasset, Inc. (hereinafter called the “Company”), transferable on the books of the Company by the holder hereof, in person or by duly authorized attorney, upon surrender of this Certificate
properly endorsed. This Certificate is not valid until countersigned and registered by the Transfer Agent and Registrar. 
 Witness
the facsimile seal of the Company and facsimile signatures of its duly authorized officers. 
 Dated: 
  

							
				
	 /s/ P. Schaefer Price
	 		 		  	
	 President and CEO
	 		 		  	
				
	 /s/ Bryce A. Roberts
	 		 		  	DATED
	 Secretary
	 		 		  	COUNTERSIGNED AND REGISTERED:
		 	[Seal]	 		  	COMPUTERSHARE TRUST COMPANY, N.A.
		 		 		  	TRANSFER AGENT AND REGISTRAR,
				
		 		 	By	  	  
		 		 		  	AUTHORIZED SIGNATURE

  

 PHARMASSET, INC. 
 The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

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

 Additional abbreviations may also be used though not in the above list. 
 THE COMPANY WILL FURNISH WITHOUT CHARGE TO EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING OPTIONAL OR
OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OF THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS, PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY
THE ARTICLES OF INCORPORATION OF THE COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF
THE SECRETARY OF THE COMPANY OR TO THE TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL REPRESENTATIVES, TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND
REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE. 
  

							
	 For value received,
	  	  	 	hereby sell, assign and transfer unto	  	PLEASE INSERT SOCIAL SECURITY OR OTHER
	 	  		 		  	 IDENTIFYING NUMBER OF ASSIGNEE
  

				 
	 	  		 		  	  

  

			
	  
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
	
	  
		
	  	 	Shares
	 of the common stock represented by the within Certificate, and do hereby irrevocably constitute and appoint
	 	

			
		
	  	 	Attorney
	 to transfer the said stock on the books of the within-named Company with full power of substitution in the premises.
	 	

  

							
	 Dated                       20     
	  		  	Signature(s) Guaranteed: Medallion Guarantee
	 Signature:
	 	  	  		  	Stamp
	 Signature:
	 	  	  		  	THE SIGNATURE(s) SHOULD BE GUARANTEED BY
	 	 		  		  	 AN ELIGIBLE GUARANTOR INSTITUTION
(Banks,
 Stockbrokers, Savings and Loan Associations and Credit
 Untions) WITH MEMBERSHIP IN AN APPROVED
 SIGNATURE GUARANTEE MEDALLION PROGRAM
 PURSUANT TO S.E.C. RULE 17Ad-15

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