Document:

EX-10.9

 Exhibit 10.9 

Execution Version 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”), dated as of September 1, 2016 (the “Effective Date”), is
entered into by and among Titan Energy, LLC, a Delaware limited liability company (the “Company”), Titan Energy Operating, LLC, a Delaware limited liability company (“NewCo”), and Mark Schumacher (the
“Executive”). 
 WHEREAS, the Executive is a party to that certain Employment Agreement, dated as of September 4, 2015 (the
“2015 Agreement”), by and among the Executive, Atlas Energy Group, LLC (“ATLS”) and Atlas Resources Partners, L.P. (“ARP”); 

WHEREAS, the compensation and other payments set forth herein are not intended to duplicate any payments provided under the 2015 Agreement,
and costs related to Executive’s compensation and other entitlements will be allocated in accordance with the terms of the Omnibus Agreement (as defined below); and 

WHEREAS, the Company, NewCo and the Executive now wish to set forth in this Agreement the terms and conditions under which the Executive will
serve the Company and NewCo. 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 

1. Employment; Title. The Executive shall serve as the President of the Company and NewCo (the “Position”) during the
Contract Period (as defined below). 
 2. Services; Duties; Reporting. The Executive will serve the Company diligently, competently,
and to the best of his ability during the Contract Period. Except as set forth below, the Executive will devote substantially all of his working time and attention to the business of the Company and its affiliates (collectively, the
“Companies”), and the Executive will not undertake any other duties which conflict with his responsibilities to the Companies. Notwithstanding the foregoing, the Executive is expressly permitted to perform services (the
“Management Services”) for or on behalf of ATLS, Titan Energy Management, LLC and their respective affiliates (“Management”) and to the extent the Executive performs such services during the term of this Agreement,
the allocation of the responsibility for the Executive’s compensation shall be governed by the provisions of Section 3.2 of the Omnibus Agreement (the “Omnibus Agreement”) dated as of September 1, 2016, by and among Titan
Energy Management, LLC, Atlas Energy Resource Services, Inc., the Company and NewCo. The Executive shall report to the Chief Executive Officer of the Company. The Executive will render such services as may reasonably be required of the
Executive to accomplish the business purposes of the Company that are appropriate to the Position, as the Chief Executive Officer of the Company may assign to the Executive from time to time. The Company acknowledges that the Executive has in the
past participated in or served, and does currently and is expected in the future to participate in or serve, in other professional and civic activities, including civic and charitable boards or committees, industry associations, fulfill speaking
engagements or teach at educational institutions and other activities that do not conflict with the business and affairs of the Companies or interfere, individually or in the aggregate, with the Executive’s performance of his duties hereunder.

 3. Term. The term of this Agreement shall commence on the Effective Date and, unless
sooner terminated pursuant to Section 6, shall continue for an initial period of two years after the Effective Date, subject to automatic extensions as provided for in this Section 3. Beginning on the first anniversary of the
Effective Date, the term of this Agreement shall automatically renew daily so that on any day on which this Agreement is in effect, the Contract Period shall have a then-remaining term of not less than one year; provided, however, that
such automatic extension shall cease upon the Company’s written notice to the Executive of its election to terminate this Agreement at the end of the one-year period then in effect, which such notice may not be given prior to the one-year
anniversary of the Effective Date. The term of this Agreement, as in effect from time to time pursuant to the terms and conditions of this Section 3, shall hereinafter be referred to as the “Contract Period.” A termination of
the Executive’s employment under this Agreement for any reason shall be referred to as a “Termination.” 
 4.
Compensation. The Executive’s compensation and participation in equity compensation and benefits during the Contract Period shall be as follows: 

4.1 Base Salary. During the Contract Period, the Executive shall receive an annual base salary of $375,000 (“Annual Base
Salary”). The Annual Base Salary shall be payable in accordance with the Company’s regular payroll practice for its senior executives, as in effect from time to time, and shall be subject to all applicable withholding requirements.
During the Contract Period, the Annual Base Salary may be reviewed by the Company for possible increase, and the Executive’s Annual Base Salary shall not be decreased after any such increase. 

4.2 Bonus. The Executive shall be entitled to receive a guaranteed minimum annual bonus of not less than 100% of Base Salary
(which, notwithstanding anything to the contrary, may exceed 100% of Base Salary at the discretion of the Board (unless a majority of the Class B Directors disapprove in good faith) based upon reasonable metrics supported by the Company’s
outside compensation consultant, which consultant shall be approved by the Conflicts Committee (such approval not to be unreasonably withheld)) ) (the “Guaranteed Bonus”), for each of calendar year 2016 and calendar year 2017,
payable within 30 days of December 31 of the applicable year; provided, however, that the Guaranteed Bonus with respect to calendar year 2016 shall be reduced by the aggregate amount of cash bonuses received by the Executive in
calendar year 2016 prior to the Effective Date. Each such Guaranteed Bonus shall be payable in a proportion of cash and common stock of the Company determined as follows: (i) 25% (or such greater portion as the Board and the Conflicts Committee
of the Board (the “Conflicts Committee”) may approve based upon performance metrics proposed by the Board and approved by the Conflicts Committee) of the Guaranteed Bonus shall be payable in cash; provided, however,
with respect to calendar year 2016 only, such cash portion shall be reduced (not below zero) by the aggregate amount of cash bonuses received by the Executive in calendar year 2016 prior to the Effective Date, and (ii) the remainder in fully vested
shares of common equity of the Company, based on the volume weighted average price for the 10-day period preceding the end of the applicable calendar year (or if the Company is not a public company (as defined below), based on the fair market value
as of the end of the applicable calendar year as determined by an independent appraiser selected by the Board). For example 

  
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purposes only, if the Executive receives $50,000 in cash bonuses in calendar year 2016 prior to the Effective Date and the Guaranteed Bonus with respect to the full 2016 calendar year is
$375,000, the balance of the Guaranteed Bonus shall be equal to $325,000 and shall be payable in $43,750 cash and the remaining in equity, unless metrics are achieved entitling a cash payment in lieu of equity. Notwithstanding the foregoing,
(i) if the Board proposes reasonable performance metrics in good faith to the Conflicts Committee, and the Conflicts Committee does not review the proposal in good faith and/or unreasonably or in bad faith rejects such performance metrics, then the
related Guaranteed Bonus (reduced as applicable) shall be payable 100% in cash, (ii) if the Board fails to propose reasonable metrics in good faith to the Conflicts Committee for any period, then the Guaranteed Bonus for such period shall be payable
25% on cash and 75% in equity, and (iii) if 100% of the applicable performance metrics are achieved, such related Guaranteed Bonus (reduced as applicable) shall be payable 100% in cash. All bonus payments shall be subject to all applicable
withholding requirements. For purposes of this Section 4.2, an entity is a “public company” if it has a class of equity securities listed on a national securities exchange or quoted on the Financial Industry Regulatory
Authority’s OTC Bulletin Board or OTC Markets Group Inc.’s OTCQX or OTCQB (or any successors thereto). 
 4.3 Equity
Compensation. The Executive shall be eligible to receive grants of equity-based compensation in the form of restricted equity grants, options to purchase equity, phantom equity, or other forms of equity-based compensation that the Conflicts
Committee of the Board of Directors of the Company may determine. Such equity-based compensation may be with respect to the securities of the Company or any other affiliate within the group of Companies. Collectively, all equity-based
compensation in any of the Companies (including awards granted under the Management Incentive Plan, a description of which is attached hereto as Exhibit A (the “Management Incentive Plan”)) will be referred to as
“Units.” Except as otherwise provided for in this Agreement, any unvested Units will be subject to forfeiture in accordance with the applicable long-term incentive plan pursuant to which such Units are granted (the
“Restrictions”). For purposes of the Units, the Executive’s employment will be considered to continue as long as he remains employed by or performs services for any of the Companies. 

5. Benefits. 
 5.1
Vacation Leave. The Executive is entitled to take vacation days, holidays, and personal days according to the Company’s regular policies and procedures applicable to other executives of the Company. 

5.2 Benefit Plans. During the Contract Period and, to the extent specifically provided for herein, thereafter, (a) the Executive shall
be entitled to participate in all applicable incentive, savings, and retirement plans, practices, policies, and programs of the Company to the extent they are generally available to other senior officers, directors, and executives of the Company,
and (b) the Executive and/or his family, as the case may be, shall be eligible for participation in, and shall receive all benefits under, all applicable welfare benefit plans, practices, policies, and programs provided by the Company, including,
without limitation, any medical, prescription, dental, disability, sickness benefits, employee life insurance, accidental death, and travel insurance plans and programs, to the same extent as other senior officers, directors, or executives of the
Company. The Company retains the right to select and to change any insurance provider at its discretion. 

  
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 5.3 Expenses. The Company shall reimburse the Executive for all reasonable and necessary
work-related administrative and travel expenses incurred by the Executive in carrying out his duties under this Agreement, pursuant to the Company’s business expense policies and procedures. Written receipts shall be submitted to document all
expenses for which reimbursement is sought in accordance with the Company’s policies and procedures in effect from time to time. 
 6.
Termination. Anything herein contained to the contrary notwithstanding, the Executive’s employment shall terminate as a result of any of the following events: 

6.1 Death. The Executive’s death. 

6.2 Cause. Termination by the Company for Cause. For purposes of this Agreement, “Cause” shall encompass any of the
following: (a) the Executive has committed any demonstrable and material act of fraud; (b) illegal or gross misconduct by the Executive that is willful and results in damage to the business or reputation of the Companies; (c) the Executive is
convicted of a felony or a crime involving fraud or embezzlement; (d) the continued failure by the Executive to substantially perform his duties under this Agreement (other than as a result of physical or mental illness or injury) after the Company
delivers to the Executive a written demand for substantial performance that specifically identifies, with reasonable opportunity to cure, the manner in which the Company believes that the Executive has not substantially performed his duties; or (e)
the Executive has failed to follow reasonable written directions of the Company that are consistent with his duties hereunder and not in violation of applicable law, provided the Executive shall have ten business days after written notice to
cure such failure (to the extent then curable). In order to terminate the Executive’s employment for Cause, the Company must give the Executive written notice of its intention to terminate the Executive’s employment for Cause, setting
forth in reasonable detail the specific conduct constituting Cause and the specific provisions of this Agreement on which such claim is based. 

