Document:

EX-10.22

 Exhibit 10.22 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made by and between RICE ENERGY INC., a Delaware
corporation, and any successor thereto (the “Employer”), and WILLIAM E. JORDAN (“Executive”), effective immediately prior to the closing of the initial public offering of the securities of the
Employer, which is January 29, 2014 (the “Effective Date”). 
 W I T N E S S E T H: 

A. The Employer currently employs Executive as its Vice President, General Counsel, and Corporate Secretary; and 

B. The Employer desires to continue to employ Executive on the terms and conditions, and for the consideration, hereinafter set forth,
and Executive desires to continue to be employed by the Employer, and to commit himself to serve the Employer, on such terms and conditions and for such consideration. 

NOW, THEREFORE, for and in consideration of the mutual promises, covenants, and obligations contained herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Employer and Executive agree as follows: 

ARTICLE I 

DEFINITIONS 
 In
addition to the terms defined in the body of this Agreement, for purposes of this Agreement, the following capitalized words shall have the meanings indicated below: 

1.1 “Average Annual Bonus” shall mean the average Annual Bonus (as such term is defined in Section 4.2)
paid (or payable) for the three calendar years (or if Executive was employed for less than three full calendar years, such lesser number of full calendar years for which Executive was employed) preceding the Date of Termination. 

1.2 “Board” shall mean the Board of Directors of the Employer. 

1.3 “Cause” shall mean a determination by the Board (or its delegate) that Executive (a) has engaged in
gross negligence, gross incompetence, or misconduct in the performance of Executive’s duties with respect to the Employer or any of its affiliates, (b) has failed without proper legal reason to perform Executive’s duties and
responsibilities to the Employer or any of its affiliates, (c) has breached any material provision of this Agreement or any written agreement or corporate policy or code of conduct established by the Employer or any of its affiliates,
(d) has engaged in conduct that is, or could reasonably expected to be, materially injurious to the Employer or any of its affiliates, (e) has committed an act of theft, fraud, embezzlement, misappropriation, or breach of a fiduciary duty
to the Employer or any of its affiliates, or (f) has been convicted of, pleaded no contest to, or received adjudicated probation or deferred adjudication in connection with a crime involving fraud, dishonesty, or moral turpitude or any felony
(or a crime of similar import in a foreign jurisdiction). 

  
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 1.4 “Change in Control” shall mean: 

(a) a merger of the Employer with another entity, a consolidation involving the Employer, or the sale of all or substantially
all of the assets of the Employer to another entity if, in any such case, (i) the holders of equity securities of the Employer immediately prior to such transaction or event do not beneficially own immediately after such transaction or event
equity securities of the resulting entity entitled to 50% or more of the votes then eligible to be cast in the election of directors generally (or comparable governing body) of the resulting entity in substantially the same proportions that they
owned the equity securities of the Employer immediately prior to such transaction or event or (ii) the persons who were members of the Board immediately prior to such transaction or event shall not constitute at least a majority of the board of
directors of the resulting entity immediately after such transaction or event; 
 (b) the dissolution or liquidation of the
Employer; 
 (c) when any person or entity (including a “group” as contemplated by section 13(d)(3) of the
Securities Exchange Act of 1934, as amended) other than a Permitted Holder or Permitted Holders acquires or gains ownership or control (including, without limitation, power to vote) of more than 50% of the combined voting power of the outstanding
securities of the Employer; or 
 (d) as a result of or in connection with a contested election of directors, the persons who
were members of the Board immediately before such election shall cease to constitute a majority of the Board. 
 For purposes of the preceding sentence,
(i) “resulting entity” in the context of a transaction or event that is a merger, consolidation, or sale of all or substantially all assets shall mean the surviving entity (or acquiring entity in the case of an asset sale) unless the
surviving entity (or acquiring entity in the case of an asset sale) is a subsidiary of another entity and the holders of common stock of the Employer receive capital stock of such other entity in such transaction or event, in which event the
resulting entity shall be such other entity, and (ii) subsequent to the consummation of a merger or consolidation that does not constitute a Change in Control, the term “Employer” shall refer to the resulting entity, and the term
“Board” shall refer to the board of directors (or comparable governing body) of the resulting entity. 
 1.5
“Code” shall mean the Internal Revenue Code of 1986, as amended. 
 1.6 “Date of
Termination” shall mean the date Executive’s employment with the Employer is considered to have terminated pursuant to Section 3.5. 

1.7 “Good Reason” shall mean the occurrence of any of the following events: 

(a) a material diminution in Executive’s Base Salary (as such term is defined in Section 4.1), other than as a part
of one or more decreases that (i) shall not exceed, in the aggregate, more than 10% of Executive’s Base Salary as in effect on the date immediately prior to such decrease, and (ii) are applied similarly to all of the Employer’s
similarly situated executives; or 

  
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 (b) a material diminution in Executive’s authority, duties, or
responsibilities; or 
 (c) the involuntary relocation of the geographic location of Executive’s principal place of
employment by more than 75 miles from the location of Executive’s principal place of employment as of the Effective Date. 
 Notwithstanding the
foregoing provisions of this Section 1.7 or any other provision in this Agreement to the contrary, any assertion by Executive of a termination of employment for “Good Reason” shall not be effective unless all of the
following conditions are satisfied: (i) the condition described in the foregoing clauses of this Section 1.7 giving rise to Executive’s termination of employment must have arisen without Executive’s consent; (ii) Executive
must provide written notice to the Employer of such condition in accordance with Section 10.1 within 45 days of the initial existence of the condition; (iii) the condition specified in such notice must remain uncorrected for 30 days after
receipt of such notice by the Employer; and (iv) the date of Executive’s termination of employment must occur within 90 days after the initial existence of the condition specified in such notice. 

1.8 “Notice of Termination” shall mean a written notice delivered to the other party indicating the specific
termination provision in this Agreement relied upon for termination of Executive’s employment and the intended Date of Termination and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of Executive’s employment under the provision so indicated. 
 1.9 “Permitted Holder” shall mean
(a) Daniel J. Rice III, alone or together with other members of the Rice family who are owners of either the Employer or an affiliate as of the Effective Date, any existing spouse of any of the foregoing individuals, and/or their descendants by
blood or adoption; (b) spouses or surviving spouses of the individuals listed in clause (a) of this Section 1.9; (c) trusts for the benefit of one or more members of the individuals listed in clause (a) of this
Section 1.9; (d) entities controlled by one or more of the individuals listed in clause (a) of this Section 1.9; and (e) foundations established by one or more of the individuals listed in clause (a) of this
Section 1.9. 
 1.10 “Release Expiration Date” means the date that is 21 days following the date upon
which the Employer timely delivers to Executive the Release (which shall occur no later than seven days after the Date of Termination) or, in the event that such termination of employment is “in connection with an exit incentive or other
employment termination program” (as such phrase is defined in the Age Discrimination in Employment Act of 1967, as amended), the date that is 45 days following such delivery date. 

1.11 “Section 409A Payment Date” shall mean the earlier of (a) the date of Executive’s death or
(b) the date that is six months after the Date of Termination of Executive’s employment with the Employer. 
 1.12
“Stock Rights” shall mean all restricted stock units, restricted stock, or other stock-based long-term incentive awards granted to Executive by the Employer pursuant to its Long-Term Incentive Plan. 

  
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 ARTICLE II 

EMPLOYMENT AND DUTIES 

2.1 Employment; Effective Date. The Employer agrees to continue to employ Executive, and Executive agrees to continue to be
employed by the Employer, pursuant to the terms of this Agreement, beginning as of the Effective Date and continuing for the period of time set forth in Article III of this Agreement, subject to the terms and conditions of this Agreement. 

2.2 Positions. From and after the Effective Date, the Employer shall employ Executive in the position of Vice President, General
Counsel, and Corporate Secretary of the Employer, or in such other position or positions as the Employer or Board may designate or appoint from time to time, and Executive shall report to the Chief Executive Officer of the Employer. The Employer may
assign this Agreement and Executive’s employment to any affiliate of the Employer. 
 2.3 Duties and Services. Executive
agrees to serve in the position(s) referred to in Section 2.2 and to perform diligently and to the best of Executive’s abilities the duties and services appertaining to such position(s), as well as such additional duties and services
appropriate to such position(s) which the parties mutually may agree upon from time to time. Executive’s employment shall also be subject to the policies maintained and established by the Employer that are of general applicability to the
Employer’s executives, as such policies may be amended from time to time. 
 2.4 Other Interests. Executive agrees,
during the period of Executive’s employment by the Employer, to devote Executive’s full business time and best efforts to the business and affairs of the Employer and its affiliates. Notwithstanding the foregoing, the parties acknowledge
and agree that Executive may (a) engage in and manage Executive’s passive personal investments and (b) engage in charitable and civic activities; provided, however, that such activities shall be permitted so long as such activities do
not conflict with the business and affairs of the Employer or interfere with Executive’s performance of Executive’s duties hereunder. 

2.5 Duty of Loyalty. Executive acknowledges and agrees that Executive owes a fiduciary duty of loyalty, fidelity, and allegiance
to act in the best interests of the Employer and to do no act that would materially injure the business, interests, or reputation of the Employer or any of its affiliates. In keeping with these duties, Executive shall make full disclosure to the
Employer of all business opportunities pertaining to the Employer’s business and shall not appropriate for Executive’s own benefit business opportunities concerning the subject matter of the fiduciary relationship. 

ARTICLE III 
 TERM AND
TERMINATION OF EMPLOYMENT 
 3.1 Term. Unless sooner terminated pursuant to other provisions hereof, the Employer
agrees to employ Executive hereunder for the period beginning on the Effective Date and ending on the third anniversary of the Effective Date (the “Initial Expiration Date”); provided, however, that beginning on the Initial
Expiration Date, and on each anniversary of the 

  
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Initial Expiration Date thereafter, if Executive’s employment under this Agreement has not been terminated pursuant to Section 3.2 or 3.3, then said term of employment shall
automatically be extended for an additional one-year period unless on or before the date that is 60 days prior to the first day of any such extension period, either party shall give written notice to the other that no such automatic extension shall
occur, in which case the term of employment shall terminate on the Initial Expiration Date or the anniversary of the Initial Expiration Date immediately following the giving of such notice, as applicable. 

3.2 Employer’s Right to Terminate. Notwithstanding the provisions of Section 3.1, the Employer may terminate
Executive’s employment under this Agreement at any time for any of the following reasons by providing Executive with a Notice of Termination: 

(a) upon Executive being unable to perform Executive’s duties or fulfill Executive’s obligations under this Agreement
by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than three months as determined by the Employer and certified in writing by
a competent medical physician selected by the Employer (“Disability”); or 
 (b) Executive’s
death; or 
 (c) for Cause; or 

(d) for any other reason whatsoever or for no reason at all, in the sole discretion of the Employer. 

3.3 Executive’s Right to Terminate. Notwithstanding the provisions of Section 3.1, Executive shall have the right to
terminate Executive’s employment under this Agreement for Good Reason or for any other reason whatsoever or for no reason at all, in the sole discretion of Executive, by providing the Employer with a Notice of Termination. In the case of a
termination of employment by Executive pursuant to this Section 3.3, the Date of Termination specified in the Notice of Termination shall not be less than 15 nor more than 60 days, respectively, from the date such Notice of Termination is
given, and the Employer may require a Date of Termination earlier than that specified in the Notice of Termination (and, if such earlier Date of Termination is so required, it shall not change the basis for Executive’s termination nor be
construed or interpreted as a termination of employment pursuant to Section 3.1 or Section 3.2). 
 3.4 Deemed
Resignations. Unless otherwise agreed to in writing by the Employer and Executive prior to the termination of Executive’s employment, any termination of Executive’s employment shall constitute (a) an automatic resignation of
Executive as an officer of the Employer and each affiliate of the Employer, (b) an automatic resignation of Executive from the Board (if applicable) and from the board of directors of any affiliate of the Employer, and from the board of
directors or similar governing body of any corporation, limited liability entity, or other entity in which the Employer or any affiliate holds an equity interest and with respect to which board or similar governing body Executive serves as the
Employer’s or such affiliate’s designee or other representative, and (c) an automatic revocation of any power of attorney granted to Executive for the benefit of Employer or any affiliates. 

  
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 3.5 Meaning of Termination of Employment. For all purposes of this Agreement,
Executive shall be considered to have terminated employment with the Employer when Executive incurs a “separation from service” with the Employer within the meaning of section 409A(a)(2)(A)(i) of the Code and applicable administrative
guidance issued thereunder. 
 ARTICLE IV 

COMPENSATION AND BENEFITS 

4.1 Base Salary. During the term of this Agreement, Executive shall receive a minimum, annualized base salary of $300,000 (the
“Base Salary”). Executive’s annualized base salary shall be reviewed periodically by the Board (or a committee thereof) and, in the sole discretion of the Board (or a committee thereof), such annualized base salary may
be increased (but not decreased) effective as of any date determined by the Board (or a committee thereof); provided, however, that the Board or the Employer may decrease Executive’s Base Salary at any time and from time to time so long as such
decreases do not exceed 10% of Executive’s then Base Salary as in effect immediately prior to such decrease, and such decreases are part of similar reductions applicable to all of the Employer’s similarly situated executives.
Executive’s Base Salary shall be paid in equal installments in accordance with the Employer’s standard policy regarding payment of compensation to executives but no less frequently than monthly. 

4.2 Bonuses. Executive shall be eligible to participate in the Employer’s annual cash incentive program, which shall
provide Executive with an opportunity to receive an annual, calendar-year bonus (payable in a single lump sum) based on criteria determined in the discretion of the Board or a committee thereof (the “Annual Bonus”), it being
understood that the actual amount of each Annual Bonus shall be determined in the discretion of the Board or a committee thereof. The Employer shall pay each Annual Bonus with respect to a calendar year on or before March 15 of the following
calendar year. 
 4.3 Long-Term Incentive Compensation. During Executive’s employment hereunder, Executive may, as
determined by the Board (or a designated committee thereof) in its sole discretion, periodically receive grants of stock options or other equity or non-equity related awards pursuant to the Employer’s or its affiliate’s long-term incentive
plan(s), subject to the terms and conditions thereof. Any grants previously awarded to Executive pursuant to the Employer’s long-term incentive plan(s) that are outstanding on the Effective Date hereof shall continue to be governed by the terms
and conditions of such plan(s). 
 4.4 Business Expenses. The Employer shall reimburse Executive for all reasonable business
expenses incurred by Executive in performing services hereunder, including all reasonable expenses of travel and living expenses while away from home on business or at the request of and in the service of the Employer. The expenses described in this
Section 4.4 shall only be subject to reimbursement if they are incurred and accounted for in accordance with the policies and procedures established by the Employer. Any such reimbursement of expenses shall be made by the Employer upon or as
soon as practicable following receipt of supporting documentation reasonably satisfactory to the Employer (but in any event not later than the close of Executive’s taxable year following the taxable year in which the expense is incurred by
Executive); provided, however, that, upon Executive’s termination of employment with the Employer, in no event shall any additional reimbursement be made prior to the Section 409A 

  
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Payment Date to the extent such payment delay is required under section 409A(a)(2)(B)(i) of the Code. In no event shall any reimbursement be made to Executive for such expenses after the later of
(a) the first anniversary of the date of Executive’s death or (b) the date that is five years after the date of Executive’s termination of employment with the Employer (other than by reason of Executive’s death). For the
sake of clarity, all qualifying expense reimbursements described in this Section 4.4 shall be made by the Employer within the time periods prescribed above, and no reimbursement timing limitation included in this Section 4.4 shall operate
to excuse the Employer from making any reimbursement due under this Section 4.4. 
 4.5 Other Benefits. During
Executive’s employment hereunder, Executive shall be allowed to participate in all benefit plans and programs of the Employer, including improvements or modifications of the same, which are now, or may hereafter be, available to other senior
executives of the Employer. The Employer shall not, however, by reason of this Section 4.4, be obligated to institute, maintain, or refrain from changing, amending, or discontinuing any such benefit plan or program, so long as such changes are
similarly applicable to other senior executives generally. 
 4.6 Vacation and Sick Leave. During Executive’s employment
hereunder, Executive shall be entitled to (a) sick leave in accordance with the Employer’s policies applicable to its senior executives as may exist from time to time and (b) two weeks paid vacation, plus one additional week of paid
time off (“PTO”) for a combined total of three weeks of paid leave, each calendar year or the maximum number of days Executive is entitled to under the terms of the Employer’s vacation and PTO policy, whichever is
greater. Such vacation and PTO shall accrue and be taken in accordance with the Employer’s vacation and PTO policies in effect from time to time. Executive’s right to carry over unused vacation or PTO from one calendar year to the next
shall be determined by the Employer’s vacation and PTO policies. 
 4.7 Offices. Subject to Articles II, III, and IV
hereof, Executive agrees to serve without additional compensation, if elected or appointed thereto, as a director of the Employer or any of the Employer’s affiliates and as a member of any committees of the board of directors of any such
entities, in one or more executive positions of any of the Employer’s affiliates, and pursuant to a power of attorney for the benefit of Employer or any affiliate. 

ARTICLE V 
 EFFECT OF
TERMINATION OF EMPLOYMENT ON COMPENSATION 
 5.1 For Cause, Death, Disability, or Without Good Reason. If
Executive’s employment hereunder shall terminate prior to the expiration of the term provided in Section 3.1 for any reason described in Section 3.2(a), 3.2(b), or 3.2(c) or pursuant to Executive’s resignation for other than Good
Reason, then all compensation and all benefits to Executive hereunder shall terminate contemporaneously with such termination of employment, except that Executive shall be entitled to (a) payment of all accrued and unpaid Base Salary to the
Date of Termination, (b) reimbursement for all incurred but unreimbursed expenses for which Executive is entitled to reimbursement in accordance with Section 4.4, (c) benefits to which Executive is entitled under the terms of any
applicable benefit plan or program of the Employer or an affiliate (such amounts set forth in (a), (b), and (c) shall be collectively referred to herein as the “Accrued Rights”), and (d) if such termination is due
to Executive’s Disability or death pursuant to Section 

  
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3.2(a) or (b), respectively, then in addition to the Accrued Rights, Executive shall become immediately and totally vested in any and all Stock Rights outstanding as of the date of such
termination of employment, and payment or settlement of such Stock Rights shall be made in accordance with the terms of the applicable award agreement and long-term incentive plan documents. 