6.3 Without Cause. Termination by the Company without Cause upon not less than 30 days’ prior written notice to the Executive.

 6.4 Disability. The Executive becomes disabled by reason of physical or mental disability for more than 180 days in the aggregate
or a period of 90 consecutive days during any 365-day period and the Company determines, in good faith based upon medical evidence, that the Executive, by reason of such physical or mental disability, is rendered unable to perform his duties and
services hereunder (a “Disability”). The Executive agrees to provide his medical records and to submit to a medical examination so that the Company may make its determination. A Termination by the Company for Disability shall be
communicated to the Executive by written notice and shall be effective on the 30th day after the Executive’s receipt of such notice (the “Disability Effective Date”), unless the Executive returns to full-time performance of his
duties before the Disability Effective Date. 

  
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 6.5 Good Reason. Termination by the Executive with Good Reason upon 30 days’ prior
written notice to the Company (subject to the Company’s cure right described below). For purposes of this Agreement, “Good Reason” shall mean any of the following: (a) a material reduction in Base Salary; (b) a demotion of the
Executive from the Position; (c) a material reduction of the Executive’s duties under this Agreement; (d) the Company’s requiring the Executive to be relocated to a location more than 35 miles from the Executive’s location immediately
prior to such relocation; or (e) any action or inaction that constitutes a material breach by the Company of this Agreement. In such case, the Executive must provide written notice of Termination with Good Reason to the Company within 30 days after
the event constituting Good Reason. The Company shall have a period of 30 days in which it may correct the act or failure to act that constitutes the grounds with Good Reason as set forth in the Executive’s notice of Termination. If the Company
does not correct the act or failure to act, the Executive must terminate employment with Good Reason within 30 days after the end of the cure period in order for the Termination to be considered a Termination with Good Reason. 

6.6 Without Good Reason. A Termination by the Executive for any reason other than those set forth in Section 6.5 (other than due
to the Executive’s death or Disability) upon not less than 120 days’ prior written notice to the Company. 
 6.7
Non-Renewal. A Termination at or after the end of the Contract Period following a non-renewal of this Agreement pursuant to the terms and conditions of Section 3. Such a Termination shall constitute a Termination without Cause for
purposes of Sections 4.3, 7.3(d), and 8.2, and otherwise constitute a resignation without Good Reason for purposes of Section 7.2. 

6.8 Date of Termination. The “Date of Termination” means the date of the Executive’s death, the Disability
Effective Date, or the date on which the Termination by the Company for Cause or without Cause or by the Executive with Good Reason or without Good Reason is effective in accordance with this Agreement, as the case may be. 

7. Consideration Payable to the Executive upon Termination. 

7.1 Disability; Death. If the Executive’s employment is terminated by reason of his Disability or death during the Contract
Period, the Company shall pay to the Executive or the Executive’s designated beneficiaries (or, if there is no beneficiary, to the Executive’s estate or legal representative), as the case may be, in one cash payment within 60 days after
the Date of Termination, the sum of the following amounts: (a) any portion of the Base Salary that has been earned through the Date of Termination but not paid to the Executive as of the Date of Termination; (b) any accrued but unpaid cash incentive
compensation earned for any year prior to the year in which the Date of Termination occurs and, to the extent required to be paid under the terms of the Company policy in effect, from time to time and applicable law, any accrued but unpaid vacation
pay as of the Date of Termination; and (c) an amount representing the cash incentive compensation opportunity awarded to the Executive for the fiscal year in which the Date of Termination occurs equal to the amount of cash incentive compensation
earned by the Executive with respect to the prior fiscal year multiplied by a fraction, the numerator of which is the number of days in the fiscal year in which the Date of Termination occurs through the Date of Termination, and the denominator of
which is the total number of days in such fiscal year 

  
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(such amounts in clauses (a), (b), and (c), the “Accrued Obligations”). Notwithstanding herein anything to the contrary, in the case of a Termination by reason of Disability or
death, the Executive (in the case of Disability) and his dependents shall have health insurance paid for by the Company for a one-year period after the Date of Termination. In the event of Termination under this Section 7.1, all other
benefits, payments or compensation to be provided to the Executive hereunder shall terminate, but the Executive shall be entitled to any benefits accrued and earned in accordance with the terms of any applicable benefit plans and programs of the
Company and, as set forth in Section 4.3, any Restrictions with respect to any Units outstanding and held by the Executive on the Date of Termination shall terminate as of the Date of Termination, and all such Units shall be fully vested, in
the case of any options to purchase Units, exercisable and, shall remain in effect and exercisable through the end of their respective terms, without regard to the Termination. 

7.2 By the Company for Cause; By the Executive without Good Reason. If the Executive’s employment is terminated during the
Contract Period by the Company for Cause or by the Executive without Good Reason, the Company shall pay the Executive any portion of the Annual Base Salary and, to the extent required to be paid under the terms of the Company policy in effect from
time to time and applicable law, any accrued vacation pay, in each case, through the Date of Termination, to the extent earned but not paid as of the Date of Termination. In the event of Termination under this Section 7.2, all other benefits,
payments or compensation to be provided to the Executive hereunder shall terminate, but the Executive shall be entitled to any benefits accrued and earned in accordance with the terms of any applicable benefit plans and programs of the Company and
all Units that have vested as of the Date of Termination shall not be subject to forfeiture. 
 7.3 By the Company without Cause; By the
Executive with Good Reason. If, during the Contract Period, the Company terminates the Executive’s employment without Cause, or the Executive terminates employment with Good Reason, the Company shall pay to the Executive the Accrued
Obligations within 60 days after the Date of Termination, and the Company will pay any other benefits accrued and due under any applicable benefit plans and programs of the Company pursuant to the terms of such respective plans and programs. In
addition, if the Executive timely executes and does not revoke the Release (as defined in and subject to the terms and conditions of Section 7.3(d)), the Company shall pay to the Executive the following severance compensation (it being
understood that the Executive is not entitled to any payments under any severance plan or program for employees or executives): 
 (a) The
Company will pay the Executive severance compensation in an amount equal to two times the Annual Compensation (as defined below). The severance compensation shall be payable in a single lump sum no later than 60 days after the Date of Termination,
subject to the terms and conditions of Section 25.1 and the Executive’s timely execution and nonrevocation of the Release prior to such payment. 

(b) During the 24-month period following the Executive’s Date of Termination (the “Separation Period”), the Executive
may elect continued health and dental coverage under the Company’s health and dental plans in which the Executive participated at the Date of Termination, as in effect from time to time; provided that the Executive shall be responsible
for paying the full monthly cost of such coverage; and provided, further, that, if 

  
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requested in writing by the Company, the Executive must timely elect continued coverage under Section 4980B(f) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated
thereunder (the “Code” and such coverage, the “COBRA Coverage”), it being understood in all cases that the COBRA Coverage continuation period under Section 4980B of the Code shall run concurrently with the
Separation Period. The monthly cost shall be the premium determined for purposes of COBRA Coverage under Section 4980B(f)(4) of the Code in effect from time to time (the “COBRA Premium”). Each month in which the Executive pays the
COBRA Premium, the Company will reimburse the Executive for the COBRA Premium in an amount equal to the COBRA Premium, less the amount that the Executive would be required to contribute for health and dental coverage if the Executive were an active
employee of the Company. As an alternative, where such coverage may not be continued (or where such continuation would adversely affect the tax status of the plan pursuant to which the coverage is provided or result in penalty taxes to the Executive
pursuant to Section 409A of the Code), the Company may elect to pay the Executive cash in lieu of such coverage in an amount equal to the product of the number of months then remaining in the Separation Period and the COBRA Premium. In each case,
these payments will commence within 30 days following the Date of Termination, subject to the Executive’s timely execution and nonrevocation of the Release, and will be paid on the first payroll date of each month during the Separation Period;
provided, however, that the first such installment shall be paid no earlier than the date on which the Release becomes non-revocable by its terms (the “Release Date”) and the first payment shall include any portion of
such payments that would have otherwise been payable during the period between the Date of Termination and the Release Date. 
 (c) All
outstanding equity compensation awards held by the Executive, including, without limitation, all awards held by the Executive under the Management Incentive Plan, shall become fully vested (and if applicable, exercisable). 

(d) In order to receive payments under clauses (a), (b), and (c) of this Section 7.3, the Executive must sign and deliver to the
Company a release, in a form acceptable to the Company, of any and all claims against the Company, the Companies, their respective officers, directors, and agents and all related parties with respect to all matters arising out of the
Executive’s employment and the Termination (other than claims for any entitlements under the terms of this Agreement or under any plans or programs of the Company under which the Executive has accrued and is due a benefit) within 45 days after
the Date of Termination (the “Release”), and the Executive must not revoke such Release within the seven-day statutory revocation period after the Executive’s timely delivery of such Release to the Company. If the Executive
does not sign and timely deliver the Release, or if the Executive revokes such Release within such seven-day statutory period, the Executive forfeits any and all right to any payments or benefits in this Agreement conditioned upon the
Executive’s execution and nonrevocation of such Release. 
 (e) The payments provided pursuant to this Section 7.3 are intended
to compensate the Executive for a Termination by the Company without Cause or by the Executive with Good Reason and shall be the sole and exclusive remedy therefor. Notwithstanding any provision of this Agreement to the contrary, in no event
shall the Executive’s severance payable under this Section 7.3 be reduced or otherwise offset by the value of, or payments with respect to, awards held by the Executive under the Management Incentive Plan. 

  
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 (f) As used in this Agreement, the following terms shall have the following meanings: 

“Annual Compensation” shall mean, with respect to a fiscal year, the sum of (i) the Annual Base Salary, plus (ii) the
Applicable Bonus. 
 “Applicable Bonus” shall mean the average of the Executive’s Incentive Compensation in respect of
the two fiscal years preceding the fiscal year in which the Date of Termination occurs. 
 “Change in Control” shall mean
the occurrence of any of the following: 
 (i) acquisition by a person, group or entity (excluding Permitted Holders) of
beneficial ownership (within the meaning set forth in Rule 13d-3 under the Securities Exchange Act of 1933, as amended) of 50% or more of either the then outstanding shares of common stock of the Company or the combined voting power of the
Company’s then outstanding securities (excluding any entity which becomes such a beneficial owner in connection with an exempted transaction as described in clause (ii) below); provided, however, that neither of the Ad Hoc Group
(as defined in the Restructuring Support Agreement of Atlas Resource Partners, L.P., dated as of July 25, 2016) nor the Permitted Holders nor the signatories to the Amended and Restated Limited Liability Company Agreement of the Company, effective
as of September 1, 2016, as amended from time to time, shall as such constitute a “group” for purposes of this clause (i); 

(ii) consummation of a merger or other transaction, other than a transaction (an “exempted transaction”) pursuant to
which the securities of the Company outstanding immediately prior thereto continue to represent more than 50% of the combined voting power of the successor or parent entity or as a result of which more than 50% of the combined voting power is owned
by Permitted Holders in the aggregate; 
 (iii) a direct or indirect sale (in a single transaction or a series of related
transactions) of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole; or 
 (iv) an
approval by the Company’s equity holders of a plan of complete liquidation or dissolution of the Company. 
 “Incentive
Compensation” shall mean, in respect of a fiscal year, to the extent not duplicative, the sum of (i) all annual cash incentive compensation earned by the Executive in respect of such fiscal year (whether paid during such fiscal year or
thereafter) from the Company and the Predecessors, plus (ii) if the applicable Termination occurs on or following a Change in Control, the aggregate grant date value of equity-based compensation granted to the Executive by the Company and the
Predecessors in lieu of annual incentive compensation earned in respect of such fiscal year, but excluding the proceeds or value of any awards granted to the Executive pursuant to the Management Incentive Plan, plus (iii) the Guaranteed Bonus, if
applicable, earned by the Executive in respect of such fiscal year (whether paid in cash or equity). Exhibit B to this Agreement sets forth the Executive’s Incentive Compensation in respect of fiscal years 2014 and 2015 and separately
identifies the amounts described in the foregoing clauses (i) and (ii). 

  
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 “Permitted Holders” shall mean each of GSO, FirTree, Guggenheim, Franklin and
Silver Rock, and their respective affiliates, and any “group” including any of the foregoing and of which the foregoing collectively beneficially own a majority of the equity of the Company; provided, however, if any one of
the foregoing entities (together with its affiliates) shall become the beneficial owner (disregarding any “group” attribution under Rule 13d-3 under the Securities Exchange Act of 1933, as amended) of 50% or more of either the then
outstanding shares of common stock of the Company or the combined voting power of the Company’s then outstanding securities, then such entity shall no longer be a Permitted Holder for purposes of the definition of Change in Control. 

“Predecessors” shall mean collectively ATLS, ARP and any of their respective predecessors. 

8. Restrictive Covenants. 

8.1 In connection with the Executive’s services to the Company, the Company agrees that it will provide access to certain proprietary and
confidential information of the Company and the Companies that is not generally known to the public, including, but not limited to, its services, personnel, procedures, and financial information. The promises of the Company contained herein are not
intended to be contingent upon continued employment but are intended by the parties to be fully enforceable at the time of the execution of this Agreement. The Executive acknowledges and agrees that the Executive’s relationship with the Company
creates a relationship of confidence and trust between the Executive and the Company that extends to all confidential information that becomes known to the Executive. The Executive agrees not to directly, indirectly, or otherwise, disclose, publish,
make available to, or use for his own benefit or the benefit of any person, firm, corporation, or other entity for any reason or purpose whatsoever, any proprietary or confidential information during the Contract Period and thereafter other than in
connection with performing the Executive’s services for the Company in accordance with this Agreement or in connection with performing the Management Services. Upon a Termination, the Executive agrees not to retain or take with him any
confidential notes, records, documents, or other proprietary or confidential information about the Company, the Companies, or any of their affiliates prepared or obtained in the course of employment. 

8.2 The Executive agrees that if the Executive’s employment terminates for any reason, then during the period commencing on the Date of
Termination and ending on the date that is 18 months following the Date of Termination, the Executive shall not, directly or indirectly, anywhere in the Restricted Area (as defined below) engage or participate, alone or as a partner, joint venturer,
officer, director, member, employee, consultant, agent, or owner, in a Restricted Activity. Notwithstanding the foregoing, nothing in this Agreement shall preclude, prohibit, or restrict the Executive from (1) acquiring, owning, or holding 5% or
less of the outstanding interests in or securities of any publicly traded corporation, (2) performing the Management Services, (3) acquiring, owning, or holding any interests in or securities of ATLS or any of its affiliates or (4) being or acting
as an officer, director, member, employee, consultant, agent, or owner of or to ATLS or any of its affiliates (other than, in the case of the foregoing clauses (2)-(4), with respect to Tax-Advantaged Drilling Partnerships (as defined below)).
Notwithstanding the foregoing, the Executive shall be entitled to (x) continue to own any limited partner interest in any Tax-Advantaged Drilling Partnership held by the Executive on the date hereof and (y) acquire and own any limited partner
interest in any Tax-Advantaged Drilling Partnership with the approval of the Conflicts Committee. For purposes of this Agreement, (A) “Restricted Area” means the geographic areas in which the Company operated during the 12 months
immediately preceding the date of the Executive’s termination of employment (for the avoidance of doubt, the geographic areas in which the Company operates shall mean the counties in which the Company operates); and (B) “Restricted
Activity” means (i) if such termination is by the Company without Cause or by the Executive with Good Reason, any drilling partnership where investors (individuals or trusts) invest as general partners to take advantage of the exemption for
working interests from the passive income rules in the Code (“Tax-Advantaged Drilling Partnerships”), and (ii) if such termination is by the Company with Cause or the Executive without Good Reason, a business engaged in the exploration,
development, production, processing, storing, transportation, refinement, purification, marketing, and/or distribution of natural gas, crude oil, and natural gas liquids, or a business engaged (to any extent) in investing in or financing any of the
foregoing, but for the avoidance of doubt, including any business engaged in Tax-Advantaged Drilling Partnerships. 

  
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 8.3 The Executive agrees that, if (a) prior to a Change in Control or after the first anniversary
of a Change in Control, the Executive is terminated by the Company with Cause or the Executive resigns without Good Reason or (b) on or within one year following a Change in Control, the Executive’s employment terminates for any reason, then
during the period commencing on the Date of Termination and ending on the second anniversary of the Date of Termination, the Executive shall not, for himself or on behalf of any other person, firm, partnership, corporation, or other entity, directly
or indirectly, solicit or hire, or attempt to solicit or hire, any employee of the Company or any of its affiliates (or any person employed by the Company or any of its affiliates within the six-month period prior to such solicitation or hire or
attempt to solicit or hire) away from the Company or any of its affiliates. The foregoing shall not apply to general advertisements or solicitations that are not targeted to any specific individuals. 

8.4 The Executive acknowledges that the restrictions contained in this Section 8 are, in view of the nature of the business of the
Company, reasonable and necessary to protect the legitimate interests of the Company, and that any violation of any provision of this Section 8 will result in irreparable injury to the Company. The Executive also acknowledges that in the
event of any such violation, the Company shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual damages or posting a bond, and to an equitable accounting of all earnings, profits, and other benefits
arising from any such violation, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled. The Executive agrees that in the event of any such violation, an action may be commenced by the
Company for any such preliminary and permanent injunctive relief and other equitable relief in any federal or state court of competent jurisdiction sitting in New York or, if jurisdiction is lacking in New York, in any court of competent
jurisdiction. The Executive hereby waives, to the fullest extent permitted by law, any objection that the Executive may now or hereafter have to such jurisdiction or to the laying of the venue of any such suit, action, or proceeding brought in such
a court and any claim that such suit, action, or proceeding has been brought in an inconvenient forum. The Executive agrees that effective service of process may be made upon the Executive under the notice provisions contained in
Section 14. 

  
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 9. Golden Parachute Excise Tax Modified Cutback. 

9.1 Anything in this Agreement to the contrary notwithstanding, if a nationally recognized accounting firm as shall be designated by the
Company (the “Accounting Firm”) shall determine that receipt of all payments or distributions by the Company or its affiliates in the nature of compensation to the Executive or for the Executive’s benefit, whether paid or
payable pursuant to this Agreement or otherwise (a “Payment”), would subject the Executive to the excise tax under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable
pursuant to Section 7.3 of this Agreement (the “Agreement Payments”) to the Reduced Amount (as defined below). The Agreement Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that the
Executive would have a greater Net After-Tax Receipt (as defined below) of aggregate Payments if the Executive’s Agreement Payments were reduced to the Reduced Amount. If the Accounting Firm determines that the Executive would not have a
greater Net After-Tax Receipt of aggregate Payments if the Executive’s Agreement Payments were so reduced, the Executive shall receive all Agreement Payments to which the Executive is entitled under this Agreement. 