5.2 Without Cause or for Good Reason. If Executive’s employment hereunder shall terminate pursuant to
Executive’s resignation for Good Reason or by action of the Employer pursuant to Section 3.1 or 3.2 for any reason other than those encompassed by Section 3.2(a), 3.2(b), or 3.2(c), then all compensation and all benefits to Executive
hereunder shall terminate contemporaneously with such termination of employment, except that (i) Executive shall be entitled to receive the Accrued Rights, and (ii) if, on the Date of Termination, the Employer does not have a right to
terminate Executive’s employment under Section 3.2(a), 3.2(b), or 3.2(c) and subject to Executive’s delivery, by the Release Expiration Date, and non-revocation of an executed release acceptable to the Employer, which shall be
substantially in the form of the release contained at Appendix A (the “Release”), Executive shall receive the following additional compensation and benefits from the Employer (but no other additional compensation or benefits
after such termination): 
 (a) Unpaid Prior Year Annual Bonus: The Employer shall pay to Executive any earned but
unpaid Annual Bonus for the calendar year ending prior to the Date of Termination, which amount shall be payable in a lump-sum on or before the date such annual bonuses are paid to executives who have continued employment with the Employer (but in
no event earlier than 60 days following the Date of Termination); 
 (b) Prorated Current Year Annual Bonus: The
Employer shall pay to Executive a bonus for the calendar year in which the Date of Termination occurs in an amount equal to the Annual Bonus for such year as determined in good faith by the Board in accordance with the criteria established pursuant
to Section 4.2 and based on the Employer’s performance for such year, which amount shall be prorated through and including the Date of Termination (based on the ratio of the number of days Executive was employed by the Employer during such
year to the number of days in such year), payable in a lump-sum on or before the date such annual bonuses are paid to executives who have continued employment with the Employer (but in no event earlier than 60 days after the Date of Termination nor
later than the March 15 next following such calendar year); provided, however, that if this paragraph applies with respect to an Annual Bonus that is intended to constitute performance-based compensation within the meaning of, and for purposes
of, section 162(m) of the Code, then this paragraph shall apply with respect to such Annual Bonus only to the extent the applicable performance criteria have been satisfied as certified by a committee of the Board as required under section 162(m) of
the Code; 
 (c) Severance Payment: The Employer shall pay to Executive an amount equal to one (1) times (or if
the Date of Termination occurs within 12 months following a Change in Control, two (2) times) the sum of Executive’s Base Salary as of the Date of Termination and the Average Annual Bonus, which amount shall be paid in a lump sum payment
on the date that is 60 days after the Date of Termination; 

  
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 (d) Post-Employment Health Coverage: During the portion, if any, of the
18-month period following the Date of Termination that Executive elects to continue coverage for Executive and Executive’s spouse and eligible dependents, if any, under the Employer’s group health plans under the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended (COBRA), and/or sections 601 through 608 of the Employee Retirement Income Security Act of 1974, as amended, the Employer shall promptly reimburse Executive on a monthly basis for the difference between
the amount Executive pays to effect and continue such coverage and the employee contribution amount that active senior executive employees of the Employer pay for the same or similar coverage under such group health plans; and 

(e) Vesting of Stock Rights. Executive shall become immediately and totally vested in any and all Stock Rights
outstanding as of the date of such termination of employment, and payment or settlement of such Stock Rights shall be made in accordance with the terms of the applicable award agreement and long-term incentive plan documents. 

Notwithstanding the time of payment provisions of Section 5.2 above, if Executive is a specified employee (as such term is defined in section 409A of the
Code and as determined by the Employer in accordance with any method permitted under section 409A of the Code) and the payment of any amount described in such Section 5.2 would be subject to additional taxes and interest under section 409A of
the Code because the timing of such payment is not delayed as provided in section 409A(a)(2)(B)(i) of the Code and the regulations thereunder, then such amount shall be paid within five business days after the Section 409A Payment Date. 

5.3 No Duty to Mitigate. Executive shall not be under any duty or obligation to seek or accept other employment following
termination of his employment with the Employer. 
 ARTICLE VI 

PROTECTION OF INFORMATION 

6.1 Disclosure to and Property of the Employer. For purposes of this Article VI, the term “the Employer” shall include
the Employer and any of its affiliates, and any reference to “employment” or similar terms shall include a director and/or consulting relationship. All information, trade secrets, designs, ideas, concepts, improvements, product
developments, discoveries, and inventions, whether patentable or not, that are conceived, made, developed, disclosed to, or acquired by Executive (whether before the Effective Date or after), individually or in conjunction with others, during the
period of Executive’s employment by the Employer (whether during business hours or otherwise and whether on the Employer’s premises or otherwise) that relate to the Employer’s or any of its affiliates’ businesses, trade secrets,
products, or services (including, without limitation, all such information relating to corporate opportunities, strategies, business plans, product specifications, compositions, manufacturing and distribution methods and processes, research,
financial and sales data, pricing terms, evaluations, opinions, interpretations, acquisition prospects, the identity of customers or their requirements, the identity of customers or their requirements, the identity of key contacts within the
customer’s organizations or within the organization of acquisition prospects, or production, marketing, and merchandising techniques, prospective names and marks), and all writings or materials of any

  
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type embodying any of such information, ideas, concepts, improvements, discoveries, inventions, and other similar forms of expression (collectively, “Confidential
Information”) shall be disclosed to the Employer and are and shall be the sole and exclusive property of the Employer or its affiliates, as applicable. Moreover, all documents, videotapes, written presentations, brochures, drawings,
memoranda, notes, records, files, correspondence, manuals, models, specifications, computer programs, E-mail, voice mail, electronic databases, maps, drawings, architectural renditions, models, and all other
writings or materials of any type embodying any of such information, ideas, concepts, improvements, discoveries, inventions, and other similar forms of expression (collectively, “Work Product”) are and shall be the sole and
exclusive property of the Employer (or its affiliates). Executive agrees to perform all actions reasonably requested by the Employer or its affiliates to establish and confirm such exclusive ownership. Upon termination of Executive’s employment
with the Employer, for any reason, Executive promptly shall deliver such Confidential Information and Work Product, and all copies thereof, to the Employer. 

6.2 Disclosure to Executive. The Employer has and will disclose to Executive and place Executive in a position to have access to
or develop Confidential Information and Work Product of the Employer (or its affiliates); and/or has and will entrust Executive with business opportunities of the Employer (or its affiliates); and has and will place Executive in a position to
develop business good will on behalf of the Employer (or its affiliates). 
 6.3 No Unauthorized Use or Disclosure. Executive
agrees to preserve and protect the confidentiality of all Confidential Information and Work Product. Executive agrees that Executive will not, at any time during or after Executive’s employment with the Employer, make any unauthorized
disclosure of, and Executive shall not remove from the Employer premises, Confidential Information or Work Product, or make any use thereof, except, in each case, in the carrying out of Executive’s responsibilities hereunder. Executive shall
use all reasonable efforts to cause all persons or entities to whom any Confidential Information shall be disclosed by Executive hereunder to preserve and protect the confidentiality of such Confidential Information. Executive shall have no
obligation hereunder to keep confidential any Confidential Information if and to the extent disclosure thereof is specifically required by law; provided, however, that in the event disclosure is required by applicable law, Executive shall provide
the Employer with prompt notice of such requirement prior to making any such disclosure, so that the Employer may seek an appropriate protective order. At the request of the Employer at any time, Executive agrees to deliver to the Employer all
Confidential Information that Executive may possess or control. Executive agrees that all Confidential Information of the Employer (whether now or hereafter existing) conceived, discovered, or made by Executive during the period of Executive’s
employment by the Employer exclusively belongs to the Employer (and not to Executive), and upon request by the Employer for specified Confidential Information, Executive will promptly disclose such Confidential Information to the Employer and
perform all actions reasonably requested by the Employer to establish and confirm such exclusive ownership. Affiliates of the Employer shall be third party beneficiaries of Executive’s obligations under this Article VI. As a result of
Executive’s employment by the Employer, Executive may also from time to time have access to, or knowledge of, confidential information or work product of third parties, such as customers, suppliers, partners, joint venturers, and the like, of
the Employer and its affiliates. Executive also agrees to preserve and protect the confidentiality of such third party confidential information and work product. 

  
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 6.4 Ownership by the Employer. If, during Executive’s employment by the
Employer, Executive creates or has created any work of authorship fixed in any tangible medium of expression that is the subject matter of copyright (such as videotapes, written presentations, or acquisitions, computer programs, E-mail, voice mail, electronic databases, drawings, maps, architectural renditions, models, manuals, brochures, or the like) relating to the Employer’s business, products, or services, whether such work is
created solely by Executive or jointly with others (whether during business hours or otherwise and whether on the Employer’s premises or otherwise), including any Work Product, the Employer shall be deemed the author of such work if the work is
prepared by Executive in the scope of Executive’s employment; or, if the work relating to the Employer’s business, products, or services is not prepared by Executive within the scope of Executive’s employment but is specially ordered
by the Employer as a contribution to a collective work, as a part of any audiovisual work, as a translation, as a supplementary work, as a compilation, or as an instructional text, then the work shall be considered to be work made for hire and the
Employer shall be the author of the work. If the work relating to the Employer’s business, products, or services is neither prepared by Executive within the scope of Executive’s employment nor a work specially ordered that is deemed to be
a work made for hire during Executive’s employment by the Employer, then Executive hereby agrees to assign, and by these presents does assign, to the Employer all of Executive’s worldwide right, title, and interest in and to such work and
all rights of copyright therein. 
 6.5 Assistance by Executive. During the period of Executive’s employment by the
Employer, Executive shall assist the Employer and its nominee, at any time, in the protection of the Employer’s or its affiliates’ worldwide right, title, and interest in and to Confidential Information and Work Product, and the execution
of all formal assignment documents requested by the Employer or its nominee(s), and the execution of all lawful oaths and applications for patents and registration of copyright in the United States and foreign countries. After Executive’s
employment with the Employer terminates, at the request from time to time and expense of the Employer or its affiliates, Executive shall assist the Employer or its nominee(s) in the protection of the Employer’s or its affiliates’ worldwide
right, title, and interest in and to Confidential Information and Work Product, and the execution of all formal assignment documents requested by the Employer or its nominee, and the execution of all lawful oaths and applications for patents and
registration of copyright in the United States and foreign countries. 
 6.6 Remedies. Executive acknowledges that money
damages would not be a sufficient remedy for any breach of this Article VI by Executive, and the Employer or its affiliates shall be entitled to enforce the provisions of this Article VI by terminating payments then owing to Executive under this
Agreement or otherwise and to specific performance and injunctive relief as remedies for such breach or any threatened breach. Such remedies shall not be deemed the exclusive remedies for a breach of this Article VI but shall be in addition to all
remedies available at law or in equity, including the recovery of damages from Executive and Executive’s agents. However, if it is determined by the Employer or Board acting in good faith, or by an arbitrator or court as contemplated by
Section 10.2, that Executive has not committed a breach of this Article VI, then the Employer shall resume the payments and benefits due under this Agreement and pay to Executive all payments and benefits that had been suspended pending such
determination. 

  
 11 

 ARTICLE VII 

STATEMENTS CONCERNING THE EMPLOYER AND EXECUTIVE 

7.1 Statements Concerning the Employer. Executive shall refrain, both during and after the termination of the employment
relationship, from publishing any oral or written statements about the Employer, any of its affiliates, or any of the Employer’s or such affiliates’ directors, officers, employees, consultants, agents, representatives, customers, or
suppliers that (a) are disparaging, slanderous, libelous, or defamatory, (b) disclose Confidential Information, or (c) place the Employer, any of its affiliates, or any of the Employer’s or any such affiliates’ directors,
officers, employees, consultants, agents, or representatives in a false light before the public. 
 7.2 Statements Concerning the
Executive. Following the Executive’s termination of employment with the Employer, the Employer’s executive officers, the members of the Board, and the Employer’s human resources representatives shall refrain from publishing
any oral or written statements about the Executive that (a) are disparaging, slanderous, libelous, or defamatory or (b) place the Executive in a false light before the public. 

7.3 Enforcement Rights. A violation or threatened violation of this Article 7 by either party may be enjoined by the courts. The
rights afforded the Employer, its affiliates, and the Executive under this provision are in addition to any and all rights and remedies otherwise afforded by law. 

ARTICLE VIII 

NON-COMPETITION AGREEMENT 

8.1 Definitions. As used in this Article VIII, the following terms shall have the following meanings: 

“Business” means (a) during the period of Executive’s employment by the Employer, the business of developing
and/or providing the products and services developed and/or provided by the Employer and its affiliates, and other products and services that are functionally equivalent to the foregoing, and (b) during the portion of the Prohibited Period that
begins on the termination of Executive’s employment with the Employer and its affiliates (as applicable), the business of developing and/or providing the products and services developed and/or provided by the Employer and its affiliates at the
time of such termination of employment and other products and services that are functionally equivalent to the foregoing; provided, however, that if Executive’s termination of employment occurs within 60 days following the occurrence of a
Change in Control, “Business” shall mean the business described in clauses (a) and (b) of this Section 8.1 as in existence immediately prior to the Change in Control. 

“Competing Business” means any business, individual, partnership, firm, corporation, or other entity which, wholly or
in any significant part, engages in any business competing with the Business in the Restricted Area. In no event will the Employer or any of its affiliates be deemed a Competing Business. 

  
 12 

 “Governmental Authority” means any governmental, quasi-governmental,
state, county, city, or other political subdivision of the United States or any other country, or any agency, court or instrumentality, foreign or domestic, or statutory or regulatory body thereof. 

“Legal Requirement” means any law, statute, code, ordinance, order, rule, regulation, judgment, decree, injunction,
franchise, permit, certificate, license, authorization, or other directional requirement (including, without limitation, any of the foregoing that relates to environmental standards or controls, energy regulations, and occupational, safety, and
health standards or controls, including those arising under environmental laws) of any Governmental Authority. 

“Prohibited Period” means the period during which Executive is employed by the Employer or any of its
affiliates and a period of one year following the date that Executive is no longer employed by the Employer or any of its affiliates. 

“Restricted Area” means any geographical area within 100 miles of any location in which the Employer engages in the
Business as of the Date of Termination. 
 8.2 Non-Competition; Non-Solicitation. Executive and the Employer agree to the
non-competition and non-solicitation provisions of this Article VIII in consideration for the Confidential Information provided by the Employer to Executive pursuant to Article VI of this Agreement, to further protect the trade secrets and
Confidential Information disclosed or entrusted to Executive or created or developed by Executive for the Employer or its affiliates, to protect the business goodwill of the Employer developed through the efforts of Executive and the business
opportunities disclosed or entrusted to Executive and the other legitimate business interests of the Employer, and as an express incentive for the Employer to enter into this Agreement. 

(a) Subject to the exceptions set forth in Section 8.2(b) below, Executive expressly covenants and agrees that during the
Prohibited Period, Executive will refrain from carrying on or engaging in, directly or indirectly, any Business in competition with the Employer or its affiliates in the Restricted Area. Accordingly, Executive will not, and Executive will cause
Executive’s affiliates not to, directly or indirectly, own, manage, operate, join, become an employee of, partner in, owner, or member of (or an independent contractor to), control or participate in, be connected with or loan money to, sell or
lease equipment or property to, or otherwise be affiliated with any Competing Business in the Restricted Area. 
 (b)
Notwithstanding the restrictions contained in Section 8.2(a), Executive or any of Executive’s affiliates may own an aggregate of not more than 2% of the outstanding stock of any class of any corporation that is a Competing Business, if
such stock is listed on a national securities exchange or regularly traded in the over-the-counter market by a member of a national securities exchange, without violating the provisions of Section 8.2(a), provided that neither Executive nor any
of Executive’s affiliates has the power, directly or indirectly, to control or direct the management or affairs of any such corporation and is not involved in the management of such corporation. 

  
 13 

 (c) Executive further expressly covenants and agrees that during the Prohibited
Period, Executive will not, and Executive will cause Executive’s affiliates not to (i) engage or employ, or solicit or contact with a view to the engagement or employment of, any person who is an officer or employee of the Employer or any
of its affiliates, or (ii) canvass, solicit, approach, or entice away, or cause to be canvassed, solicited, approached, or enticed away, from the Employer or any of its affiliates any person who or which is a customer of any of such entities
during the period during which Executive is employed by the Employer. Notwithstanding the foregoing, the restrictions of clause (c) of this Section 8.2(c) shall not apply with respect to an officer or employee who responds to a
general solicitation that is not specifically directed at officers and employees of the Employer or any of its affiliates. 

(d) Before accepting employment with any other person or entity during the Prohibited Period, the Executive will inform such
person or entity of the restrictions contained in this Article VIII. 
 8.3 Relief. Executive and the Employer agree and
acknowledge that the limitations as to time, geographical area, and scope of activity to be restrained as set forth in Section 8.2 are reasonable and do not impose any greater restraint than is necessary to protect the legitimate business
interests of the Employer. Executive and the Employer also acknowledge that money damages would not be a sufficient remedy for any breach of this Article VIII by Executive, and the Employer or its affiliates shall be entitled to enforce the
provisions of this Article VIII by terminating payments then owing to Executive under this Agreement or otherwise and to specific performance and injunctive relief as remedies for such breach or any threatened breach. Such remedies shall not be
deemed the exclusive remedies for a breach of this Article VIII but shall be in addition to all remedies available at law or in equity, including the recovery of damages from Executive and Executive’s agents. 

8.4 Reasonableness; Enforcement. Executive hereby represents that Executive has read and understands, and agrees to be bound by,
the terms of this Article VIII. Executive acknowledges that the geographic scope and duration of the covenants contained in this Article VIII are the result of arm’s-length bargaining and are fair and reasonable in light of (a) the nature
and wide geographic scope of the Employer’s operations of the Business, (b) Executive’s level of control over and contact with the Employer’s business in all jurisdictions in which it is conducted, which includes the entire
Restricted Area, and (c) the amount of Confidential Information that Executive is receiving in connection with the performance of Executive’s duties on behalf of the Employer and the amount of goodwill with which Executive is and/or will
be connected and will help build on behalf of the Employer. It is the desire and intent of the parties that the provisions of this Article VIII be enforced to the fullest extent permitted under applicable Legal Requirements, whether now or hereafter
in effect; therefore, to the extent permitted by applicable Legal Requirements, Executive and the Employer hereby waive any provision of applicable Legal Requirements that would render any provision of this Article VIII invalid or unenforceable.

 8.5 Reformation; Severability. The Employer and Executive agree that the foregoing restrictions are reasonable under the
circumstances and that any breach of the covenants contained in this Article VIII would cause irreparable injury to the Employer. 

  
 14 

 
Executive understands that the foregoing restrictions may limit Executive’s ability to engage in certain businesses anywhere in the Restricted Area during the Prohibited Period, but
acknowledges that Executive will receive sufficient consideration from the Employer to justify such restriction. Further, Executive acknowledges that Executive’s skills are such that Executive can be gainfully employed in non-competitive
employment and that the agreement not to compete will not prevent Executive from earning a living. Nevertheless, if any of the aforesaid restrictions are found by a court of competent jurisdiction or arbitral authority to be unreasonable, or overly
broad as to geographic area or time, or otherwise unenforceable, the parties intend for the restrictions herein set forth to be modified by the court or arbitral authority making such determination so as to be reasonable and enforceable and, as so
modified, to be fully enforced. If, due to applicable law, a court or arbitral authority is not permitted to modify a restriction within this Article VIII that it deems overly broad, then the court or arbitral authority shall have the power to, and
shall, sever such overly broad restriction (or any portion thereof) so that the restrictions after such severance are enforceable and shall be fully enforced. By agreeing to this contractual modification prospectively at this time, the Employer and
Executive intend to make this Article VIII enforceable under the law or laws of all applicable states and other jurisdictions so that the entire agreement not to compete and this Agreement as prospectively modified shall remain in full force and
effect and shall not be rendered void or illegal. Such modification shall not affect the payments made to Executive under this Agreement. 