9.2 If the Accounting Firm determines that aggregate Agreement Payments should be reduced to the Reduced Amount, the Company shall promptly
give the Executive notice to that effect and a copy of the detailed calculation thereof. All determinations made by the Accounting Firm under this Section 9 shall be binding upon the Company and the Executive absent manifest error and shall
be made as soon as reasonably practicable and in no event later than 15 days following the applicable Date of Termination. For purposes of reducing the Agreement Payments to the Reduced Amount, only amounts payable under this Agreement (and no other
Payments) shall be reduced. All fees and expenses of the Accounting Firm shall be borne solely by the Company. 
 9.3 As a result of the
uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of the
Executive pursuant to this Agreement that should not have been so paid or distributed (“Overpayment”) or that additional amounts that will have not been paid or distributed by the Company to or for the benefit of the Executive
pursuant to this Agreement could have been so paid or distributed (“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. In the event that the Accounting Firm, based upon the assertion of a
deficiency by the Internal Revenue Service against either the Company or the Executive that the Accounting Firm believes has a high probability of success determines that an Overpayment has been made, the Executive shall pay any such Overpayment to
the Company together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by the Executive to the Company if and to the extent such payment
would not either reduce the amount on which the Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Accounting Firm, based upon controlling precedent or substantial
authority, determines that an Underpayment has occurred, any such Underpayment shall be paid promptly (and in no event later than 60 days following the date on which the Underpayment is determined) by the Company to or for the benefit of the
Executive together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code. 

  
 11 

 9.4 For purposes hereof, (a) “Reduced Amount” shall mean the greatest amount of
Agreement Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Agreement Payments pursuant to Section 9.1, and (ii) “Net
After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on the Executive with respect thereto under Sections 1 and 4999
of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws that applied to the Executive’s taxable income for the immediately preceding
taxable year, or such other rate(s) as the Accounting Firm determined to be likely to apply to the Executive in the relevant tax year(s). 

9.5 To the extent requested by the Executive, the Company shall cooperate with the Executive in good faith in valuing, and the Accounting Firm
shall take into account the value of, services provided or to be provided by the Executive (including, without limitation, the Executive’s agreeing to refrain from performing services pursuant to a covenant not to compete or similar covenant)
before, on, or after the date of a change in ownership or control of the Company (within the meaning of Q&A-2(b) of the final regulations under Section 280G of the Code), such that payments in respect of such services may be considered
reasonable compensation within the meaning of Q&A-9 and Q&A-40 to Q&A-44 of the final regulations under Section 280G of the Code and/or exempt from the definition of the term “parachute payment” within the meaning of
Q&A-2(a) of the final regulations under Section 280G of the Code in accordance with Q&A-5(a) of the final regulations under Section 280G of the Code. 

10. Representations. 

10.1 The Executive represents and warrants to the Company that he is not now subject to any noncompetition, restrictive covenant, or other
restriction or agreement that would prevent, limit, or impair in any way his ability to perform all of his obligations under this Agreement, other than the 2015 Agreement. 

10.2 The Executive agrees that during the Contract Period and for two years thereafter he will disclose and provide a copy of the
confidentiality provisions of this Agreement to any prospective employer and/or recruiter. 
 11. Mitigation. The Executive shall not
be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for herein be reduced by any compensation or any retirement benefit
heretofore or hereafter earned by the Executive as the result of employment by any other person, firm, or corporation. 

  
 12 

 12. Other Company Policies. The Executive understands and agrees that the Executive is
subject to all other policies of the Company not inconsistent with this Agreement, including, but not limited to, policies pertaining to vacation entitlement, sick leave, holiday pay, health care, and expense reimbursement. 

13. Interpretation and Enforcement of this Agreement. This Agreement shall be interpreted in accordance with the plain meaning of its
terms and not strictly for or against either party hereto. The Company expressly reserves the right to enforce any and all provisions of the Agreement. In the event of a breach or violation of this Agreement by the Executive, the Company may pursue
all appropriate avenues of relief, including bringing legal action against the Executive, provided under this Agreement. 
 14.
Notification and Waiver. 
 14.1 This Agreement is understood by the Executive to be clear and fully enforceable as written. The
Executive should not execute it if he believes otherwise. However, if the Executive later challenges the enforceability or clarity of any provision of this Agreement, the Executive agrees to notify the Company of this challenge in writing at least
14 days before engaging in any activity that could possibly be prohibited by this Agreement. Both the Executive and the Company agree to then meet and confer or mediate for the purpose of resolving the dispute. If no resolution is arrived at, then
the parties will be free to pursue all of their legal rights and remedies. If, however, the Executive elects not to provide advance notice described above and does not participate in good faith in the “meet and confer” process described
above, then the Executive agrees that the Executive’s failure to comply will be considered a waiver of the Executive’s right to challenge the enforceability and/or clarity of the terms of this Agreement and the restrictions in it. 

14.2 Any notice required by this Agreement or given in connection with it shall be in writing and shall be given to the appropriate party by
personal delivery or by a nationally recognized overnight courier service, in each case, to the then current address of the party receiving such notice. 

15. Entire Agreement. This Agreement terminates and supersedes all prior understandings or agreements on the subject matter herein, it
being understood that this Agreement supersedes the 2015 Agreement solely with respect to the agreement between ARP and the Executive. This Agreement may not be modified unless the change or modification or waiver is in writing and signed by
the Executive and an officer of the Company who is not the Executive. 
 16. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without regard to conflict of law principles. 
 17. Arbitration.
Except as provided otherwise in Section 8.4 and except with respect to any dispute in which the primary relief sought is an equitable remedy such as an injunction, in the event of any dispute under this Agreement, the parties shall be
required to settle the dispute, controversy, or claim by arbitration in New York, New York in accordance with the National Rules for the Resolution of Employment Disputes then in effect of the American Arbitration 

  
 13 

 
Association before a panel of three arbitrators, one of whom shall be selected by the Company, one of whom shall be selected by the Executive, and the third of whom shall be selected by the other
two arbitrators. Any award entered by the arbitrators shall be final, binding, and nonappealable, and judgment may be entered thereon by either party in accordance with applicable law in any court of competent jurisdiction. The parties hereby agree
that upon a Termination by the Company without Cause or by the Executive with Good Reason, the Company shall pay all amounts due to the Executive subject to the terms and conditions of Section 7.3 (it being agreed that TIME IS OF THE ESSENCE)
without offset or reduction. If the Company determines it has an offset or basis for reduction with respect to any payment, it shall notify the Executive of such determination, in writing, as soon as reasonably practicable and in any event on or
prior to the deadline for making such payment. In such case, the Company shall make the full payment, but the Executive shall be obligated to return any portion of such payment that is determined, pursuant to the terms and conditions set forth in
this Section 17, to be owed by the Executive to the Company. In the event of an action hereunder in which the Executive is the prevailing party, the Company shall (subject to the terms and conditions of Section 25.2) promptly reimburse
the Executive for his actual and reasonable legal fees and costs incurred in connection with such action. 
 18. Headings. The
headings in this Agreement are inserted for convenience only and shall not be used to define, limit, or describe the scope of the Agreement of any of the obligations above. 

19. No Assignment. Neither this Agreement nor any interest in this Agreement may be assigned by the Executive without the prior express
written approval of the Company, which may be withheld by the Company at the Company’s sole and absolute discretion. 
 20.
Severability. If any provision of the Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or
unenforceable term had never been included. 
 21. Waiver of Jury Trial. The parties hereby knowingly, voluntarily, and intentionally
waive the right any of them may have to a trial by jury in respect of any litigation based hereon or arising out of, under, or in connection with this Agreement, or any course of conduct, course of dealing, statements (whether verbal or written), or
actions of any party in connection with the Executive’s employment with the Company. This provision is a material inducement for the parties’ acceptance of this Agreement. For the avoidance of doubt, the forgoing is not intended to modify
the provisions of Section 17. 
 22. Continuing Effect. The Executive’s obligations and commitments under this Agreement,
other than his obligation to perform duties under Sections 1 and 2, including specifically, without limitation, the promises and commitments of Sections 8, 9, 10, 16, and 17, shall continue after the
Executive’s departure from the Company, regardless of the Executive’s Termination for any reason or any breach of any other obligation or agreement, if any, of the Company to the Executive. 

  
 14 

 23. Waiver of Breach. The waiver by the Company of a breach of any provision of this
Agreement by the Executive shall not operate or be construed as a waiver of any subsequent breach by the Executive. 
 24. Agreement is
Knowing and Voluntary. The Executive has carefully reviewed this Agreement to assure his complete understanding of the Agreement’s full effect. The Executive has actively engaged in negotiations concerning the terms and conditions of the
Agreement. The Executive has been given the opportunity by the Company to engage in a review of this Agreement independently, in consultation with an attorney. The Executive’s signing of this Agreement is knowing and voluntary. 

25. Section 409A. 
 25.1
This Agreement is intended to comply with Section 409A of the Code or an exemption thereto, and, to the extent necessary in order to avoid the imposition of a penalty tax on the Executive under Section 409A of the Code, payments may only be made
under this Agreement upon an event and in a manner permitted by Section 409A of the Code. Any payments or benefits that are provided upon a Termination shall, to the extent necessary in order to avoid the imposition of a penalty tax on the Executive
under Section 409A of the Code, not be provided unless such Termination constitutes a “separation from service” within the meaning of Section 409A of the Code. Any payments that qualify for the “short-term deferral” exception or
another exception under Section 409A of the Code shall be paid under the applicable exception. Notwithstanding anything in this Agreement to the contrary, if the Executive is considered a “specified employee” (as defined in Section 409A of
the Code), any amounts paid or provided under this Agreement shall, to the extent necessary in order to avoid the imposition of a penalty tax on the Executive under Section 409A of the Code, be delayed for six months after the Executive’s
“separation from service” within the meaning of Section 409A of the Code, and the accumulated amounts shall be paid in a lump sum within ten days after the end of the six-month period. If the Executive dies during the six-month
postponement period prior to the payment of benefits, the amounts the payment of which is deferred on account of Section 409A of the Code shall be paid to the personal representative of the Executive’s estate within 60 days after the date of
the Executive’s death. 
 25.2 For purposes of Section 409A of the Code, the right to a series of installment payments under this
Agreement shall be treated as a right to a series of separate payments. In no event may the Executive, directly or indirectly, designate the calendar year of a payment. All reimbursements and in-kind benefits provided under this Agreement shall be
made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (a) any reimbursement is for expenses incurred during the period of time specified in this Agreement, (b) the amount
of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year, (c) the reimbursement of an eligible
expense will be made no later than the last day of the calendar year following the year in which the expense is incurred, and (d) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit. 

  
 15 

 26. Payments Allocated to NewCo. Notwithstanding anything in this Agreement to the
contrary, NewCo shall be jointly and severally liable with the Company to the Executive for payments owed to the Executive hereunder. Nothing contained in this Agreement shall be construed to prevent the Company or NewCo from seeking
reimbursement from Titan Energy Management, LLC with respect to the Executive’s performance of the Management Services in accordance with the provisions of the Omnibus Agreement. 

[Signature Page Follows] 

  
 16 

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

					
	TITAN ENERGY, LLC
		
	By:	 	 /s/ Lisa Washington

		 	Name:	 	Lisa Washington
		 	Title:	 	Chief Legal Officer
	
	TITAN ENERGY OPERATING, LLC
		
	By:	 	 /s/ Lisa Washington

		 	Name:	 	Lisa Washington
		 	Title:	 	Chief Legal Officer
	
	EXECUTIVE
	
	 /s/ Mark Schumacher

	Mark Schumacher

 [Signature Page to Schumacher Employment Agreement]  

 Exhibit A 

Description of Management Incentive Plan 

NEW ATLAS MANAGEMENT INCENTIVE PROGRAM TERM SHEET 
  

			
	MIP – General Description and Purpose	  	 Management Incentive Program (“MIP”) will be established in connection with the Restructuring and will provide for a pool to
consist of 10% of the common shares (on a fully diluted basis) in the publicly-traded holding company to emerge from chapter 11 (“New Shares”).1 MIP pool to be used for awards to be
granted on the Effective Date and for potential future awards.
  
 The purposes of the MIP
are to align the interests of participants with those of the other holders of the New Shares and to assist Titan Energy in retaining the services of selected participants by rewarding them for the overall success of Titan Energy.

 
 MIP awards will dilute all of the New Shares.

		
	Plan Structure; Types of Awards	  	The MIP is a share-based compensation plan providing for and permitting the grant of awards to eligible participants in the form of restricted and unrestricted (fully-vested) New Shares.
		
	Initial Awards	  	Initial awards to consist of 7.5% of New Shares (on a fully diluted basis).
		
	Allocation of Initial Award Among Participants	  	 Initial Awards (to be made at Effective Time) to be allocated as follows:

 
 E. Cohen – 2% of New Shares (on a fully diluted basis)

J. Cohen – 2% of New Shares (on a fully diluted basis)
 D.
Herz – 2% of New Shares (on a fully diluted basis)
 M. Schumacher – 0.75% of New Shares (on a fully diluted basis)

J. Slotterback – 0.75% of New Shares (on a fully diluted basis)
  

Each of the foregoing Initial Awards shall consist of (A) one-third unrestricted and fully-vested New Shares and (B) two-thirds restricted New
Shares.

		
	Vesting Schedule of Initial Award of Restricted Shares	  	The portion of the initial awards, which consists of awards of restricted New Shares, will vest in three equal annual tranches on the first three anniversaries of the Effective Date, subject to continued employment (or accelerated
vesting on a qualifying termination of employment, as described below).

  

	1 	The reorganized parent company, Titan Energy, LLC, will be a publicly traded limited liability company, treated for tax purposes as a C-Corporation (“Titan Energy”). Distributions of equity to holders of
second lien debt and the noteholders pursuant to the proposed chapter 11 plan will be comprised of common shares of Titan Energy. Similarly, the shares to be awarded under the MIP will be common shares of Titan Energy. 

  
 A-1 

			
		
		  	 Unvested initial awards of restricted New Shares will vest in full upon a termination of the recipient’s employment by Titan Energy
without Cause or by the recipient for Good Reason. All such awards shall also vest in full upon the recipient’s death or disability. Unvested awards to be forfeited upon termination for Cause or resignation without Good Reason.

 
 For recipients with employment agreements with Titan Energy and Titan Energy
Operating, LLC, “Cause” and “Good Reason” to have the meaning set forth in such employment agreements. For other recipients, “Cause” and “Good Reason” to be defined in a manner consistent with the Herz
employment agreement definitions.

		
	Additional Awards	  	The remaining 2.5% of New Shares (on a fully diluted basis) in the MIP pool to be reserved for future grants, to be made by the Board of Directors of Titan Energy, in its discretion.
		
	Allocation and Vesting of Additional Awards	  	Allocation and vesting of additional awards to be determined by the Board of Directors of Titan Energy, in its discretion; provided that the Conflicts Committee must approve any allocation of any of the remaining 2.5% of New
Shares (on a fully diluted basis)) to any Named Executive Officer (but not the allocation thereof to any other officer or employee).
		
	Registration Statement	  	Titan Energy shall use its commercially reasonable efforts to file and have declared effective a Registration Statement on Form S-8, which may include a resale prospectus, covering the New Shares to be issued under the MIP as soon
as commercially practicable after Titan Energy first becomes subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. Prior to the effective date of such Registration Statement, any issuances of New Shares under
the MIP will be pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended.

  
 A-2 

 Exhibit B 

Incentive Compensation for Fiscal Year 2014 and Fiscal Year 2015 

2014 - $812,500 (of which $362,500 was cash incentive compensation) 

2015 - $1,625,000 (of which $500,000 was cash incentive compensation) 

  
 B-1EX-10.10

 Exhibit 10.10 

TITAN ENERGY, LLC 

MANAGEMENT INCENTIVE PLAN 
  

	Section 1.	Purpose of the Plan 

 The Titan Energy, LLC Management Incentive Plan (the
“Plan”) is intended to promote the interests of Titan Energy, LLC, a Delaware limited liability company (the “Company”), by providing to officers, employees, and board members of the Company and its Affiliates, and
consultants, and joint venture partners who perform services for the Company and its Affiliates, incentive awards for superior performance that consist of or are based on common shares representing limited liability company interests in the Company
(“Shares”). It is also contemplated that the Plan will enhance the ability of the Company and its Affiliates to attract and retain the services of individuals who are essential for the growth and profitability of the Company
and to encourage them to devote their best efforts to the business of the Company, thereby advancing the interests of the Company. 
  

	Section 2.	Definitions 

 As used in the Plan, the following terms shall have the meanings set forth
below: 
 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries controls, is controlled by, or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of a Person, whether through ownership of voting securities, by contract, or otherwise. 

“Award” means an Option, Phantom Share, Unrestricted Share or Restricted Share granted under the Plan, and shall include any
tandem DERs granted with respect to a Phantom Share. 
 “Award Agreement” means a written (or electronic) agreement setting
forth the terms and conditions of a specific Award. 
 “Board” means the board of directors of the Company. 

“Cause” means Cause (or a term of similar import) as defined in the employment, consulting, or similar agreement to which a
Participant is party, or, if there is no such agreement, “Cause” means the Participant’s: (a) commission of a felony or a crime of moral turpitude; (b) commission of any act of malfeasance or wrongdoing against the Company or any
Affiliate; (c) a material breach of the Company’s or any Affiliate’s applicable policies or procedures; (d) willful and continued failure to perform the Participant’s material duties; (e) willful misconduct that causes material harm
to the Company or any Affiliate or their respective business reputations, including due to any adverse publicity; or (f) material breach of the Participant’s obligations under any agreement (including any covenant not to compete) entered into
between the Participant and the Company or any Affiliate. Notwithstanding Section 3(a) of the Plan, following a Change in Control, any determination by the Board as to whether “Cause” exists shall be subject to de novo review.