ARTICLE IX 
 CERTAIN
EXCISE TAXES 
 Notwithstanding anything to the contrary in this Agreement, if Executive is a “disqualified individual”
(as defined in section 280G(c) of the Code), and the payments and benefits provided for in this Agreement, together with any other payments and benefits which Executive has the right to receive from the Employer or any of its affiliates, would
constitute a “parachute payment” (as defined in section 280G(b)(2) of the Code), then the payments and benefits provided for in this Agreement shall be either (a) reduced (but not below zero) so that the present value of such total
amounts and benefits received by Executive from the Employer and its affiliates will be one dollar ($1.00) less than three times Executive’s “base amount” (as defined in section 280G(b)(3) of the Code) and so that no portion of such
amounts and benefits received by Executive shall be subject to the excise tax imposed by section 4999 of the Code, or (b) paid in full, whichever produces the better net after-tax position to Executive (taking into account any applicable excise
tax under section 4999 of the Code and any other applicable taxes). The reduction of payments and benefits hereunder, if applicable, shall be made by reducing, first, payments or benefits to be paid in cash hereunder in the order in which such
payment or benefit would be paid or provided (beginning with such payment or benefit that would be made last in time and continuing, to the extent necessary, through to such payment or benefit that would be made first in time) and, then, reducing
any benefit to be provided in-kind hereunder in a similar order. The determination as to whether any such reduction in the amount of the payments and benefits provided hereunder is necessary shall be made by the Employer in good faith. If a reduced
payment or benefit is made or provided, and through error or otherwise, that payment or benefit, when aggregated with other payments and benefits from the Employer (or its affiliates) used in determining if a “parachute payment” exists,
exceeds one dollar ($1.00) less than three times Executive’s base amount, then Executive shall immediately repay such excess to the Employer upon notification that an overpayment has been made. Nothing in this Article 9 shall require the
Employer to be responsible for, or have any liability or obligation with respect to, Executive’s excise tax liabilities under section 4999 of the Code. 

  
 15 

 ARTICLE X 

MISCELLANEOUS 

10.1 Notices. For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and
shall be deemed to have been duly given (a) when received if delivered personally or by courier, (b) on the date receipt is acknowledged if delivered by certified mail, postage prepaid, return receipt requested, or (c) one day after
transmission if sent by facsimile transmission with confirmation of transmission, as follows: 
  

					
	If to Executive, addressed to:	  	Mr. William E. Jordan
		  	171 Hillpointe Drive, Suite 301, Canonsburg, Pennsylvania, or the last known residential address reflected in Employer’s records
			
		  	Facsimile:	  	 (412) 774-1541

		  	E-mail:	  	 will.jordan@riceenergy.com

		
	If to the Employer, addressed to:	  	Rice Energy, Inc.
		  	171 Hillpointe Drive, Suite 301
		  	Canonsburg, Pennsylvania 15317
		  	Attention: General Counsel
			
		  	Facsimile:	  	 (412) 774-1541

		  		  	(ATTN: Chief Executive Officer)
		  	E-mail:	  	
		  		  	or the then Chief Executive Officer’s
		  		  	email address

 or to such other address as either party may furnish to the other in writing in accordance herewith, except that notices or
changes of address shall be effective only upon receipt. 
 10.2 Applicable Law; Arbitration. 

(a) This Agreement is entered into under, and shall be governed for all purposes by, the laws of the State of Pennsylvania,
without regard to conflicts of laws principles thereof. 
 (b) Subject to Section 10.2(d) below, any dispute,
controversy or claim between Executive and the Employer arising out of or relating to this Agreement or Executive’s employment with the Employer will be finally settled by arbitration in Canonsburg, Pennsylvania before, and in accordance with
the rules for the resolution of employment disputes then in effect of, the American Arbitration Association (“AAA”). Each side shall share equally the cost of the arbitration and bear its own costs and attorneys’ fees
incurred in connection with any arbitration unless the arbitrator 

  
 16 

 
determines that compelling reasons exist for allocating all or a portion of such costs and fees to the other side. The arbitration award shall be final and binding on both parties. Any
arbitration conducted under this Section 10.2 shall be heard by a single arbitrator (the “Arbitrator”) selected in accordance with the then-applicable rules of the AAA. The Arbitrator shall expeditiously hear and decide
all matters concerning the dispute. The Arbitrator shall have the power to (i) gather such materials, information, testimony and evidence as he or she deems relevant to the dispute before him or her (and each party will provide such materials,
information, testimony and evidence requested by the Arbitrator, except to the extent any information so requested is subject to an attorney-client or other privilege), and (ii) grant injunctive relief and enforce specific performance. In
conjunction with the arbitration proceedings, the parties shall enter into a reasonable protective order to protect the confidentiality of materials, information, testimony, and evidence that is proprietary, personal, or subject to a third-party
confidentiality restriction. The decision of the Arbitrator shall be reasoned, rendered in writing, final, non-appealable and binding upon the disputing parties, and the parties agree that judgment upon the award may be entered by any court of
competent jurisdiction; provided that the parties agree that the Arbitrator and any court enforcing the award of the Arbitrator shall not have the right or authority to award punitive or exemplary damages to any disputing party. 

(c) By entering into this Agreement and entering into the arbitration provisions of this Section 10.2, THE PARTIES
EXPRESSLY ACKNOWLEDGE AND AGREE THAT THEY ARE KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVING THEIR RIGHTS TO A JURY TRIAL. 

(d) Nothing in this Section 10.2 shall prohibit a party to this Agreement from instituting litigation to enforce any
arbitration award or to obtain a temporary restraining order or temporary injunctive relief as contemplated by Articles VI, VII, and VIII above. 

10.3 No Waiver. No failure by either party hereto at any time to give notice of any breach by the other party of, or to require
compliance with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

10.4 Severability. If a court of competent jurisdiction or arbitral authority determines that any provision of this Agreement is
invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect. 

10.5 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original,
but all of which together will constitute one and the same Agreement. 
 10.6 Withholding of Taxes and Other Employee
Deductions. The Employer may withhold from any benefits and payments made pursuant to this Agreement all federal, state, city, and other taxes and withholdings as may be required pursuant to any law or governmental regulation or ruling and
all other customary deductions made with respect to the Employer’s employees generally. 

  
 17 

 10.7 Headings. The Article and Section headings have been inserted for purposes of
convenience and shall not be used for interpretive purposes. 
 10.8 Gender and Plurals. Wherever the context so requires, the
masculine gender includes the feminine or neuter, and the singular number includes the plural and conversely. 
 10.9
Affiliate. As used in this Agreement, the term “affiliate” means, with respect to a person, (a) any other person controlling, controlled by, or under common control with the first person or (b) any joint
venture in which the first person is a joint venturer; the term “control,” and correlative terms, means the power, whether by contract, equity ownership or otherwise, to direct the policies, management, or other business
activities of a person; and “person” means an individual, partnership, corporation, limited liability company, trust or unincorporated organization, business entity organized under foreign law, or a government or agency or
political subdivision thereof. 
 10.10 Successors; Assigns; Third Party Beneficiaries. This Agreement shall be binding upon
and inure to the benefit of the Employer and any successor of the Employer. In addition, the Employer may assign this Agreement and Executive’s employment to any affiliate of the Employer at any time without the consent of Executive, and any
assign of the Employer shall be deemed to be the Employer for purposes of this Agreement. Except as provided in the foregoing sentences of this Section 10.10, this Agreement and the rights and obligations of the parties hereunder are personal,
and neither this Agreement nor any right, benefit, or obligation of either party hereto shall be subject to voluntary or involuntary assignment, alienation, or transfer, whether by operation of law or otherwise, without the prior written consent of
the other party. In addition, any payment owed to Executive hereunder after the date of Executive’s death shall be paid to Executive’s estate. Each affiliate of the Employer shall be a third party beneficiary of, and may directly enforce,
Executive’s obligations under Article VI, Article VII, and Article VIII. 
 10.11 Term. Termination of this Agreement
shall not affect any right or obligation of any party which is accrued or vested prior to such termination. Without limiting the scope of the preceding sentence, the provisions of Articles V, VI, VII, and VIII, and those provisions necessary to
interpret and apply them shall survive any termination of the employment relationship and/or of this Agreement. 
 10.12 Entire
Agreement. Except as provided in any signed written agreement contemporaneously or hereafter executed by the Employer and Executive, this Agreement (a) constitutes the entire agreement of the parties with regard to the subject matter
hereof, (b) supersedes all prior agreements, arrangements, and understandings, written or oral, relating to the subject matter hereof, and (c) contains all the covenants, promises, representations, warranties, and agreements between the
parties with respect to employment of Executive by the Employer. Without limiting the scope of the preceding sentence, all understandings and agreements preceding the date of execution of this Agreement and relating to the subject matter hereof
(including but not limited to any employment agreements, confidentiality agreements, noncompete agreements, or other agreements) are hereby null and void and of no further force and effect. 

  
 18 

 10.13 Modification; Waiver. Any modification to or waiver of this Agreement will be
effective only if it is in writing and signed by the parties to this Agreement. 
 10.14 Actions by the Board. Any and all
determinations or other actions required of the Board hereunder that relate specifically to Executive’s employment by the Employer or the terms and conditions of such employment shall be made by the members of the Board, other than Executive if
Executive is a member of the Board, and Executive shall not have any right to vote or decide upon any such matter. 
 10.15
Executive’s Representations and Warranties. Executive represents and warrants to the Employer that (a) Executive does not have any agreements with any prior employers or other third parties that will prohibit Executive from
working for the Employer or fulfilling Executive’s duties and obligations to the Employer pursuant to this Agreement, and (b) Executive has complied with any and all duties imposed on Executive with respect to Executive’s former
employers, including without limitation any requirements with respect to return of property. 
 10.16 Delayed Payment
Restriction. Notwithstanding any provision in this Agreement to the contrary, if any payment or benefit provided for herein would be subject to additional taxes and interest under section 409A of the Code if Executive’s receipt of such
payment or benefit is not delayed until the Section 409A Payment Date, then such payment or benefit shall not be provided to Executive (or Executive’s estate, if applicable) until the Section 409A Payment Date. 

10.17 Forum and Venue. With respect to any claim for injunctive relief contemplated by Articles VI, VII, and VIII of this
Agreement, the parties hereto hereby consent to the exclusive jurisdiction, forum, and venue of the state and federal courts, as applicable, located in Washington County, Pennsylvania. 

[Signatures begin on next page.] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of January 29,
2014. 
  

			
	RICE ENERGY INC.
		
	By:	 	 /s/ Daniel J. Rice IV

		 	Daniel J. Rice IV
		 	Chief Executive Officer
	
	EXECUTIVE
	
	 /s/ William E. Jordan

	William E. Jordan

  
 20 

 APPENDIX A. 

RELEASE AGREEMENT 
 This
Release Agreement (this “Agreement”) constitutes the release referred to in that certain Employment Agreement (the “Employment Agreement”) dated as of     ,
            , by and between WILLIAM E. JORDAN (“Executive”) and RICE ENERGY INC., a Delaware corporation (the “Employer”).

 1. General Release. 

(a) For good and valuable consideration, including the Employer’s provision of certain payments and benefits to Executive in accordance
with Section 5.2 of the Employment Agreement, Executive hereby releases, discharges, and forever acquits the Employer, its affiliates and subsidiaries, their respective past, present, and future stockholders, members, partners, directors,
managers, employees, agents, attorneys, heirs, legal representatives, successors, and assigns, as well as all employee benefit plans maintained by the Employer or any of its affiliates or subsidiaries and all fiduciaries and administrators of any
such plan, in their personal and representative capacities (collectively, the “Employer Parties”), from liability for, and hereby waives, any and all claims, rights, damages, or causes of action of any kind related to
Executive’s employment with any Employer Party, the termination of such employment, and any other acts or omissions related to any matter on or prior to the date of this Agreement (collectively, the “Released Claims”).

 (b) The Released Claims include without limitation those arising under or related to: (i) the Age Discrimination in Employment Act
of 1967; (ii) Title VII of the Civil Rights Act of 1964; (iii) the Civil Rights Act of 1991; (iv) sections 1981 through 1988 of Title 42 of the United States Code; (v) the Employee Retirement Income Security Act of 1974,
including, but not limited to, sections 502(a)(1)(A), 502(a)(1)(B), 502(a)(2), and 502(a)(3) to the extent the release of such claims is not prohibited by applicable law; (vi) the Immigration Reform Control Act; (vii) the Americans with
Disabilities Act of 1990; (viii) the National Labor Relations Act; (ix) the Occupational Safety and Health Act; (x) the Family and Medical Leave Act of 1993; (xi) any state, local, or federal anti-discrimination or
anti-retaliation law; (xii) any state, local, or federal wage and hour law; (xiii) any other local, state, or federal law, regulation, or ordinance; (xiv) any public policy, contract, tort, or common law; (xv) costs, fees, or
other expenses including attorneys’ fees incurred in these matters; (xvi) any employment contract, incentive compensation plan, or stock option plan with any Employer Party or to any ownership interest in any Employer Party, except as
expressly provided in Section 5.2 of the Employment Agreement or as may be expressly provided in any stock option or other equity compensation agreement between Executive and the Employer; and (xvii) compensation or benefits of any kind
not expressly set forth in Section 5.2 of the Employment Agreement or in any such stock option or other equity compensation agreement between Executive and the Employer. 

(c) In no event shall the Released Claims include (i) any claim which arises after the date of this Agreement, or (ii) any claims
for the payments and benefits payable to Executive under Section 5.2 of the Employment Agreement. 

  
 A-1 

 (d) Notwithstanding this release of liability, nothing in this Agreement prevents Executive from
filing any non-legally waivable claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”) or comparable state or local agency or from participating in any
investigation or proceeding conducted by the EEOC or comparable state or local agency. However, notwithstanding the foregoing, Executive understands and expressly agrees that Executive is waiving any and all rights to recover any monetary or
personal relief or recovery as a result of any such EEOC (or comparable state or local agency) proceeding or subsequent legal actions. 

(e) This Agreement is not intended to indicate that any such claims exist or that, if they do exist, they are meritorious. Rather, Executive
is simply agreeing that, in exchange for the consideration recited in the first sentence of Section 1(a) of this Agreement, any and all potential claims of this nature that Executive may have against the Employer Parties, regardless of whether
they actually exist, are expressly settled, compromised, and waived. 
 (f) By signing this Agreement, Executive is bound by it. Anyone who
succeeds to Executive’s rights and responsibilities, such as heirs or the executor of Executive’s estate, is also bound by this Agreement. This release also applies to any claims brought by any person or agency or class action under which
Executive may have a right or benefit. THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE EMPLOYER PARTIES. 

2. Covenant Not to Sue. Executive agrees not to bring or join any lawsuit against any of the Employer Parties in any court or
before any arbitral authority relating to any of the Released Claims. Executive represents that Executive has not brought or joined any lawsuit or arbitration against any of the Employer Parties in any court or before any arbitral authority and has
made no assignment of any rights Executive has asserted or may have against any of the Employer Parties to any person or entity, in each case, with respect to any Released Claims. 

3. Executive’s Acknowledgments and Representations. By executing and delivering this Agreement, Executive
acknowledges that: 
 (a) Executive has carefully read this Agreement; 

(b) Executive has had at least twenty-one (21) days to consider this Agreement before the execution and delivery hereof to the Employer; 

  
 A-2 

 (c) Executive has been and hereby is advised in writing to discuss this Agreement with an
attorney of Executive’s choice and Executive has had adequate opportunity to do so; 
 (d) Executive fully understands the final and
binding effect of this Agreement; the only promises made to Executive to sign this Agreement are those stated in the Employment Agreement and herein; and Executive is signing this Agreement voluntarily and of Executive’s own free will, and that
Executive understands and agrees to each of the terms of this Agreement; and 
 (e) Executive has received all leaves (paid and unpaid) to
which Executive was entitled during his employment with the Employer and, other than any sums owed to Executive pursuant to Section 5.2 of the Employment Agreement or any vested sums owed to Executive but deferred pursuant to any qualified or
nonqualified deferred compensation plan (including but not limited to the Employer’s 401(k) cash or deferred arrangement and the Employer’s Executive Deferred Compensation Plan), Executive has received all wages, bonuses, compensation, and
other sums that Executive has been owed or ever could be owed by the Released Parties. 
 4. Revocation Right. Executive may
revoke this Agreement within the seven day period beginning on the date Executive signs this Agreement (such seven day period being referred to herein as the “Release Revocation Period”). To be effective, such revocation must
be in writing signed by Executive and must be received by the Chief Executive Officer of the Employer before 11:59 p.m., Eastern Standard Time, on the last day of the Release Revocation Period. This Agreement is not effective, and no consideration
shall be paid to Executive, until the expiration of the Release Revocation Period without Executive’s revocation. If an effective revocation is delivered in the foregoing manner and timeframe, this Agreement shall be of no force or effect and
shall be null and void ab initio. 
 Executed on this      day of
            ,         . 
  