 “Change in Control” shall mean the occurrence of any of the following: 

(a) acquisition by a person, group or entity (excluding Permitted Holders) of beneficial ownership (within the meaning set forth in Rule
13d-3 under the Exchange Act) of 50% or more of either the then outstanding shares of common stock of the Company or the combined voting power of the Company’s then outstanding securities (excluding any entity which becomes such a beneficial
owner in connection with an exempted transaction as described in clause (ii) below); provided, however, that neither of the Ad Hoc Group (as defined in the Restructuring Support Agreement) nor the Permitted Holders nor the signatories
to the limited liability company agreement of the Company shall as such constitute a “group” for purposes of this clause (i); 

(b) consummation of a merger or other transaction, other than a transaction (an “exempted transaction”) pursuant to which the
securities of the Company outstanding immediately prior thereto continue to represent more than 50% of the combined voting power of the successor or parent entity or as a result of which more than 50% of the combined voting power is owned by
Permitted Holders in the aggregate; 
 (c) a direct or indirect sale (in a single transaction or a series of related transactions) of all
or substantially all of the assets of the Company and its subsidiaries, taken as a whole; or 
 (d) an approval by the Company’s
equity holders of a plan of complete liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, with respect to any Award that is subject
to Section 409A of the Code, Change in Control shall mean a “change of control event,” as defined in the regulations and guidance issued under Section 409A of the Code. In addition, notwithstanding the foregoing, the Board may specify
a more limited definition of Change in Control for a particular Award, as the Board deems appropriate. 
 “Code” means the
Internal Revenue Code of 1986, as amended, or any successor thereto, and the regulations promulgated thereunder. 
 “DER”
means a right, granted in tandem with a specific Phantom Share, to receive an amount in cash, securities, or property equal to, and at the same time as, the cash distributions or other distributions of securities or property made by the Company with
respect to a Share during the period such Phantom Share is outstanding. 
 “Director” means a “non-employee
director” of the Company as defined in Rule 16b-3 under the Exchange Act. 
 “Disability” means, unless provided
otherwise in an Award Agreement, (a) “Disability” as defined in any individual employment agreement to which the Participant is a party, or (b) if there is no such individual employment agreement or it does not define
“Disability,” either (i) a “permanent and total disability” as defined in Section 22(e)(3) of the Code or (ii) the Participant’s being approved to receive payments under the United States Social Security Disability Insurance
Program. Notwithstanding the above, with respect to any Award, to the extent necessary to avoid accelerated taxation or tax penalties under Section 409A of the Code, Disability shall mean “disability” within the meaning of Section
409A of the Code. 

  
 2 

 “Employee” means any officer or employee of the Company, its Affiliates,
consultants or joint venture partners who performs services for the Company or an Affiliate of the Company or in furtherance of the Company’s business. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means the closing sales price of a Share on the applicable date (or, if there is no trading in the Shares
on such date, the closing sales price on the last date Shares were traded). In the event Shares are not publicly traded at the time a determination of fair market value is required to be made hereunder, the determination of fair market value shall
be determined by a third party appraisal firm retained for such purpose by the Board. 
 “Good Reason” shall have the
meaning defined in the employment, consulting, or similar agreement to which a Participant is party, or, if there is no such agreement, shall mean any of the following (unless otherwise set forth in an Award Agreement): (a) a material reduction
in the Participant’s base salary as in effect on the Date of Grant; (b) a material adverse change in the Participant’s title, duties or responsibilities as in effect on the Date of Grant; or (c) the Company’s requiring the Participant
to be relocated to a location more than 35 miles from the Participant’s location as in effect on the Date of Grant. In such case, the Participant must provide written notice of termination with Good Reason to the Company within 30 days
after the event constituting Good Reason. The Company shall have a period of 30 days in which it may correct the act or failure to act that constitutes the grounds with Good Reason as set forth in the Participant’s notice of termination. If the
Company does not correct the act or failure to act, the Participant must terminate employment with Good Reason within 30 days after the end of the cure period in order for the termination to be considered a termination with Good Reason. 

“Incentive Stock Option” means an Option which qualifies as an “incentive stock option” within the meaning of Code
Section 422 and the regulations promulgated thereunder. 
 “LLC Agreement” means the amended and restated limited
liability company agreement of the Company effective September 1, 2016 among the members signatory thereto. 
 “Option”
means an option to purchase Shares granted under the Plan. Options may be either Incentive Stock Options or options which are not Incentive Stock Options (the latter being referred to herein as “Nonqualified Stock Options”). 

“Participant” means any Employee or Director or individual consultant granted an Award under the Plan. 

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

  
 3 

 “Permitted Holders” shall mean each of GSO, FirTree, Guggenheim, Franklin and
Silver Rock, and their respective affiliates, and any “group” including any of the foregoing and of which the foregoing collectively beneficially own a majority of the equity of the Company; provided, however, if any one of the foregoing
entities (together with its affiliates) shall become the beneficial owner (disregarding any “group” attribution under Rule 13d-3 under the Securities Exchange Act of 1933, as amended) of 50% or more of either the then outstanding shares of
common stock of the Company or the combined voting power of the Company’s then outstanding securities, then such entity shall no longer be a Permitted Holder for purposes of the definition of Change in Control. 

“Phantom Share” means a phantom (notional) Share granted under the Plan that, upon vesting, entitles the Participant to
receive a Share or its then-Fair Market Value in cash or other securities or property, as determined by the Board. 
 “Restricted
Period” means the period established by the Board with respect to an Award during which the Award remains subject to forfeiture or is not exercisable by the Participant. 

“Restricted Share” means an Award granted under Section 6(c). 

“Restructuring Support Agreement” means the Restructuring Support Agreement of Atlas Resource Partners, L.P., dated
July 25, 2016. 
 “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, or any successor rule
or regulation thereto as in effect from time to time. 
 “SEC” means the Securities and Exchange Commission, or any
successor thereto. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Subsidiary” means, any entity (other than the Company) in an unbroken chain of entities beginning with the Company if each
of the entities other than the last entity in the unbroken chain owns stock or other equity securities representing fifty percent (50%) or more of the total combined voting power of all classes of stock or other equity securities in one of the other
entities in such chain. 
 “Unrestricted Shares” means an Award granted under Section 6(e). 

  
 4 

	Section 3.	Administration 

 (a) General Authority and Determinations. The Plan shall be
administered by the Board. Subject to the following, the terms of the LLC Agreement and any applicable law, the Board, in its sole discretion, may delegate any or all of its powers and duties under the Plan, including the power to grant Awards
under the Plan, to a Board committee or to the Chief Executive Officer of the Company, subject to such limitations on such delegated powers and duties as the Board may impose, if any; provided, however, that such delegation shall not
limit the Chief Executive Officer’s right to receive Awards under the Plan, and the Chief Executive Officer may not grant Awards to, or take any action with respect to any Award previously granted to, himself or a Person who is an Employee or
Director subject to Rule 16b-3. Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Board by the Plan, the Board shall have full power and authority to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the terms and conditions of any Award; (iv) determine whether, to what extent, and under what circumstances Awards may be settled, exercised,
cancelled, or forfeited; (v) interpret and administer the Plan and any instrument or agreement relating to an Award made under the Plan; (vi) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem
appropriate for the proper administration of the Plan; (vii) accelerate the vesting or lapse of restrictions of any outstanding Award, in each case, based on such considerations as the Board in its sole discretion determines; and (viii) make any
other determination and take any other action that the Board deems necessary or desirable for the administration of the Plan. The Board shall have full power and express discretionary authority to make factual determinations and to adopt or
amend such rules, regulations, agreements, and instruments for implementing the Plan and for the conduct of its business as it deems necessary or advisable, in its sole discretion. Unless otherwise expressly provided in the Plan, all
designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Board, may be made at any time and shall be final, conclusive, and binding upon all Persons,
including the Company, any Affiliate, any Participant, and any beneficiary of any Award. All powers of the Board shall be executed in the best interests of the Company, not as a fiduciary, in keeping with the objectives of the Plan, and need
not be uniform as to similarly situated Participants. 
 (b) Award Agreements. All Awards under the Plan shall be made
conditional on the Participant’s entering into an Award Agreement, and a Participant shall have no rights under the Plan until an Award Agreement is entered into by the Participant and the Company. The terms and conditions of each Award,
as determined by the Board, shall be set forth in an Award Agreement, which shall be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of such Award. All Awards under the
Plan shall be made conditional upon the Participant’s acknowledgement, in writing or electronically, or by acceptance of the Award, that all decisions and determinations of the Board shall be final, conclusive, and binding on the Participant,
his or her beneficiaries, and any other person having or claiming an interest in such Award. Awards made under a particular Section of the Plan need not be uniform as among Participants. 

(c) Special Administrative Rule. To the extent that the Board determines to make an Award (other than an “Initial Award”
as described below) to an individual who is a Named Executive Officer (as defined in the LLC Agreement), such Award shall require the approval of the Conflicts Committee of the Board. The rule described in the preceding sentence shall not
apply to Awards to Edward Cohen, Jonathan Cohen, Daniel Herz, Mark Schumacher and Jeffrey Slotterback which are made on the effectiveness of the Restructuring (as defined in the Restructuring Support Agreement) pursuant to the New Atlas Executive
Compensation and Management Incentive Program Term Sheet (which is an exhibit to the Restructuring Support Agreement). 

  
 5 

	Section 4.	Shares 

 (a) Shares Available. Subject to adjustment as provided in Section
4(c), the number of Shares with respect to which Awards may be granted under the Plan is 555,555. If any Award is forfeited or otherwise terminates or is cancelled or paid without the delivery of Shares, then the Shares covered by such Award,
to the extent of such forfeiture, termination, payment, or cancellation, shall again be Shares with respect to which Awards may be granted. Shares surrendered in payment of the Exercise Price of an Option, and Shares withheld or surrendered for
payment of taxes, shall be available for re-issuance under the Plan. A maximum of 25% of the Shares available for issuance under the Plan shall be available for issuance pursuant to Incentive Stock Options. 

(b) Sources of Shares Deliverable under Awards. Any Shares delivered pursuant to an Award shall consist, in whole or in part, of
Shares newly issued by the Company, Shares acquired in the open market or from any Affiliate of the Company, or any other Person, or any combination of the foregoing, as determined by the Board in its discretion. 