	
	  

	WILLIAM E. JORDAN

  
 A-3EX-10.23

 Exhibit 10.23 

Execution Version 
  

 
  

AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

RICE ENERGY HOLDINGS LLC 

January 29, 2014 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	FORMATION OF COMPANY	  
			
	 Section 1.1
	 	 Formation
	  	 	1	  
	 Section 1.2
	 	 Name
	  	 	1	  
	 Section 1.3
	 	 Business
	  	 	2	  
	 Section 1.4
	 	 Places of Business; Registered Agent; Names and Addresses of Members
	  	 	2	  
	 Section 1.5
	 	 Term
	  	 	2	  
	 Section 1.6
	 	 Filings
	  	 	2	  
	 Section 1.7
	 	 Title to Company Property
	  	 	2	  
	 Section 1.8
	 	 No State Law Partnership
	  	 	3	  
	
	ARTICLE II	  
	
	DEFINITIONS AND REFERENCES	  
			
	 Section 2.1
	 	 Defined Terms
	  	 	3	  
	 Section 2.2
	 	 References and Titles
	  	 	10	  
	
	ARTICLE III	  
	
	CAPITALIZATION AND COMPANY INTERESTS	  
			
	 Section 3.1
	 	 Capital Contributions of Members
	  	 	10	  
	 Section 3.2
	 	 Return of Contributions
	  	 	11	  
	 Section 3.3
	 	 Incentive Units
	  	 	11	  
	
	ARTICLE IV	  
	
	ALLOCATIONS AND DISTRIBUTIONS	  
			
	 Section 4.1
	 	 Allocations of Profits and Losses
	  	 	13	  
	 Section 4.2
	 	 Special Allocations
	  	 	13	  
	 Section 4.3
	 	 Distributions
	  	 	15	  
	 Section 4.4
	 	 Income Tax Allocations
	  	 	17	  
	
	ARTICLE V	  
	
	MANAGEMENT AND RELATED MATTERS	  
			
	 Section 5.1
	 	 Power and Authority of Board
	  	 	18	  
	 Section 5.2
	 	 Officers
	  	 	20	  

  
 i 

							
	 Section 5.3
	 	 Acknowledged and Permitted Activities
	  	 	20	  
	 Section 5.4
	 	 Duties and Services of the Board
	  	 	21	  
	 Section 5.5
	 	 Liability and Indemnification
	  	 	21	  
	 Section 5.6
	 	 Contracts with Affiliates
	  	 	23	  
	 Section 5.7
	 	 Reimbursement of Members
	  	 	23	  
	 Section 5.8
	 	 Insurance
	  	 	23	  
	 Section 5.9
	 	 Tax Elections and Status
	  	 	23	  
	 Section 5.10
	 	 Tax Returns
	  	 	24	  
	 Section 5.11
	 	 Tax Matters Member
	  	 	24	  
	 Section 5.12
	 	 Outside Manager Expenses
	  	 	24	  
	
	ARTICLE VI	  
	
	RIGHTS OF MEMBERS	  
			
	 Section 6.1
	 	 Rights of Members
	  	 	24	  
	 Section 6.2
	 	 Limitations on Members
	  	 	25	  
	 Section 6.3
	 	 Liability of Members
	  	 	25	  
	 Section 6.4
	 	 Withdrawal and Return of Capital Contributions
	  	 	25	  
	 Section 6.5
	 	 Voting Rights
	  	 	26	  
	
	ARTICLE VII	  
	
	BOOKS, REPORTS, MEETINGS AND CONFIDENTIALITY	  
			
	 Section 7.1
	 	 Capital Accounts, Books and Records
	  	 	26	  
	 Section 7.2
	 	 Bank Accounts
	  	 	27	  
	 Section 7.3
	 	 Reports
	  	 	27	  
	 Section 7.4
	 	 Meetings of Members
	  	 	27	  
	 Section 7.5
	 	 Confidentiality
	  	 	28	  
	
	ARTICLE VIII	  
	
	DISSOLUTION, LIQUIDATION AND TERMINATION	  
			
	 Section 8.1
	 	 Dissolution
	  	 	28	  
	 Section 8.2
	 	 Liquidation and Termination
	  	 	29	  
	
	ARTICLE IX	  
	
	ASSIGNMENTS OF COMPANY INTERESTS	  
			
	 Section 9.1
	 	 Assignments of Company Interests
	  	 	30	  

  
 ii 

							
	ARTICLE X	  
	
	REPRESENTATIONS AND WARRANTIES	  
	
	ARTICLE XI	  
	
	MISCELLANEOUS	  
			
	 Section 11.1
	 	 Notices
	  	 	32	  
	 Section 11.2
	 	 Amendment
	  	 	33	  
	 Section 11.3
	 	 Partition
	  	 	34	  
	 Section 11.4
	 	 Entire Agreement
	  	 	34	  
	 Section 11.5
	 	 Severability
	  	 	34	  
	 Section 11.6
	 	 No Waiver
	  	 	34	  
	 Section 11.7
	 	 Applicable Law
	  	 	34	  
	 Section 11.8
	 	 Successors and Assigns
	  	 	34	  
	 Section 11.9
	 	 Arbitration
	  	 	35	  
	 Section 11.10
	 	 Spouses
	  	 	36	  
	 Section 11.11
	 	 Counterparts
	  	 	37	  
	 Section 11.12
	 	 Representation
	  	 	37	  

  
 iii 

 AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 RICE ENERGY HOLDINGS
LLC 
 THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of Rice Energy Holdings LLC,
a Delaware limited liability company (the “Company”), dated effective as of January     , 2014 (the “Effective Date”), is adopted, executed and agreed to by the Members (as defined
below). 
 WHEREAS, the Company has been formed as a limited liability company under the Delaware Limited Liability Company Act (the
“Act”) by filing a certificate of formation with the Secretary of State of the State of Delaware on January     , 2014 (as amended, the “Certificate”); 

WHEREAS, on January     , 2014, Rice Energy entered into that limited liability company agreement of the Company (as
amended, the “Original Agreement”); and 
 WHEREAS, pursuant to the Master Reorganization Agreement, dated as of
January     , 2014, by and among the Company, the Members, and the other parties thereto (the “Master Reorganization Agreement”), the Members contributed their equity in Rice Energy Appalachia Holdings LLC
to the Company and, in certain cases, NGP in exchange for equity in the Company (as described further herein) and, in certain cases, NGP. 

NOW, THEREFORE, in consideration of the premises and the covenants and provisions hereinafter contained, the Members hereby amend and restate
the Original Agreement in its entirety and further agree as follows: 
 ARTICLE I 

FORMATION OF COMPANY 

Section 1.1 Formation. Subject to the provisions of this Agreement, the Members do hereby desire to establish this Agreement to
continue and govern the Company as a limited liability company under the provisions of the Act. The Company was formed upon the execution and filing of the Certificate by the organizer (such Person being hereby authorized to take such action) with
the Secretary of State of the State of Delaware. 
 Section 1.2 Name. The name of the Company shall be Rice Energy Holdings LLC, or
such other name as designated by the Board from time to time. The Board shall cause to be filed on behalf of the Company such assumed or fictitious name certificate or certificates or similar instruments as may from time to time be required by law.

 Section 1.3 Business. The business of the Company shall be, whether directly or indirectly
through subsidiaries, to conduct all activities permissible by applicable law. 
 Section 1.4 Places of Business; Registered Agent; Names
and Addresses of Members. 
 (a) The address of the principal United States office and place of business of the Company and its street
address shall be 171 Hillpointe Drive, Suite 301, Canonsburg, Pennsylvania 15317. The Board, at any time and from time to time, may change the location of the Company’s principal place of business upon giving prior written notice of such change
to the Members and may establish such additional place or places of business of the Company as the Board shall determine to be necessary or desirable. 

(b) The registered office of the Company in the State of Delaware shall be, and it hereby is, established and maintained at Corporation Trust
Center, 1209 Orange Street, Wilmington, Delaware 19801, and the registered agent for service of process on the Company shall be the Corporation Trust Company, whose business address is the same as the Company’s registered office in Delaware.
The Board, at any time and from time to time, may change the Company’s registered office or registered agent or both by complying with the applicable provisions of the Act, and may establish, appoint and change additional registered offices and
registered agents of the Company in such other states as the Board shall determine to be necessary or advisable. 
 (c) The mailing address
and street address of each of the Members shall be the same as for the Company, unless another address for such Member is set forth on Exhibit A to this Agreement. 

Section 1.5 Term. The Company shall continue until terminated in accordance with Section 8.1. 

Section 1.6 Filings. Upon the request of the Board, the Members shall promptly execute and deliver all such certificates and other
instruments conforming hereto as shall be necessary for the Board to accomplish all filing, recording, publishing and other acts appropriate to comply with all requirements for the formation and operation of a limited liability company under the
laws of the State of Delaware and for the qualification and operation of a limited liability company in all other jurisdictions where the Company shall propose to conduct business. Prior to conducting business in any jurisdiction, the Board shall
use its reasonable good faith efforts to cause the Company to comply with all requirements for the qualification of the Company to conduct business as a limited liability company in such jurisdiction. 

Section 1.7 Title to Company Property. All property owned by the Company, whether real or personal, tangible or intangible, shall be
deemed to be owned by the Company as an entity, and no Member, individually, shall 

  
 2 

 
have any ownership of such property. The Company may hold its property in its own name or in the name of a nominee which may be the Board or any of its Affiliates or any trustee or agent
designated by it. 
 Section 1.8 No State Law Partnership. The Members intend that the Company not be a partnership (including a
limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member, for any purposes other than federal or state tax purposes, and this Agreement may not be construed to suggest otherwise. 

ARTICLE II 
 DEFINITIONS
AND REFERENCES 
 Section 2.1 Defined Terms. When used in this Agreement, the following terms shall have the respective meanings
set forth below: 
 “Act” shall have the meaning assigned to such term in the recitals hereto. 

“Adjusted Capital Account” shall mean the Capital Account maintained for each Member, (a) increased by any amounts that
such Member is obligated to restore or is treated as obligated to restore under Treasury Regulation Sections 1.704-1(b)(2)(ii)(c), 1.704-2(g)(1) and 1.704-2(i)(5)), and (b) decreased by any amounts described in Treasury Regulation
Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) with respect to such Member. The foregoing definition of “Adjusted Capital Account” is intended to comply with the provisions of Treasury Regulation Sections
1.704-1(b)(2)(ii)(d) and 1.704-2 and shall be interpreted consistently therewith. 
 “Adjusted Property” shall mean
any property the Carrying Value of which has been adjusted pursuant to Section 7.1(b)(v) or any property that has a Carrying Value different than the adjusted tax basis at the time of a Capital Contribution by a Member. 

“Affiliate” (whether or not capitalized) shall mean, with respect to any Person: (a) any other Person directly or
indirectly owning, controlling or holding power to vote 10% or more of the outstanding voting securities of such Person, (b) any other Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or
held with power to vote by such Person, (c) any other Person directly or indirectly controlling, controlled by or under common control with such Person and (d) any officer, director, member, partner or immediate family member of such
Person or any other Person described in subsection (a), (b) or (c) of this paragraph. Notwithstanding the foregoing or anything to the contrary, PublicCo and its subsidiaries shall not be deemed to be Affiliates or subsidiaries of the
Company and its subsidiaries; provided, however, in the definition of “cause”, each of PublicCo and its subsidiaries shall be deemed to be a subsidiary of the Company. 

“Agreement” shall have the meaning assigned to such term in the introductory paragraph of this document. 

  
 3 

 “Board” shall have the meaning assigned to such term in
Section 5.1(a). 
 “Capital Account” shall have the meaning assigned to such term in Section 7.1(b).

 “Capital Contributions” shall mean for any Member at the particular time in question the aggregate of the dollar amounts
of any cash and the initial Carrying Value of any property contributed to the capital of the Company, or, if the context in which such term is used so indicates, the dollar amounts of cash or the fair market value of any property agreed to be
contributed, or requested to be contributed, by such Member to the capital of the Company. 
 “Capital Interest” shall mean
Rice Energy’s (and its successors’ and assigns’) membership interest in the Company, with the rights and obligations specified in this Agreement. 

“Carrying Value” shall mean with respect to any asset, the value of such asset as reflected in the Capital Accounts of the
Members. The Carrying Value of any asset shall be such asset’s adjusted basis for federal income tax purposes, except as follows: 

(a) The initial Carrying Value of any asset contributed by a Member to the Company will be the fair market value of the asset
on the date of the contribution, as determined by the Board. 
 (b) The Carrying Value of all Company assets shall be
adjusted to equal their respective fair market values, as determined by the Board, upon (i) the acquisition of an additional Company Interest by any new or existing Member in exchange for a Capital Contribution that is not de minimis;
(ii) the distribution by the Company to a Member of Company property that is not de minimis as consideration for a Company Interest; (iii) the grant of a Company Interest for the performance of services that is not de minimis
to or for the benefit of the Company by any new or existing Member; (iv) the liquidation of the Company within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g)(1) (other than pursuant to Internal Revenue Code
Section 708(b)(1)(B)); or (v) any other event to the extent determined by the Board to be necessary to properly reflect Carrying Values in accordance with the standards set forth in Treasury Regulation
Section 1.704-1(b)(2)(iv)(q); provided that adjustments pursuant to clauses (i), (ii), and (iii) above shall be made only if the Board determines that such adjustments are necessary or appropriate to
reflect the relative economic interests of the Members in the Company. 
 (c) The Carrying Value of any Company asset
distributed to any Member shall be adjusted to equal the fair market value of such asset on the date of distribution, as determined by the Board. 

(d) The Carrying Value of all Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis
of such property pursuant to Internal Revenue Code Section 734(b) or Internal Revenue Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulation
Section 1.704-1(b)(2)(iv)(m) and clause (f) of the definition of Net Profit or Net Loss or Section 4.2(e); provided, however, that the Book Value of Company assets shall not be adjusted pursuant to this
clause (d) to the extent that the Board determines an adjustment pursuant to clause (b) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this
clause (d). 

  
 4 

 (e) If the Carrying Value of any Company asset has been determined or adjusted
pursuant to clauses (a), (b) or (d) hereof, the Carrying Value of an asset shall be adjusted by Depreciation taken into account with respect to such asset for purposes of computing Net Profits, Net Losses and other
items allocated pursuant to Sections 4.1 and 4.2. 
 (f) The Carrying Value of Company assets shall be adjusted
at such other times as required in the applicable Treasury Regulations. 
 “Company” shall have the meaning assigned to it
in the introductory paragraph of this Agreement. 
 “Company Interest” shall mean a membership interest in the Company,
including any Capital Interests and any Incentive Units. 
 “Company Nonrecourse Liabilities” shall mean nonrecourse
liabilities (or portions thereof) of the Company for which no Member bears the economic risk of loss in accordance with applicable Treasury Regulations. 

“Confidential Information” shall mean, without limitation, all proprietary and confidential information of the Company and
its subsidiaries or Affiliates, including business opportunities of the Company and its subsidiaries or Affiliates, intellectual property and any other information heretofore or hereafter acquired, developed or used by the Company and its
subsidiaries or Affiliates relating to their business, including any confidential information contained in any lease files, well files and records, land files, abstracts, title opinions, title or curative matters, contract files, seismic records,
electric logs, core data, pressure data, production records, geological and geophysical reports and related data, memoranda, notes, records, drawings, correspondence, financial and accounting information, customer lists, statistical data and
compilations, patents, copyrights, trademarks, trade names, inventions, formulae, methods, processes, agreements, contracts, manuals or any other documents relating to the business of the Company and its subsidiaries or Affiliates, developed by, or
originated by any third party and brought to the attention of, the Company and its Affiliates. 
 “Credited Shares” shall
initially be 20,000,000 shares, and shall be adjusted from time to time as set forth in Section 4.3. 
 “Credited
Value” shall have the meaning set forth in Section 4.3. 
 “D. Rice III” shall mean Daniel J. Rice III.

 “Depreciation” shall mean for each fiscal year or other period, an amount equal to the depreciation, amortization or
other cost recovery deduction allowable for federal income tax purposes with respect to an asset for such fiscal year or other period, except that if the Carrying Value of an asset differs from its adjusted basis for federal income tax purposes at
the beginning of such year or other period, Depreciation shall be an amount which bears the same ratio to such 

  
 5 

 
beginning Carrying Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis (unless the
adjusted tax basis at the beginning of such year or other period is equal to zero, in which event Depreciation shall be determined under any reasonable method selected by the Board). 

“Dispute” shall have the meaning assigned to such term in Section 11.9. 

“Distributable Amounts” shall mean, as of the date of determination, the aggregate of (a) available cash of the Company,
and (b) the product of (i) the sum of the number of shares of common stock of PublicCo held by the Company and the Credited Shares, in each case, as of such date, multiplied by (ii) the Distributable Amount Value, in excess of the
liabilities of the Company on such date, in each case as determined by the Board. 
 “Distributable Amount Value” means, as
of the date of determination, with respect to any share of common stock of PublicCo, the volume-weighted average trading price of a share of common stock of PublicCo on the New York Stock Exchange over the
30-trading day period ending on and including the trading day immediately preceding such date of determination. 

“Effective Date” shall have the meaning assigned to such term in the preamble hereto. 

“Employee” shall mean an individual who is employed by, or serves as an independent contractor for, PublicCo or any of its
subsidiaries. In the event any provision of this Agreement refers to the resignation of an Employee, such resignation or termination shall apply to the entity that is the employer of such Employee. 

“Excluded Affiliate Transfer” shall mean (a) any Transfer of a Company Interest by a Member who is a natural person to a
member of such Member’s family or to a revocable trust for estate planning purposes, but only if and for so long as such Transferring Member retains the exclusive right to vote such Company Interest following such Transfer; (b) any
Transfer occurring by operation of law upon the death or mental incapacity of a Member who is a natural person; (c) any Transfer to a corporation, partnership or limited liability company that is wholly owned and controlled (through voting
rights) by such Member, but only if and for so long as such Transferring Member retains the exclusive right to vote such Company Interest following such Transfer (provided, however, that any failure to retain the right to vote or the
failure to retain 100% ownership and control shall then immediately and automatically be deemed to be a Transfer that is not an Excluded Affiliate Transfer) and (d) any Transfer of a Company Interest by a Member that is a trust to the principal
beneficiary of that trust; provided, however, that, in the case of any Transfer described in clauses (a) – (d) above, such Transferee agrees to be bound by the terms of this Agreement, and any applicable
agreement with respect to such Company Interest (including that the provisions thereof relating to vesting, forfeiture and redemption shall continue to be applicable to such Company Interests after such Transfer as if held by the Transferring Member
regardless of the holder of such Company Interests) and evidences the same by executing a copy of this Agreement and such other documents as the Company may reasonably request promptly upon receiving the assignment of such Company Interest and
(ii) such Transferee shall not be entitled to make any further Excluded Affiliate Transfers, except for a Transfer of such acquired Company Interests back to such original holder or another Transfer that would have been an Excluded Affiliate
Transfer had such original holder made such Transfer. 

  
 6 

 “First Distribution Date” shall mean (a) in the event NGP Alignment Date
has occurred prior to December 3, 2015, the date that is 30 calendar days after the NGP Alignment Date or (b) otherwise, January 2, 2016. 

“First Scheduled Distribution” shall have the meaning set forth in Section 4.3(a). 

“Incentive Units” shall mean the Company Interests issued as Tier I Units, Tier II Units or Tier III Units, pursuant to
Section 3.3 and reflected on Exhibit A as, from time to time, may be updated pursuant to this Agreement. 

“Indemnitee” shall have the meaning set forth in Section 5.5. 

“Indirect Transfer” shall mean (with respect to any Member that is a corporation, partnership, limited liability company or
other entity) a deemed Transfer of a Company Interest, which shall occur upon any Transfer of the ownership of, or voting rights associated with, the equity or other ownership interests in such Member. 

“Internal Revenue Code” shall mean the Internal Revenue Code of 1986. 

“JAMS” shall have the meaning assigned to such term in Section 11.9(a). 

“Manager” shall have the meaning assigned to such term in Section 5.1(a). 

“Master Reorganization Agreement” shall have the meaning set forth in the recitals hereto. 

“Members” shall mean the Persons (including holders of Incentive Units) who from time to time shall execute a signature page
to this Agreement (including by counterpart) as the Members, including any Person who becomes a substituted Member of the Company pursuant to the terms hereof, but does not include any Person that ceases to hold any Company Interest. 