(c) Adjustments. In the event that any distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, split, reverse split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other
securities of the Company, or other similar transaction or event affects the Shares such that an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan,
then the Board shall equitably adjust (i) the number and type of Shares (or other securities or property) with respect to which Awards may be granted, (ii) the number and type of Shares (or other securities or property, including cash) subject to
outstanding Awards, and (iii) the grant or exercise price with respect to any Award; provided, however, that the number of Shares subject to any Award shall always be a whole number. The Board may make provision for a cash payment
to the holder of an outstanding Award in connection with any event listed in this Section 4(c). 
  

	Section 5.	Eligibility 

 Any Employee or Director or individual consultant to the Company or an
Affiliate shall be eligible to be designated a Participant and receive an Award under the Plan. 
  

	Section 6.	Awards 

 (a) Options. The Board shall have the authority to determine the
Employees, Directors and individual consultants to whom Options shall be granted, the number of Shares to be covered by each Option, the exercise price therefor, the Restricted Period and the conditions and limitations applicable to the exercise of
the Option, as the Board shall determine, that are not inconsistent with the provisions of the Plan. 
 (i) Exercise
Price. The exercise price per Share purchasable under an Option shall be determined by the Board at the time the Option is granted and may not be less than Fair Market Value as of the date of grant. In no event may any Option granted
under this Plan be amended (without limitation of Section 4(c)), to decrease the exercise price thereof, be cancelled in conjunction with the grant of any new Option with a lower exercise price, or otherwise be subject to any action that would be
treated, under the listing standards of the principal securities exchange on which the Shares are traded or for accounting purposes, as a “repricing” of such Option, unless such amendment, cancellation, or action is approved by the
Company’s shareholders. 

  
 6 

 (ii) Restrictions on Exercise and Method of Exercise. The Board shall
determine the Restricted Period and the method or methods by which payment of the exercise price may be made or deemed to have been made, which may include, without limitation, cash, check acceptable to the Board, a tender of Shares by the
Participant having a Fair Market Value on the date of exercise equal to the exercise price, a “cashless” broker-assisted exercise in accordance with procedures permitted by Regulation T of the Federal Reserve Board, or through procedures
approved by the Board, a recourse note from the Participant in a form acceptable to the Board and which does not violate the Sarbanes-Oxley Act of 2002, a “net exercise” that permits the Company to withhold a number of Shares that
otherwise would be issued to the Participant pursuant to the exercise of the Option having a Fair Market Value on the date of exercise equal to the exercise price, or any combination thereof. 

(iii) Incentive Stock Option Provisions. The aggregate Fair Market Value (determined as of the date of grant) of Shares
with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under this Plan or under any other incentive stock option plan of the Company or any Affiliate or Subsidiary of the Company)
will not exceed One Hundred Thousand Dollars ($100,000). If the Fair Market Value of Shares on the date of grant with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year exceeds One
Hundred Thousand Dollars ($100,000), then the Options for the first One Hundred Thousand Dollars ($100,000) worth of Shares to become exercisable in such calendar year will be Incentive Stock Options and the Options for the amount in excess of One
Hundred Thousand Dollars ($100,000) that become exercisable in that calendar year will be Nonqualified Stock Options. No Incentive Stock Option shall be granted to any Eligible Recipient if such Eligible Recipient owns, immediately prior to the
grant of the Incentive Stock Option, stock representing more than 10% of the voting power or more than 10% of the value of all classes of stock of the Company or a parent or a Subsidiary, unless the purchase price for the stock under such Incentive
Stock Option shall be at least 110% of its Fair Market Value at the time such Incentive Stock Option is granted and the Incentive Stock Option, by its terms, shall not be exercisable more than five years from the date it is granted. In determining
such stock ownership, the provisions of Section 424(d) of the Code shall be controlling. 
 (b) Phantom Shares. The Board shall
have the authority to determine the Employees, consultants and Directors to whom Phantom Shares shall be granted, the number of Phantom Shares to be granted to each such Participant, the Restricted Period, the conditions under which the Phantom
Shares may become vested or forfeited, whether DERs are granted with respect to an Award of Phantom Shares, and such other terms and conditions, as the Board may determine, that are not inconsistent with the provisions of the Plan. 

(i) Payment. Payment with respect to Phantom Shares shall be made in cash, in Shares, or in a combination of cash
and Shares, as determined by the Board. The Award Agreement shall specify the maximum number of Shares that can be issued pursuant to the Award of Phantom Shares. 

  
 7 

 (ii) DERs. The Board may grant DERs in connection with an Award of
Phantom Shares, under such terms and conditions as the Board deems appropriate. DERs may be paid to Participants currently or may be deferred, as reflected in the applicable Award Agreement. All DERs that are not paid currently shall be
credited to bookkeeping accounts on the Company’s records for purposes of the Plan. DERs may be accrued as a cash obligation or may be converted to additional Phantom Shares for the Participant, and deferred DERs may accrue interest, in
each case, as determined by the Board. The Board may provide that DERs shall be payable based on the achievement of specific performance goals. DERs may be payable in cash or Shares or in a combination of cash and Shares, as determined by
the Board. 
 (c) Restricted Shares. Restricted Shares are actual Shares issued to a Participant that are subject to vesting
restrictions and evidenced in such manner as the Board may deem appropriate, including book-entry registration or issuance of one or more Share certificates. Any certificate issued in respect of Restricted Shares shall be registered in the name
of the applicable Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares. The Board may require that the certificates evidencing such Shares be held in custody
by the Company until the restrictions thereon shall have lapsed and that, as a condition of any Award of Restricted Shares, the applicable Participant shall have endorsed the certificates in blank, relating to the Shares covered by such Award. 

(i) Terms and Conditions. Restricted Shares shall be subject to the following terms and conditions: 

(A) The Board shall have the authority to determine the Employees, consultants and Directors to whom Restricted Shares shall
be granted, the number of Shares to be granted to each such Participant, the Restricted Period, the conditions under which the Restricted Shares may become vested or forfeited, and such other terms and conditions, as the Board may determine, that
are not inconsistent with the provisions of the Plan. The conditions for grant, vesting, or transferability and the other provisions of Restricted Shares (including without limitation any performance goals) need not be the same with respect to
each Participant. The Board may at any time, in its sole discretion, accelerate or waive, in whole or in part, any of the foregoing restrictions. 

(B) Subject to the provisions of the Plan and the applicable Award Agreement, during the Restricted Period, the Participant
shall not be permitted to sell, assign, transfer, pledge, or otherwise encumber Restricted Shares. 
 (C) Except as provided
in this Section 6 and in an applicable Award Agreement, the applicable Participant shall have, with respect to the Restricted Shares, all of the rights of holders of Shares, including the right to vote the Shares. If so determined by the Board
in the applicable Award Agreement, (1) cash dividends on the Shares that are the subject of the Restricted Share Award shall be either paid in cash or automatically deferred and/or reinvested in additional Restricted Shares and held subject to the
vesting 

  
 8 

 
of the underlying Restricted Shares, and (2) subject to any adjustment pursuant to the terms of Section 4(c) of the Plan, dividends payable in Shares shall be paid in the form of Restricted
Shares of the same class as the Shares with which such dividend was paid, held subject to the vesting of the underlying Restricted Shares. 

(D) If and when the applicable performance goals, if any, are determined by the Board to be satisfied and the Restricted
Period expires without a prior forfeiture of the Restricted Shares for which legended certificates have been issued, unlegended certificates for such Shares shall be delivered to the Participant upon surrender of the legended certificates. Such
Shares may also be recorded via book-entry in the Company’s stock ledger. 
 (d) General. 

(i) Forfeiture. Except as otherwise provided in the terms of an Award Agreement, upon termination of a
Participant’s employment or service with the Company or its Affiliates or membership on the Board during the applicable Restricted Period, all unvested Options, Phantom Shares, and Restricted Shares shall be forfeited by the Participant;
provided, however, that if the reason for the termination is the Participant’s death or Disability, all Options awarded to the Participant shall become exercisable and all Phantom Shares and Restricted Shares shall vest
automatically. The Board may, in its discretion, waive in whole or in part any forfeiture. 
 (ii) Awards May Be
Granted Separately or Together. Awards may, in the discretion of the Board, be granted either alone or in addition to, in tandem with, or in substitution for, any other Award granted under the Plan or any award granted under any other plan
of the Company or any Affiliate. 
 (iii) Limits on Transfer of Awards. 

(A) Except as provided in Section 6(d)(iii)(C), each Option shall be exercisable only by the Participant during the
Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. 

(B) Except as provided in Section 6(d)(iii)(C), no Award and no right under any such Award may be assigned, alienated,
pledged, attached, sold, or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer, or encumbrance shall be void and unenforceable against the Company or any Affiliate
thereof. 
 (C) To the extent specifically provided by the Board with respect to an Option grant, an Option may be
transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships, or similar entities or on such terms and conditions as the Board may from time to time establish. In addition, Awards
may be transferred by will and the laws of descent and distribution. 

  
 9 

 (iv) Share Certificates. All certificates for Shares or other
securities of the Company delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Board may deem advisable under the Plan or the rules, regulations, and other
requirements of the SEC, any stock exchange upon which such Shares or other securities of the Company are then listed, and any applicable federal or state laws, and the Board may cause a legend or legends to be put on any such certificates to make
appropriate reference to such restrictions. All Shares issued under the Plan may also be recorded via book-entry in the Company’s stock ledger 

(v) Delivery of Shares or Other Securities and Payment by Participant of Consideration. Notwithstanding anything in
the Plan or any grant agreement to the contrary, delivery of Shares pursuant to the exercise or vesting of an Award may be deferred for any period during which, in the good faith determination of the Board, the Company is not reasonably able to
obtain or issue Shares pursuant to such Award without violating the rules or regulations of any applicable law or securities exchange. No Shares or other securities shall be delivered pursuant to any Award until payment in full of any amount
required to be paid pursuant to the Plan or the applicable Award Agreement (including, without limitation, any exercise price or tax withholding) is received by the Company. With respect to any Award that is subject to Section 409A of the Code,
any delay under this paragraph is intended to apply only if no accelerated taxation or tax penalties under Section 409A of the Code would apply. 

(vi) Rule 16b-3. It is intended that the Plan and any Award made to a Participant subject to Section 16 of the
Exchange Act meet all of the requirements of Rule 16b-3. If any provision of the Plan or any such Award would disqualify the Plan or such Award under, or would otherwise not comply with, Rule 16b-3, such provision or Award shall be construed or
deemed amended to conform to Rule 16b-3. 
 (vii) Securities Law Matters. The Company shall use its commercially
reasonable efforts to file and have effective a Registration Statement on Form S-8, which may include a resale prospectus, covering the Shares to be issued under the Plan as soon as commercially practicable after the Company first becomes subject to
the reporting requirements of the Exchange Act. Prior to the effective date of such Registration Statement, any issuances of Shares under the Plan will be pursuant to an applicable exemption from the registration requirements of the Securities
Act of 1933, as amended. Without limiting the foregoing, the Board may refuse to issue or transfer any Shares or other consideration under an Award if, in its sole discretion, it determines that the issuance or transfer of such Shares or such other
consideration might violate any applicable law or regulation, the rules of the principal securities exchange on which the Shares are then traded, or entitle the Company or an Affiliate to recovery of “short swing profits” under Section
16(b) of the Exchange Act, and any payment tendered to the Company by a Participant, other holder or beneficiary in connection with the exercise of such Award, shall be promptly refunded to the relevant Participant, holder, or beneficiary. In
the event exemption from registration under the Securities Act is utilized as described above, a Participant (or a Participant’s estate or personal representative in the event of the Participant’s death or incapacity), if requested by the
Company to do so, will execute and deliver to the Company in writing an agreement containing such provisions as the Company may reasonably require to assure compliance with applicable securities
laws.

  
 10 

 
With respect to any Award that is subject to Section 409A of the Code, any delay under this paragraph is intended to apply in a manner such that no accelerated taxation or tax penalties under
Section 409A of the Code would apply. 
 (viii) Change in Control. 

(A) General Authority. In connection with any Change in Control, the Board may, in its sole and absolute discretion and
authority and without obtaining the approval or consent of the Company’s Shareholders or any Participant with respect to such Participant’s outstanding Awards, subject to the terms of any Award Agreements or employment agreements between
the Company or any Affiliate and any Participant, take one or more of the following actions (with respect to any or all of the Awards, and with discretion to differentiate between individual Participants and Awards for any reason): 

(1) Cause Awards to be assumed or a substantially equivalent award to be substituted by the surviving or successor entity or a
parent, subsidiary, or affiliate of such successor entity; 
 (2) Accelerate the vesting of Awards as of immediately prior
to the consummation of the transaction that constitutes such Change in Control so that Awards shall vest (and, to the extent applicable, become exercisable) as to the Shares that otherwise would have been unvested, in a manner which allows the
resulting Shares to participate in such transaction; 
 (3) Arrange or otherwise provide for the payment of cash or other
consideration to Participants in exchange for the cancellation of outstanding Awards (with the Board determining the amount payable to each Participant based on, in the case of an Award of Phantom Shares or Restricted Shares being cancelled, the
Fair Market Value, on the date of the Change in Control, of the Shares subject to such Award and, in the case of an Award of Options, the excess, if any, of the Fair Market Value on the date of the Change in Control of the Shares issuable with
respect to such Options less the aggregate exercise price of such Options); 
 (4) Terminate all or some Awards upon the
consummation of the transaction that constitutes a Change in Control, provided that in such case the Board shall provide for vesting of such Awards in full as of immediately prior to the consummation of the transaction that constitutes such
Change in Control (to the extent that, where applicable, an Award is not exercised prior to consummation of such a transaction in which the Award is not being assumed or substituted, such Award shall terminate upon such consummation); and 

(5) Make such other modifications, adjustments, or amendments to outstanding Awards or this Plan as the Board deems necessary
or appropriate. 
 (B) Vesting in Connection with a Change in Control. Upon a Change in Control, all Awards held
by Directors shall, to the extent previously unvested, immediately vest in full. In the case of Participants who are Employees (unless otherwise 

  
 11 

 
specified in the applicable Award Agreement), upon the Participant’s termination of employment by the Company without “Cause” (as defined herein), or upon any other type of
termination specified in the applicable Award Agreement, in any case following a Change in Control, any unvested portion of an Award shall immediately vest in full and, in the case of Options, become exercisable for the one-year period following the
date of termination of employment, but in any case not later than the end of the original term of the Option. 
 (e) Unrestricted
Shares. Unrestricted Shares are actual Shares issued to a Participant that are not subject to vesting requirements, forfeiture restrictions, clawback rights or similar forfeiture or transfer restrictions and with respect to which the
Participant’s rights are fully vested immediately upon grant. Unrestricted Shares shall be evidenced in such manner as the Board may deem appropriate, including book-entry registration or issuance of one or more Share certificates.

 

	Section 7.	Amendment and Termination 

 Except to the extent prohibited by applicable law: 

(a) Amendments to the Plan. Except as required by the rules of the principal securities exchange on which the Shares are traded
and subject to Section 7(b) and the terms of the LLC Agreement, Board may amend, alter, suspend, discontinue, or terminate the Plan in any manner without the consent of any partner, Participant, other holder or beneficiary of an Award, or other
Person. In the event of a termination of the Plan, any Award granted prior to such termination shall extend beyond such termination date and the Plan shall continue to govern such Award. 

(b) Amendments to Awards. Without limitation of the provisions of Section 6(d)(viii) and Section 7(c), and subject to the
terms of the LLC Agreement, the Board may waive any conditions or rights under, amend any terms of, or alter any Award theretofore granted, provided that no change to any Award, other than pursuant to Section 6(d)(viii), shall materially
reduce the benefit to a Participant under such Award without the consent of such Participant unless such change is explicitly allowed under the Plan or the applicable Award Agreements. 

(c) Adjustment of Awards upon the Occurrence of Certain Unusual or Nonrecurring Events. Subject to the terms of the LLC Agreement
the Board is hereby authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4(c) of the
Plan) affecting the Company or the financial statements of the Company, or of changes in applicable laws, regulations, or accounting principles, whenever the Board determines that such adjustments are appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available under the Plan. 

  
 12 

	Section 8.	General Provisions 

 (a) No Rights to Award. No Person shall have any claim
to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each Participant. 

(b) Withholding. All Awards under the Plan shall be subject to applicable federal (including FICA), state, and local tax
withholding requirements. The Company may require that the Participant or other person receiving or exercising Awards pay to the Company the amount of any federal, state, or local taxes that the Company is required to withhold with respect to
such Awards, or the Company may deduct from other wages paid by the Company the amount of any withholding taxes due with respect to such Awards. The Company may require forfeiture of any Award for which the Participant does not timely pay the
applicable withholding taxes. If the Board so permits, a Participant may elect to have Shares withheld to satisfy the Company’s tax withholding obligation with respect to Awards paid in Shares, at the time such Awards become subject to
employment taxes and tax withholding, as applicable, provided that such withholding does not result in adverse accounting consequences to the Company. 

(c) No Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained in the
employ or service of the Company or any Affiliate or to remain on the Board. Further, the Company or an Affiliate may at any time dismiss a Participant from employment or service, free from any liability or any claim under the Plan, unless
otherwise expressly provided in the Plan or in any Award Agreement. 
 (d) Governing Law. The validity, construction, and effect
of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware (without regard to any choice of law provision that might refer interpretation of the Plan to the substantive law
of another jurisdiction) and applicable federal law. 
 (e) Severability. If any provision of the Plan or any Award is or
becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Board, such provision shall be construed or deemed
amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction,
Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
 (f) Compliance with Other
Laws. It is intended that, to the extent applicable, Awards made under the Plan be exempt from or, if not so exempt, comply with, the requirements of Section 409A of the Code and the regulations thereunder so as to avoid any accelerated income
tax or tax penalty imposed under Section 409A of the Code, and the Plan and Award Agreements shall be interpreted consistently with this intent. 

(g) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of
any kind or a fiduciary relationship between the Company or any participating Affiliate and a Participant or any other Person. 

  
 13 

 (h) No Fractional Shares. No fractional Shares shall be issued or delivered pursuant
to the Plan or any Award, and the Board shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Shares or whether such fractional Shares or any rights thereto shall be cancelled,
terminated, or otherwise eliminated. 
 (i) Headings. Headings are given to the sections and subsections of the Plan solely as a
convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

(j) Facility of Payment. Any amounts payable hereunder to any Person under legal disability or who, in the judgment of the Board,
is unable to properly manage his financial affairs, may be paid to the legal representative of such Person, or may be applied for the benefit of such Person in any manner which the Board may select, and the Company shall be relieved of any further
liability for payment of such amounts. 
  

	Section 9.	Term of the Plan 

 The Plan shall be effective on the date the Restructuring (as defined
in the Restructuring Support Agreement) is consummated and shall continue until the tenth anniversary of such date or, if earlier, the date the Plan is terminated by the Board. However, any Award granted prior to such termination shall extend
beyond such termination date and the Plan shall continue to govern such Award. 

  
 14

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