“Member Nonrecourse Debt” shall mean any nonrecourse debt of the Company for which any Member bears the economic risk of loss
in accordance with applicable Treasury Regulations. 
 “Member Nonrecourse Deductions” shall mean the amount of deductions,
losses and expenses equal to the net increase during the year in Minimum Gain attributable to a Member Nonrecourse Debt, reduced (but not below zero) by proceeds of such Member Nonrecourse Debt distributed during the year to the Members who bear the
economic risk of loss for such debt, as determined in accordance with applicable Treasury Regulations. 
 “Minimum Gain”
shall mean (a) with respect to Company Nonrecourse Liabilities, the amount of gain that would be realized by the Company if the Company Transferred (in a taxable transaction) all Company properties that are subject to Company Nonrecourse
Liabilities in full satisfaction of Company Nonrecourse Liabilities, computed in accordance with applicable 

  
 7 

 
Treasury Regulations or (b) with respect to each Member Nonrecourse Debt, the amount of gain that would be realized by the Company if the Company Transferred (in a taxable transaction) the
Company property that is subject to such Member Nonrecourse Debt in full satisfaction of such Member Nonrecourse Debt, computed in accordance with applicable Treasury Regulations. 

“Net Profit” or “Net Loss” shall mean, with respect to any fiscal year or other fiscal period, the net
income or net loss of the Company for such period, determined in accordance with federal income tax accounting principles and Section 703(a) of the Internal Revenue Code (including any items that are separately stated for purposes of
Section 702(a) of the Internal Revenue Code), with the following adjustments: 
 (a) any income of the Company that is
exempt from federal income tax shall be included as income; 
 (b) any expenditures of the Company that are described in
Section 705(a)(2)(B) of the Internal Revenue Code or treated as so described pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i) shall be subtracted from such taxable income or loss; 

(c) in the event the Carrying Value of any Company asset is adjusted pursuant to clause (b) or clause
(c) of the definition of Carrying Value, the amount of such adjustment shall be taken into account as gain (if the adjustment increases the Carrying Value of the asset) or loss (if the adjustment decreases the Carrying Value of the asset)
from the disposition of such asset and shall, except to the extent allocated pursuant to Section 4.2, be taken into account for purposes of computing Net Profit or Net Loss; 

(d) gain or loss resulting from any Transfer of Company property with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Carrying Value of the property Transferred, notwithstanding that the adjusted tax basis for such property differs from its Carrying Value; 

(e) in lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation for such fiscal year or other period; 
 (f) to the extent an
adjustment to the adjusted tax basis of any asset pursuant to Internal Revenue Code Section 734(b) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account
balances as a result of a distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss
(if the adjustment decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Net Profit or Net Loss; and 

(g) items specially allocated under Section 4.2 shall be excluded. 

“NGP” shall mean NGP Rice Holdings LLC. 

  
 8 

 “NGP Alignment Date” shall mean that date on which NGP no longer holds (as a
result of sale, distribution or otherwise) at least 50% of shares of the common stock of PublicCo that it held on the date hereof. For purposes of the foregoing sentence, any shares of common stock of PublicCo sold by NGP in connection with
PublicCo’s initial public offering shall be deemed “held on the date hereof” by NGP. 
 “Original Agreement”
shall have the meaning set forth in the recitals hereto. 
 “Person” (whether or not capitalized) shall mean any natural
person, corporation, company, limited or general partnership, joint stock company, joint venture, association, limited liability company, trust, bank, trust company, business trust or other entity or organization, whether or not a governmental
authority. 
 “PublicCo” means Rice Energy, Inc., and its successors and assigns. 

“Regulatory Allocations” shall have the meaning assigned to such term in Section 4.2(g). 

“Rice Energy” shall mean Rice Energy Family Holdings, LP, a Delaware limited partnership, and its successor and assigns. 

“Rules” shall have the meaning assigned to such term in Section 11.9(a). 

“Scheduled Distribution Date” shall mean the First Distribution Date and the first, second and third anniversaries thereof.

 “Second Scheduled Distribution” shall have the meaning set forth in Section 4.3(a). 

“Securities Act” shall mean the Securities Act of 1933. 

“Sponsor Indemnitees” shall mean those Indemnitees that have rights to indemnification, advancement of expenses or insurance
provided by the Sponsor Indemnitors. 
 “Sponsor Indemnitors” shall mean Rice Energy and its Affiliates. 

“Tax Matters Member” shall have the meaning assigned to such term in Section 5.11. 

“Third Scheduled Distribution” shall have the meaning set forth in Section 4.3(a). 

“Tier I Units” shall mean Tier I Units representing Company Interests with the rights and obligations specified in this
Agreement. 
 “Tier II Units” shall mean Tier II Units representing Company Interests with the rights and obligations
specified in this Agreement. 
 “Tier III Units” shall mean Tier III Units representing Company Interests with the rights
and obligations specified in this Agreement. 

  
 9 

 “Transaction Documents” shall mean, collectively, this Agreement, the Master
Reorganization Agreement and all other agreements, documents or instruments executed in conjunction with, or relation to, any of the foregoing. 

“Transfer,” or any derivation thereof, shall mean any sale, assignment, conveyance, mortgage, pledge, granting of security
interest in, or other disposition of a Company Interest or any asset of the Company, as the context may require. 
 “Treasury
Regulations” shall mean regulations promulgated by the United States Treasury Department under the Internal Revenue Code. 

“Unrealized Gain” attributable to any item of Company property shall mean, as of any date of determination, the excess, if
any, of (a) the fair market value of such property as of such date over (b) the Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to Section 7.1(b)(v) as of such date). 

“Unrealized Loss” attributable to any item of Company property shall mean, as of any date of determination, the excess, if
any, of (a) the Carrying Value of such property as of such date (prior to any adjustment to be made pursuant to Section 7.1(b)(v) as of such date) over (b) the fair market value of such property as of such date. 

Section 2.2 References and Titles. All references in this Agreement to articles, sections, subsections and other subdivisions refer to
corresponding articles, sections, subsections and other subdivisions of this Agreement unless expressly provided otherwise. Titles appearing at the beginning of any of such subdivisions are for convenience only and shall not constitute part of such
subdivisions and shall be disregarded in construing the language contained in such subdivisions. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder” and words of similar import
refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. Pronouns in masculine, feminine and neuter genders shall be construed to include any other gender, and words in the singular form shall be
construed to include the plural and vice versa, unless the context otherwise requires. The word “including” (in its various forms) means including without limitation. All references to laws, contracts, agreements and instruments refer to
such laws, contracts, agreements and instruments as they may be amended from time to time, and references to particular provisions of laws or regulations include a reference to the corresponding provisions of any succeeding law or regulation. 

ARTICLE III 

CAPITALIZATION AND COMPANY INTERESTS 

Section 3.1 Capital Contributions of Members. 

(a) Pursuant to the Master Reorganization Agreement and contemporaneous with the execution date of this Agreement, Rice Energy made a Capital
Contribution to the Company in the amount set forth on the books and records of the Company and received in exchange therefor the Capital Interests. 

  
 10 

 Section 3.2 Return of Contributions. No interest shall accrue on any contributions to the
capital of the Company, and no Member shall have the right to withdraw or to be repaid any capital contributed by such Member, except as otherwise specifically provided in this Agreement. 

Section 3.3 Incentive Units. 

(a) The following Incentive Units are hereby created, subject to the adjustments provided for in this Section 3.3: 

(i) 990,414 “Tier I Units,” which are held, as of the date hereof, by those individuals set forth on
Exhibit A in the amount opposite each such individual’s name in the column entitled “Tier I Units;” 

(ii) 1,000,000 “Tier II Units,” which are held, as of the date hereof, by those individuals set forth on
Exhibit A in the amount opposite each such individual’s name in the column entitled “Tier II Units;” and 

(iii) 1,000,000 “Tier III Units,” which are held, as of the date hereof, by those individuals set forth on
Exhibit A in the amount opposite each such individual’s name in the column entitled “Tier III Units.” 
 (b) The
Incentive Units are non-voting, and subject to vesting, forfeiture and termination as follows: 
 (i) (A) The Tier I Units
held by each Employee shall vest ratably over a three-year period following the grant of the “Legacy Tier I Units” of Rice Energy Appalachia Holdings, LLC that corresponds, pursuant to the Master Reorganization Agreement, to the Tier I
Units granted thereunder to such Employee, with one-third vesting on the first anniversary of such grant, an additional one-third vesting on the second anniversary of such grant and the remaining one-third vesting on the third anniversary of such
grant (with vesting between such anniversaries occurring pro rata determined by multiplying the number of such Incentive Units that would vest on the next annual vesting date by a fraction with a numerator equal to the number of full months
which have then elapsed since the last vesting date and a denominator of 12, and rounding to the closest whole number). 

(B) The Tier II Units held by each Employee shall vest only upon and concurrently with Rice Energy receiving, pursuant to
Section 4.3, $682,212,620.04 (in cash or otherwise) in the aggregate. 

  
 11 

 (C) The Tier III Units held by each Employee shall vest only upon and
concurrently with Rice Energy receiving, pursuant to Section 4.3, $909,616,826.72 (in cash or otherwise) in the aggregate. 

(ii) Unless otherwise agreed by the Board, all Incentive Units that have not yet vested in accordance with the vesting
requirements set forth in Section 3.3(b)(i) that are held by an Employee shall automatically, without any action required of any Person, be forfeited and thereby become null and void, if and when such Person’s status as an Employee
is terminated for any reason or without reason, including by termination, resignation, death or disability, and any vested, unforfeited Incentive Units held by such Person shall, upon such termination, remain non-voting. 

(iii) Anything herein to the contrary notwithstanding, unless otherwise agreed by the Board in the case of
Section 3.3(b)(iii)(B), all Incentive Units held by an Employee (regardless of whether vested or unvested) shall automatically be forfeited and thereby become null and void if and when such Person’s status as an Employee is
terminated: 
 (A) for “cause,” which shall mean by reason of such holder’s: (1) conviction of, or
plea of nolo contendere to, any felony or to any crime or offense causing substantial harm to PublicCo, the Company or any of their respective Affiliates or involving acts of theft, fraud, embezzlement, moral turpitude or similar conduct,
(2) repeated intoxication by alcohol or drugs during the performance of such holder’s duties in a manner that materially and adversely affects the holder’s performance of such duties, (3) malfeasance, in the conduct of such
holder’s duties, including (I) misuse or diversion of funds of PublicCo, the Company or any of their respective Affiliates, (II) embezzlement or (III) misrepresentations or concealments on any written reports submitted to the Company or
its Affiliates, (4) violation of any provision of this Agreement or of such Person’s agreements with any of PublicCo, the Company or their respective Affiliates or (5) failure to perform the duties of such holder’s employment or
service relationship with PublicCo, the Company or any of their respective Affiliates, or failure to follow or comply with the reasonable and lawful written directives of the Board or the managers or directors of the Person that employs such holder
or for whom such holder provides services; or 
 (B) by such Employee’s resignation or early termination of service
relationship. 
 (c) Upon any forfeiture or other termination of Incentive Units, the Company shall amend Exhibit A to reflect such
occurrence. 
 (d) The Company shall not issue any Incentive Units following the Effective Date. 

  
 12 

 ARTICLE IV 

ALLOCATIONS AND DISTRIBUTIONS 

Section 4.1 Allocations of Profits and Losses. After giving effect to the allocations under Section 4.2, the Members shall
share Company Net Profits and Net Losses and all related items of income, gain, loss, deduction and credit for federal income tax purposes as follows: 

(a) Net Profits and Net Losses for each fiscal year shall be allocated among the Members in such manner as shall cause the Capital Accounts of
each Member to equal, as nearly as possible, (i) the amount such Member would receive if all assets on hand at the end of such year were sold for cash at the Carrying Values of such assets, all liabilities were satisfied in cash in accordance
with their terms (limited in the case of Member Nonrecourse Debt and Company Nonrecourse Liabilities to the Carrying Value of the assets securing such liabilities) and any remaining or resulting cash was distributed to the Members under
Section 4.3, minus (ii) an amount equal to such Member’s allocable share of Minimum Gain as computed on the last day of such fiscal year in accordance with the applicable Treasury Regulations. 

(b) The Board shall make the foregoing allocations as of the last day of each fiscal year; provided, however, that if during any
fiscal year of the Company there is a change in any Member’s Company Interest, the Board shall make the foregoing allocations as of the date of each such change in a manner which takes into account the varying interests of the Members and in a
manner the Board reasonably deems appropriate. 
 Section 4.2 Special Allocations. 

(a) Notwithstanding any of the provisions of Section 4.1 to the contrary: 

(i) If during any fiscal year of the Company there is a net increase in Minimum Gain attributable to a Member Nonrecourse Debt
that gives rise to Member Nonrecourse Deductions, each Member bearing the economic risk of loss for such Member Nonrecourse Debt shall be allocated items of Company deductions and losses for such year (consisting first of cost recovery or
depreciation deductions with respect to property that is subject to such Member Nonrecourse Debt and then, if necessary, a pro-rata portion of the Company’s other items of deductions and losses, with any
remainder being treated as an increase in Minimum Gain attributable to Member Nonrecourse Debt in the subsequent year) equal to such Member’s share of Member Nonrecourse Deductions, as determined in accordance with applicable Treasury
Regulations. 
 (ii) If for any fiscal year of the Company there is a net decrease in Minimum Gain attributable to Company
Nonrecourse Liabilities, each Member shall be allocated items of Company income and gain for such year (consisting first of gain recognized from the Transfer of Company property subject to one or more Company Nonrecourse Liabilities and then, if
necessary, a pro-rata portion of the Company’s other items of 

  
 13 

 
income and gain, and if necessary, for subsequent years) equal to such Member’s share of such net decrease (except to the extent such Member’s share of such net decrease is caused by a
change in debt structure with such Member commencing to bear the economic risk of loss as to all or part of any Company Nonrecourse Liability or by such Member contributing capital to the Company that the Company uses to repay a Company Nonrecourse
Liability), as determined in accordance with applicable Treasury Regulations. 
 (iii) If for any fiscal year of the Company
there is a net decrease in Minimum Gain attributable to a Member Nonrecourse Debt, each Member bearing the economic risk of loss for such Member Nonrecourse Debt shall be allocated items of Company income and gain for such year (consisting first of
gain recognized from the Transfer of Company property subject to Member Nonrecourse Debt, and then, if necessary, a pro-rata portion of the Company’s other items of income and gain, and if necessary, for subsequent years) equal to such
Member’s share of such net decrease (except to the extent such Member’s share of such net decrease is caused by a change in debt structure such that the Member Nonrecourse Debt becomes partially or wholly a Company Nonrecourse Liability or
by the Company’s use of capital contributed by such Member to repay the Member Nonrecourse Debt) as determined in accordance with applicable Treasury Regulations. 

(b) The Net Losses allocated pursuant to this Article IV shall not exceed the maximum amount of Net Losses that can be allocated to a
Member without causing or increasing a deficit balance in the Member’s Adjusted Capital Account balance. All Net Losses in excess of the limitations set forth in this Section 4.2(b) shall be allocated to Members with positive
Adjusted Capital Account balances remaining at such time in proportion to such positive balances. In the event an allocation of Net Losses has been made to any Member(s) pursuant to the terms of this Section 4.2(b), Net Profits shall be
allocated to such Member(s), in proportion to the amount of such allocation of Net Losses, until such Member(s) receive an allocation of Net Profits equal to such amount of Net Losses allocated pursuant to the terms of this
Section 4.2(b). 
 (c) In the event that a Member unexpectedly receives any adjustment, allocation or distribution described in
Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6) that causes or increases a deficit balance in such Member’s Adjusted Capital Account, items of Company income and gain shall be allocated to that Member in an
amount and manner sufficient to eliminate the deficit balance as quickly as possible; provided, however, that an allocation pursuant to this Section 4.2(c) shall be made only if and to the extent that such Member would have
a deficit balance in its Adjusted Capital Account after all other allocations provided for in this Section 4.2 have been tentatively made as if this Section 4.2(c) were not in this Agreement. This Section 4.2(c)
is intended to constitute a qualified income offset under Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

(d) In the event that any Member has a deficit balance in its Adjusted Capital Account at the end of any fiscal period, such Member shall be
allocated items of Company gross income and gain in the amount of such deficit as quickly as possible; provided, however, that an allocation pursuant to this Section 4.2(d) shall be made only if and to the extent that such

  
 14 

 
Member would have a deficit balance in its Adjusted Capital Account after all other allocations provided for in this Section 4.2 have been tentatively made as if
Section 4.2(c) and this Section 4.2(d) were not in this Agreement. 
 (e) To the extent an adjustment to the
adjusted tax basis of any Company properties pursuant to Internal Revenue Code Section 734(b) or Internal Revenue Code Section 743(b) is required pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(2) or
1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as the result of a distribution to any Member in complete liquidation of such Member’s Company Interests, the amount of such adjustment to Capital Accounts
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be allocated to the Members in accordance with Treasury Regulation
Section 1.704-1(b)(2)(iv)(m)(2) if such Treasury Regulation Section applies, or to the Member to whom such distribution was made if Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4)
applies. 
 (f) If any holder of Incentive Units forfeits all or a portion of such Company Interests, such holder shall be allocated items
of loss and deduction in the year of such forfeiture in an amount equal to the portion of such holder’s Capital Account attributable to such forfeited Company Interests. 

(g) The allocations set forth in subsections (a) through (e) of this Section 4.2 (collectively, the
“Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations that are made be offset either with
other Regulatory Allocations or with special allocations pursuant to this Section 4.2(g). Therefore, notwithstanding any other provisions of this Article IV (other than the Regulatory Allocations), the Board shall make such
offsetting special allocations in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member’s Adjusted Capital Account balance is, to the extent possible, equal to the Adjusted Capital Account
balance such Member would have had if the Regulatory Allocations were not part of this Agreement and all Company items were allocated pursuant to Section 4.1 and the remaining subsections of this Section 4.2. 

Section 4.3 Distributions. 

(a) Scheduled Distributions. 

(i) First Scheduled Distribution. Within 10 days following the First Distribution Date, the Company shall make a
distribution (the “First Scheduled Distribution”) to the Members in accordance with Section 4.3(b) in an amount equal to one-quarter of the Company’s then Distributable
Amounts determined as of the First Distribution Date. 
 (ii) Second Scheduled Distribution. Within 10 days following
the first anniversary of the First Distribution Date, the Company shall make a distribution (the “Second Scheduled Distribution”) to the Members in accordance with Section 4.3(b) in an amount equal to one-third of the
Company’s then Distributable Amounts determined as of the first anniversary of the First Distribution Date. 

  
 15 

 (iii) Third Scheduled Distribution. Within 10 days following the second
anniversary of the First Distribution Date, the Company shall make a distribution (the “Third Scheduled Distribution”) to the Members in accordance with Section 4.3(b) in an amount equal to one-half of the Company’s
then Distributable Amounts determined as of the second anniversary of the First Distribution Date. 
 (iv) Fourth
Scheduled Distribution. Within 10 days following the third anniversary of the First Distribution Date, the Company shall make a distribution in accordance with Section 4.3(b) of all of the Company’s property and assets. 

(b) Subject to Sections 4.3(c) and 4.3(d), all distributions made pursuant to Section 4.3(a) shall be made to the Members
as follows and in the following order of priority: 
 (i) First: 100% to Rice Energy until Rice Energy has received total
distributions pursuant to Section 4.3 of $454,808,413.36; 
 (ii) Second: 90% to Rice Energy and 10% to the
holders of Tier I Units until Rice Energy has received total distributions pursuant to Section 4.3 of $682,212,620.04; 

(iii) Third: 80% to Rice Energy, 10% to the holders of Tier I Units and 10% to the holders of Tier II Units until Rice Energy
has received total distributions pursuant to Section 4.3 of $909,616,826.72; and 
 (iv) Fourth: 70% to Rice
Energy, 10% to the holders of Tier I Units, 10% to the holders of Tier II Units, and 10% to the holders of Tier III Units. 
 Distributions
to the holders of Tier I Units, Tier II Units and Tier III Units shall be allocated among the holders of such Units pro rata, in accordance with the number of such Units held by each holder. 

(c) The “Credited Value” shall mean, with respect to the relevant date of determination, (x) the number of Credited
Shares multiplied by (y) the Distribution Amount Value determined as of such date. If the Credited Value is greater than zero on any Scheduled Distribution Date, any distribution payable to Rice Energy on such date shall be deemed satisfied to
the extent of such Credited Value. Following such Scheduled Distribution Date, the number of Credited Shares shall be reduced by an amount equal to the quotient of (x) the distribution payable to Rice Energy in connection with such Scheduled
Distribution Date (without giving effect to this Section 4.3(c)) divided by (y) the Distributable Amount Value as of such Scheduled Distribution Date. 

(d) Prior to making distributions to the Members, and subject to applicable law, the Board shall cause the Company to pay to the Members
within 90 days after the end of each year an amount equal to the lesser of (i) the excess of the available cash of the Company over the liabilities of the Company on such date, as determined by the Board, or (ii) an amount equal to the
highest marginal federal and applicable state income tax rate for individuals (taking into 

  
 16 

 
account the character of the taxable income (e.g., long-term capital gain, qualified dividend income, ordinary income, etc.)) multiplied by the taxable income of the Company, if any, for such
year, such payment to be made among the Members in the same percentages as the taxable income for such year was allocated. Any such payments to a Member under this Section 4.3(d) shall be deemed to be a draw against such Member’s
share of future distributions under Sections 4.3(b) and 8.2(b), so that such Member’s share of such future distributions shall be reduced by the amounts previously drawn under this Section 4.3(d) until the aggregate
reductions in such distributions equal the aggregate draws made under this Section 4.3(d). 
 (e) No distribution may be made by
the Company except in accordance with this Section 4.3 or Article VIII. 
 Section 4.4 Income Tax Allocations.

 (a) Except as provided in this Section 4.4, each item of income, gain, loss and deduction of the Company for federal income
tax purposes shall be allocated among the Members in the same manner as such items are allocated for Capital Account purposes under Sections 4.1 and 4.2. 

(b) The Members recognize that, with respect to Adjusted Property, there will be a difference between the Carrying Value of such property at
the time of revaluation and the adjusted tax basis of such property at the time. All items of tax depreciation, cost recovery, amortization, amount realized and gain or loss with respect to such Adjusted Property shall be allocated among the Members
to take into account the disparities between the Carrying Values and the adjusted tax basis with respect to such properties in accordance with the provisions of Sections 704(b) and 704(c) of the Internal Revenue Code and the Treasury Regulations
under those sections; provided, however, that any tax items not required to be allocated under Sections 704(b) or 704(c) of the Internal Revenue Code shall be allocated in the same manner as such gain or loss would be allocated for
Capital Account purposes under Sections 4.1 and 4.2. In making such allocations under Section 704(c) of the Internal Revenue Code, the Board shall use the remedial allocation method pursuant to Treasury Regulation
Section 1.704-3(d). 
 (e) All recapture of income tax deductions resulting from the Transfer of Company property shall, to the maximum
extent possible, be allocated to the Member to whom the deduction that gave rise to such recapture was allocated hereunder to the extent that such Member is allocated any gain from the Transfer of such property. For this purpose, deductions that
were allocated as a component of Net Profit or Net Loss shall be treated as if allocated in the same manner as the allocation of the related Net Profit or Net Loss. 

(f) Allocations pursuant to this Section 4.4 are solely for purposes of U.S. federal, state and local taxes and, except as
otherwise specifically provided, shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Net Profit, Net Loss, other items or distributions pursuant to any provision of this Agreement. 

  
 17 

 ARTICLE V 

MANAGEMENT AND RELATED MATTERS 

Section 5.1 Power and Authority of Board. 

(a) The Company shall be managed by a Board of Managers (the “Board”). The Company shall initially have three
(3) managers (each, a “Manager” and, collectively, the “Managers”). 
 (b) Subject to
Section 5.1(c), Rice Energy shall have the right to designate each of the three (3) Managers, which Managers currently are Daniel J. Rice IV, Toby Z. Rice and Daniel J Rice III. Rice Energy shall also have the right to remove any
Manager with or without cause. In the event that any Manager of the Company is removed or ceases to serve as a Manager of the Company during such Manager’s term of office, the resulting vacancy shall only be filled by Rice Energy. Managers need
not be Members or residents of the State of Delaware. A Manager must be a natural person. 
 (c) Except as otherwise expressly provided in
this Agreement, all management powers over the business and affairs of the Company shall be exclusively vested in the Board, and the Members shall have no right of control over the business and affairs of the Company. In addition to the powers now
or hereafter granted to managers under the Act or which are granted to the Board under any other provision of this Agreement, the Board shall have full power and authority to do all things deemed necessary or desirable by it to conduct the business
of the Company in the name of the Company. 
 (d) Notwithstanding the foregoing, the Company (and the officers, authorized persons,
employees, and agents acting on behalf of the Company) shall not, either acting on its own behalf or when acting as controlling equity-holder of any of its subsidiaries (and the officers, authorized persons, employees, and agents acting on the
Company’s behalf in such capacity) permit such subsidiaries to, do any of the things described in this Section 5.1(d) without the consent of the Board (it being agreed that the below items are not intended to be an exclusive
statement of all of the actions of the Board that require prior approval of the members of the Board, and such provisions are in addition to any and all other requirements imposed by other provisions of this Agreement or applicable law): 

(i) approve, agree or consent to or make or enter into any agreement, transaction or take any other action the effect of which
is to cause, any fundamental change in the Company or any of its subsidiaries, or their respective businesses, including the following: (A) any material change in the Company’s or any of its subsidiaries’ operating strategies;
(B) any merger or consolidation or amalgamation, or liquidation, winding-up or dissolution, or Transfer of, in one transaction or a series of transactions, all or any material part of their respective businesses or Properties, whether now owned
or hereafter acquired; or (C) the institution of proceedings to be adjudicated a bankrupt or insolvent, or the consent to the institution of bankruptcy or insolvency proceedings or the 

  
 18 

 
filing of a petition or consent to a petition seeking reorganization or relief under any applicable federal or state law relating to bankruptcy, or the consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator or other similar official, or an assignment for the benefit of creditors, or, except as may be required by any fiduciary obligation of the Board or as may be required by applicable law, the admission in
writing of inability to pay debts generally as they become due, or any corporate action in furtherance of any such action; 

(ii) issue any Company Interest or any equity interest in any of its subsidiaries or repurchase any Company Interest or any
equity interest in any of its subsidiaries or otherwise call for payment upon any outstanding subscription or other funding by the Members; 

(iii) incur, create, authorize, issue, assume or suffer to exist any debt or any liens related thereto; 

(iv) create subsidiaries or make additional contributions or investments in any subsidiaries; 

(v) sell, lease or Transfer, directly or indirectly (including by way of any farm-out), any assets; 

(vi) enter into or modify in any material respect any (A) contract to sell or market hydrocarbons, or (B) hedge,
swap, futures, option, or other derivative transactions or contracts; 
 (vii) designate (or otherwise form, empower or
delegate any responsibility to) any committee of the Board; 
 (viii) make any determination of Distributable Funds or
otherwise make, except as required by Section 4.3, distributions to the Members; or 
 (ix) take any other action
required or permitted hereunder to be taken by the Board. 
 (e) The Board may hold such meetings at such place and at such time as it may
determine. Notice of a meeting shall be served not less than 24 hours before the date and time fixed for such meeting by confirmed facsimile or other written communication or not less than three days prior to such meeting if notice is provided by
overnight delivery service. Notice of a meeting need not be given to any Manager who signs a waiver of notice or provides a waiver by electronic transmission or a consent to holding the meeting or an approval of the minutes thereof, whether before
or after the meeting, or who attends the meeting without protesting, either prior thereto or at its commencement, the lack of notice to such Manager. A special meeting of the Board may be called by any member of the Board. Any member of the Board
may participate in a meeting by conference telephone or similar communications equipment. Any action required or permitted to be taken by the Board may be taken without a meeting if such action is evidenced in writing and signed by Managers
representing a majority of the entire Board. At any meeting of the Board, the presence in person or by telephone or similar electronic communication of Managers representing at least a majority of the Board shall constitute a quorum. 

  
 19 

 (f) Each Manager serving on the Board shall have one vote on any Company matter. Except as
otherwise provided in this Agreement, the business of the Company presented at any meeting of the Board shall be decided by a vote of Managers representing a majority of the entire Board. 

(g) In accomplishing all of the foregoing and in fulfilling its obligations pursuant to this Agreement, the Board may, in its sole discretion,
retain or use any Company Affiliates’ personnel, properties and equipment or the Board may hire or rent those of third parties and may employ on a temporary or continuing basis outside accountants, attorneys, consultants and others on such
terms as the Board deems advisable. No Person, firm or corporation dealing with the Company shall be required to inquire into the authority of the Board to take any action or make any decision. 

Section 5.2 Officers. 

(a) Designation. The Board may, from time to time, designate individuals (who need not be a Manager) to serve as officers or authorized
persons of the Company. The officers may, but need not, include a president and chief executive officer, a chief financial officer, a treasurer, one or more vice presidents and a secretary. Any two or more offices may be held by the same Person.

 (b) Term of Office; Removal; Filling of Vacancies. 

(i) Each officer or authorized person of the Company shall hold office until his successor is chosen and qualified in his stead
or until his earlier death, resignation, retirement, disqualification or removal from office. 
 (ii) Any officer or
authorized person may be removed at any time by the Board for any or no reason. Designation of an officer or authorized person shall not of itself create any contract rights in favor of such officer or authorized person. 

(iii) If the office of any officer becomes vacant for any reason, the vacancy may be filled by the Board. 

Section 5.3 Acknowledged and Permitted Activities. The Company and the Members acknowledge and agree that (i) none of the Managers
or Rice Energy: (A) shall be prohibited or otherwise restricted by his or its relationship with the Company and its subsidiaries from engaging in the business of investing any other Person, entering into agreements to provide advisory services
to any Person or acting as a director or advisor to, or other principal of, any Person, regardless of whether such activities are in direct or indirect competition with the business or activities of any of the Company or its subsidiaries and
(B) shall have any obligation to offer the Company or its subsidiaries any business opportunity 

  
 20 

 
and (ii) the Company and the Members hereby renounce any interest or expectancy in any business opportunity pursued by any Person described in Clause (A) and waive any claim that any
such business opportunity constitutes a corporate, partnership or other business opportunity of any of the Company or its subsidiaries. Nothing in this Section 5.3 shall relieve any Person of his confidentiality obligation with respect
to Confidential Information as provided in Section 7.5. 
 Section 5.4 Duties and Services of the Board. The Board shall
comply in all respects with the terms of this Agreement. The Board shall be obligated to perform the duties, responsibilities and obligations of the Board hereunder only to the extent that funds of the Company are available therefor. During the
existence of the Company, each Manager serving on the Board shall devote such time and effort to the Company’s business as he deems necessary to manage and supervise Company business and affairs in an efficient manner. 

Section 5.5 Liability and Indemnification. 

(a) To the fullest extent permitted by law and notwithstanding any provision of this Agreement, no Member in its capacity as a Member, Manager
in his capacity as a Manager, officer in his or her capacity as an officer, or authorized person in his or her capacity as an authorized person shall have any duty, fiduciary or otherwise, to the Company or any Member in connection with the business
and affairs of the Company or any consent or approval given or withheld pursuant to this Agreement, other than the implied contractual covenant of good faith and fair dealing. The foregoing sentence will not be deemed to alter the contractual
obligations of a Member to another Member or the Company pursuant to the Transaction Documents. To the maximum extent permitted by applicable law, each Member acknowledges and agrees that any Manager, officer or authorized person shall serve in such
capacity to represent the interests of Rice Energy and shall be entitled to consider only such interests (including the interests of Rice Energy) and factors specified by Rice Energy, and shall not owe duties, fiduciary or otherwise (including any
duty of disclosure), at law, in equity or under the Transaction Documents, to the Company, any other Member or to any creditor of the Company (even if the Company is insolvent or near insolvency), other than the implied contractual covenant of good
faith and fair dealing. To the maximum extent permitted by applicable law, each Member acknowledges and agrees that any Member may act hereunder to represent its own interests and shall be entitled to consider only such interests (including its own
interests), and shall not owe duties, fiduciary or otherwise (including any duty of disclosure), at law, in equity or under the Transaction Documents, to the Company, any other Member or to any creditor of the Company (even if the Company is
insolvent or near insolvency), other than the implied contractual covenants of good faith and fair dealing. The Company’s officers, authorized persons, the Board, the Members and their Affiliates, and their respective managers, members,
partners, officers, authorized persons, directors, employees, authorized persons and agents, shall not be liable, responsible or accountable in damages or otherwise to the Company or the other Members for any acts or omissions that do not constitute
a violation of the implied contractual covenant of good faith and fair dealing, and the Company shall indemnify to the maximum extent permitted 

  
 21 

 
under the Act and save harmless the Company’s officers, authorized persons, the Board and the Members and their Affiliates, and their respective managers, members, partners, officers,
authorized persons, directors, employees and agents (individually, an “Indemnitee”) from all liabilities reasonably incurred or suffered by any such Indemnitee in connection with the activities of the Company or its subsidiaries.
Any act or omission performed or omitted by an Indemnitee on advice of legal counsel or an independent consultant who has been employed or retained by the Company shall be presumed to have been performed or omitted in good faith without gross
negligence or willful misconduct. THE PARTIES RECOGNIZE THAT THIS PROVISION SHALL RELIEVE ANY SUCH INDEMNITEE FROM ANY AND ALL LIABILITIES, OBLIGATIONS, DUTIES, CLAIMS, ACCOUNTS AND CAUSES OF ACTION WHATSOEVER ARISING OR TO ARISE OUT OF ANY
NEGLIGENCE BY ANY SUCH INDEMNITEE, AND SUCH INDEMNITEE SHALL BE ENTITLED TO INDEMNIFICATION FROM ACTS OR OMISSIONS THAT MAY CONSTITUTE NEGLIGENCE. 

(b) The Company shall, to the maximum extent permitted under the Act, pay or reimburse expenses incurred by an Indemnitee in connection with
the Indemnitee’s appearance as a witness or other participation in a proceeding involving or affecting the Company at a time when the Indemnitee is not a named defendant or respondent in the proceeding. 

(c) The Board shall have the right to require that any contract entered into by the Company provide that the Board shall have no personal
liability for the obligations of the Company thereunder. 
 (d) The indemnification provided by this Section 5.5 shall be in
addition to any other rights to which each Indemnitee may be entitled under any agreement or vote of the Members, as a matter of law or otherwise, both as to action in the Indemnitee’s capacity as a Member or an officer, authorized person,
director, manager, employee or agent of a Member or as a Person serving at the request of the Company as set forth above and to action in another capacity, and shall continue as to an Indemnitee who has ceased to serve in such capacity and shall
inure to the benefit of the heirs, successors, assigns, administrators and personal representatives of the Indemnitees. 
 (e) In no event
may an Indemnitee subject the Members to personal liability by reason of this indemnification provision. 
 (f) An Indemnitee shall not be
denied indemnification in whole or in part under this Section 5.5 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this
Agreement. 
 (g) The Company hereby agrees, and the Members hereby acknowledge, that: (i) to the extent legally permitted and as
required by the terms of this Agreement and the Certificate (or by the terms of any other agreement between the Company and a Sponsor Indemnitee), (A) the Company is the indemnitor of first resort (i.e., its obligations to each Sponsor
Indemnitee are primary and any obligation of the Sponsor Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by any Sponsor Indemnitee are 

  
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secondary) and (B) the Company shall be required to advance the full amount of expenses incurred by a Sponsor Indemnitee and shall be liable for the full amount of all expenses, judgments,
penalties, fines and amounts paid in settlement, without regard to any rights that a Sponsor Indemnitee may have against the Sponsor Indemnitors and (ii) the Company irrevocably waives, relinquishes and releases the Sponsor Indemnitors from any
and all claims for contribution, subrogation or any other recovery of any kind in respect of any of the matters described in clause (i) of this sentence for which any Sponsor Indemnitee has received indemnification or advancement from
the Company. No advancement or payment by the Sponsor Indemnitors on behalf of any Sponsor Indemnitee with respect to any claim for which a Sponsor Indemnitee has sought indemnification from the Company shall affect the foregoing and that the
Sponsor Indemnitors shall have a right of contribution or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Sponsor Indemnitee against the Company. 

Section 5.6 Contracts with Affiliates. The Company may enter into contracts and agreements with any Member and/or any of its Affiliates
for the rendering of services and the sale and lease of supplies and equipment on such arm’s-length terms that are no less favorable to the Company than those available from unrelated third parties as determined by the Board. 

Section 5.7 Reimbursement of Members. The Company or its subsidiaries shall pay or reimburse to Rice Energy all reasonable direct and
indirect costs and expenses incurred by Rice Energy to the extent solely related to the Company, including legal fees and accounting fees. 

Section 5.8 Insurance. The Company shall acquire and maintain insurance covering such risks and in such amounts as the officers or
authorized persons of the Company shall, from time to time, determine to be necessary or appropriate. 
 Section 5.9 Tax Elections and
Status. 
 (a) The Board shall make such tax elections on behalf of the Company as it shall deem appropriate in its sole discretion.

 (b) The Members agree to classify the Company as a partnership for income tax purposes. Therefore, any provision hereof to the contrary
notwithstanding, solely for income tax purposes, each of the Members hereby recognizes that the Company, so long as it has at least two Members, shall be subject to all provisions of subchapter K of Chapter 1 of Subtitle A of the Internal Revenue
Code and, to the extent permitted by law, any comparable state or local income tax provisions. Neither the Company, any Member nor any Manager shall make an election for the Company to be excluded from the application of the provisions of subchapter
K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state law or to be classified as other than a partnership pursuant to Treasury Regulation Section 301.7701-3. 

  
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 Section 5.10 Tax Returns. The Company shall deliver necessary tax information to each
Member after the end of each fiscal year of the Company. Not less than 60 days prior to the date (as extended) on which the Company intends to file its federal income tax return or any state income tax return but in any event no earlier than
March 1 of each year, the return proposed by the Board to be filed by the Company shall be furnished to the Members (other than Members holding Incentive Units) for review; provided, however, that an IRS Form K-1 or a good faith
estimate of the amounts to be included on such IRS Form K-1 for each Member shall be sent to each Member on or before March 1 of each year. In addition, not more than 10 days after the date on which the Company files its federal income tax
return or any state income tax return, a copy of the return so filed shall be furnished to the Members. 
 Section 5.11 Tax Matters
Member. Rice Energy shall be designated the tax matters member under Section 6231 of the Internal Revenue Code (in such capacity, the “Tax Matters Member”). The Tax Matters Member is authorized to take such actions and to
execute and file all statements and forms on behalf of the Company which may be permitted or required by the applicable provisions of the Internal Revenue Code or Treasury Regulations issued thereunder. The Tax Matters Member shall have full and
exclusive power and authority on behalf of the Company to represent the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs by tax authorities, including resulting administrative and judicial
proceedings, and to expend Company funds for professional services and costs associated therewith. The Tax Matters Member shall keep the Members informed as to the status of any audit of the Company’s tax affairs, and shall take such action as
may be necessary to cause any Member so requesting to become a “notice partner” within the meaning of Section 6223 of the Internal Revenue Code. 

Section 5.12 Outside Manager Expenses. Each member of the Board shall be entitled to be reimbursed by the Company for all reasonable
out-of-pocket expenses incurred by such Person in connection with the services rendered on behalf of, or for the benefit of, the Company. 

ARTICLE VI 
 RIGHTS OF
MEMBERS 
 Section 6.1 Rights of Members. Each of the Members shall have the right to: (a) have the Company books and
records (including those required under the Act) kept at the principal United States office of the Company and at all reasonable times to inspect and copy any of them at the sole expense of such Member for any reasonably requested purpose;
(b) have dissolution and winding up of the Company by decree of court as provided for in the Act and (c) exercise all rights of a Member 

  
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under the Act (except to the extent otherwise specifically provided herein). Notwithstanding the foregoing, the Members shall not have the right to receive data pertaining to the properties of
the Company if the Company is subject to a valid agreement prohibiting the distribution of such data or if the Board shall otherwise determine that such data is Confidential Information. 

Section 6.2 Limitations on Members. No Member (in his or its capacity as a Member) shall: (a) be permitted to take part in the
business or control of the business or affairs of the Company; (b) have any voice in the management or operation of any Company property or (c) have the authority or power to act as agent for, or on behalf of, the Company or any other
Member, to do any act which would be binding on the Company or any other Member, or to incur any expenditures on behalf of or with respect to the Company. No Member (in his or its capacity as a Member) shall hold out or represent to any third party
that the Members have any such power or right or that the Members are anything other than “members” of the Company. The foregoing provision shall not be applicable to a Member acting in his or its capacity as a member of the Board or an
officer, authorized person or employee of the Company. 
 Section 6.3 Liability of Members. Except as otherwise provided under the
Act, the debts, liabilities, contracts and other obligations of the Company (whether arising in contract, tort or otherwise) shall be solely the debts, liabilities, contracts and other obligations of the Company, and no Member in its capacity as
such shall be liable personally for any debts, liabilities, contracts or other obligations of: (i) the Company, except to the extent and under the circumstances set forth in any non-waivable provision of the Act or in any separate written
instrument signed by the applicable Member or (ii) any other Member. No Member shall have any responsibility to restore any negative balance in its Capital Account or to contribute to or in respect of the liabilities or obligations of the
Company or to return distributions made by the Company, except as expressly provided in this Agreement or required by any non-waivable provision of the Act. The agreement set forth in the immediately preceding
sentence shall be deemed to be a compromise with the consent of all of the Members for purposes of Section 18-502(b) of the Act. However, if any court of competent jurisdiction orders, holds or determines that, notwithstanding the provisions of
this Agreement, any Member is obligated to restore any such negative balance, make any such contribution or make any such return, such obligation shall be the obligation of such Member and not of any other Person. 

Section 6.4 Withdrawal and Return of Capital Contributions. No Member shall be entitled to (a) withdraw from the Company, except
upon the assignment by such Member of all of its Company Interest in accordance with Article IX or (b) the return of its Capital Contributions, except to the extent, if any, that distributions made pursuant to the express terms of this
Agreement may be considered as such by law or upon dissolution and liquidation of the Company, and then only to the extent expressly provided for in this Agreement and as permitted by law. 

  
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 Section 6.5 Voting Rights. Except as otherwise provided herein, to the extent that the
vote of the Members may be required hereunder, the act of Rice Energy shall be an act of the Members. Notwithstanding anything in this Agreement to the contrary, with respect to any Company Interests held by any Member who is an Employee, such
Company Interests shall be non-voting if and when such Person’s status as an Employee is terminated for any reason or without reason, including by termination, resignation, death or disability and the Incentive Units will be non-voting. 

ARTICLE VII 
 BOOKS,
REPORTS, MEETINGS AND CONFIDENTIALITY 
 Section 7.1 Capital Accounts, Books and Records. 

(a) The Company shall keep books of account for the Company in accordance with the terms of this Agreement. Such books shall be maintained at
the principal office of the Company. 
 (b) An individual capital account (the “Capital Account”) shall be maintained by
the Company for each Member as provided below: 
 (i) The Capital Account of each Member shall, except as otherwise provided
herein, be increased by the amount of cash and the fair market value of any property contributed to the Company by such Member (net of liabilities secured by such contributed property that the Company is considered to assume or take subject to under
Section 752 of the Internal Revenue Code) and by such Member’s share of the Net Profits of the Company and special allocations under Section 4.2, and shall be decreased by such Member’s share of the Net Losses of the
Company and special allocations under Section 4.2 and by the amount of cash or the fair market value of any property distributed to such Member (net of liabilities secured by such distributed property that such Member is considered to
assume or take subject to under Section 752 of the Internal Revenue Code). 
 (ii) Any adjustments of basis of Company
property provided for under Sections 734 and 743 of the Internal Revenue Code and comparable provisions of state law (resulting from an election under Section 754 of the Internal Revenue Code or comparable provisions of state law) shall not
affect the Capital Accounts of the Members (unless otherwise required by applicable Treasury Regulations), and the Members’ Capital Accounts shall be debited or credited pursuant to the terms of this Section 7.1 as if no such
election had been made. 
 (iii) Capital Accounts shall be adjusted, in a manner consistent with this
Section 7.1, to reflect any adjustments in items of Company income, gain, loss or deduction that result from amended returns filed by the Company or pursuant to an agreement by the Company with the Internal Revenue Service or a final
court decision. 

  
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 (iv) It is the intention of the Members that the Capital Accounts of each Member
be kept in the manner required under Treasury Regulation Section 1.704-1(b)(2)(iv). To the extent any additional adjustment to the Capital Accounts is required by such regulation, the Board is hereby authorized to make such adjustment after
notice to the Members. 
 (v) In accordance with the provisions of Treasury Regulation
Section 1.704-1(b)(2)(iv)(f), upon a Member’s contribution to the Company of cash or properties in exchange for a Company Interest, the Capital Accounts of all Members and the Carrying Values of all Company properties shall,
immediately prior to such issuance, be adjusted upward or downward to reflect any Unrealized Gain or Unrealized Loss attributable to the Company properties, as if such Unrealized Gain or Unrealized Loss had been recognized on an actual Transfer of
each such property immediately prior to such contribution for an amount equal to its fair market value and had been allocated to the Members at such time pursuant to Sections 4.1 and 4.2. 

(vi) Any Person who acquires a Company Interest directly from a Member, or whose Company Interest shall be increased by means
of a Transfer to it of all or part of the Company Interest of another Member, shall have a Capital Account (including a credit for all Capital Contributions made by such Member Transferring such Company Interest) which includes the Capital Account
balance of the Company Interest or portion thereof so acquired or Transferred. 
 Section 7.2 Bank Accounts. The Board shall cause
one or more Company accounts to be maintained in a bank (or banks) that is a member of the Federal Deposit Insurance Corporation or some other financial institution, which accounts shall be used for the payment of the expenditures incurred by the
Company in connection with the business of the Company, and in which shall be deposited any and all receipts of the Company. The Board shall determine the number of and the Persons who will be authorized as signatories on each such bank account. The
Company may invest the Company funds in such money market accounts or other investments as the Board shall determine to be of high quality. 

Section 7.3 Reports. The Company shall provide Rice Energy with copies of such financial reports as shall be reasonably requested from
time to time and such other information reasonably requested by Rice Energy and any such other reports and financial information as the Board shall determine from time to time. 

Section 7.4 Meetings of Members. The Board may hold meetings of the Members from time to time to inform and consult with the Members
concerning the Company’s assets and such other matters as the Board deems appropriate, provided that nothing in this Section 7.4 shall require the Board to hold any such meetings. Such meetings shall be held at such times and
places, as often and in such manner, as shall be determined by the Board. The Board at its election may separately inform and consult 

  
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with the Members for the above purposes without the necessity of calling and/or holding a meeting of the Members. Notwithstanding the foregoing provisions of this Section 7.4, the
Members shall not be permitted to take part in the business or control of the business of the Company; it being the intention of the parties that the involvement of the Members as contemplated in this Section 7.4 is for the purpose of
informing the Members with respect to various Company matters, explaining any information furnished to the Members in connection therewith, answering any questions the Members may have with respect thereto and receiving any ideas or suggestions the
Members may have with respect thereto; it being the further intention of the parties that the Board shall have full and exclusive power and authority on behalf of the Company to acquire, manage, control and administer the assets, business and
affairs of the Company in accordance with Section 5.1 and the other applicable provisions of this Agreement. 
 Section 7.5
Confidentiality. No Member shall use, publish, disseminate or otherwise disclose, directly or indirectly, any Confidential Information that should come into the possession of such Member for other than a proper Company purpose. No Member
shall disclose any such Confidential Information, except as expressly authorized by this Agreement or by the Board, or as required by law or governmental or regulatory authority. Each Member shall instruct all Affiliates (including their
representatives, agents and counsel) to comply with this Section 7.5; provided, however, Rice Energy shall only be required to instruct its controlling Affiliates to comply with this Section 7.5. If a Member is
required by law or court order to disclose information that would otherwise be Confidential Information under this Agreement, such Member shall immediately notify the Company of such notice and provide the Company the opportunity to resist such
disclosure by appropriate proceedings. The terms of this Section 7.5 shall survive with respect to each Member until the earlier to occur of (a) the date following one year from the date of the liquidation of the Company and
(b) the date following two years from the date such Member ceases to be a Member. 
 ARTICLE VIII 

DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 8.1 Dissolution. The Company shall be dissolved only upon the occurrence of any of the following: 

(a) after the third anniversary of the First Distribution Date, the consent in writing of Rice Energy; 

(b) at any time when there are no Members; and 

(c) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act; 

provided, however, if the event described in Section 8.1(b) shall occur, the Company shall not be dissolved, and the business of the
Company shall be continued, if the requirements of Section 18-801 of the Act for the avoidance of dissolution are satisfied. 

  
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 Section 8.2 Liquidation and Termination. Upon dissolution of the Company, the Board or, if
the Board so desires, a Person selected by the Board, shall act as liquidator or shall appoint one or more liquidators who shall have full authority to wind up the affairs of the Company and make final distribution as provided herein. The liquidator
shall continue to operate the Company properties with all of the power and authority of the Board. The steps to be accomplished by the liquidator are as follows: 

(a) As promptly as possible after dissolution and again after final liquidation, the liquidator, if requested by any Member, shall cause a
proper accounting to be made by the Company’s independent accountants of the Company’s assets, liabilities and operations through the last day of the month in which the dissolution occurs or the final liquidation is completed, as
appropriate. 
 (b) The liquidator shall pay all of the debts and liabilities of the Company (including all expenses incurred in
liquidation) or otherwise make adequate provision therefor (including the establishment of a cash escrow fund for contingent liabilities in such amount and for such term as the liquidator may reasonably determine). After making payment or provision
for all debts and liabilities of the Company, the liquidator shall sell all properties and assets of the Company for cash as promptly as is consistent with obtaining the best price therefor; provided, however, that upon the consent of
Rice Energy, the liquidator may distribute such properties in kind. All Net Profit and Net Loss (or other items of income, gain loss or deduction allocable under Section 4.2) realized on such sales shall be allocated to the Members as
provided in this Agreement, and the Capital Accounts of the Members shall be adjusted accordingly. In the event of a distribution of properties in kind, the liquidator shall first adjust the Capital Accounts of the Members by the amount of any Net
Profit and Net Loss (or other items of income, gain loss or deduction allocable under Section 4.2) that would have been recognized by the Members if such properties had been sold at fair market value. The liquidator shall then distribute
the proceeds of such sales or such properties to the Members in the manner provided in Section 4.3(b). If the foregoing distributions to the Members do not equal the Member’s respective positive Capital Account balances as
determined after giving effect to the foregoing adjustments and to all adjustments attributable to allocations of Net Profit and Net Loss realized by the Company during the taxable year in question and all adjustments attributable to contributions
and distributions of money and property effected prior to such distribution, then, the allocations of Net Profit and Net Loss provided for in this Agreement shall be adjusted, to the least extent necessary, to produce a Capital Account balance for
each Member which corresponds to the amount of the distribution to such Member. Each Member shall have the right to designate another Person to receive any property which otherwise would be distributed in kind to that Member pursuant to this
Section 8.2. 
 (c) Except as expressly provided herein, the liquidator shall comply with any applicable requirements of the Act
and all other applicable laws pertaining to the winding up of the affairs of the Company and the final distribution of its assets. 
 (d)
The distribution of cash and/or property to the Members in accordance with the provisions of this Section 8.2 shall constitute a complete return to the Members of their Capital Contributions and a complete distribution to the Members of
their Company Interest and all Company property. 

  
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 ARTICLE IX 

ASSIGNMENTS OF COMPANY INTERESTS 

Section 9.1 Assignments of Company Interests. 

(a) No Member’s Company Interest or rights therein shall be Transferred, or made subject to an Indirect Transfer, in whole or in part,
without the prior written consent of the Board except as provided in this Section 9.1; provided, however, Rice Energy may Transfer its Company Interests or make any Indirect Transfer subject to compliance with
Section 9.1(c), and, if applicable, Sections 9.1(e)(i) and 9.1(e)(iii). 
 (b) Any Member (including Members
holding Incentive Units) may assign his or its Company Interest without the consent of the Board pursuant to an Excluded Affiliate Transfer. 

(c) In addition to any of the other requirements and prohibitions in this Section 9.1, any permitted Transfer must meet the
availability of an exemption from registration under the Securities Act, and applicable state securities laws in connection with such Transfer and stating the factual and statutory bases relied upon by such counsel, and the Company may require an
opinion of counsel in form and substance reasonably acceptable to the Company and its counsel as to these matters as a condition to the effectiveness of such Transfers. 

(d) Any attempt by a Member to assign its Company Interest in violation of any provision of this Section 9.1 shall be void
ab initio. Unless an assignee of a Company Interest becomes a substituted Member in accordance with the provisions set forth below, such assignee shall not be entitled to any of the rights granted to a Member hereunder, other than the
right to receive allocations of income, gains, losses, deductions, credits and similar items and distributions to which the assignor would otherwise be entitled, to the extent such items are assigned. 

(e) An assignee of a Company Interest shall become a substituted Member entitled to all of the rights of a Member if, and only if,
(i) the assignor gives the assignee such right; (ii) the Board consents in writing to such substitution, the granting or denying of which shall be in the Board’s sole discretion; (iii) the assignee executes and delivers such
instruments, in form and substance satisfactory to the Board, as the Board may deem necessary or desirable to effect such substitution and to confirm the agreement of the assignee to be bound by all of the terms and provisions of this Agreement; and
(iv) if the Board so requires, the assignee reimburses the Company for any costs incurred by the Company in connection with such assignment and substitution. Upon the satisfaction of such requirements, such assignee shall be admitted as of such
date as shall be provided for in any document evidencing such assignment as a substituted Member of the Company. 

  
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 (f) The Company and the Board shall be entitled to treat the record Member of any Company
Interest as the absolute Member thereof in all respects and shall incur no liability for distributions of cash or other property made in good faith to such Member until such time as a written assignment of such Company Interest that complies with
the terms of this Agreement has been received by the Board. 
 ARTICLE X 

REPRESENTATIONS AND WARRANTIES 

Each Member hereby represents and warrants to the Company and all other Members that such Member: 

(a) has sufficient financial resources to continue such Member’s investment in the Company for an indefinite period; 

(b) has adequate means of providing for its current needs and contingencies and can afford a complete loss of its investment in the Company;

 (c) intends to acquire and hold its Company Interest solely for its private investment and for its own account and with no view or
intention to Transfer such Company Interest (or any portion thereof); 
 (d) has no contract, undertaking, agreement or arrangement with any
Person to sell or otherwise Transfer to any Person, or to have any Person sell on behalf of such Member, its Company Interest (or any portion thereof), and such Member is not engaged in, and does not plan to engage within the foreseeable future in,
any discussion with any Person relative to the sale or any Transfer of its Company Interest (or any portion thereof); 
 (e) is not aware of
any occurrence, event or circumstance upon the happening of which such Member intends to attempt to Transfer its Company Interest (or any portion thereof), and such Member does not have any present intention of Transferring its Company Interest (or
any portion thereof) after the lapse of any particular period of time; 
 (f) by making other investments of a similar nature and/or by
reason of his/its business and financial experience or the business and financial experience of those Persons it has retained to advise such Member with respect to its investment in the Company, is a sophisticated investor who has the capacity to
protect its own interest in investments of this nature and is capable of evaluating the merits and risks of this investment; 
 (g) has had
all documents, records, books and due diligence materials pertaining to this investment made available to such Member and such Member’s accountants and advisors; such Member has also had an opportunity to ask questions of and receive answers
from the Company concerning this investment; and such Member has all of the information deemed by such Member to be necessary or appropriate to evaluate the investment and the risks and merits thereof; 

  
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 (h) has a close business association with the Company or certain of its Affiliates, thereby
making the Member a well-informed investor for purposes of this investment; and 
 (i) is aware of the following: 

(i) the Company is newly organized and has no financial or operating history and, further, the investment in the Company is
speculative and involves a high degree of risk of loss by the Member of its entire investment, with no assurance of any income from such investment; 

(ii) no federal or state agency has made any finding or determination as to the fairness of the investment, or any
recommendation or endorsement, of such investment; 
 (iii) there are substantial restrictions on the Transferability of the
Company Interest of such Member, there will be no public market for the Company Interest and, accordingly, it may not be possible for such Member readily to liquidate its investment in the Company in case of emergency; 

(iv) an exemption from registration under the Securities Act or any applicable state securities laws under the Securities Act
or any applicable state securities laws may not be available if the Company Interest is acquired by such Member with a view to resale or distribution thereof under any conditions or circumstances as would constitute a distribution of such Company
Interest within the meaning and purview of the Securities Act or the applicable state securities laws; and 
 (v) any federal
or state income tax benefits which may be available to such Member may be lost through changes to existing laws and regulations or in the interpretation of existing laws and regulations; and in making this investment such Member is relying, if at
all, solely upon the advice of its own tax advisors with respect to the tax aspects of an investment in the Company. 
 Each Member agrees that (x) its
Company Interest shall not be resold unless the provisions set forth in Article IX are complied with and (y) it has no right to require registration of its Company Interest under the Securities Act or applicable state securities laws,
and, in view of the nature of the Company and its business, such registration is neither contemplated nor likely. 
 Each of the
representations and warranties in this Article X made with respect to Company Interests are hereby also given by each Member with respect to such Member’s interests (whether acquired hereafter or at any other time) in PublicCo. 

ARTICLE XI 

MISCELLANEOUS 
 Section
11.1 Notices. All notices, elections, demands or other communications required or permitted to be made or given pursuant to this Agreement shall be in writing and shall be considered as properly

  
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given or made on the date of actual delivery (so long as delivery is made on a business day) if given by (a) personal delivery; (b) United States mail; (c) expedited overnight
delivery service with proof of delivery or (d) via facsimile with confirmation of delivery, addressed to the respective addressee(s). Any Member may change its address by giving notice in writing to the other Members of its new address. 

Section 11.2 Amendment. 

(a) In addition to the right of the Board to amend this Agreement as provided below, and except as otherwise provided below, any change,
modification or amendment to this Agreement shall be effective if made by an instrument in writing that has been duly approved by the Board and Rice Energy. 

(b) Notwithstanding Section 11.2(a) with respect to any change, modification or amendment to this Agreement that would
(i) increase the liability or duties of any of the Members; (ii) change the contributions required of any of the Members; (iii) cause the Company to be taxed as a corporation or (iv) otherwise result in any disproportionate and
material adverse tax consequences for any Member, such change, modification or amendment shall not be binding on such Member unless contained in a written instrument duly executed by such Member; provided, however, that this
Section 11.2(b) shall not apply to the Board’s ability to amend this Agreement pursuant to Article III; provided further, that any amendment which is made to facilitate a merger or consolidation of the Company with any
other entity, to convert the Company into another entity, or to cause the Company to participate in an exchange of interests or some type of business combination with any other entity, shall require the approval only of the Board and Rice Energy, if
each of the material terms and provisions of such merger, consolidation, conversion, exchange or combination provides for equal and/or proportionate treatment of each of the Members holding a class or series of Company Interests relative to the
other Members holding the same class or series of Company Interests. 
 (c) Notwithstanding anything herein to the contrary, the Board may
change, modify or amend this Agreement in a written instrument to (i) change the name of the Company; (ii) admit new or substituted Members in accordance with the terms of Article IX; (iii) in a manner that does not
adversely affect the Members in any disproportionate and material respect and (iv) ensure that the Company is not and will not be treated as an association taxable as a corporation for federal income tax purposes or to conform with changes in
applicable tax law (provided, however, such changes do not have a material adverse effect on the Members); provided, however, that the Board notifies the Members of such change, modification or amendment. 

(d) Notwithstanding anything herein to the contrary, prior to the third anniversary of the First Distribution Date, any change, amendment or
modification to Sections 4.3 or 8.1 shall require the prior written consent of NGP. 

  
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 Section 11.3 Partition. Each of the Members hereby irrevocably waives for the term of the
Company any right that such Member may have to maintain any action for partition with respect to the Company property. 
 Section 11.4
Entire Agreement. This Agreement and the other documents contemplated hereby constitute the full and complete agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior contracts or agreements with
respect to the subject matter hereof, whether oral or written, including the Original Agreement. 
 Section 11.5 Severability. Every
provision in this Agreement is intended to be severable. If any term or provision hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the remainder of this Agreement. 

Section 11.6 No Waiver. The failure of any Member to insist upon strict performance of a covenant hereunder or of any obligation
hereunder, irrespective of the length of time for which such failure continues, shall not constitute a waiver of such Member’s right to demand strict compliance in the future. No consent or waiver, express or implied, to or of any breach or
default in the performance of any obligation hereunder shall constitute a consent or waiver to or of any other breach or default in the performance of the same or any other obligation hereunder. 

Section 11.7 Applicable Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and
interpreted, construed and enforced in accordance with the internal laws of the State of Delaware, without regard to rules or principles of conflicts of law requiring the application of the law of another State. 

Section 11.8 Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit of, the Members and their
respective heirs, legal representatives, successors and assigns; provided, however, that no Member may Transfer all or any part of its rights or Company Interest or any interest under this Agreement, except in accordance with
Article IX. Nothing in this Agreement (express or implied) is intended to confer upon any Person other than the Members any rights or remedies of any nature whatsoever under or by reason of this Agreement; provided, however,
that each Indemnitee is hereby granted third-party beneficiary status with respect to Section 5.5 and shall be entitled to enforce such obligations as if such Indemnitee were a party hereto; provided, further, that NGP is
hereby granted third-party beneficiary status with respect to Section 11.2(d) and shall be entitled to enforce such obligations as if NGP were a party hereto. 

  
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 Section 11.9 Arbitration. Any dispute arising out of or relating to this Agreement, the
Transaction Documents or the Company, including claims sounding in contract, tort, statutory or otherwise (a “Dispute”), shall be settled exclusively and finally by arbitration in accordance with this Section 11.9. 

(a) Rules and Procedures. Such arbitration shall be administered by JAMS/Endispute, Inc., a Delaware corporation and national dispute
resolution company (“JAMS”), pursuant to (i) the JAMS Streamlined Arbitration Rules and Procedures, if the amount in controversy is $250,000 or less or (ii) the JAMS Comprehensive Arbitration Rules and Procedures, if the
amount in controversy exceeds $250,000 (each, as applicable, the “Rules”). The making, validity, construction and interpretation of this Section 11.9, and all procedural aspects of the arbitration conducted pursuant
hereto, shall be decided by the arbitrator(s). For purposes of this Section 11.9, “amount in controversy” means the stated amount of the claim, not including interest or attorneys’ fees, plus the stated amount of any
counterclaim, not including interest or attorneys’ fees. If the claim or counterclaim seeks a form of relief other than damages, such as injunctive or declaratory relief, it shall be treated as if the amount in controversy exceeds $250,000,
unless all parties to the Dispute otherwise agree. 
 (b) Discovery. Discovery shall be allowed only to the extent permitted by the
Rules. 
 (c) Time and Place. All arbitration proceedings hereunder shall be conducted in Dallas, Texas or such other location as all
parties to the Dispute may agree. Unless good cause is shown or all parties to the Dispute otherwise agree, the hearing on the merits shall be conducted within 180 days of the initiation of the arbitration, if the arbitration is being conducted
under the Streamlined Arbitration Rules, or within 270 days of the initiation of the arbitration, if the arbitration is being conducted under the Comprehensive Arbitration Rules. However, it shall not be a basis to challenge the outcome or result of
the arbitration proceeding that it was not conducted within the specified timeframe, nor shall the failure to conduct the hearing within the specified timeframe in any way waive the right to arbitration as provided for herein. 

(d) Arbitrator(s). 

(i) If the amount in controversy is $250,000 or less, the arbitration shall be before a single arbitrator selected by JAMS in
accordance with the Rules. 
 (ii) If the amount in controversy is more than $250,000, the arbitration shall be before a
panel of three arbitrators, selected in accordance with this paragraph. The party initiating the arbitration shall designate, with its initial filing, its choice of arbitrator. Within 30 days of the notice of initiation of the arbitration procedure,
the opposing party to the Dispute shall select one arbitrator. If any party to the Dispute shall fail to select an arbitrator within the required time, JAMS shall appoint an arbitrator for that party. In the event that the Dispute involves three or
more parties, JAMS shall determine the parties’ alignment pursuant to Rule 15 and each “side” shall have the right to appoint one arbitrator as provided above. The two arbitrators so selected shall select a third arbitrator, failing
agreement on which, the third arbitrator shall be selected in accordance with JAMS Rule 15. Notwithstanding that each party may select an arbitrator, all arbitrators (whether selected by the parties, JAMS or otherwise) shall be independent and
shall disclose any relationship that he or she may have with any party to 

  
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the Dispute at the time of their respective appointment. All arbitrators shall be subject to challenge for cause under JAMS Rule 15. In the event that any party-selected arbitrator is struck
for cause, JAMS shall appoint the replacement arbitrator. 
 (e) Waiver of Certain Damages. Notwithstanding any other provision in
this Agreement to the contrary, the Company and the Members expressly agree that the arbitrators shall have absolutely no authority to award consequential, incidental, special, treble, exemplary or punitive damages of any type under any
circumstances regardless of whether such damages may be available under Delaware law, or any other laws, or under the Federal Arbitration Act or the Rules, unless such damages are a part of a third-party claim for which a Member is entitled to
indemnification hereunder. 
 (f) Limitations on Arbitrators. The arbitrators shall have authority to interpret and apply the terms
and conditions of this Agreement and to order any remedy allowed by this Agreement, including specific performance of the Agreement, but may not change any term or condition of this Agreement, deprive any Member of a remedy expressly provided
hereunder or provide any right or remedy that has been excluded hereunder. 
 (g) Form of Award. The arbitration award shall conform
with the Rules, but also contain a certification by the arbitrators that, except as permitted by Section 11.9(e), the award does not include any consequential, incidental, special, treble, exemplary or punitive damages. 

(h) Fees and Awards. The fees and expenses of the arbitrator(s) shall be borne equally by each side to the Dispute, but the decision of
the arbitrator(s) may include such award of the arbitrators’ expenses and of other costs to the prevailing side as the arbitrators may determine. In addition, the prevailing party shall be entitled to an award of its attorneys’ fees and
interest. 
 (i) Binding Nature. The decision and award shall be binding upon all of the parties to the Dispute and final and
nonappealable to the maximum extent permitted by law, and judgment thereon may be entered in a court of competent jurisdiction and enforced by any party to the Dispute as a final judgment of such court. 

Section 11.10 Spouses. 

(a) As a condition to becoming or remaining a Member, each Member that is an individual and is or becomes married, shall cause his or her
spouse to promptly execute an agreement in the form of Exhibit B. 
 (b) If any Company Interest is required by law to be Transferred
to a spouse of a holder thereof pursuant to an order of a court of competent jurisdiction in a divorce proceeding (notwithstanding the provisions of Section 9.1), then such holder shall nevertheless retain all rights with respect to such
interest and any interest of such spouse shall be subject to such rights of such holder. In addition, if it is determined that the holder will be required to pay any taxes attributable to such interest of the spouse in the Company, then any tax
liability of such holder that is attributable to such spouse’s interest shall be taken into account, and shall reduce such 

  
 36 

 
spouse’s interest in the Company; in no event shall the Company be required to provide any financial, valuation or other information regarding the Company or any of its subsidiaries or
Affiliates or any of their respective assets to the spouse or former spouse of such holder. 
 (c) Any Company Interests held by an
individual who has failed to cause his or her spouse to execute an agreement in the form of Exhibit B and any Company Interests held by a Person who is an assignee shall be subject to the option of the Company to acquire all of such
Person’s Company Interests for the fair market value thereof, determined as of the date the Company elects to acquire such Company Interests. 

(d) In the event of a property settlement or separation agreement between a Member that is an individual and his or her spouse, such Member
shall use his or her best efforts to assign to his or her spouse only the right to share in profits and losses, to receive distributions and to receive allocations of income, gain, loss, deduction or credit or similar item to which the Member was
entitled, to the extent assigned. 
 (e) If a spouse or former spouse of a Member that is an individual acquires a Company Interest without
prior approval of the Board, such spouse or former spouse hereby grants, as evidenced by Exhibit B, an irrevocable power of attorney (which shall be coupled with an interest) to the original Member who held such Company Interest, as the case
may be, to vote or to give or withhold such approval as such original Member shall himself or herself vote or approve with respect to such matter and without the necessity of the taking of any action by any such spouse or former spouse. Such power
of attorney shall not be affected by the subsequent disability or incapacity of the spouse or former spouse granting such power of attorney. Such spouse or former spouse agrees that the Company shall have the option at any time to purchase all of
the Company Interests, if any, acquired by such spouse or former spouse at fair market value. 
 (f) This Section 11.10 shall
apply mutatis mutandis to each Member, transferee or any of their respective Affiliates that is controlled by (or for the benefit of) any current or former Employee, which Employee is married or becomes married, and such Employee’s
spouse. 
 Section 11.11 Counterparts. This Agreement may be executed in one or more counterparts (including by electronic means),
each of which shall be an original and all of which shall constitute but one and the same document. 
 Section 11.12 Representation.
Each Member hereby acknowledges that the Member has been advised that the Member should seek and has had the opportunity to seek independent legal counsel to review the Transaction Documents on the Member’s behalf and to obtain the advice of
such legal counsel relating to such documentation. 
 *    *    *    * 

[Signature Pages Attached] 

  
 37 

 IN WITNESS WHEREOF, the Members have executed this Agreement as of the day and year first above
written. 
  

					
	RICE ENERGY FAMILY HOLDINGS, LP
		
	By:	 	Rice Energy Management LLC, General Partner
		
	By:	 	 /s/ Daniel J. Rice III

		 	Name:	 	Daniel J. Rice III
		 	Title:	 	Manager
	
	 /s/ Gina Banai

	GINA BANAI
	
	 /s/ Jenna Difrancesco

	JENNA DIFRANCESCO
	
	 /s/ Matt Fahey

	MATT FAHEY
	
	 /s/ Jide Famuagun

	JIDE FAMUAGUN
	
	 /s/ Kris Hancock

	KRIS HANCOCK
	
	 /s/ Ryan Kanto

	RYAN KANTO
	
	 /s/ Glenn King

	GLENN KING
	
	 /s/ Michael Lauderbaugh

	MICHAEL LAUDERBAUGH
	
	 /s/ John Lavelle

	JOHN LAVELLE
	
	 /s/ Gray Lisenby

	GRAY LISENBY
	
	 /s/ David Miller

	DAVID MILLER
	
	 /s/ Varun Mishra

	VARUN MISHRA

  
 LIMITED LIABILITY
COMPANY AGREEMENT 
 SIGNATURE PAGES 

 
	
	 /s/ Aileen Rice

	AILEEN RICE
	
	 /s/ Daniel J. Rice IV

	DANIEL J. RICE IV
	
	 /s/ Derek Rice

	DEREK RICE
	
	 /s/ Toby Z. Rice

	TOBY Z. RICE
	
	 /s/ Robert Rikeman

	ROBERT RIKEMAN
	
	 /s/ Stephen Rikeman

	STEPHEN RIKEMAN
	
	 /s/ Jamie Rogers

	JAMIE ROGERS
	
	 /s/ Zachary Willens

	ZACHARY WILLENS
	
	 /s/ Rob Wingo

	ROB WINGO
	
	 /s/ Tonya Winkler

	TONYA WINKLER

  
 LIMITED LIABILITY
COMPANY AGREEMENT 
 SIGNATURE PAGES 

 EXHIBIT A 
  

																	
	 Name
	  	Equity of the Company held as of the Effective Date	 
	  	Capital
Interest	 	  	Tier I Units	 	  	Tier II Units	 	  	Tier III Units	 
	 Rice Energy Family Holdings, LP
	  	 
 	Capital
Interest	  
  	  	 	0	  	  	 	0	  	  	 	0	  
	 John Lavelle
	  	 	0	  	  	 	4.95	  	  	 	5	  	  	 	5	  
	 Varun Mishra
	  	 	0	  	  	 	9.90	  	  	 	10	  	  	 	10	  
	 Robert Rikeman
	  	 	0	  	  	 	4.95	  	  	 	5	  	  	 	5	  
	 David Miller
	  	 	0	  	  	 	0.99	  	  	 	1	  	  	 	1	  
	 Jamie Rogers
	  	 	0	  	  	 	6.93	  	  	 	7	  	  	 	7	  
	 Ryan Kanto
	  	 	0	  	  	 	4.95	  	  	 	5	  	  	 	5	  
	 Zachary Willens
	  	 	0	  	  	 	9.90	  	  	 	10	  	  	 	10	  
	 Gina Banai
	  	 	0	  	  	 	2.48	  	  	 	2.50	  	  	 	2.50	  
	 Stephen Rikeman
	  	 	0	  	  	 	0.99	  	  	 	1	  	  	 	1	  
	 Michael Lauderbaugh
	  	 	0	  	  	 	0.99	  	  	 	1	  	  	 	1	  
	 Glenn King
	  	 	0	  	  	 	4.95	  	  	 	5	  	  	 	5	  
	 Toby Rice
	  	 	0	  	  	 	3.96	  	  	 	4	  	  	 	4	  
	 Daniel J. Rice IV
	  	 	0	  	  	 	6.93	  	  	 	7	  	  	 	7	  
	 Derek Rice
	  	 	0	  	  	 	6.93	  	  	 	7	  	  	 	7	  
	 Aileen Rice
	  	 	0	  	  	 	4.46	  	  	 	4.50	  	  	 	4.50	  
	 Tonya Winkler
	  	 	0	  	  	 	2.48	  	  	 	2.50	  	  	 	2.50	  
	 Gray Lisenby
	  	 	0	  	  	 	9.90	  	  	 	10	  	  	 	10	  
	 Jide Famuagun
	  	 	0	  	  	 	4.95	  	  	 	5	  	  	 	5	  
	 Matt Fahey
	  	 	0	  	  	 	2.48	  	  	 	2.50	  	  	 	2.50	  
	 Jenna Difrancesco
	  	 	0	  	  	 	2.48	  	  	 	2.50	  	  	 	2.50	  
	 Kris Hancock
	  	 	0	  	  	 	2.48	  	  	 	2.50	  	  	 	2.50	  
	 Rob Wingo
	  	 	0	  	  	 	0	  	  	 	0	  	  	 	0	  

 EXHIBIT B 

Consent of Spouse 
 I, the
undersigned spouse of                     , one of the Members of Rice Energy Holdings LLC (the “Company”) or a Person who
controls a Member of the Company, hereby acknowledge that I have read the Amended and Restated Limited Liability Company Agreement, dated January     , 2014 (the “Agreement”) and that I understand its
contents. I hereby consent to and approve of the provisions of the Agreement, as it may be amended, restated or supplemented from time to time in accordance with its terms, and agree that the Company Interests (as defined in the Agreement) held by
my spouse and my interest in such Company Interests are subject to such provisions. I hereby agree, for the benefit of the Company (which is relying hereupon) that (i) my spouse’s interest in the Company is subject to the Agreement and the
other agreements referred to therein and any interest I may have in the Company or its equity shall be irrevocably bound by the Agreement and the other agreements referred to therein and any community property interest of mine (if any) shall be
similarly bound and (ii) I will take no action at any time to hinder the operations of the Company. 
 Dated:
            , 20     
  

			
	  

	Name:	 	  

	Address:

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